Macquarie Investment Management

For institutional investors and investment professionals only.

For recipients in the United States, Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide. Institutional investment management is provided by Macquarie Investment Management Advisers (MIMA), a series of Macquarie Investment Management Business Trust (MIMBT). MIMBT is a U.S. registered investment advisor, and may not be able to provide investment advisory services to certain clients in certain jurisdictions. Macquarie Institutional Portfolios are designed exclusively for US institutional investors and high net worth individuals. Macquarie Institutional Portfolios are distributed in the United States by Delaware Distributors, L.P., an affiliate of MIMBT, Macquarie Management Holdings, Inc., and Macquarie Group Limited. Non-US investors cannot invest in Macquarie Institutional Portfolios.

For recipients in the European Economic Area, this webpage is a financial promotion distributed by Macquarie Investment Management Europe Limited (MIMEL) and Macquarie Investment Management Europe S.A. (MIME SA) to Professional Clients or Eligible Counterparties only, as defined in the Markets in Financial Instruments Directive 2014/65/EU. This document is not intended for distribution to Retail Clients. MIMEL is authorised and regulated by the Financial Conduct Authority. MIMEL is incorporated and registered in England and Wales (Company No. 09612439, Firm Reference No. 733534). The registered office of MIMEL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD. MIME SA is authorised and regulated by the Commission de Surveillance du Secteur Financier. MIME SA is incorporated and registered in Luxembourg (Company No. B62793). The registered office of MIME SA is Villa Macquarie, 10a, Boulevard Joseph II, Luxembourg L-1840, Grand Duchy of Luxembourg.

This webpage has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Regulatory Disclosures

For recipients in Switzerland, this webpage is distributed by Macquarie Investment Management Switzerland GmbH. In Switzerland, this webpage and its content is strictly restricted to Qualified Investors within the meaning of the Federal Act on Collective Investment Schemes (CISA) and the Federal Ordinance on Collective Investment Schemes (CISO) as well as in accordance with the most recent interpretation by the Swiss Financial Market Supervisory Authority FINMA and the competent courts.

For recipients in Australia, this webpage is provided by Macquarie Investment Management Global Limited (ABN 90 086 159 060 Australian Financial Services License 237843) and Macquarie Investment Management Australia Limited (ABN 55 092 552 611 Australian Financial Services Licence 238321) (as relevant) solely for general informational purposes. This webpage does not constitute a recommendation to acquire, an invitation to apply for, an offer to apply for or buy, an offer to arrange the issue or sale of, or an offer for issue or sale of, any securities in Australia. This webpage has been prepared, and is only intended, for ‘wholesale clients’ as defined in section 761G of the Corporations Act and applicable regulations only and not to any other persons. This webpage does not constitute or involve a recommendation to acquire, an offer or invitation for issue or sale, an offer or invitation to arrange the issue or sale, or an issue or sale, of interests to a ‘retail client’ (as defined in section 761G of the Corporations Act and applicable regulations) in Australia.

For recipients in Asia, the information on this webpage is not, and should not be construed as, an advertisement, an invitation, an offer, a solicitation of an offer or a recommendation to participate in any investment strategy or take any other investment action, including to buy or sell any product or security or offer any banking or financial service or facility in any jurisdiction where it would be unlawful to do so. The content on this webpage is for informational purposes only and is intended for institutional investors and investment professionals only.

The views expressed represent the investment teams' as of the date indicated, and should not be considered a recommendation to buy, hold, or sell any security, and should not be relied on as research or investment advice. Views are subject to change without notice.

Future results are impossible to predict. This webpage contains opinions, conclusions, estimates and other forward-looking statements which are, by their very nature, subject to various risks and uncertainties. Actual events or results may differ materially, positively or negatively, from those reflected or contemplated in such forward-looking statements. Past performance is not a reliable indicator of future performance. Investing involves risk including the possible loss of principal.

This webpage does not contain all the information necessary to fully evaluate any investment program, and reliance should not be placed on the contents of this webpage. Any decision with respect to any investment program referred to herein should be made based solely upon appropriate due diligence by the prospective investor. The investment capabilities described herein involve risks due, among other things, to the nature of the underlying investments. All examples herein are for illustrative purposes only and there can be no assurance that any particular investment objective will be realized or any investment strategy seeking to achieve such objective will be successful.

No representation or warranty, express or implied, is made as to the accuracy or completeness of the information, opinions and conclusions contained in this webpage. In preparing this webpage, reliance has been placed, without independent verification, on the accuracy and completeness of all information available from external sources.

To the maximum extent permitted by law, none of the entities under Macquarie Investment Management nor any other member of the Macquarie Group nor their directors, employees or agents accept any liability for any loss arising from the use of this webpage, its contents or otherwise arising in connection with it.

Macquarie Group, its employees and officers may act in different, potentially conflicting, roles in providing the financial services referred to in this document webpage. The Macquarie Group entities may from time to time act as trustee, administrator, registrar, custodian, investment manager or investment advisor, representative or otherwise for a product or may be otherwise involved in or with, other products and clients which have similar investment objectives to those of the products described herein. Due to the conflicting nature of these roles, the interests of Macquarie Group may from time to time be inconsistent with the Interests of investors. Macquarie Group entities may receive remuneration as a result of acting in these roles. Macquarie Group has conflict of interest policies which aim to manage conflicts of interest.

All third-party marks cited are the property of their respective owners.