In the UK, info is issued by PGIM Limited with authorized workplace: Grand Buildings, 1-3 Strand, Trafalgar Square, London, WC2N5HR. PGIM Limited is authorised and regulated by the Financial Conduct Authority ("FCA") of the United Kingdom (Firm Reference Number 193418). In the European Economic Area ("EEA"), info is issued by PGIM Netherlands B.V. with authorized 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 running on the basis of a European passport. In particular EEA nations, details is, where allowed, provided by PGIM Limited in reliance of arrangements, exemptions or licenses available to PGIM Limited under temporary consent arrangements following the exit of the UK from the European Union. These products are released by PGIM Limited and/or PGIM Netherlands B.V. to persons who are professional clients as defined under the guidelines of the FCA and/or to persons who are professional customers as defined in the pertinent regional application of Directive 2014/65/EU (MiFID II). In Italy, info is provided by PGIM Limited authorized to run in Italy by Commissione Nazionale per le Società e la Borsa (CONSOB). In Japan, info 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 uses various investment management services in Japan. PGIMREJ is a Japanese genuine estate possession supervisor that is registered 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, details is issued by PGIM (Singapore) Pte. Ltd. ("PGIM Singapore"), a managed entity with the Monetary Authority of Singapore under a Capital Markets Services License to conduct fund management and an exempt financial adviser. This material is provided by PGIM Singapore for the general information of "institutional investors" pursuant to Section 304 of the Securities and Futures Act 2001 of Singapore (the "SFA") and "certified financiers" and other appropriate persons in accordance with the conditions defined in Section 305 of the SFA. In South Korea, info is provided by PGIM, Inc., which is certified to supply discretionary financial investment management services straight to South Korean qualified institutional financiers on a cross-border basis. In Australia, info is provided by PGIM (Australia) Pty Ltd ("PGIM Australia") for the basic information of its wholesale clients (as specified in the Corporations Act 2001). PGIM Australia is an Australian monetary services ("AFS") licence holder (AFS licence number 544946). The info 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 details is offered at your request and is not planned as financial investment guidance or a suggestion about handling or investing assets.

In Canada, pursuant to the worldwide advisor registration exemption in National Instrument 31-103, PGIM, Inc. is notifying you that: (1) PGIM, Inc. is not signed up in Canada and is advising you in reliance upon an exemption from the consultant registration requirement under National Instrument 31-103; (2) PGIM, Inc.'s jurisdiction of house is New Jersey, U.S.A.; (3) there may be problem implementing legal rights against PGIM, Inc. since it is resident outside of Canada and all or substantially all of its properties may be located outside of Canada; and (4) the name and address of the representative for service of process of PGIM, Inc. in the suitable 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, included in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom.

© 2025 PFI and its related entities, registered in numerous jurisdictions worldwide.

These products are for informational or instructional functions only.

All financial investments include risks, consisting of possible loss of principal. Past performance is not indicative of future results.

The details included herein is provided by PGIM, the principal property management service of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its worldwide subsidiaries. PGIM, Inc. is an investment advisor signed up with the U.S. Securities and Exchange Commission (SEC). Registration with the SEC does not imply a certain level of skill or training.

In the UK, information is provided by PGIM Limited with registered office: Grand Buildings, 1-3 Strand, Trafalgar Square, London, WC2N5HR. PGIM Limited is authorised and regulated by the Financial Conduct Authority ("FCA") of the United Kingdom (Firm Reference Number 193418). In the European Economic Area ("EEA"), info is issued 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 running on the basis of a European passport. In particular EEA countries, details is, where allowed, provided by PGIM Limited in dependence of arrangements, exemptions or licenses available to PGIM Limited under short-term consent arrangements following the exit of the United Kingdom from the European Union. These materials are issued by PGIM Limited and/or PGIM Netherlands B.V. to individuals who are professional clients as defined under the rules of the FCA and/or to persons who are professional customers as specified in the pertinent local implementation of Directive 2014/65/EU (MiFID II). In Italy, information is offered by PGIM Limited authorized to operate in Italy by Commissione Nazionale per le Società e la Borsa (CONSOB). In Japan, details is supplied 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 realty possession supervisor that is registered with the Kanto Local Finance Bureau of Japan. In Hong Kong, details is offered by PGIM (Hong Kong) Limited, a controlled entity with the Securities & Futures Commission in Hong Kong to expert financiers as specified in Section 1 of Part 1 of Schedule 1 of the Securities and Futures Ordinance (Cap. 571). In Singapore, details is provided by PGIM (Singapore) Pte. Ltd. ("PGIM Singapore"), a managed entity with the Monetary Authority of Singapore under a Capital Markets Services License to conduct fund management and an exempt financial advisor. This product is issued by PGIM Singapore for the general details of "institutional investors" pursuant to Section 304 of the Securities and Futures Act 2001 of Singapore (the "SFA") and "accredited financiers" and other pertinent persons 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 offer discretionary investment management services straight to South Korean certified institutional financiers on a cross-border basis. In Australia, details is provided by PGIM (Australia) Pty Ltd ("PGIM Australia") for the basic information of its wholesale customers (as defined in the Corporations Act 2001). PGIM Australia is an Australian monetary services ("AFS") licence holder (AFS licence number 544946). The details is provided to wholesale financiers 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 should fit the requirements as set out in the Financial Markets Conduct Act 2013. In China, the information is provided at your request and is not planned as investment advice or a recommendation about handling or investing properties.

In Canada, pursuant to the international adviser registration exemption in National Instrument 31-103, PGIM, Inc. is informing you that: (1) PGIM, Inc. is not signed up in Canada and is advising you in dependence 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 problem implementing legal rights against PGIM, Inc. since it is resident outside of Canada and all or significantly all of its assets may be located outside of Canada; and (4) the name and address of the agent 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 details is not planned as financial investment recommendations and is not a suggestion about handling or investing possessions or a deal or solicitation in regard of any services or products to anyones who are prohibited from receiving such info under the laws appropriate to their location of citizenship, residence or home. In supplying these materials, PGIM is not functioning as your fiduciary. These products represent the views, viewpoints and suggestions of the author(s) regarding the financial conditions, property classes, securities, issuers or financial instruments referenced herein. Certain details has actually been acquired from sources that PGIM believes to be reliable since the date presented; nevertheless, PGIM can not guarantee the precision of such details, guarantee its efficiency, or warrant such information will not be altered. This details, consisting of projections and projections, is present as of the date of issuance (or an earlier referenced date) and undergoes change without notice. PGIM has no responsibility to upgrade such info; nor do we make any express or implied guarantees or representations as to the efficiency or precision or accept duty for mistakes. PGIM and its affiliates may develop and publish research study that is independent of, and various than, the recommendations included herein. References to particular securities are for illustrative purposes only and are not meant and ought to not be analyzed as suggestions to purchase, hold, or offer such securities.