Social Media Guidelines

Thornburg’s goal is to increase the real wealth of shareholders after accounting for inflation, taxes, and investment expenses. Please visit our homepage at www.thornburg.com.

Important Legal Information
Please read these terms and conditions of use carefully. Thornburg social media accounts (“sites”), including but not limited to Facebook, Twitter, LinkedIn, Instagram, and YouTube, are maintained by Thornburg Investment Management, Inc. (“Thornburg”), an investment adviser registered with the U.S. Securities and Exchange Commission.

Thornburg is not responsible for the terms of use or privacy or security policies on the sites or any third-party sites that may be linked to through the sites or through other pages. You use any third-party sites and materials at your own risk.

The information posted to the sites by or on behalf of any member of Thornburg’s investment team generally represents that individual’s current opinions. Such opinions are subject to change without notice and do not necessarily represent the opinions of other personnel at Thornburg or of the firm as a whole. All posts are provided for informational purposes only and should not be considered investment advice or a recommendation of any particular security, strategy, or investment product. Any person considering an investment, or the effect of taxes on an investment, should consult with their own financial and tax advisors and should carefully review the prospectus or other disclosure document for the investment being considered.

Important Investment Information
Past performance is neither a guarantee of nor a reliable indicator of future results. All investments involve risk and may lose value. For example, investments in the bond markets (including investments in bond mutual funds) are subject to risks including, but not limited to, market risk, interest-rate risk, credit risk, issuer risk and liquidity risk. Investments in the equity markets (including investments in equity mutual funds) are subject to risks including, but not limited to, market risk, issuer risk and liquidity risk. These and other risks may be enhanced with respect to investments in the securities of foreign issuers or which are denominated in foreign currencies and may be further enhanced with respect to investments in emerging or developing markets. You should carefully review the prospectus or other disclosure documents for any investment that you are considering for a discussion of the particular risks which may be associated with that investment. In particular, you should note that none of the investments which may be referred to on the sites are deposits or obligations of, or are guaranteed or endorsed by, the U.S. government, the Federal Deposit Insurance Corporation, or any other governmental agency. Furthermore, there is no guarantee or suggestion that any investment strategy described on the sites will perform under all market conditions or will be suitable for all investors. Investors should evaluate their ability to invest long term, especially during market downturns, and should consult a financial advisor prior to making a decision.

Use of Content
The content (as defined below) of the sites is supplied for informational purposes only. The posting of content does not constitute, either explicitly or implicitly, any investment, legal, tax or other advice, nor does it constitute any provision of services by Thornburg.

Copyright
The sites, the computers hosting the sites, and the content provided on these sites, including any text, music and sound, graphics, images, photographs, audio and video, footage, animations, podcasts, analyses, studies, reports and downloads (all such content, collectively the “content”) are the exclusive property of Thornburg or are licensed to Thornburg, and are protected by law. Thornburg reserves all rights with respect to its proprietary information on the sites.

No Offer
Nothing contained on the sites constitutes an offer, solicitation, or recommendation regarding any investment management product or service, or the offer to sell or the solicitation of an offer to buy any security. Any potential investor should satisfy their self that an investment in any Thornburg product is permissible under the regulations of their domicile.

The information provided is for informational purposes only and investors should determine for themselves whether a particular service or product is suitable for their investment needs or should seek professional advice for their situation. Please refer to offering documents for information regarding specific products.

Certain of the statements made on the sites may be statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions. Actual results, performance, market conditions or events may differ markedly from those expressed.

Reservation of Rights
We reserve the right, at our discretion, to modify portions of these terms and conditions, including the addition of new terms and conditions or removal of existing terms and conditions. Your continued use of the sites following reasonable notice of modifications to these terms and conditions will be deemed acceptance of such modifications. For purposes of the foregoing sentence, you agree that notice of changes to these terms and conditions posted on the sites constitute reasonable and sufficient notice to you.

No Reliance
Although Thornburg has taken reasonable care to ensure that the information contained within the sites is accurate, no representation or warranty, express or implied, is made as to its accuracy, reliability, or completeness by Thornburg or any of its affiliates or contractual partners. Opinions and other content on the sites are provided by Thornburg for personal informational purposes only and are subject to change without notice.

Nothing contained on the sites constitutes investment, legal, tax, or other advice and is not to be relied upon in making an investment decision.

No Warranty
The information and opinions contained on the sites, including hyperlinks or references to other sites, are provided “as is” without any warranty of any kind, either expressed or implied, to the fullest extent permissible pursuant to applicable law. Without limiting the scope of the foregoing, Thornburg makes no warranties that functions contained on the sites will be uninterrupted or error-free.

Liability Waiver
Neither Thornburg nor any of its affiliates nor any such person’s officers, directors, employees or representatives will be liable for any damages arising out of your access or use, or inability to access or use, the sites, whether arising in contract, tort, strict liability or otherwise.

User Representations
The sites are forums where common sense, decency, and civility should prevail. While Thornburg may monitor third-party postings, we cannot review them before they are displayed and may not review them after they are posted. A third-party post represents the view of the poster, not of Thornburg. We cannot guarantee the appropriateness, accuracy, or usefulness of a third-party posting or of any third-party link.

Thornburg is an SEC-registered investment advisor, and we therefore cannot publish or otherwise disseminate testimonials about our products or services. Please refrain from such postings, and keep postings to investment themes rather than commenting upon Thornburg or its products or employees.

We ask that you use your best judgment and reasonable caution in evaluating information on or available through the sites. We reserve the right to remove any post, at any time, for any reason, where site technology permits. If we do not remove a post, that does not mean that we endorse its content or view. We may also reserve the right to alter, edit, or adapt a third-party post.

You represent and warrant to Thornburg that you will not use the sites for any purpose that is unlawful or prohibited by these Terms and Conditions, including but not limited to any attempt to (a) disrupt, impair or interfere with the operation or integrity of the sites; (b) collect any information about other users of the sites; or (c) systematically extract content or other information or data contained on the sites to populate databases or other sites.

Linked Sites and Third-Party Accounts
Certain hyperlinks or referenced websites on the sites may, for your convenience, forward you to third-party websites. Any descriptions of, references to, or links to other products, publications, or services do not constitute an endorsement, sponsorship, or affiliation with Thornburg. Any such information, products, or sites have not necessarily been reviewed by Thornburg and are provided or maintained by third parties over whom Thornburg exercises no control. Thornburg expressly disclaims any responsibility for the content, the accuracy of the information, and/or the quality of the products or services provided by or advertised on third-party sites. Thornburg reserves the right to terminate any hyperlink at any time.

Thornburg also expressly disclaims any responsibility for the content, accuracy, and/or the quality of any third party social media account, including any third party that retransmits information supplied by Thornburg, and any third party whose Facebook, Twitter, LinkedIn, Instagram, YouTube or other social network account Thornburg “follows,” is connected to, “likes,” or provides a link to, or from which Thornburg retransmits information. Thornburg’s decision to follow, connect, or “like” a third party’s social media account, or to retransmit information from any such third-party account, does not constitute an endorsement by Thornburg or any of its employees of the information or views expressed in that account.

Information Submitted by You
Please do not submit any confidential or proprietary information via these sites. All information submitted through these sites will be deemed to be the property of Thornburg. In submitting information through these sites, you grant us an unrestricted, irrevocable license to use, reproduce, display, perform, modify, transmit and distribute those materials or information. Thornburg shall not be subject to any duty of confidentiality regarding information that you submit to these sites, except as otherwise specifically agreed to by Thornburg or required by law.

Complaints
Please do not submit complaints through these sites. Should you have a complaint, contact Thornburg directly.

Jurisdiction
Any action arising out of these Terms and Conditions or these sites shall be litigated in courts located in New Mexico, and you agree to submit to the exclusive jurisdiction of those courts and waive any claim of forum non conveniens.

Dated: July 2019