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

It is for informational and educational purposes only and should not be construed as investment advice or an offer or solicitation in respect of any products or services to any persons who are prohibited from receiving such information under the laws applicable to their place of citizenship, domicile or residence.

PGIM, Inc. is the principal asset management business of Prudential Financial, Inc. (“PFI”) and is a registered investment advisor with the US Securities and Exchange Commission. PGIM is a trading name of PGIM, Inc. and its global subsidiaries.

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 Rock design are service marks of PFI and its related entities, registered in many jurisdictions worldwide.

The information on this website is not intended as investment advice and is not a recommendation about managing or investing your retirement savings. In making the information available on this website, PGIM, Inc. and its affiliates are not acting as your fiduciary.

PGIM (Australia) Pty Ltd ACN 165 655 345 provides that information or materials on this website are not addressed to, or intended to be used by residents, citizens or nationals of Australia or any legal person incorporated, registered or carrying out a regular business in Australia not falling within the definition of a "wholesale client" (as set out in section 761 of the Corporations Act 2001).

PGIM (Singapore) Pte Ltd is exempt from the requirement to hold an Australian Financial Services Licence under the Corporations Act 2001 (Cth) in respect of financial services provided to Australian wholesale clients by virtue of the application of the exemption in ASIC Class Order 03/1102 (as extended by ASIC Corporations (Repeal and Transitional) Instrument 2016/396).

PGIM Limited is exempt from the requirement to hold an Australian Financial Services Licence under the Corporations Act 2001 (Cth) in respect of financial services provided to Australian wholesale clients by virtue of the application of the exemption in ASIC Class Order 03/1099 (as extended by ASIC Corporations (Repeal and Transitional) Instrument 2016/396). PGIM Limited is regulated by the Financial Conduct Authority of the United Kingdom under United Kingdom laws which differ from Australian laws.

PGIM Inc. is exempt from the requirement to hold an Australian Financial Services Licence under the Corporations Act 2001 (Cth) in respect of financial services provided to Australian wholesale clients by virtue of the application of the exemption in ASIC Class Order 03/1100 (as extended by ASIC Corporations (Repeal and Transitional) Instrument 2016/396). PGIM, Inc. is a U.S. Securities and Exchange Commission registered investment adviser.

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