IMPORTANT INFORMATION

RISKS

An investment in a sub-fund of PGIM Funds plc and/or PGIM Global AAA CLO Fund, a sub-fund of Waystone UCITS Platform (Lux) SICAV (each a “Fund”) involves a high degree of risk, including the risk that the entire amount invested may be lost. The Fund is primarily designed to purchase certain investments, which will introduce significant risk to the Fund, including asset performance, price volatility, administrative and counterparty risk. The return may increase or decrease as a result of currency fluctuations. Also, the use of financial derivative instruments may result in increased gains or losses within the Fund.

There is no guarantee that the Fund will achieve its investment objective. Prospective and existing investors should carefully consider the risks involved in an investment in the Fund. In addition to reading this document, prospective and existing investors should read the Fund’s Prospectus, Supplement and Key Investor Information Document (the “KIID”) or Key Information Document (the “KID”) (collectively the "Fund Documents") and consult their own legal, tax and financial advisors about the risks of investing in the Fund. Investments are not guaranteed by PGIM, its affiliates, or any governmental agency.

NOTICE

For Professional Investors only. All investments involve risk, including the possible loss of capital.

In the United Kingdom, information is issued by PGIM Limited with registered office at Grand Buildings, 1-3 Strand, Trafalgar Square, London, WC2N 5HR, which is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Reference No. 193418). In the European Economic Area (“EEA”), information may be issued by PGIM Investments (Ireland) Limited, PGIM Netherlands B.V. or PGIM Limited depending on the jurisdiction. PGIM Investments (Ireland) Limited, with registered office at 2nd Floor, 5 Earlsfort Terrace, Dublin 2, Ireland, is authorised and regulated by the Central Bank of Ireland (Reference No. C470709) and operates on the basis of a European passport and through its branches in Italy, Germany and the Netherlands. PGIM Netherlands B.V., with registered office at Eduard van Beinumstraat 6, 1077CZ, Amsterdam, The Netherlands, is authorised by the Autoriteit Financiële Markten (“AFM”) in the Netherlands (Registration No. 15003620) and operates on the basis of a European passport. In certain EEA countries, information is, where permitted, presented by PGIM Limited in reliance on provisions, exemptions or licenses available to PGIM Limited including those available under temporary permission arrangements following the exit of the United Kingdom from the European Union. This information is issued by PGIM Limited, PGIM Investments (Ireland) Limited, and/or PGIM Netherlands B.V. to persons in the UK who are professional clients as defined  under the rules of the FCA and/or to persons in the EEA who are professional clients as defined in the relevant local implementation of Directive 2014/65/EU (MiFID II). In Switzerland, information is issued by PGIM Limited, through its representative office in Zurich with registered office at Limmatquai 4, 8001  Zurich, Switzerland, authorised and regulated by the Swiss Financial Market Supervisory Authority (“FINMA”). This information is issued to persons in Switzerland who are professional or institutional clients within the meaning of Art.4 para 3 and 4 FinSA. In Singapore, information is issued by PGIM (Singapore) Pte. Ltd. with registered office at 88 Market Street, #43-06 CapitaSpring, Singapore 048948, regulated by the Monetary Authority of Singapore (“MAS”) (Capital Markets Services License No. CMS100017) to conduct fund management and an exempt financial adviser. In Hong Kong, information is issued by PGIM (Hong Kong) Limited with registered office at Units 4202-4203, 42nd Floor Gloucester Tower, The Landmark 15 Queen’s Road Central Hong Kong, regulated by the Securities & Futures Commission in Hong Kong (BVJ981) (“SFC”), to professional investors as defined in Section 1 of Part 1 of Schedule 1 of the Securities and Futures Ordinance (“SFO”) (Cap.571). PGIM Limited, PGIM Investments (Ireland) Limited, PGIM Netherlands B.V., PGIM (Singapore) Pte. Ltd. and PGIM (Hong Kong) Limited are indirect, wholly-owned subsidiaries of PGIM, Inc. (“PGIM” and the “Investment Manager”), the principal asset management business of Prudential Financial, Inc. (“PFI”), a company incorporated and with its principal place of business in the United States. PFI of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. PGIM, the PGIM logo and the Rock symbol are service marks of PFI and its related entities, registered in many jurisdictions worldwide.

PGIM Funds plc is  an investment company with variable capital incorporated with limited liability in Ireland and established as an umbrella fund with segregated liability between sub-funds pursuant to the European Communities (Undertaking for Collective Investment in Transferable Securities) Regulations, 2011, as amended.

Waystone UCITS Platform (Lux) SICAV is a société d’investissement a capital variable (SICAV) incorporated in Luxembourg with segregated liability between sub-funds, authorised as an undertaking for collective investment in transferable securities (UCITS) in the form of an open-ended investment company with variable share capital subject to the Luxembourg Law of 17 December 2010 relating to undertaking for collective investment, as amended.

If there is any conflict between this information and the Fund Documents, the Fund Documents shall prevail.

The Fund Documents are available www.pgim.com/ucits/literature and copies can be obtained free of charge at any of the PGIM offices mentioned above.

PGIM Funds plc: Within EU Member States, the Fund Documents can also be obtained from the Fund's facilities at: www.eifs.lu/PGIMFundsplc. The consolidated extract prospectus for Switzerland, the key information documents, the articles of association as well as the annual and semi-annual reports may be obtained free of charge   from the Fund’s Swiss representative and paying agent, State Street Bank International GmbH, Munich, Zurich Branch, based in Kalanderplatz 5, Postfach, 8027 Zurich. For share classes registered in Italy, the Fund has appointed Allfunds Bank S.A.U. based at Via Bocchetto, 6, 20123 Milano and SGSS S.p.A. based in Via Benigno Crespi 19A – MAC2, Milan, as its paying agents. For share classes registered in Spain, the Fund has appointed Allfunds Bank S.A, c/ Estafeta no 6 (La Moraleja) based in Complejo Plaza de la Fuente -Edificio 3-28109, Alcobendas -Madrid- Espana as its distributor.

Waystone UCITS Platform (Lux) SICAV: Within EU Member States, the Fund Documents in relation to the PGIM Global AAA CLO Fund can also be obtained from Waystone Centralised Services (IE) Limited at 4th Floor, 35 Shelbourne Road, Ballsbridge Dublin 4 D04 A4E0, Ireland or via email at EUFacilities@waystone.com. The prospectus for Switzerland, the key information documents, the articles of association as well as the annual and semi-annual reports may be obtained free of charge  from the Fund’s Swiss representative, Waystone Fund Services (Switzerland) SA, based in Av. Villamont 17, 1005 Lausanne, Switzerland. For share classes registered in Italy, the Fund has appointed Allfunds Bank S.A.U. based at Via Bocchetto, 6, 20123 Milano as its paying agent. For share classes registered in Spain, the Fund has appointed Allfunds Bank S.A.U, based in Calle de los Padres Dominicos, 7- C.P. 28050, Madrid as its representative.

The KIDs are available in one of the official languages of each of the EU Member States into which the Fund has been notified for marketing under the Directive 2009/65/EC (the UCITS Directive). The Fund can terminate such notifications for any share class at any time using the process described in Article 93a of the UCITS Directive.

In addition, a summary of investor rights for PGIM Funds plc is available from www.pgimfunds.com.

The Fund may not be registered for public distribution in numerous jurisdictions and not all share classes of the Fund are registered in all jurisdictions. This material does not constitute an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not lawful or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation. 

This material is not suitable for distribution in the United States or to US Persons. The Fund is not registered under the U.S. Securities Act of 1933, as amended, nor the U.S. Investment Company Act of 1940, as amended.

These materials do not constitute investment advice, should not be used as the basis for any investment decision and are provided for information purposes only. Past performance is not a guarantee or a reliable indicator of future results.

These materials do not take into account individual client circumstances, objectives, or needs. No determination has been made regarding the suitability of any securities, financial instruments or strategies for particular clients or prospects. These materials do not purport to provide any legal, tax or accounting advice.

ADDITIONAL INFORMATION

THE PRECEDING SUMMARY IS NOT A COMPLETE LIST OF THE IMPORTANT DISCLOSURES INVOLVED IN INVESTING IN THE FUND AND IS SUBJECT TO THE MORE COMPLETE DISCLOSURES CONTAINED IN THE FUND’S PROSPECTUS AND SUPPLEMENT, WHICH MUST BE REVIEWED CAREFULLY.

Information for persons in Australia: The Fund has not been authorized for offer and sale to the retail public by Australian Securities Investment Commission ("ASIC") and is only offered to "wholesale" investors (i.e., institutional investors) in Australia.

(For registered share classes only) Information for persons in Chile: The securities offered in this document are foreign, so the rights and obligations of investors are subject to the legal framework of the issuer’s country of origin, Ireland, and, therefore, investors must inform themselves of the way and means through which they can exercise their rights. Likewise, given the securities are foreign, the supervision by the Comisión para el Mercado Financiero of Chile (“CMF”) will focus exclusively on the adequate performance of the information duties set forth by Norma de Carácter General 352 (“NCG 352”) of the CMF and, therefore, the supervision of both the securities and their issuer will be mainly exercised by the foreign regulator, the Central Bank of Ireland. The public information that will be provided for the securities will be exclusively that which is required by the Central Bank of Ireland. The accounting principles and auditing standards differ from the principles and rules applicable to issuers in Chile. According to section 196 of Law No. 18.045, foreign issuers, securities intermediaries, foreign securities depositories, and any other person involved in the registration, placement, deposit, trading and any other agreements relating to foreign securities or Securities Depositary Certificates (“CDVs”), which are subject to the rules set forth under Title XXIV of said law and the regulations enacted by the CMF, that violate such regulations, will be held liable pursuant to Decree No. 3,538 of 1980 and Law No. 18.045. Investors will be able to obtain more information on the website of the CMF.

Information for persons in Hong Kong: The Fund is not authorised by the SFC in Hong Kong pursuant to section 104 of the SFO. This document has not been approved by the SFC in Hong Kong, nor has a copy been registered with the Registrar of Companies in Hong Kong. Accordingly, shares in the Fund may not be offered or sold in Hong Kong by means of this document or any other document other than to “professional investors” within the meaning of Section 1 of Part 1 of Schedule 1 to the SFO and any rules made under the SFO, or in other circumstances which do not result in this document being a “prospectus” as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (CWUMPO) or which do not constitute an offer or invitation to the public for the purposes of the CWUMPO or the SFO.

Information for persons in Singapore:  The Fund and the offer of shares, which are the subject of this document, do not relate to a collective investment scheme which is authorised by the MAS under section 286 of the Securities and Futures Act 2001 of Singapore (the “SFA”) or recognised by the MAS under section 287 of the SFA, and shares of the Fund are not allowed to be offered to the retail public. Pursuant to Section 305 of the SFA, read in conjunction with Regulation 32 of and the Sixth Schedule to the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005 (the "Regulations"), the Fund has been entered into the list of restricted schemes maintained by the Monetary Authority of Singapore for the purposes of the offer of shares in the Fund made or intended to be made to relevant persons (as defined in section 305(5) of the SFA), or, the offer of shares in the Fund made or intended to be made in accordance with the conditions of section 305(2) of the SFA. These materials do not constitute an offer or solicitation by anyone in Singapore or any jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation.