Website Terms of Use (Last revised on 4 December 2020) PLEASE READ THESE TERMS OF USE CAREFULLY BEFORE USING OUR WEBSITE, AS THEY CONTAIN IMPORTANT INFORMATION ABOUT HOW YOU MAY USE THIS WEBSITE. IF YOU DON’T AGREE TO THESE TERMS OF USE YOU MUST NOT USE THIS WEBSITE. PART A – General Terms 1. The terms on which you may use our website These Terms of Use (together with the other documents referred to below) set out the terms on which you may use our website(s). Please read these terms carefully before using our website as they contain important information about how you may use the website. By using this website, you confirm that you agree to be bound by these Terms of Use. You may wish to print a copy of these Terms of Use for future reference. The following policies also apply to your use of our website: the Privacy and Cookie Policy. By using our website, you are consenting to us processing any personal data that you provide to us or that we collect from you as a result of your use of our website. Our Privacy and Cookie Policy set outs what we do with that personal data. If you don't agree to these Terms of Use you must not use this website. 2. How we can make changes to the website and to these Terms of Use We reserve the right to change any material on this website from time to time without notice. Every time you wish to use our website, please check these Terms of Use to ensure that you are aware of the terms that apply at that time. We may update these Terms of Use, Privacy and Cookie Policy and Security pages from time to time. By continuing to use this website after we make any such updates, you confirm that you've understood and agreed to be bound by them. You should revisit the relevant pages regularly to ensure that you've seen and are aware of the current terms and conditions that will apply to your use at that time. We also recommend that you always review the current Privacy and Cookie Policy and Security pages. 3. Specific regional requirements that apply to you Our website has different regional pages. All regional pages are governed by the laws and regulations of each particular region. You should only access the region corresponding to your place of residence. The funds, products and services described on this website are not available in all countries or to all investors. 4. Information about us This website (“Website”) is operated by M&G plc Group (M&G) and respectively its local subsidiaries disclosed in Part B (herein jointly referred to as “we”). M&G is a company registered in England and Wales under company number 11444019 having its registered office and main trading address at 10 Fenchurch Avenue, London EC3M 5AG. The VAT number of M&G is 235 3237 81. Please visit: https://www.mandgplc.com/site-services/contact-us for information on how you can contact us or make a complaint. Regulatory information Please see Part B for further detail about how we are regulated in your region. 5. Information on our website Our website is made available to you free of charge. The content on our website is provided for general information purposes only. Nothing on our website is intended to be advice on which you should rely. You should always obtain appropriate specialist advice before taking, or not taking, action on the basis of any content on our website. In particular, nothing contained in this website should be construed as a solicitation, offer or recommendation to buy or sell any investment. By providing the information on this website, M&G is not determining the suitability of any investment for any investor. Nor does the information on this website constitute investment advice. You should obtain relevant professional advice before making any investment decision. We do not guarantee that access to our website, or the content on it, will always be available or uninterrupted. Your right to access our website is given on a temporary basis only. We regularly review the content on our website. However, we cannot guarantee that all content on our website is accurate, complete or up to date. Without prejudice to section 8 below, we therefore make no warranties, representations, undertakings or guarantees that the content on our website is accurate, complete or up to date. We make no warranties, representations, undertakings or guarantees that our website or any content on it will be free from errors or omissions. 6. How you are entitled to use our website and restrictions You may only use our website for lawful purposes and in compliance with all applicable laws, including without limitation data protection and privacy laws, laws relating to copyright of content and laws relating to unsolicited commercial electronic messages. You must not: misuse our website by knowingly introducing viruses, trojans, worms, logic bombs or other material which is malicious or technologically harmful; attempt to gain unauthorised access to our website, the server on which our website is stored or any server, computer or database connected to our website. attack our website via a denial-of-service attack or a distributed denial-of-service attack. use our website to send or transmit, whether directly or indirectly, unsolicited or unauthorised advertising or promotional material, chain letters or pyramid selling schemes; use our website to post content or link to content where you know that or ought to have known that the owner of that content has not consented to or authorised that posting or linking or where that posting or linking infringes the rights of that owner; use our website to monitor data or traffic on any network or system; use our website to collect or use information, including without limitation email addresses, screen names or other identifiers, by deceit (such as phishing, internet scamming, password robbery, spearing, scraping and harvesting); use our website to distribute software; use our website to send, transmit, publish, upload, download, use, store, reproduce or knowingly receive any material that does not comply with the content standards; use our website in violation of export laws, controls, regulations or sanction policies of the European Union, the United States or any other country. If you breach any term of these Terms of Use your right to use our website will immediately end. In addition we may take such other actions including, without limitation, legal action as we consider appropriate. If you breach any term of these Terms of Use, or if we receive a request from a law enforcement authority to do so, we may report your identity, details of any breach and any other information we consider necessary to relevant law enforcement authorities. 7. We will not be responsible to you for viruses We don't guarantee that our website will be free from bugs, malicious programs or materials or viruses. You're responsible for configuring your information technology, computer programmes and platform in order to access our website. You should use your own virus protection software. 8. Our responsibility for loss or damage suffered by you We do not exclude or limit in any way our liability to you where it would be unlawful to do so. This includes liability for: death or personal injury as a result of our negligence; fraud or fraudulent misrepresentation. In certain jurisdictions, different limitations and exclusions of liability may apply if you are buying products and services from us. Our liability is set out in the relevant terms and conditions. If you are a business customer · We exclude all conditions, warranties, representations or other terms which may apply to this website or any content on it, whether express or implied. · We won't be liable to you for any loss or damage (even if foreseeable) arising under or in connection with: use of, or inability to use, our website; use of or reliance on any content displayed on our website; or viruses, distributed denial-of-service attack, or other technologically harmful material that may infect your computer equipment, computer programs, data or other proprietary material due to your use of our website or to your downloading of any content on it, or on any website linked to it. We accept no liability for the information contained on any third-party websites linked to on our website and we won't be liable for any loss or damage that may arise from your use of them. If you are an individual consumer You agree not to use our website for any commercial or business purposes and we have no liability to you for any loss of profit, loss of business, business interruption or loss of business opportunity. 9. Links from our website to other websites Our website may contain links to other websites from time to time, including to pages and other websites operated by us or by a third party operating on our behalf. This will include any access you may have to the “MyAccount” functionality, and your access to the same will be subject to separate terms and conditions. Where our website contains links to other websites and resources provided by third parties, these links are provided for your information and for your convenience only. We have no control over the contents of those sites or resources, we accept no responsibility for them and you shouldn’t take our providing these links as an endorsement or guarantee by us of the websites or the information on them. You must not link this website in any other website without our permission. 10. Intellectual Property We, or our licensors, own the copyright and all other intellectual property rights in our website and all content on it [other than content uploaded by or linked to by others]. The M&G name and logo are registered trademarks of the M&G group. We own or license all copyright in this website, as well as the content, trademarks or other material published on it. If you use, download, print or reproduce content from our website in breach of these Terms of Use your right to use our website will immediately end and you must return to us or destroy (at our option) all digital and paper copies of the content that you have made. Unless specifically prohibited by a notice on any page, you may print or download individual sections of this website for your own personal information and use only, provided that you retain all copyright and other proprietary notices. You must not use, extract or reproduce our trademarks or any content from our website for commercial purposes without first obtaining the written consent of M&G or any party which licenses any content to us. 11. Other important information If you are a consumer these Terms of Use are governed by the law of England and Wales and the courts of England and Wales have non-exclusive jurisdiction to determine any dispute arising out of or in connection with them. If you are resident in Scotland you may also bring proceedings in Scotland and if you are resident in Northern Ireland you may also bring proceedings in Northern Ireland. As a consumer, you will benefit from any mandatory provisions of the law of the country in which you are resident. Nothing in these Terms of Use affects your rights as a consumer to rely on such mandatory provisions of local law. If you are a business user these Terms of Use (and any non-contractual obligations arising out of or in connection with them) are governed by the law of England and Wales and the courts of England and Wales have exclusive jurisdiction to determine any dispute arising out of or in connection with them (including without limitation in relation to any non-contractual obligations). PART B – Regional specific information England & Wales M&G plc is a holding company, some of whose subsidiaries are authorised and regulated, as applicable, by the Prudential Regulation Authority and the Financial Conduct Authority. M&G Investment Management Limited (MAGIM), M&G Alternative Investment Management Limited (MAGAIM), M&G Securities Limited (MGSL) and M&G Financial Services Limited (MGFS) are registered in England and Wales under numbers (1048359, 936683, 2059989, 90776, 923891 respectively. The registered address of MAGIM, MAGAIM, MGSL and MGFS is 10 Fenchurch Avenue, London, EC3M 5AG. MAGIM, MAGAIM, MGSL and MGFS are authorised and regulated by the Financial Conduct Authority (“FCA”) under nos. 119328, 122011, 122057, 122058 respectively. The FCA’s registered address is: 12 Endeavour Square, London, E20 1JN. Prudential Pensions Limited (PPL) is registered in England and Wales under number 992726, with its registered address at 10 Fenchurch Avenue, London, EC3M 5AG. PPL is authorised by the Prudential Regulation Authority (PRA) and regulated by the FCA and the PRA, and is registered on the FCA’s register, No. 110434. M&G Real Estate Limited is registered in England and Wales under number 3852763 and is not authorised or regulated by the FCA. M&G Real Estate Limited forms part of the M&G plc Group. Infracapital is a business name of the European infrastructure division of M&G Investment Management Limited and M&G Alternatives Investment Management Limited. Information on the FCA’s rules and guidance can be found at www.fca.org.uk. Investors who use our services are protected by the Financial Services Compensation Scheme for any amounts that we are unable to pay up to a maximum of £50,000 for each investor and subject to the rules of the scheme. In the UK, M&G International Investments S.A. is deemed authorised and regulated by the Financial Conduct Authority. The nature and extent of consumer protections may differ from those for firms based in the UK. Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the Financial Conduct Authority’s website. European Union and International M&G International Investments S.A. (MGII) and M&G Luxembourg S.A. (MGLUX), registered address: 16, boulevard Royal, L-2449, Luxembourg, are authorised and regulated by the Commission de Surveillance du Secteur Financier (CSSF). France M&G plc Group is present in France through the establishment of the branch of M&G International Investments S.A., with office address at 8 rue Lamennais, Paris 75008, registered on the Trade Register of Paris, No. 499 832 400. Germany M&G plc Group is present in Germany through the establishment of the branch of M&G International Investments S.A., with office address at mainBuilding. Taunusanlage 19, 60325 Frankfurt am Main. Italy M&G plc Group is present in Italy through the establishment of the branch of M&G International Investments S.A. (Registry Enrolment No. 97808840157 and V.A.T. No. 10292720967), with office address at via Santa Maria Segreta 6, 20123 - Milano ("Italian Branch"). The Italian Branch is duly authorised under the Directive 2014/65/UE framework and is currently enrolled with number 160 in the Consob’s "Register of Investment Firms authorized in EU countries operating in Italy through the establishment of a branch". For more information, please refer to the following contact details: Phone: +39 02 3206 551 Email: m&g.italy@mandg.com If you are a consumer, the courts of the location of your residence or domicile have exclusive jurisdiction to determine any dispute arising out of or in connection with these Terms of Use. Spain M&G plc Group is present in Spain through the establishment of the branch of M&G International Investments S.A., subsidiary registered before The National Securities Market Commission (CNMV) under the official registration number 106, M&G International Investments S.A., sucursal en España, with registered address at Fortuny Street, 6 - 4º A, 28010, Madrid, Spain. Registered in the Commercial Registry of Madrid in volume 37651, sheet 120, page M-670856, with CIF number W0186420F. If you have a complaint towards M&G, you can submit your complaint through M&G’s website or via postal mail with the keyword "Complaint” to M&G’s address in Spain (Fortuny Street, 6 - 4º A, 28010, Madrid, Spain). If we are unable to resolve your complaint within one month of its submission, you may refer your complaint to the ODR-platform of the European Commission. M&G will participate in such proceedings and is obliged to do so under applicable law. You can submit your complaint in any official language of the European Union through the ODR-platform provided by the European Commission. Switzerland M&G International Investments Switzerland AG. Registered office: Talstrasse 66, 8001 Zurich. Japan M&G Investments Japan ("MGIJ") is registered with the Financial Services Agency of Japan (the "JFSA") ((Kinsho) No.2942) to engage in the Investment Advisory and Agency Business, the Investment Management Business, and the Type II Financial Instruments Business under the Financial Instruments and Exchange Act of Japan. Pursuant to such registrations, MGIJ may: (1) provide agency and intermediary services for clients to enter into a discretionary investment management agreement or investment advisory agreement with any of the offshore M&G group affiliates; (2) directly enter into a discretionary investment management agreement with clients; or (3) solicit clients for investment into offshore collective investment scheme(s) managed by the offshore M&G group affiliate or its affiliated company. MGIJ is a membership to Japan Investment Advisers Association and Type II Financial Instruments Firms Association The registered address of MGIJ is Tokyo Toranomon Global Square 13F, 1-3-1 Toranomon, Minato-ku, Tokyo, 105-0001, Japan. Hong Kong This website is intended only for Professional Investors in Hong Kong. The content of this website has not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to this offer. If you are in any doubt about the contents of this website you should obtain independent professional advice. In particular, no interest in any M&G funds or sub-funds will be issued to any person other than the person to whom this website is addressed. In addition, (a) no offer or invitation to subscribe for shares in the M&G funds may be made to the public in Hong Kong; and (b) this website has not been approved by the Securities and Futures Commission in Hong Kong or any other regulatory authority in Hong Kong and accordingly interests in the M&G funds may not be offered or sold in Hong Kong by means of this website, other than in circumstances which do not constitute an offer to the public for the purposes of the Hong Kong Companies Ordinance and the Hong Kong Securities and Futures Ordinance, as amended from time to time. The website is issued by M&G Investments (Hong Kong) Limited. Office: Unit 1002, LHT Tower, 31 Queen’s Road, Central Hong Kong. Singapore The information on this website is intended only for institutional investors (as defined under the SFA). Please read carefully this information about the contractual, legal and regulatory conditions which are applicable for the M&G Funds mentioned in this website and the use of this website. By accessing this website you accept to be bound by these Terms and Conditions. Please be aware that services and documents at the website may be subject to additional terms and conditions. This website is intended only for “Institutional Investors” as defined in section 4A(1) of the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”) and in accordance with the conditions of, any other applicable provision of the SFA and its subsidiary legislations. It should not be relied upon by any other type of investor in Singapore, especially the general public. By accessing the information, you are undertaking not to disseminate the information it contains or refer any other person or investor to this site. Nothing in this site shall constitute an offer to sell, or a solicitation of an offer to buy, or the calling to attention to the offer of the units of the schemes in any jurisdiction where such activity is prohibited or not authorised. This website is issued by M&G Investments (Singapore) Pte. Ltd. and M&G Real Estate Pte. Ltd. Office: CapitaGreen #35-01, 138 Market Street, Singapore 048946. The information/research herein is prepared by M&G Investments (Singapore) Pte. Ltd. (Co. Reg. No. 201131425R) and M&G Real Estate Pte. Ltd. (Co. Reg. No. 200610218G) or foreign affiliated companies of M&G (collectively known as M&G Group). Australia M&G Investment Management Limited (MAGIM) and M&G Alternatives Investment Management Limited (MAGAIM) have received notification from the Australian Securities & Investments Commission that they can rely on the ASIC Class Order [CO 03/1099] exemption and are therefore permitted to market their investment strategies (including the offering and provision of discretionary investment management services) to wholesale clients in Australia without the requirement to hold an Australian financial services licence under the Corporations Act 2001 (Cth). MAGIM and MAGAIM are authorised and regulated by the Financial Conduct Authority under laws of the United Kingdom, which differ from Australian laws. United States Specifically this Website is not intended for use by any person in the United States. Shares in M&G Funds have not been and will not be registered under the United States Securities Act of 1933, as amended, or registered or qualified under the securities laws of any state of the United States and may not be offered, sold, transferred or delivered, directly or indirectly, to any investors within the United States or to, or for the account of, US Persons except in certain limited circumstances pursuant to a transaction exempt from such registration or qualification requirements. None of the shares have been approved or disapproved by the US Securities and Exchange Commission, any state securities commission in the United States or any other US regulatory authority, nor have any of the foregoing authorities passed upon or endorsed the merits of the offering of the shares or the accuracy or adequacy of the prospectus. The Funds will not be registered under the United States Investment Company Act of 1940, as amended. 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