Terms of Use

This website is owned and operated by AB. Except as otherwise permitted by AB, 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 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 AB's written permission. Modification or use of the materials for any other purpose violates AB's intellectual property rights.

The registered and unregistered trademarks, logos and service marks (collectively, the "Trademarks") displayed on the site, including the AB logo, are trademarks of AllianceBernstein L.P., its licensors or third parties, except as explicitly noted.

AB 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 AB. 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 AB or the owner of the trademark.

Images displayed on this website are either the property of, or used with permission by, AB. The use of these images by you, or anyone else authorized by you, is prohibited unless specifically permitted. 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 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.

You are hereby advised that AB L.P. will aggressively enforce its intellectual property rights, including pursuing all remedies available under civil and criminal law.

The information on this site is provided for informational purposes only. While AB seeks to provide accurate and timely information, there may be inadvertent technical or factual inaccuracies and typographical errors. AB does not represent that the material on this website is accurate, current or complete, and it should not be relied upon as such. We reserve the right to make changes, deletions and corrections at any time without notice.

To the fullest extent permissible pursuant to applicable law, AB disclaims all warranties, including, but not limited to, implied warranties of merchantability and fitness for a particular purpose. AB does not warrant, either expressly or implicitly, the accuracy or completeness of the information, text, graphics, links or other items on this site, and AB expressly disclaims all liability for errors and omissions in these materials and for the use or interpretation by others of information on the site. AB will not be responsible for any loss or damage that could result from interception by third parties of any information made available via this site.

Neither AB, nor any of its affiliates, directors, officers or employees, nor any third-party vendor retained by AB will be liable or have any responsibility of any kind for any loss or damage incurred 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, or from any other cause relating to 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 AB or of any vendor providing software or support services for this site.

Nothing on this website constitutes investment advice. Neither the information, nor any opinion contained on this site constitutes a solicitation or offer by AB 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.

This website also does not constitute, and should not be considered to be, tax advice. Depending on each country and local jurisdiction, tax rules are complicated and their impact on a particular individual may differ depending on the individual's specific circumstances. Investors should consult with their legal or tax advisor regarding their specific situations.

Decisions based on information on this website are the sole responsibility of the visitor, and in exchange for using this website, the visitor agrees to hold AB harmless against any claims for damages arising from any decisions that the visitor makes based on such information.

The website places an anonymous "cookie"—a small computer file—on your computer while you are using the website. These cookies allow us to understand how many individuals visit the site, how frequently they return and what information they view most often.

These cookies do not reveal your identity to us or provide us with personally identifiable information about your use of the site. You can update your cookie preferences at any time by clicking the link in the footer titled “cookie settings.”

Website email messages sent by AB include an encrypted file containing your contact information. If you choose to visit the site by clicking on a link in the email, the site places a personal cookie on your computer, allowing us to collect personally identifiable information about your use of the site.

We use this information to understand how our website and website email is used, including the number, frequency and duration of your visits to each page as well as your path of navigation. This information is held in an AB database, which is accessible only to employees of AB. Information about individual user traffic is held for up to six months and is not shared with any third parties. Please refer to our Privacy Policy, which explains how the information you provide is used and protected.

If you are already registered on the site, this cookie will allow you to bypass these Terms of Use and see privileged information, when available, without entering your username and password. You can delete the cookie from your computer by clicking the "Log Out" button in the navigation bar when you leave the site.

Registration allows a visitor to bypass these Terms of Use when returning to the website. It also enables AB clients and institutional investment-industry consultants to access privileged information on the site, including portfolio strategy reports and information specific to their account, if this is available.

If you choose to register to use the site, you agree (a) to provide true, accurate, current and complete information about yourself when prompted by our registration form or any other form we ask you to complete at any time, and (b) to maintain and update promptly any personal information on the site so as to keep it true, accurate, current and complete.

If you register, no one other than you is authorized to use your username or password. You must keep your username and password confidential and take all reasonable precautions to prevent unauthorized use thereof. If you suspect that anyone else has used or is using your username or password, you must notify us immediately.

When you register for the website and when you are logged in, a personal cookie is placed on your personal computer. The cookie contains an encrypted version of your login information, which allows the site to identify you. These cookies allow us to:

• Verify your identity for access to privileged information;
• Confirm that you have accepted these Terms of Use; and
• Understand how you and other registrants use the website and web email.

The cookie collects personally identifiable information about how you use the website and website email, including number, frequency and duration of your visits to each page as well as your path of navigation. This information is held in an AB database, which is accessible only to employees of AB. Information about individual user traffic is held for up to six months and is not shared with any third parties. Please refer to our Privacy Policy, which explains the information you provide us is used and protected.

Retaining the cookie on your personal computer after leaving the site allows you to bypass these Terms of Use and access privileged information, when available, without logging back in. You can delete the cookie from your computer by clicking the "Log Out" button in the navigation bar when you leave the site. When you return, you will be asked to reenter your username and password, and a new cookie will be established on your PC.

AB reserves the right to terminate your access to the site at will and without notice, in whole or in part at any time. In the event of a termination, AB shall have no liability to you and no refund for any prepaid amounts will be given.

You must not misuse the site by knowingly introducing viruses, trojans, worms, logic bombs or other material that is malicious or technologically harmful. You must not attempt to gain unauthorized access to the site, or to restricted areas of the site, the server on which the site is stored or any server, computer or database connected to the site. You must not attack our site via a denial-of-service or distributed denial-of-service attack or take any action with similar effect.

We will not be liable for any loss or damage caused by a distributed denial-of-service attack, viruses or other technologically harmful material that may infect your computer equipment, computer programs, data or other proprietary material due to your use of the site or to your downloading of any material posted on it, or on any website linked to it.

Email submitted to this site should be considered neither secure nor confidential. AB 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 AB.

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 AB 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, AB 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.

The information contained on the AB Blog may be provided by parties unrelated to AB and the opinions expressed are not necessarily those of AB. AB neither warrants nor represents that the content of this blog is accurate or reliable.

Users of this blog are solely responsible for their interactions with, and information provided to, other users. AB is not involved in, a party to, or responsible for any communications, interactions or transactions, regardless of medium conveyed, between you and any user of this site, or any disputes arising therefrom. AB will not be liable for any damages arising from your reliance on the content of this blog, or the use or misuse, by any third party, of personal confidential information that you voluntarily disclose on this blog.

Should you leave this site via a link contained herein, and view content that is not provided by AB, 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 AB. AB 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. AB 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.

This website is controlled and operated by AB from its offices within the State of New York, United States of America. AB 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 US export laws and regulations.

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.

Adobe®, Acrobat®, Acrobat® Reader and the Acrobat logo are trademarks of Adobe. Microsoft® and Internet Explorer are trademarks of Microsoft. Morningstar® is a trademark of Morningstar. Standard & Poor's®, S&P®, Standard & Poor's 500 and S&P 500 are trademarks of The McGraw-Hill Education.

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 AB and the user relating to the subject matter herein.

At AB, protecting the privacy and confidentiality of our clients' personal information is a priority. We understand that you have entrusted us with your private financial information, and we do everything possible to maintain that trust. The following sets forth details of our approach to ensuring the confidentiality of your personal information.

• We never sell client lists or information about our clients (or former clients) to anyone.
• In the normal course of business, we collect information about our clients from the following sources: (1) account documentation, including applications or other forms (which may include information such as the client's name, address, social security number, assets and income), and (2) information about our clients' transactions with us (such as account balances and account activity).
• We have strict policies and procedures to safeguard personal information about our clients (or former clients), which include (1) restricting access and (2) maintaining physical, electronic and procedural safeguards that comply with federal standards for protecting such information.
• To be able to serve our clients and to provide financial products efficiently and accurately, it is sometimes necessary to share information with companies that perform administrative services for us or on our behalf. These companies are required to use this information only for the services for which we hired them, and they are not permitted to use or share this information for any other purpose.

Software downloaded from or accessed through this site is further subject to United States Export Controls. No software from this site may be downloaded or exported (1) into (or to a national or resident of) any country to which the United States has embargoed goods; or (2) anyone on the United States Department of the Treasury's list of Specially Designated Nationals or the U.S. Department of Commerce's Table of Deny Order. By downloading or using the software, you represent and warrant that you are not located in, under the control of, or a national or resident of any such country or on any such list.

Past performance is not necessarily a guide to future returns, and no representation or warranty, express or implied, is made regarding future performance. The value of investments and any return from them can go down as well as up. You may not get back the amount originally invested. Some investments discussed on this site may have a high level of volatility. High-volatility investments may experience sudden and large falls in their value, causing losses when that investment is realized. Those losses may equal your original investment. Indeed, in the case of some investments, the potential losses may exceed the amount of initial investment, and in such circumstances you may be required to pay more money to support those losses.

Income yields from investments may fluctuate; in consequence, initial capital paid to make the investment may be used as part of that income yield. Some investments may not be readily realizable, and it may be difficult to sell or realize those investments. Similarly, it may prove difficult for you to obtain reliable information about the value or risks to which such an investment is exposed.

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 AB and the user relating to the subject matter herein.

Certain information provided through this site has been filed with the United States Securities and Exchange Commission ("SEC") (such materials being referred to as "SEC Materials"). AB L.P. and AB Holding L.P. do not assume any duty of disclosure beyond that which is imposed by law, and expressly disclaim any duty to update any information set forth in the SEC Materials. The SEC Materials should be read in conjunction with AB L.P.'s and AB Holding L.P.'s periodic reports filed with the SEC, including the disclosures therein of certain factors that may affect AB L.P. Holding's future performance. Individual statements appearing in the SEC Materials are intended to be read in conjunction with and in the context of the complete SEC Materials in which they appear, rather than as stand-alone statements.

Certain statements included in both the SEC Materials and other public disclosures of AB L.P. and AB Holdings L.P. contained on this site are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. The most significant of such factors include, but are not limited to, the following: the performance of financial markets, the investment performance of AB's sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions, and government regulations, including changes in tax rates. AB L.P. and AB Holdings L.P. caution readers to carefully consider such factors. Further, such forward-looking statements speak only as of the date on which such statements are made; AB L.P. and AB Holdings L.P. undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.

When appropriate, certain research reports on this website are filed with the Financial Industry Regulatory Authority ("FINRA") for evaluation. To obtain copies of these evaluations (i.e., Review Letters), please send your request to: AB L.P., c/o Legal and Compliance Department, 1345 Avenue of the Americas, New York, NY 10105, USA.

FOR BERNSTEIN GLOBAL WEALTH MANAGEMENT CLIENTS

Applicable law

Your use and access of this site shall be governed by New York law, without giving effect to its conflict of law principles. You hereby agree that any legal action arising out of or relating to this site shall be brought only in the federal or state courts in the State of New York. You hereby agree that jurisdiction and venue are proper in such courts. This site is not intended for distribution to or use by any person in any jurisdiction or country where such distribution or use would be contrary to local law or regulation.

Account information (other than materials from Sanford C. Bernstein & Co., LLC — "SCB") provided on this site does not purport to represent any of the disclosure documents that must be delivered to you pursuant to various rules and regulations governing the securities industry. You should continue to review carefully and rely upon the account and transactional information found in your account statements, SCB brokerage statements, SCB confirmations and other brokerage information, provided to you either through the mail or this site, and keep copies for future reference. Account performance, for managed assets only, is presented here before management fees but after transaction charges, except for accounts on an all-inclusive fee basis. Unmanaged assets are incorporated in reported account values. Online account information may differ from data disclosed in SCB brokerage statements for a variety of reasons. For example, SCB brokerage statements post transactions as of settlement date, while the online data are shown as of trade date; online data accrue interest on fixed-income instruments, whereas the mailed brokerage statements do not.

Materials of Sanford C. Bernstein & Co., LLC ("SCB")

Brokerage statements (including attached notices), trade confirmations, mutual fund prospectuses, annual and semiannual financial statements and other material designated as generated or provided by SCB (collectively "SCB Material") are being made available to you through this site by AB as a service to SCB. All matters and disclosures relevant to the SCB Material are included therein. By accessing the SCB Material, you accept that you have accessed and read all disclosures contained therein. AB has not and will not independently verify any of the information provided by SCB and therefore is not responsible for any inaccuracies or omissions in such information. Accordingly, AB and its affiliates (other than SCB) cannot warrant the accuracy or completeness of any SCB Material and shall have no liability in connection with such SCB Material. Past performance does not guarantee future results.

Annual Privacy Notice—This notice is being sent on behalf of Bernstein Global Wealth Management, a unit of AllianceBernstein L.P., and Sanford C. Bernstein & Co., LLC. If you have any questions regarding the above policy, please call your Bernstein Advisor. Also please read our Privacy Policy for additional information.

This site is issued in the United Kingdom by AllianceBernstein Limited, which is authorised and regulated by the Financial Conduct Authority and registered in the FCA Register (at https://register.fca.org.uk/s/) at its registered office, 60 London Wall, London, EC2M 5SJ and is registered for value-added tax under VAT number 577714012.

Jurisdiction: If you are accessing this site from outside of the UK, your local legislation/regulation may not permit AB to offer products or services to you in your own country. You should check with your professional adviser as to whether such products are available in the country of your residence. The products and services referred to in this site are not offered to any person or entity in any jurisdiction where the advertisement, offer or sale of such products and services is restricted or prohibited by law or regulation or where any AB office or company would be subject to any registration or licensing requirement.

Governing law: This site and its terms and conditions are governed by and shall be construed in accordance with English law and are subject to the exclusive jurisdiction of the English courts.

Complaints: If you have a complaint regarding this site or any service provided in the UK by AB, you can inform us of your complaint in writing, by phone, via email or in person. You should write to Chief Compliance Officer at:

60 London Wall
London
EC2M 5SJ
Tel. 020 7470 0100

Or via email:

londoncompliance2@alliancebernstein.com

To help us fully investigate and resolve your complaint as quickly as possible, please provide the following information:

Your name and address
Your account number
A daytime telephone number where we can contact you
A clear description of your concern or complaint
Details of what you would like us to do to put right your concern or complaint
Copies of any relevant documents you may have

Institutional users

The information on this website is provided by AllianceBernstein Japan Ltd. ("ABJ"). ABJ is a registered investment advisor (registration number: Kanto Financial Bureau Chief no. 848) with approval to conduct the discretionary investment advisory business (approval number: Financial Reconstruction Committee no. 22). It is also a member of Japan Securities Investment Advisers Association (membership no. 011-00848).

Retail users

This document has been provided by AllianceBernstein Investments, Inc. Tokyo Branch , a Type 1 financial instruments firm (registration number: Kanto Local Financial Bureau — "Financial Instruments Firm" no. 205). It is also a member of the Japanese Securities Dealer Association.

Investment strategies and products of AllianceBernstein Japan Ltd. include investments in financial instruments whose prices fluctuate. Portfolio performance is affected by the fluctuation of prices of such financial instruments. Additionally, because AllianceBernstein Japan Ltd. enters into such transactions mentioned above with financial instruments firms, investment performance is affected by the change in their businesses and/or financial conditions.

The risk, such as depreciation of assets, belongs to clients. Therefore, there is no guarantee of principal and/or return. Types and natures of risks involved vary depending on the types of assets, investment restrictions, markets and countries that each investment account and/or ITM fund adopts. Because the amount of fees (i.e., investment management fees, subscription fees, CDSCs and the other fees) and the sum of such amounts are different, it is not possible to indicate the amount of fees beforehand. Please carefully read the prospectus or documents to be furnished prior to the conclusion of contracts before making a decision.

AllianceBernstein L.P. does not provide investment advice or deal in securities in Canada. The information on this website is provided by AllianceBernstein Canada, Inc. or Sanford C. Bernstein & Co., LLC.

Information on this website has been issued by AllianceBernstein Australia Limited (ABN 53 095 022 718 and AFSL 230698). Information contained on this website is intended only for persons that qualify as “wholesale clients,” as defined in the Corporations Act 2001 (Cth of Australia), and it should not be construed as advice.

The information on this website is issued by AllianceBernstein New Zealand Limited (AK 980088). Information contained on this website is intended for institutional investors only, and it should not be construed as investment advice.

AllianceBernstein L.P. does not provide investment advice or portfolio-management services or deal in securities in Hong Kong. The information on this website has been provided by AllianceBernstein Hong Kong Limited(聯博香港有限公司), an entity that is licensed by the Securities and Futures Commission of Hong Kong under the Securities and Futures Ordinance (Cap. 571) of Hong Kong (”SFO”) to carry out Types 1 (dealing in securities), 4 (advising on securities), 5 (advising on futures contracts) and 9 (asset management) regulated activities. The issuer of these articles is AllianceBernstein Hong Kong Limited(聯博香港有限公司). These articles have not been reviewed by the Securities and Futures Commission.

Investment involves risks. There is no guarantee that any forecasts or opinions in this material will be realized. Information should not be construed as investment advice.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

The information on this website has been issued by AllianceBernstein (Singapore) Limited. (Company Registration No. 199703364C). AllianceBernstein (Singapore) Limited is a holder of a capital markets services license issued by the Monetary Authority of Singapore to conduct regulated activities in fund management and dealing in securities.

Investment involves risks. There is no guarantee that any forecasts or opinions in this material will be realized. Information should not be construed as investment advice.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

The information in this website is provided by AllianceBernstein Limited (ABL). ABL is a licensed cross-border discretionary investment-management company registered with the Financial Supervisory Commission of Korea (FSC registration number: 05-02-184) permitted to conduct discretionary investment-management services to qualified investors of Korea.

In Korea, this site is directed only at "qualified investors" as defined under the Indirect Investment Asset Management Business Act (the "AMBA"), which includes financial institutions and certain pension funds. Further, please note that under the Foreign Exchange Transaction Regulations (the "FETR"), certain institutional investors including banks, securities companies, insurance companies and asset-management companies are permitted to invest in foreign securities directly. Before proceeding with your investment decision, you should ensure that you comply with the AMBA, the FETR, and other applicable laws and regulations in Korea.

AllianceBernstein L.P. does not provide investment advice or portfolio-management services or deal in securities in Taiwan. The products/services illustrated here may not be available to Taiwan residents. Before proceeding with your investment decision, please consult your investment advisor.