BERNSTEIN RESEARCH

Terms and Conditions of Use

By using this site, you signify your assent to the following terms and conditions of use without limitation or qualification. If you do not agree to these terms, do not use this site. Please read these conditions carefully before using this site. Sanford C. Bernstein & Co., LLC, Bernstein Autonomous LLP, Sanford C. Bernstein (Hong Kong) Limited 盛博香港有限公司,Sanford C. Bernstein (Canada) Limited and AllianceBernstein (Singapore) Ltd., subsidiaries of AllianceBernstein L.P. ("Bernstein," "we," "us" or "our") may at any time revise these terms and conditions by updating this posting. You are bound by any such revisions and should therefore periodically visit this page to review the then current terms and conditions to which you are bound. This site is for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy any security which may be referenced herein. Bernstein's privacy policy forms part of these terms and conditions.

Disclaimer

The information provided on this site is provided for informational purposes only. While Bernstein seeks to provide accurate and timely information, there may be inadvertent technical or factual inaccuracies and typographical errors. We reserve the right to make changes and corrections at any time, without notice. The information provided on Bernstein's site is provided "AS IS" and without warranties of any kind either expressed or implied. To the fullest extent permissible pursuant to applicable law, Bernstein disclaims all warranties, including, but not limited to, implied warranties of merchantability and fitness for a particular purpose. Bernstein does not warrant, either expressly or impliedly, the accuracy or completeness of the information, text, graphics, links or other items contained on this site and Bernstein expressly disclaims all liability for errors and omissions in these materials and for the use or interpretation by others of information contained on the site. Bernstein will not be responsible for any loss or damage that could result from interception by third parties of any information made available to you via this site. Neither Bernstein, nor any of its affiliates, directors, officers or employees, nor any third party vendor retained by Bernstein will be liable or have any responsibility of any kind for any loss or damage that you incur in the event of any failure or interruption of this site, or resulting from the act or omission of any other party involved in making this site or the data contained therein available to you, or from any other cause relating to your access to, inability to access, or use of the site or these materials, whether or not the circumstances giving rise to such cause may have been within the control of Bernstein or of any vendor providing software or support services for this site. In no event will Bernstein, its affiliates or any such parties be liable to you for any direct, special, indirect, consequential, incidental damages or any other damages of any kind even if Bernstein or any other party have been advised of the possibility thereof.

Nothing contained in Bernstein's site constitutes investment advice. Neither the information, nor any opinion contained in this site constitutes a solicitation or offer by Bernstein or its affiliates to buy or sell any securities, futures, options or other financial instruments, nor shall any such security be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction. Decisions based on information contained on Bernstein's site are the sole responsibility of the visitor, and in exchange for using Bernstein's site, the visitor agrees to hold Bernstein harmless against any claims for damages arising from any decisions that the visitor makes based on such information.

Restrictions on Use of Materials

This website is owned and operated by Bernstein. Permission is granted to display and navigate this site with a computer using HTML browser software, solely for personal, non-commercial use. Any commercial or public use of this website or any portion hereof is strictly prohibited.

Except as otherwise permitted by Bernstein, no materials from this site may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way. You may download material displayed on this site for non-commercial, personal use only provided you also retain all copyright and other proprietary notices contained on the materials. You may not distribute, modify, transmit, reuse, repost, or use the content of this site for public or commercial purposes, including the text, images, audio, and video without Bernstein's written permission. Modification or use of the materials for any other purpose violates Bernstein's intellectual property rights.

Bernstein neither warrants nor represents that your use of materials displayed on this site will not infringe rights of third parties not owned by or affiliated with Bernstein.

Submissions

Electronic Mail (email) submitted to this site should be considered neither secure nor confidential. Bernstein makes no representation whatsoever concerning the security or confidentiality of your email messages and specifically makes no representation that any email message submitted through this site will be received by Bernstein.

Any communications or material you transmit to this website by electronic mail or otherwise, including data, questions, comments, or suggestions will be treated as nonconfidential and nonproprietary and will become the property of Bernstein or its affiliates. Such communications or material shall be used for any purpose, including, but not limited to, reproduction, disclosure, transmission, publication, broadcast, and posting. Furthermore, Bernstein is free to use any ideas, concepts, know-how, or techniques contained in any communication you send to this website for any purpose whatsoever, including, but not limited to, developing and marketing products using such information.

Positions in Companies Mentioned

Bernstein, or one or more of its or their officers, directors, members, affiliates or employees, or accounts over which they have discretion, may at any time hold, increase or decrease positions in securities of any company mentioned herein. Bernstein, or its or their affiliates may provide investment management or other services for such companies or employees of such companies or their pension or profit sharing plans, and may give advice to others as to investments in such companies. These entities may effect transactions that are similar to or different from those mentioned herein.

Bernstein research analyses or research reports concerning securities other than collective investment schemes in Singapore should contact AllianceBernstein (Singapore) Ltd. in respect of matters arising from, or in connection with, the related publication. AllianceBernstein (Singapore) Ltd. is a licensed entity under the Securities and Futures Act and registered with Company Registration No. 199703364C. It is regulated by the Monetary Authority of Singapore and located at One Raffles Quay, #27-11 South Tower, Singapore 048583, +65-62304600. The business name "Bernstein" is registered under business registration number 53193989L.

Trademarks and Copyrights

Bernstein owns this site. All trademarks, service marks, trade names, and logos displayed on this site are proprietary to Bernstein or are being used by Bernstein pursuant to licenses with third parties. Nothing contained on the website should be construed as granting, by implication, estoppel, or otherwise, any license or right to use any trademark displayed on this website without the written permission of Bernstein or such third party that may own the trademarks displayed on this website. Your use of the trademarks displayed on this website, except as provided herein, is strictly prohibited.

Images displayed on this website are either the property of, or used with permission by, Bernstein. The use of these images by you, or anyone else authorized by you, is prohibited unless specifically permitted herein. Any unauthorized use of the images may violate copyright laws, trademark laws, the laws of privacy and publicity, and communications regulations and statutes. If you download any information or software from this site, you agree that you will not copy it or remove or obscure any copyright or other notices or legends contained in any such information.

Use of Links

Should you leave this site via a link contained herein, and view content that is not provided by Bernstein, you do so at your own risk. The content to which you link will not have been developed, checked for accuracy, or otherwise reviewed by Bernstein. Bernstein is not responsible for damages or losses caused by any delays, defects or omissions that may exist in the services, information or other content provided in such site, whether actual, alleged, consequential or punitive. Bernstein makes no guarantees or representations as to, and shall have no liability for, any electronic content delivered by any third party, including, without limitation, the accuracy, subject matter, quality or timeliness of any electronic content.

Integration and Serverability

If any provision of these terms is deemed unlawful, void, or for any reason unenforceable, then that provision will be deemed severable from these terms and will not affect the validity and enforceability of the remaining provisions. The preceding terms and conditions of use represent the entire agreement between Bernstein and the user relating to the subject matter herein.

Termination

Bernstein reserves the right to terminate your access to the Site at Bernstein's sole discretion. In the event of a termination, Bernstein shall have no liability to you and no refund for any pre-paid amounts will be given.

Jurisdiction and Governing Law

This website is controlled and operated by Bernstein from offices within the State of New York, United States of America. Bernstein makes no representation that materials on the site are appropriate or available for use in other locations, and access to them from territories where their content is illegal is prohibited. Those who choose to access this site from other locations do so on their own initiative and are responsible for compliance with applicable local laws. You may not use or export the materials on this site in violation of U.S. export laws and regulations.

The information provided on this site is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject Bernstein or its affiliates to any registration requirement within such jurisdiction or country.

The laws of the State of New York govern these terms and conditions. If you take legal action relating to these terms and conditions, you agree to file such action only in the New York State Supreme Court, or the United States District Court for the Southern District of New York, and you consent and submit to the personal jurisdiction of those courts for the purpose of litigating any such action.

In the United States, the research, services and products available herein are being made available through Sanford C. Bernstein & Co., LLC. Any U.S. person viewing this site and wishing to effect securities transactions in any security discussed herein should do so only through Sanford C. Bernstein & Co., LLC.

In the United Kingdom, the research, services and products available herein are being made available through Bernstein Autonomous LLP, authorised and regulated by the Financial Conduct Authority and located at 50 Berkeley Street, London W1J 8SB, +44 (0)20-7170-5000.

In Ireland and the member states of the EEA, the research, services and products available herein are being made available through Sanford C. Bernstein Ireland Limited, which is authorised and regulated by the Central Bank of Ireland and holds a passport under the Markets in Financial Instruments Directive. The registered office is located at 4 Earlsfort Terrace, D02 E024, Dublin, Ireland. The company registered number is 627809.

In Hong Kong, the research, services and products available herein are being made available only to professional investors (as defined in the Securities and Futures Ordinance (Cap. 571)) through Sanford C. Bernstein (Hong Kong) Limited 盛博香港有限公司, licensed and regulated in Hong Kong by the Securities and Futures Commission (Central Entity No. AXC846) and located at 39th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry Bay, Hong Kong, telephone +852 2918 5700.

To our readers in Canada: If this publication is pertaining to a Canadian domiciled company, it is being distributed in Canada by Sanford C. Bernstein (Canada) Limited, which is licensed and regulated by the Investment Industry Regulatory Organization of Canada ("IIROC"). If the publication is pertaining to a non-Canadian domiciled company, it is being distributed by Sanford C. Bernstein & Co., LLC, which is licensed and regulated by both the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority ("FINRA") into Canada under the International Dealers Exemption. This publication may not be passed onto any person in Canada unless that person qualifies as a "Permitted Client" as defined in Section 1.1 of NI 31-103.

In Singapore, the research, services and products available herein are being made available by Sanford C. Bernstein, a unit of AllianceBernstein (Singapore) Ltd., only to accredited investors or institutional investors, as defined in the Securities and Futures Act (Chapter 289). Recipients of Bernstein research analyses or research reports concerning securities other than collective investment schemes in Singapore should contact AllianceBernstein (Singapore) Ltd. in respect of matters arising from, or in connection with, the related publication. AllianceBernstein (Singapore) Ltd. is a licensed entity under the Securities and Futures Act and registered with Company Registration No. 199703364C. It is regulated by the Monetary Authority of Singapore and located at One Raffles Quay, #27-11 South Tower, Singapore 048583, +65-62304600. The business name “Bernstein” is registered under business registration number 53193989L.

In India, the stock broking and research available herein are being made available by Sanford C. Bernstein (India) Private Limited (SCB India) which is licensed and regulated by Securities and Exchange Board of India ("SEBI") as a research analyst entity under the SEBI (Research Analyst) Regulations, 2014, having registration no. INH000006378 and as a stock broker having registration no. INZ000213537. SCB India is a private limited company incorporated under the Companies Act, 2013, on April 12, 2017 bearing corporate identification number U65999MH2017FTC293762, and registered office at Level 6, 4 North Avenue, Maker Maxity, Bandra Kurla Complex, Bandra (East), Mumbai 400051 , Maharashtra, India (Phone No: +91-22-68421401).