These materials represent the views, opinions and recommendations of the author(s) regarding the economic conditions, asset classes, securities, issuers or financial instruments referenced herein. Certain information contained herein has been obtained from sources that PIM believes to be reliable as of the date presented; however, PIM cannot guarantee the accuracy of such information, assure its completeness, or warrant such information will not be changed. The information contained herein is current as of the date of issuance (or such earlier date as referenced herein) and is subject to change without notice. PIM has no obligation to update any or all of such information; nor do we make any express or implied warranties or representations as to the completeness or accuracy or accept responsibility for errors. These materials are not intended as an offer or solicitation with respect to the purchase or sale of any security or other financial instrument or any investment management services and should not be used as the basis for any investment decision. Past performance may not be indicative of future results. No liability whatsoever is accepted for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this report. PIM or any of its affiliates may make investment decisions that are inconsistent with the recommendations or views expressed herein, including for proprietary accounts of PIM or its affiliates.

The opinions and recommendations herein do not take into account individual client circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies to particular clients or prospects. No determination has been made regarding the suitability of any securities, financial instruments or strategies for particular clients or prospects. For any securities or financial instruments mentioned herein, the recipient(s) of this report must make its own independent decisions.

Conflicts of Interest: PIM and its affiliates may have investment advisory or other business relationships with the issuers of securities referenced herein. PIM and its affiliates, officers, directors and employees may from time to time have long or short positions in and buy or sell securities or financial instruments referenced herein. PIM affiliates may develop and publish research that is independent of, and different than, the recommendations contained herein. PIM personnel other than the author(s), such as sales, marketing and trading personnel, may provide oral or written market commentary or ideas to PIM’s clients or prospects or proprietary investment ideas that differ from the views expressed herein. Additional information regarding actual and potential conflicts of interest is available in Part II of Prudential Investment Management, Inc.’s Form ADV.

For purposes of this disclaimer, PIM includes Prudential Investment Management, Inc., Jennison Associates LLC, Quantitative Management Associates LLC, Prudential Fixed Income, Prudential Capital Group, Prudential Real Estate Investors, Prudential Real Estate Fixed Income Investors, Prudential Asset Resources, Prudential Mortgage Capital Company, which are business units or legal entities, and any legal entity through which such business units operate, all of which are affiliated with Prudential Financial, Inc., a publicly traded company.

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