Important Disclosures

Materials provided by Jennison Associates LLC (“Jennison Associates”) is for informational and educational purposes only and should not be construed as investment advice, a recommendation, 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. Jennison Associates is a registered investment advisor with the United States Securities and Exchange Commission (SEC). Registration with the SEC does not imply a certain level of skill or training.  

Jennison Associates LLC has not been licensed or registered to provide investment services in any jurisdiction outside the United States. Additionally, vehicles may not be registered or available for investment in all jurisdictions. Jennison Associates LLC (Jennison) is an affiliate manager and fundamental active equity and fixed income manager of PGIM. Jennison is a SEC-registered investment adviser and indirect wholly-owned subsidiary of PFI.   Prudential Financial, Inc. 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. PFI and its related entities, registered in many jurisdictions worldwide. PGIM is the asset management business of Prudential Financial, Inc.

Please see below for important information, including information on non-US jurisdictions.

Information for persons in Australia and New Zealand

In Australia, information is issued by PGIM (Australia) Pty Ltd (“PGIM Australia”) for the general 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 provided 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 must fit the criteria as set out in the Financial Markets Conduct Act 2013.

Information for Persons in Bahrain – General Purpose

The Central Bank of Bahrain, the Bahrain Bourse and the Ministry of Industry and Commerce of the Kingdom of Bahrain take no responsibility for the accuracy of the statements and information contained in this document or the performance of the investment strategy, nor shall they have any liability to any person, investor or otherwise for any loss or damage resulting from reliance on any statements or information contained herein. This document is only intended for accredited investors as defined by the Central Bank of Bahrain. We have not made and will not make any invitation to the public in the Kingdom of Bahrain to purchase the investment strategy and this document will not be issued, passed to, or made available to the public generally. The Central Bank of Bahrain has not reviewed, nor has it approved, this document or the marketing thereof in the Kingdom of Bahrain. The Central Bank of Bahrain is not responsible for the performance of the investment strategy.

Information for Persons in Bahrain – Private Placement

This offer is a private placement. It is not subject to the regulations of the central bank of Bahrain that apply to public offerings of securities, and the extensive disclosure requirements and other protections that these regulations contain. This memorandum is therefore intended only for “accredited investors” as defined in the glossary to this memorandum.

The central bank of Bahrain assumes no responsibility for the accuracy and completeness of the statements and information contained in this document and expressly disclaims any liability whatsoever for any loss howsoever arising from reliance upon the whole or any part of the contents of this document. The board of directors and the management of the issuer accepts responsibility for the information contained in this document.

To the best of the knowledge and belief of the board of directors and the management, who have taken all reasonable care to ensure that such is the case, the information contained in this document is in accordance with the facts and does not omit anything likely to affect the reliability of such information.

Information for persons in Canada

Jennison Associates has its principal place of business in the United States and is not registered in Canada and relies on the international adviser registration exemption in National Instrument 31‐103 and is limited to providing services to “permitted clients.”

In Canada, please note: PGIM operates in the provinces of Alberta, British Columbia, Nova Scotia, Ontario and Quebec pursuant to the international adviser exemption from the requirement to register as an adviser under securities laws.  Pursuant to the international adviser registration exemption in National Instrument 31-103, PGIM, Inc. is informing you that: (1) PGIM, Inc. is not registered in Canada and is advising 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 may be difficulty enforcing legal rights against PGIM, Inc. because it is resident outside of Canada and all or substantially all of its assets may be situated outside of Canada; and (4) the name and address of the agent for service of process of PGIM, Inc. in the applicable 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.

Information for persons in Hong Kong

In Hong Kong, information is provided by PGIM (Hong Kong) Limited, a regulated entity with the Securities & Futures Commission in Hong Kong to professional investors as defined in Section 1 of Part 1 of Schedule 1 (paragraph (a) to (i) of the Securities and Futures Ordinance (Cap.571).

Information for persons in Ireland

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: 2nd Floor, 5 Earlsfort Terrace, Dublin 2, Ireland. PGIM Investments (Ireland) Limited is authorised and regulated by the Central Bank of Ireland (Reference No. C470709) and operates on the basis of a European passport, with respect to its Italian operations by the Consob and Bank of Italy. 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 number 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).

Information for persons in Japan

In Japan, information is provided 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 various investment management services in Japan. PGIMREJ is a Japanese real estate asset manager that is registered with the Kanto Local Finance Bureau of Japan.

Information for Persons in Kuwait

This [document] is not for circulation to private investors nor to the public in Kuwait. The [name of the Securities to be sold] have not been licensed for offering in Kuwait by the Kuwait Capital Markets Authority or any other relevant Kuwaiti government agency. The offering of the [name of the Securities to be sold] in Kuwait on the basis of a private placement or public offering is, therefore, restricted in accordance with Law No. 7 of 2010 and the bylaws thereto (as amended). No private or public offering of the [name of the Securities to be sold] is being made in Kuwait, and no agreement relating to the sale of the [name of the Securities to be sold] will be concluded in Kuwait. No marketing or solicitation or inducement activities are being used to offer or market the [name of the Securities to be sold] in Kuwait.

Information for persons in Saudi Arabia

For purposes of Saudi Arabia, this website is intended to provide generic information only. However, any related products or services are only being advertised or marketed in the Kingdom of Saudi Arabia in accordance with Article 20 (Exclusions) of the Securities Business Regulations issued on 28 June 2005 (the “Regulations”).  Article 20(4) of the Regulations states that, a securities advertisement is excluded from the prohibition in Article 17 (Securities Advertisements) of the Regulations if it is directed only at authorised persons, exempt persons or institutions. The products or services are only being advertised or marketed to authorised persons, exempt persons (as specified in Annex 1 to the Regulations) and institutions which own, or which are a member of a group which owns, net assets of not less than 50 million Saudi Riyals.

Information for persons in Singapore

Jennison is not registered with the Monetary Authority of Singapore. Accordingly, this material and any other document or material in connection with the offer or sale of Jennison products or services may not be circulated or distributed to persons in Singapore other than to an institutional investor pursuant to Section 304 of the Securities and Futures Act 2001 of Singapore (the “SFA”).

In Singapore, information is issued by PGIM (Singapore) Pte. Ltd. (“PGIM Singapore”), a regulated 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 issued 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 “accredited investors” and other relevant persons in accordance with the conditions specified in Section 305 of the SFA.

Information for persons in South Korea

In South Korea, information is issued by PGIM, Inc., which is licensed to provide discretionary investment management services directly to South Korean qualified institutional investors on a cross-border basis.

Information for persons in the United Kingdom and various European Economic Area jurisdictions

In the United Kingdom, information is issued by PGIM Limited with registered office: Grand Buildings, 1-3 Strand, Trafalgar Square, London, WC2N 5HR. 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”), information 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 certain EEA countries, information is, where permitted, presented by PGIM Limited in reliance of provisions, exemptions or licenses available to PGIM Limited under temporary permission 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 persons who are professional clients as defined under the rules of the FCA and/or to persons who are professional clients as defined in the relevant local implementation of Directive 2014/65/EU (MiFID II). In Japan, information is provided 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 various investment management services in Japan. PGIMREJ is a Japanese real estate asset manager that is registered with the Kanto Local Finance Bureau of Japan. In Hong Kong, information is provided by PGIM (Hong Kong) Limited, a regulated entity with the Securities & Futures Commission in Hong Kong to professional investors as defined in Section 1 of Part 1 of Schedule 1 of the Securities and Futures Ordinance (Cap. 571). In Singapore, information is issued by PGIM (Singapore) Pte. Ltd. (“PGIM Singapore”), a regulated 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 issued 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 “accredited investors” and other relevant persons in accordance with the conditions specified in Section 305 of the SFA. In South Korea, information is issued by PGIM, Inc., which is licensed to provide discretionary investment management services directly to South Korean qualified institutional investors on a cross-border basis. In Australia, information is issued by PGIM (Australia) Pty Ltd (“PGIM Australia”) for the general 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 provided 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 must fit the criteria as set out in the Financial Markets Conduct Act 2013. In China, the information is provided at your request and is not intended as investment advice or a recommendation about managing or investing assets. In Switzerland, information is issued by PGIM Limited, through its Representative Office in Zurich with registered office at Limmatquai 4, 8001 Zürich, Switzerland, is 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.

 Information for Persons in (United Arab Emirates) UAE

Within the UAE, this website is only accessible in the UAE, excluding the distinct financial services jurisdictions of the financial free zones of the UAE, namely the Dubai International Financial Centre (DIFC) and the Abu Dhabi Global Market (ADGM).  This website is only accessible to a limited number of exempt investors who fall under a of the category of “Professional Investor” as defined within SCA Chairman Decision No. (13/RM) of 2021 on the Rulebook of Financial Activities and Mechanisms for Adjusting Positions.

The offering of the products and/or services  described herein have not been approved or licensed by the UAE Central Bank, the UAE Securities and Commodities Authority (SCA), the Dubai Financial Services Authority (SCA) or any other relevant licensing authorities in the UAE, and accordingly does not constitute a public offer in the UAE in accordance with the commercial companies law, Federal Law No. 2 of 2015 (as amended), SCA Board of Directors’ Decision No. (13/Chairman) of 2021 on the Regulations Manual of the Financial Activities and Status Regularization Mechanisms or otherwise. Accordingly, the Document is not offered to the public in the UAE (including the Dubai International Financial Centre (DIFC))

This Document is strictly private and confidential and is being issued to a limited number of institutional and individual clients:

a.       who meet the criteria of a Professional Investor as defined in SCA Board of Directors’ Decision No. (13/Chairman) of 2021 on the Regulations Manual of the Financial Activities and Status Regularization Mechanisms or who otherwise qualify as sophisticated clients;

b.      upon their request and confirmation that they understand that the products and/or services described in this Document have not been approved or licensed by or registered with the UAE Central Bank, the SCA, or any other relevant licensing authorities or governmental agencies in the UAE; and

c.       must not be provided to any person other than the original recipient and may not be reproduced or used for any other purpose.

All investments involve risk, including the possible loss of capital. Past performance is not indicative of future results.