In the United Kingdom, details is released by PGIM Limited with authorized workplace: Grand Buildings, 1-3 Strand, Trafalgar Square, London, WC2N5HR. PGIM Limited is authorised and managed by the Financial Conduct Authority ("FCA") of the UK (Firm Reference Number 193418). In the European Economic Area ("EEA"), info is provided by PGIM Netherlands B.V. with registered workplace: Eduard van Beinumstraat 6 1077CZ, Amsterdam, The Netherlands. PGIM Netherlands B.V. is, authorised by the Autoriteit Financiële Markten ("AFM") in the Netherlands (Registration number 15003620) and operating on the basis of a European passport. In certain EEA countries, information is, where allowed, presented by PGIM Limited in dependence of arrangements, exemptions or licenses offered to PGIM Limited under short-lived permission plans following the exit of the United Kingdom from the European Union. These products are released by PGIM Limited and/or PGIM Netherlands B.V. to persons who are expert customers as defined under the guidelines of the FCA and/or to persons who are expert clients as defined in the relevant local execution of Directive 2014/65/EU (MiFID II). In Italy, details is offered by PGIM Limited authorized to run in Italy by Commissione Nazionale per le Società e la Borsa (CONSOB). In Japan, info is provided by PGIM Japan Co., Ltd. ("PGIM Japan") and/or PGIM Real Estate (Japan) Ltd. ("PGIMREJ"). PGIM Japan, a signed up Financial Instruments Business Operator with the Financial Services Agency of Japan offers numerous investment management services in Japan. PGIMREJ is a Japanese real estate asset manager that is signed up with the Kanto Local Finance Bureau of Japan. In Hong Kong, details is provided by PGIM (Hong Kong) Limited, a controlled entity with the Securities & & Futures Commission in Hong Kong to expert investors as specified in Section 1 of Part 1 of Schedule 1 of the Securities and Futures Ordinance (Cap. 571). In Singapore, details is released by PGIM (Singapore) Pte. Ltd. ("PGIM Singapore"), a managed entity with the Monetary Authority of Singapore under a Capital Markets Services License to carry out fund management and an exempt monetary advisor. This material is issued by PGIM Singapore for the basic information of "institutional investors" pursuant to Section 304 of the Securities and Futures Act 2001 of Singapore (the "SFA") and "accredited financiers" and other pertinent individuals in accordance with the conditions specified in Section 305 of the SFA. In South Korea, info is provided by PGIM, Inc., which is accredited to provide discretionary financial investment management services directly to South Korean certified institutional financiers on a cross-border basis. In Australia, info is released by PGIM (Australia) Pty Ltd ("PGIM Australia") for the basic information of its wholesale clients (as defined in the Corporations Act 2001). PGIM Australia is an Australian financial services ("AFS") licence holder (AFS licence number 544946). The information is supplied to wholesale investors in accordance with Schedule 1, Clause 3 of the Financial Markets Conduct Act 2013 in New Zealand. To invest as a wholesale investor in New Zealand, investors need to fit the requirements as set out in the Financial Markets Conduct Act 2013. In China, the details is offered at your request and is not meant as investment advice or a recommendation about managing or investing possessions.

In Canada, pursuant to the global consultant registration exemption in National Instrument 31-103, PGIM, Inc. is notifying you that: (1) PGIM, Inc. is not registered in Canada and is advising you in reliance upon an exemption from the advisor registration requirement under National Instrument 31-103; (2) PGIM, Inc.'s jurisdiction of house is New Jersey, U.S.A.; (3) there may be difficulty imposing legal rights against PGIM, Inc. due to the fact that it is resident beyond Canada and all or considerably all of its assets may be positioned beyond Canada; and (4) the name and address of the agent for service of process of PGIM, Inc. in the relevant Provinces of Canada are as follows: in Québec: Borden Ladner Gervais LLP, 1000 de La Gauchetière Street West, Suite 900 Montréal, QC H3B 5H4; in British Columbia: Borden Ladner Gervais LLP, 1200 Waterfront Centre, 200 Burrard Street, Vancouver, BC V7X 1T2; in Ontario: Borden Ladner Gervais LLP, 22 Adelaide Street West, Suite 3400, Toronto, ON M5H 4E3; in Nova Scotia: Cox & & Palmer, Q.C., 1100 Purdy's Wharf Tower One, 1959 Upper Water Street, P.O. Box 2380 - Stn Central RPO, Halifax, NS B3J 3E5; in Alberta: Borden Ladner Gervais LLP, 530 Third Avenue S.W., Calgary, AB T2P R3.

Prudential Financial, Inc. of the United States is not associated in any way with Prudential plc, integrated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the UK.

© 2025 PFI and its associated entities, signed up in lots of jurisdictions worldwide.

These products are for informational or academic functions just.

All financial investments involve threats, consisting of possible loss of principal. Past performance is not indicative of future outcomes.

The information included herein is provided by PGIM, the primary asset management company of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its worldwide subsidiaries. PGIM, Inc. is an investment adviser signed up with the U.S. Securities and Exchange Commission (SEC). Registration with the SEC does not suggest a certain level of ability or training.

In the UK, information is released by PGIM Limited with authorized workplace: Grand Buildings, 1-3 Strand, Trafalgar Square, London, WC2N5HR. PGIM Limited is authorised and managed by the Financial Conduct Authority ("FCA") of the United Kingdom (Firm Reference Number 193418). In the European Economic Area ("EEA"), details is provided by PGIM Netherlands B.V. with authorized office: Eduard van Beinumstraat 6 1077CZ, Amsterdam, The Netherlands. PGIM Netherlands B.V. is, authorised by the Autoriteit Financiële Markten ("AFM") in the Netherlands (Registration number 15003620) and operating on the basis of a European passport. In specific EEA countries, info is, where allowed, presented by PGIM Limited in reliance of arrangements, exemptions or licenses available to PGIM Limited under momentary consent arrangements following the exit of the United Kingdom from the European Union. These products are issued by PGIM Limited and/or PGIM Netherlands B.V. to individuals who are expert customers as specified under the rules of the FCA and/or to persons who are professional clients as defined in the appropriate local implementation of Directive 2014/65/EU (MiFID II). In Italy, information is supplied by PGIM Limited licensed to run in Italy by Commissione Nazionale per le Società e la Borsa (CONSOB). In Japan, information is supplied by PGIM Japan Co., Ltd. ("PGIM Japan") and/or PGIM Real Estate (Japan) Ltd. ("PGIMREJ"). PGIM Japan, a registered Financial Instruments Business Operator with the Financial Services Agency of Japan provides different financial investment management services in Japan. PGIMREJ is a Japanese realty property supervisor that is signed up with the Kanto Local Finance Bureau of Japan. In Hong Kong, info is provided by PGIM (Hong Kong) Limited, a managed entity with the Securities & Futures Commission in Hong Kong to professional financiers as specified in Section 1 of Part 1 of Schedule 1 of the Securities and Futures Ordinance (Cap. 571). In Singapore, information is provided by PGIM (Singapore) Pte. Ltd. ("PGIM Singapore"), a regulated entity with the Monetary Authority of Singapore under a Capital Markets Services License to perform fund management and an exempt monetary advisor. This material is released by PGIM Singapore for the general info of "institutional financiers" pursuant to Section 304 of the Securities and Futures Act 2001 of Singapore (the "SFA") and "recognized financiers" and other relevant persons in accordance with the conditions specified in Section 305 of the SFA. In South Korea, information is released by PGIM, Inc., which is certified to offer discretionary financial investment management services straight to South Korean certified institutional investors on a cross-border basis. In Australia, info is issued by PGIM (Australia) Pty Ltd ("PGIM Australia") for the basic details of its wholesale customers (as specified in the Corporations Act 2001). PGIM Australia is an Australian monetary services ("AFS") licence holder (AFS licence number 544946). The information is supplied to wholesale investors in accordance with Schedule 1, Clause 3 of the Financial Markets Conduct Act 2013 in New Zealand. To invest as a wholesale financier in New Zealand, financiers should fit the criteria as set out in the Financial Markets Conduct Act 2013. In China, the info is offered at your request and is not meant as financial investment guidance or a recommendation about managing or investing possessions.

In Canada, pursuant to the international consultant registration exemption in National Instrument 31-103, PGIM, Inc. is notifying you that: (1) PGIM, Inc. is not signed up in Canada and is recommending you in reliance upon an exemption from the adviser registration requirement under National Instrument 31-103; (2) PGIM, Inc.'s jurisdiction of residence is New Jersey, U.S.A.; (3) there might be difficulty enforcing legal rights versus PGIM, Inc. due to the fact that it is resident outside of Canada and all or considerably all of its properties might be located outside of Canada; and (4) the name and address of the representative for service of procedure of PGIM, Inc
. in the appropriate Provinces of Canada are as follows: in Québec: Borden Ladner Gervais LLP, 1000 de La Gauchetière Street West, Suite 900 Montréal, QC H3B 5H4; in British Columbia: Borden Ladner Gervais LLP, 1200 Waterfront Centre, 200 Burrard Street, Vancouver, BC V7X 1T2; in Ontario: Borden Ladner Gervais LLP, 22 Adelaide Street West, Suite 3400, Toronto, ON M5H 4E3; in Nova Scotia: Cox & Palmer, Q.C., 1100 Purdy's Wharf Tower One, 1959 Upper Water Street, P.O. Box 2380 - Stn Central RPO, Halifax, NS B3J 3E5; in Alberta: Borden Ladner Gervais LLP, 530 Third Avenue S.W., Calgary, AB T2P R3.

This info is not meant as financial investment recommendations and is not a suggestion about handling or investing possessions or a deal or solicitation in respect of any services or products to anyones who are forbidden from getting such details under the laws applicable to their place of citizenship, domicile or home. In providing these materials, PGIM is not functioning as your fiduciary. These materials represent the views, opinions and suggestions of the author(s) concerning the economic conditions, property classes, securities, issuers or financial instruments referenced herein. Certain information has been acquired from sources that PGIM believes to be trusted as of the date provided; nevertheless, PGIM can not guarantee the accuracy of such information, assure its efficiency, or warrant such info will not be altered. This info, including projections and forecasts, is existing as of the date of issuance (or an earlier referenced date) and undergoes alter without notification. PGIM has no responsibility to update such info; nor do we make any express or implied service warranties or representations as to the completeness or accuracy or accept duty for errors. PGIM and its affiliates may establish and release research that is independent of, and various than, the suggestions contained herein. References to specific securities are for illustrative functions just and are not meant and must not be analyzed as suggestions to buy, hold, or sell such securities.