LEGAL, INVESTMENT AND TAX NOTICE: This information is not intended to be and should not be treated as legal advice, investment advice or tax advice. Client should under no circumstances rely upon this information as a substitute for obtaining specific legal or tax advice from their own legal or tax advisors.

OPINIONS EXPRESSED are those of the author, do not necessarily reflect the opinions of Northern Trust Corporation, and are subject to change without notice. Information has been obtained from sources believed to be reliable, but its accuracy and interpretation are not guaranteed.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S.

The Northern Trust Company, London Branch (reg. no. BR001960), Northern Trust Global Investments Limited (reg. no. 03929218) and Northern Trust Investor Services Limited (reg. no. 12578024) are authorised and regulated by the Financial Conduct Authority.

The material within and any linked material accessed via this communication is directed to eligible counterparties and professional clients only and should not be distributed to or relied upon by retail investors. For Asia Pacific markets, it is directed to institutional investors, expert investors and professional investors only and should not be relied upon by retail investors.

Northern Trust (Guernsey) Limited, Northern Trust Fiduciary Services (Guernsey) Limited, and Northern Trust International Fund Administration Services (Guernsey) Limited are licensed by the Guernsey Financial Services Commission. Northern Trust International Fund Administrators (Jersey) Limited and Northern Trust Fiduciary Services (Jersey) Limited are regulated by the Jersey Financial Services Commission. Northern Trust International Fund Administration Services (Ireland) Limited, Northern Trust Securities Services (Ireland) Limited and Northern Trust Fiduciary Services (Ireland) Limited are regulated by the Central Bank of Ireland.

Northern Trust Global Services SE, Incorporated with limited liability in Luxembourg as a Societas Europaea under number B232281 at the Registre de Commerce et des Sociétés. Registered office: 10 rue du Château d'Eau, Leudelange, L-3364, Luxembourg.

Northern Trust Global Services SE, UK Branch: UK establishment number BR023423 and UK office at 50 Bank Street, Canary Wharf, London E14 5NT. Authorised by the European Central Bank and subject to the prudential supervision of the European Central Bank and the Luxembourg Commission de Surveillance du Secteur Financier.  An authorised credit institution in Luxembourg under Chapter 1 of Part 1 of the Luxembourg law of 5 April 1993 on the financial sector. Authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request.  

Northern Trust Global Services SE Netherlands Branch is a branch of Northern Trust Global Services SE. Registered office: Viñoly, 7th floor, Claude Debussylaan 18A, 1082 MD Amsterdam, The Netherlands. Authorised by the ECB and subject to the prudential supervision of the ECB and the CSSF. Subject to regulation in the Netherlands by De Nederlandsche Bank and Autoriteit Financiële Markten.

Northern Trust Global Services SE Sweden Filial is a branch of Northern Trust Global Services SE. Authorised by the ECB and subject to the prudential supervision of the ECB and the CSSF. Subject to regulation in Sweden by the Finansinspektionen.

Northern Trust Global Services SE Norway Branch is a branch of Northern Trust Global Services SE. Authorised by the ECB and subject to the prudential supervision of the ECB and the CSSF. Subject to regulation in Norway by the Finanstilsynet.

Northern Trust Global Services SE Leudelange, Luxembourg, Zweigniederlassung Basel is a branch of Northern Trust Global Services SE (itself authorised by the ECB and subject to the prudential supervision of the ECB and the CSSF). The Branch has its registered office at Aeschenplatz 6, 4052, Basel, Switzerland, and is authorised and regulated by the Swiss Financial Market Supervisory Authority FINMA.

Northern Trust Global Services SE, Abu Dhabi Branch: Registration Number 000000519  Registered Office: Level 7, Al Sila Tower – Abu Dhabi Global Market Square, Al Maryah Island  |  PO Box 114049 – Abu Dhabi, United Arab Emirates. A branch of Northern Trust Global Services SE. Authorised by the ECB and subject to the prudential supervision of the ECB and the CSSF.

Northern Trust Global Investments Limited has a Netherlands branch, which is authorised by the Financial Conduct Authority and subject to regulation in the Netherlands by the Autoriteit Financiële Markten.

The Northern Trust Company operates in Australia as a foreign authorised deposit-taking institution (foreign ADI) and is regulated by the Australian Prudential Regulation Authority. The Northern Trust Company has a branch in China regulated by the China Banking Regulatory Commission. The Northern Trust Company of Hong Kong Limited is regulated by the Hong Kong Securities and Futures Commission. Northern Trust Global Investments Japan, K.K. is regulated by the Japan Financial Services Agency. The Northern Trust Company has a Singapore Branch, which is a foreign wholesale bank regulated by the Monetary Authority of Singapore. The Northern Trust Company operates in Canada as The Northern Trust Company, Canada Branch, which is an authorised foreign bank branch under the Bank Act (Canada). Trustee related services in Canada are provided by the wholly owned subsidiary The Northern Trust Company, Canada, an authorised trust company under the Trust & Loans Companies Act (Canada). Deposits with The Northern Trust Company and its affiliates and subsidiaries are not insured by the Canada Deposit Insurance Corporation.