This document is produced by Eastspring Investments (Singapore) Limited and issued in:
Singapore and Australia (for wholesale clients only) by Eastspring Investments (Singapore) Limited (UEN:
199407631H), which is incorporated in Singapore, is exempt from the requirement to hold an Australian financial
services licence and is licensed and regulated by the Monetary Authority of Singapore under Singapore laws which
differ from Australian laws.
Hong Kong by Eastspring Investments (Hong Kong) Limited and has not been reviewed by the Securities and
Futures Commission of Hong Kong.
Indonesia by PT Eastspring Investments Indonesia, an investment manager that is licensed, registered and
supervised by the Indonesia Financial Services Authority (OJK).
Malaysia by Eastspring Investments Berhad (531241-U).
United States of America (for institutional clients only) by Eastspring Investments (Singapore) Limited
(UEN: 199407631H), which is incorporated in Singapore and is registered with the U.S Securities and Exchange Commission
as a registered investment adviser.
European Economic Area (for professional clients only) and Switzerland (for qualified investors only)
by Eastspring Investments (Luxembourg) S.A., 26, Boulevard Royal, 2449 Luxembourg, Grand-Duchy of Luxembourg, registered
with the Registre de Commerce et des Sociétés (Luxembourg), Register No B 173737.
United Kingdom (for professional clients only) by Eastspring Investments (Luxembourg) S.A. - UK Branch,
125 Old Broad Street, London EC2N 1AR.
Chile (for institutional clients only) by Eastspring Investments (Singapore) Limited (UEN: 199407631H),
which is incorporated in Singapore and is licensed and regulated by the Monetary Authority of Singapore under Singapore
laws which differ from Chilean laws.
The afore-mentioned entities are hereinafter collectively referred to as
Eastspring Investments.
The views and opinions contained herein are those of the author on this page, and may not necessarily represent
views expressed or reflected in other Eastspring Investments’ communications. This document is solely for information
purposes and does not have any regard to the specific investment objective, financial situation and/or particular
needs of any specific persons who may receive this document. This document is not intended as an offer, a solicitation
of offer or a recommendation, to deal in shares of securities or any financial instruments. It may not be published,
circulated, reproduced or distributed without the prior written consent of Eastspring Investments. Reliance upon
information in this posting is at the sole discretion of the reader. Please consult your own professional adviser
before investing.
Investment involves risk. Past performance and the predictions, projections, or forecasts on the economy, securities
markets or the economic trends of the markets are not necessarily indicative of the future or likely performance
of Eastspring Investments or any of the funds managed by Eastspring Investments.
Information herein is believed to be reliable at time of publication. Data from third party sources may have been
used in the preparation of this material and Eastspring Investments has not independently verified, validated
or audited such data. Where lawfully permitted, Eastspring Investments does not warrant its completeness or accuracy
and is not responsible for error of facts or opinion nor shall be liable for damages arising out of any person’s
reliance upon this information. Any opinion or estimate contained in this document may subject to change without
notice.
Eastspring Investments (excluding JV companies) companies are ultimately wholly-owned/indirect subsidiaries/associate
of Prudential plc of the United Kingdom. Eastspring Investments companies (including JV’s) and Prudential plc
are not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business
is in the United States of America.