In the United Kingdom, details is released 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 operating on the basis of a European passport. In certain EEA nations, info is, where allowed, presented by PGIM Limited in reliance of provisions, exemptions or licenses offered to PGIM Limited under temporary permission 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 individuals who are professional customers as defined under the guidelines of the FCA and/or to persons who are expert clients as specified in the appropriate regional application of Directive 2014/65/EU (MiFID II). In Italy, details is provided by PGIM Limited authorized to run in Italy by Commissione Nazionale per le Società e la Borsa (CONSOB). In Japan, info is offered 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 different financial investment management services in Japan. PGIMREJ is a Japanese realty asset supervisor that is registered with the Kanto Local Finance Bureau of Japan. In Hong Kong, information is supplied by PGIM (Hong Kong) Limited, a managed entity with the Securities & & Futures Commission in Hong Kong to expert investors as defined 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 regulated entity with the Monetary Authority of Singapore under a Capital Markets Services License to perform fund management and an exempt monetary adviser. This product is provided by PGIM Singapore for the basic details of "institutional investors" pursuant to Section 304 of the Securities and Futures Act 2001 of Singapore (the "SFA") and "accredited investors" and other relevant individuals in accordance with the conditions specified in Section 305 of the SFA. In South Korea, details is issued by PGIM, Inc., which is certified to provide discretionary financial investment management services straight 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 details 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 details is supplied 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 must fit the criteria as set out in the Financial Markets Conduct Act 2013. In China, the details is offered at your demand and is not meant as financial investment suggestions or a suggestion about handling or investing properties.

In Canada, pursuant to the worldwide consultant registration exemption in National Instrument 31-103, PGIM, Inc. is informing you that: (1) PGIM, Inc. is not registered in Canada and is encouraging you in dependence upon an exemption from the advisor registration requirement under National Instrument 31-103; (2) PGIM, Inc.'s jurisdiction of home is New Jersey, U.S.A.; (3) there might be difficulty implementing legal rights against PGIM, Inc. since it is resident beyond Canada and all or significantly all of its properties may be located outside of Canada; and (4) the name and address of the agent for service of procedure 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 manner with Prudential plc, integrated in the UK or with Prudential Assurance Company, a subsidiary of M&G plc, included in the UK.

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

These materials are for informative or educational functions only.

All investments involve threats, including possible loss of principal. Past efficiency is not a sign of future outcomes.

The information included herein is offered by PGIM, the principal property management company of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its international subsidiaries. PGIM, Inc. is a financial investment advisor registered with the U.S. Securities and Exchange Commission (SEC). Registration with the SEC does not indicate a particular level of ability or training.

In the UK, details 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 UK (Firm Reference Number 193418). In the European Economic Area ("EEA"), info is issued by PGIM Netherlands B.V. with registered 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 particular EEA nations, information is, where permitted, presented by PGIM Limited in dependence of provisions, exemptions or licenses available to PGIM Limited under short-lived authorization arrangements following the exit of the UK from the European Union. These products are provided by PGIM Limited and/or PGIM Netherlands B.V. to individuals who are professional customers as specified under the rules of the FCA and/or to individuals who are professional clients as defined in the pertinent local implementation of Directive 2014/65/EU (MiFID II). In Italy, information is supplied by PGIM Limited authorized to run in Italy by Commissione Nazionale per le Società e la Borsa (CONSOB). In Japan, details is offered 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 offers different investment management services in Japan. PGIMREJ is a Japanese real estate possession supervisor that is registered with the Kanto Local Finance Bureau of Japan. In Hong Kong, information is offered by PGIM (Hong Kong) Limited, a regulated entity with the Securities & Futures Commission in Hong Kong to expert financiers as defined in Section 1 of Part 1 of Schedule 1 of the Securities and Futures Ordinance (Cap. 571). In Singapore, information is released 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 financial consultant. This material 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 "recognized financiers" and other relevant persons in accordance with the conditions defined in Section 305 of the SFA. In South Korea, details is provided by PGIM, Inc., which is certified to provide discretionary financial investment management services directly to South Korean certified institutional investors on a cross-border basis. In Australia, info is provided by PGIM (Australia) Pty Ltd ("PGIM Australia") for the general information of its wholesale customers (as defined in the Corporations Act 2001). PGIM Australia is an Australian financial 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 investor in New Zealand, investors should fit the criteria as set out in the Financial Markets Conduct Act 2013. In China, the details is offered at your demand and is not planned as investment suggestions or a suggestion about managing or investing possessions.

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 registered in Canada and is encouraging you in dependence upon an exemption from the advisor registration requirement under National Instrument 31-103; (2) PGIM, Inc.'s jurisdiction of residence 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 substantially all of its properties might be positioned beyond 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.

This details is not meant as investment recommendations and is not a recommendation about managing or investing properties or a deal or solicitation in respect of any products or services to any individuals who are forbidden from getting such details under the laws relevant to their place of citizenship, domicile or house. In supplying these products, PGIM is not serving as your fiduciary. These materials represent the views, viewpoints and recommendations of the author(s) concerning the economic conditions, asset classes, securities, providers or monetary instruments referenced herein. Certain details has been acquired from sources that PGIM believes to be reputable since the date presented; nevertheless, PGIM can not guarantee the accuracy of such info, ensure its completeness, or warrant such details will not be changed. This info, including projections and projections, is present as of the date of issuance (or an earlier referenced date) and goes through alter without notification. PGIM has no obligation to upgrade such info; nor do we make any express or implied service warranties or representations as to the efficiency or precision or accept duty for errors. PGIM and its affiliates may develop and release research that is independent of, and different than, the recommendations consisted of herein. References to specific securities are for illustrative functions just and are not planned and must not be translated as recommendations to acquire, hold, or offer such securities.