SRO REQUIRED DISCLOSURES

• References to "Bernstein" relate to Sanford C. Bernstein & Co., LLC, Sanford C. Bernstein Limited, Sanford C. Bernstein (Hong Kong) Limited 盛博香

港有限公司, and Sanford C. Bernstein (business registration number 53193989L), a unit of AllianceBernstein (Singapore) Ltd. which is a licensed

entity under the Securities and Futures Act and registered with Company Registration No. 199703364C, collectively.

• Bernstein analysts are compensated based on aggregate contributions to the research franchise as measured by account penetration, productivity

and proactivity of investment ideas. No analysts are compensated based on performance in, or contributions to, generating investment banking

revenues.

• Bernstein rates stocks based on forecasts of relative performance for the next 6-12 months versus the S&P 500 for stocks listed on the U.S. and

Canadian exchanges, versus the MSCI Pan Europe Index for stocks listed on the European exchanges (except for Russian companies), versus the

MSCI Emerging Markets Index for Russian companies and stocks listed on emerging markets exchanges outside of the Asia Pacific region, and

versus the MSCI Asia Pacific ex-Japan Index for stocks listed on the Asian (ex-Japan) exchanges - unless otherwise specified. We have three

categories of ratings:

Outperform: Stock will outpace the market index by more than 15 pp in the year ahead.

Market-Perform: Stock will perform in line with the market index to within +/-15 pp in the year ahead.

Underperform: Stock will trail the performance of the market index by more than 15 pp in the year ahead.

Not Rated: The stock Rating, Target Price and estimates (if any) have been suspended temporarily.

• As of 05/08/2018, Bernstein's ratings were distributed as follows: Outperform - 47.6% (0.0% banking clients) ; Market-Perform - 39.8% (0.0%

banking clients); Underperform - 12.6% (0.0% banking clients); Not Rated - 0.0% (0.0% banking clients). The numbers in parentheses represent the

percentage of companies in each category to whom Bernstein provided investment banking services within the last twelve (12) months.

• Tim Anderson maintains a long position in The Medicines Company (MDCO).

• Neil Beveridge maintains a long position in BP PLC (BP).

• Dr. Laura Nelson Carney is acting as an honorary advisor and member of the Company Board of Advisors for a Pan-Asian platform for Medical

Tourism; Global Health & Travel. Ms. Nelson Carney does not receive any compensation for this activity. Other members of the Global Health & Travel

Board of Advisors are officers of some companies under Dr.. Nelson Carney's research coverage.

• Ali Dibadj is an associated person of AllianceBernstein L.P., the parent company of Sanford C. Bernstein & Co., LLC (“Bernstein”). In addition to Mr.

Dibadj’s role as a research analyst for Bernstein, Mr. Dibadj will also advise the AB Concentrated Engagement Fund (“the Fund”) interests of which is

currently being seeded by firm capital of AllianceBernstein L.P. The Fund invests in companies whose performance may be enhanced through

outside engagement. No companies covered under Bernstein research coverage will be maintained within the Fund portfolio.

• A family member is employed by Wal-Mart Stores, Inc. (“WMT”) and maintains a long position in Wal-Mart Stores, Inc. (“WMT”).

• This document may refer to AXA, S.A., which is the majority owner of AllianceBernstein, L.P.

• John McDonald maintains a long position in Bank of America Corp (BAC).

• Bruno Monteyne will be entitled to certain retirement benefits as a member of the Tesco (TSCO.L) defined benefit pension plan. In addition, as a

result of Mr. Monteyne’s former employment with Tesco, the company is responsible for preparing his foreign tax returns covering the period of his

employment. In connection with these foreign tax filings, Tesco may be liable to make additional tax payments under a tax equalization agreement.

• All statements in this report attributable to Gartner represent Bernstein's interpretation of data, research opinion or viewpoints published as part of a

syndicated subscription service by Gartner, Inc., and have not been reviewed by Gartner. Each Gartner publication speaks as of its original

publication date (and not as of the date of this report). The opinions expressed in Gartner publications are not representations of fact, and are subject

to change without notice.

• Phil Roseberg maintains a long position in the common stock of, LafargeHolcim Ltd. (LHN.PA / LHN.VX).

• Toni Sacconaghi maintains a long position in Seagate Technology (STX).

• All statements in this report attributable to Gartner represent Bernstein's interpretation of data, research opinion or viewpoints published as part of a

syndicated subscription service by Gartner, Inc., and have not been reviewed by Gartner. Each Gartner publication speaks as of its original

publication date (and not as of the date of this report). The opinions expressed in Gartner publications are not representations of fact, and are subject

to change without notice.

• This document may refer to AXA, S.A., which is the majority owner of AllianceBernstein, L.P.

• A member of the research staff had been employed by and received compensation from Amgen Inc. ("AMGN") within the past 12 months.

• Accounts over which Bernstein and/or their affiliates exercise investment discretion own more than 1% of the outstanding common stock of the

following companies DPW.GR / Deutsche Post AG, DXCM / DexCom Inc, FR.FP / Valeo SA, HEN3.GR / Henkel, HTG.LN / Hunting PLC, JMAT.LN /

Johnson Matthey PLC, KR / Kroger Co, RCO.FP / Rémy Cointreau SA, STJ.LN / St James's Place PLC, SW.FP / Sodexo SA, TLW.LN / Tullow Oil PLC,

UMI.BB / Umicore SA.

• The following companies are or during the past twelve (12) months were clients of Bernstein, which provided non-investment banking-securities

related services and received compensation for such services 2318.HK / Ping An Insurance Group Co of China Ltd, 945.HK / Manulife Financial

Corp, BA/.LN / BAE Systems PLC, BP / BP PLC, BP/.LN / BP PLC, C / Citigroup Inc, CIMB.MK / CIMB Group Holdings Bhd, CVS / CVS Health Corp,

FITB / Fifth Third Bancorp, JPM / JPMorgan Chase & Co, KEY / Keycorp, LMT / Lockheed Martin Corp, MFC.CN / Manulife Financial Corp, NOVN.SW

/ Novartis AG, NVS / Novartis AG, PHG / Koninklijke Philips NV, PNC / PNC Financial Services Group Inc, PNGAY / Ping An Insurance Group Co of

China Ltd, WFC / Wells Fargo & Co.

• An affiliate of Bernstein received compensation for non-investment banking-securities related services from the following companies 2318.HK /

Ping An Insurance Group Co of China Ltd, 945.HK / Manulife Financial Corp, BA/.LN / BAE Systems PLC, BP / BP PLC, BP/.LN / BP PLC, C /

Citigroup Inc, CIMB.MK / CIMB Group Holdings Bhd, FITB / Fifth Third Bancorp, JPM / JPMorgan Chase & Co, KEY / Keycorp, LMT / Lockheed

Martin Corp, MFC.CN / Manulife Financial Corp, NOVN.SW / Novartis AG, NVS / Novartis AG, PHG / Koninklijke Philips NV, PNC / PNC Financial

Services Group Inc, PNGAY / Ping An Insurance Group Co of China Ltd, WFC / Wells Fargo & Co.

12-Month Rating History as of 05/08/2018

000625.CH: M (RC) 04/12/16; 000660.KS: O (RC) 05/18/16; 000858.CH: O (IC) 09/07/16; 002230.CH: M (RC) 08/28/17, O (IC) 04/25/17; 002241.CH: O (IC) 04/25/17;

002415.CH: O (IC) 04/20/17; 002594.CH: O (RC) 08/07/17, M (IC) 03/07/17; 005930.KS: O (IC) 08/10/11; 005935.KS: O (IC) 08/10/11; 006400.KS: O (IC) 06/11/14;

066570.KS: M (RC) 08/09/17, U (RC) 06/07/17, M (RC) 08/06/13; 1083.HK: U (IC) 09/05/17; 1114.HK: O (IC) 02/19/13; 1128.HK: O (RC) 01/15/16; 1193.HK: M (IC)

09/05/17; 1211.HK: O (IC) 03/07/17; 1299.HK: O (IC) 05/07/13; 1336.HK: O (RC) 09/12/16; 1347.HK: O (IC) 11/17/15; 135.HK: O (RC) 09/11/17, O (RC) 09/05/17, M

(RC) 08/18/16; 1605.JP: O (RC) 02/18/14; 168.HK: U (RC) 11/02/16; 175.HK: U (IC) 02/19/13; 1766.HK: M (IC) 09/08/15; 1928.HK: M (RC) 09/21/16; 1958.HK: M (RC)

08/19/15; 200625.CH: O (IC) 10/20/14; 2018.HK: M (IC) 04/25/17; 2238.HK: M (RC) 01/09/18, O (RC) 08/24/17, M (RC) 02/28/17; 2282.HK: M (RC) 01/18/17;

2303.TT: U (RC) 07/26/17, M (RC) 11/24/14; 2311.TT: O (RC) 10/25/13; 2318.HK: M (RC) 03/18/16; 2325.TT: O (RC) 08/10/12; 2328.HK: O (RC) 06/02/15; 2330.TT: M

(RC) 01/30/12; 2333.HK: U (RC) 01/08/16; 2378.HK: O (IC) 04/24/12; 2382.HK: O (IC) 04/25/17; 2408.TT: U (RC) 01/19/16; 2454.TT: O (RC) 06/06/17, M (RC)

05/04/15; 2498.TT: O (IC) 04/25/17; 2502.JP: M (IC) 09/07/16; 2503.JP: U (IC) 09/07/16; 2601.HK: M (RC) 01/13/15; 2628.HK: O (RC) 01/08/18, M (RC) 08/17/17, O

(IC) 05/07/13; 2688.HK: O (IC) 09/05/17, U (DC) 07/07/14; 27.HK: M (RC) 01/18/17; 2883.HK: O (RC) 11/06/17, M (RC) 07/06/17, O (RC) 12/01/16; 291.HK: U (IC)

09/07/16; 3008.TT: O (RC) 11/03/17, M (IC) 04/25/17; 3034.TT: M (RC) 08/28/15; 384.HK: M (IC) 09/05/17; 386.HK: O (RC) 07/06/17, M (RC) 09/16/14; 3898.HK: M

(RC) 09/07/17, U (IC) 09/08/15; 392.HK: M (IC) 09/05/17; 489.HK: M (RC) 08/01/14; 5347.TT: M (IC) 11/17/15; 600028.CH: M (RC) 04/03/17; 600050.CH: M (RC)

10/30/15; 600104.CH: O (RC) 05/19/17, M (RC) 05/07/15; 600519.CH: M (RC) 01/25/17; 600600.CH: U (IC) 09/07/16; 601318.CH: U (RC) 08/09/17, M (RC)

03/18/16; 601336.CH: M (RC) 08/09/17, O (RC) 09/12/16; 601601.CH: U (RC) 08/09/17, M (RC) 01/13/15; 601628.CH: M (RC) 08/09/17, O (IC) 11/27/14;

601766.CH: U (IC) 09/08/15; 601808.CH: U (IC) 06/01/15; 601857.CH: U (RC) 07/06/17, M (RC) 12/01/16; 6502.JP: M (RC) 04/13/17; 6758.JP: O (IC) 04/25/17;

6861.JP: O (IC) 06/06/16; 6954.JP: O (IC) 09/26/17, O (DC) 06/30/17, O (IC) 03/09/16; 700.HK: M (IC) 01/18/17; 728.HK: O (RC) 11/09/16; 762.HK: O (RC) 08/18/16;

8035.JP: O (IC) 09/13/16; 857.HK: M (RC) 07/06/17, O (RC) 12/01/16; 880.HK: U (RC) 08/17/17, M (IC) 03/23/15; 883.HK: O (RC) 10/07/14; 941.HK: M (RC) 10/27/16;

945.HK: O (IC) 12/02/15; 966.HK: M (RC) 12/16/16; 981.HK: U (RC) 08/10/17, O (RC) 08/27/15; 9984.JP: O (IC) 10/19/17; AAGIY: O (IC) 05/07/13; AAL: M (RC)

02/06/17; AAL.LN: O (IC) 09/05/12; AAPL: U (RC) 05/01/18, O (RC) 10/13/08; ABI.BB: M (RC) 04/29/13; ABT: M (DC) 04/10/15; AC.FP: M (IC) 05/02/17; ACN: M (DC)

01/08/18, M (IC) 09/15/14; AD.NA: O (RC) 12/10/15; ADBE: O (IC) 08/17/11; ADI: M (RC) 02/16/11; ADM.LN: O (RC) 12/19/17, M (RC) 08/19/16; ADSEZ.IN: O (RC)

08/28/17, M (RC) 04/17/17; ADSK: O (IC) 05/23/17; ADVANC.TB: M (RC) 09/04/17, U (IC) 10/17/13; AEG: M (IC) 09/14/17; AET: M (RC) 11/14/16; AF.FP: U (IC)

06/26/17; AGN: O (DC) 06/15/15; AGN.NA: M (IC) 09/14/17, O (DC) 06/05/09; AI.FP: U (RC) 04/27/16; AIR.FP: O (RC) 02/29/16; AKSO.NO: U (RC) 01/06/15; AKZA.NA:

M (RC) 05/10/17, O (RC) 05/10/11; ALLY: O (RC) 02/11/15; ALNY: O (IC) 07/26/17; ALV: U (IC) 03/13/17; ALV.GY: M (RC) 02/23/17; AMCX: M (RC) 05/12/14; AMD: M

(RC) 09/20/16; AMGN: M (IC) 06/28/16; AMP.IM: M (IC) 04/30/18, M (IC) 03/02/17; AMTD: O (DC) 10/03/14; ANTM: O (IC) 06/15/16; ANTO.LN: O (RC) 11/26/14; APA: O

(IC) 05/13/11; APC: O (RC) 11/03/14; ASRNL.NA: M (IC) 09/14/17; ASX: O (RC) 10/25/13; AUBANK.IN: O (IC) 07/11/17; AV/.LN: M (RC) 03/21/16; AVGO: O (IC)

10/04/16; AVIFY: M (RC) 09/04/17, U (IC) 10/17/13; AVP: M (RC) 07/03/07; AVXS: O (IC) 07/26/17; AXP: O (RC) 05/06/15; AXSB.IN: U (IC) 11/16/16; AZN: O (RC)

09/22/17, M (IC) 10/23/07; AZN.LN: O (RC) 09/22/17, M (IC) 10/23/07; B4B.GR: M (RC) 11/08/16; BA: O (RC) 06/12/12; BA/.LN: O (RC) 09/28/15; BABA: O (IC)

01/24/17; BAC: O (RC) 08/25/15; BAS.GR: M (RC) 11/30/17, U (RC) 07/29/16; BAX: O (DC) 04/10/15; BAYN.GR: O (RC) 10/29/14; BBCA.IJ: M (IC) 05/22/12; BBL: O (RC)

07/05/17, M (RC) 05/08/14; BBL.TB: M (RC) 11/20/17, U (IC) 07/14/14; BBRI.IJ: O (IC) 09/03/13; BBT: M (DC) 10/06/14; BBY: U (IC) 02/06/17; BDMN.IJ: M (RC)

01/09/18, O (IC) 06/24/15; BDO.PM: O (IC) 09/21/15; BEI.GR: U (IC) 01/20/06; BEZ.LN: O (RC) 12/21/17, M (RC) 08/08/17, O (RC) 05/09/16; BHARTI.IN: O (RC)

08/17/17, M (RC) 06/07/17, O (IC) 05/05/15; BHE.IN: O (IC) 06/23/16; BHEL.IN: M (RC) 01/03/17; BHGE: M (IC) 12/01/16; BHP: O (RC) 07/05/17, M (RC) 05/08/14;

BHP.AU: O (RC) 07/05/17, M (RC) 05/08/14; BIDU: U (IC) 02/07/17; BIIB: O (IC) 06/28/16; BK: O (DC) 05/13/16; BLT.LN: O (RC) 07/05/17, M (RC) 05/08/14; BLUE: M (IC)

07/26/17; BMRI.IJ: O (IC) 05/22/12; BMRN: M (IC) 07/26/17; BMW.GR: M (IC) 03/13/17; BMY: M (RC) 04/03/09; BN.FP: O (RC) 10/03/16; BP: O (RC) 09/10/15; BP/.LN:

O (RC) 09/10/15; BPI.PM: O (IC) 10/18/17; BSX: O (DC) 04/10/15; BT/A.LN: O (IC) 05/23/16; BUD: M (RC) 04/29/13; BUFF: M (IC) 09/13/17; BZU.IM: O (RC) 06/03/14;

BZUR.IM: O (RC) 06/03/14; C: O (RC) 04/15/14; CA: U (RC) 11/06/12; CA.FP: U (RC) 12/07/17, M (RC) 11/08/16; CAG: M (RC) 12/14/17, U (RC) 03/20/17; CARLB.DC: M

(RC) 01/06/16; CBS: M (IC) 02/28/12; CCE: M (IC) 11/16/10; CCE.NA: M (IC) 07/22/16; CCL: O (RC) 11/22/16; CCL.LN: O (RC) 11/22/16; CCRI.IN: O (IC) 06/23/16; CELG:

M (RC) 12/27/17, O (IC) 10/16/17, O (DC) 09/18/15; CEO: O (RC) 10/07/14; CF: O (IC) 02/20/18; CFG: O (RC) 09/14/17, M (RC) 11/15/16; CGNX: M (IC) 06/06/16; CHA:

O (RC) 11/09/16; CHK: M (RC) 11/03/15; CHL: M (RC) 10/27/16; CHRW: M (RC) 12/06/13; CHU: O (RC) 08/18/16; CI: O (DC) 01/17/13; CIFC.IN: O (IC) 11/16/16;

CIMB.MK: M (RC) 10/13/14; CL: M (IC) 05/07/07; CLN.SW: U (IC) 09/19/16; CLX: M (RC) 07/18/11; CMA: M (RC) 10/20/14; CME: O (DC) 10/03/14; CMG: O (IC) 09/11/13;

CNA.LN: M (RC) 11/27/17, O (RC) 09/07/15; CNC: O (RC) 11/14/16; CNE.LN: M (RC) 01/29/13; CNI: M (IC) 05/10/11; CNR.CN: M (IC) 07/22/14; CO.FP: M (RC) 08/09/16;

COF: O (DC) 09/26/07; COG: M (RC) 02/28/17; COH.AU: M (RC) 01/05/18, U (IC) 03/02/17; COL: M (RC) 09/11/17, O (IC) 05/24/17; COLOB.DC: O (IC) 04/30/18, O (IC)

10/03/17; CON.GR: O (IC) 03/13/17; COP: M (RC) 07/05/17, O (IC) 08/06/15; COST: M (IC) 02/06/17; CP: O (IC) 06/03/15; CP.CN: O (IC) 06/03/15; CPB: U (RC)

03/20/17; CPG.LN: M (RC) 10/18/17, O (IC) 05/02/17; CPR.IM: M (IC) 09/24/15; CQP: M (IC) 05/10/16; CRDA.LN: O (IC) 09/19/16; CRH.ID: M (RC) 03/18/16; CRH.LN: M

(RC) 03/18/16; CRM: U (IC) 08/17/11; CROMPTON.IN: O (IC) 06/23/16; CSX: M (RC) 10/03/12; CTEC.LN: M (IC) 04/30/18, M (IC) 10/03/17; CTRP: M (IC) 02/07/17;

CTSH: O (DC) 01/08/18, O (IC) 09/15/14; CTXS: O (IC) 08/17/11; CVS: M (DC) 10/18/11; DAI.GR: O (IC) 03/13/17; DAL: O (RC) 02/06/17; DATA: O (IC) 05/23/17; DBS.SP:

O (IC) 05/22/12; DEO: O (RC) 07/28/17, M (RC) 01/30/15; DF: U (RC) 07/27/17, M (RC) 01/19/17; DFS: O (RC) 10/05/15; DG: O (IC) 02/06/17; DGE.LN: O (RC)

07/28/17, M (RC) 01/30/15; DIS: M (RC) 08/20/15; DISCA: U (RC) 06/06/16; DLG.LN: M (RC) 12/19/17, U (RC) 08/15/17, M (IC) 09/26/16; DLTR: M (RC) 08/28/17, U

(IC) 02/06/17; DPS: M (RC) 01/11/13; DPW.GR: M (IC) 06/26/17; DPZ: M (IC) 03/23/17; DRI: M (IC) 09/11/13; DSM.NA: M (RC) 09/05/17, U (IC) 09/19/16; DSY.SJ: O (IC)

06/19/17; DTE.GR: M (IC) 05/23/16; DVA: M (IC) 04/30/18, M (IC) 03/02/17; DVN: M (RC) 07/05/17, O (RC) 10/01/15; DWDP: O (IC) 09/01/17; E: O (RC) 06/14/13; EAT:

M (IC) 09/11/13; ECA: O (RC) 09/15/17, M (IC) 05/13/11; ECA.CN: O (RC) 09/15/17, M (IC) 05/13/11; EL: O (RC) 04/07/14; ENEL.IM: O (IC) 11/15/17, O (DC) 02/03/17;

ENI.IM: O (RC) 06/14/13; EOAN.GR: O (IC) 05/08/14; EOG: O (RC) 10/13/14; EPC: M (RC) 11/06/12; EPD: O (IC) 05/10/16; EQUITAS.IN: O (IC) 11/16/16; ESRX: M (RC)

12/06/17, U (IC) 06/15/16; ESV: O (IC) 12/01/16; ETE: O (RC) 05/10/17, M (RC) 01/09/17; ETP: O (RC) 05/10/17, M (RC) 01/09/17; EVK.GR: O (IC) 09/19/16; EW: O

(DC) 04/10/15; EW.PM: M (IC) 10/18/17; EZJ.LN: O (IC) 06/26/17; FCA.IM: M (IC) 03/13/17; FDC: M (DC) 01/08/18, M (IC) 12/09/15; FDX: M (IC) 05/10/11; FERG.LN: O

(IC) 09/13/17; FITB: M (RC) 11/15/16; FM.CN: O (IC) 06/02/15; FME.GR: O (IC) 04/30/18, O (IC) 03/02/17; FMS: O (IC) 04/30/18, O (IC) 03/02/17; FOXA: M (RC)

09/15/16; FP.FP: M (RC) 09/08/16; FR.FP: O (IC) 03/13/17; FRE.GR: O (IC) 04/30/18, O (IC) 03/02/17; FSNUY: O (IC) 04/30/18, O (IC) 03/02/17; FTI: U (RC) 07/13/17,

M (RC) 05/16/17, U (IC) 01/17/17; FTI.FP: U (RC) 07/13/17, M (RC) 05/16/17, U (IC) 01/18/17; G.IM: U (IC) 09/11/12; GALP.PL: O (RC) 02/23/17; GD: M (RC) 05/09/17,

O (RC) 08/10/16; GEN.DC: O (IC) 11/15/17; GENS.SP: M (RC) 06/20/16; GIS: U (RC) 03/20/17; GIVN.SW: U (RC) 01/08/18, M (RC) 09/05/17, U (IC) 09/19/16; GLEN.LN:

O (RC) 02/13/13; GN.DC: M (IC) 04/30/18, O (IC) 03/02/17; GPPV.IN: M (IC) 06/23/16; GS: M (DC) 10/03/14; GSK: M (IC) 10/23/07; GSK.LN: M (IC) 10/23/07; H: O (DC)

01/05/12; HAIN: O (RC) 11/08/17, M (RC) 10/06/17, N (RC) 08/16/16; HAL: O (IC) 12/01/16; HAVL.IN: M (IC) 06/23/16; HBAN: O (RC) 09/14/17, M (RC) 09/19/12; HCA:

M (IC) 06/15/16; HD: M (IC) 02/06/17; HDFCB.IN: O (IC) 11/16/16; HDP: O (IC) 05/23/17; HEI.GR: O (RC) 09/06/11; HEIA.NA: O (RC) 10/21/16; HEIO.NA: O (RC)

10/21/16; HEN.GR: O (IC) 02/01/06; HEN3.GR: O (IC) 01/20/06; HII: M (RC) 05/08/15; HL/.LN: U (RC) 02/21/17; HLT: O (RC) 01/19/17; HOG: M (RC) 07/12/17, O (IC)

09/08/16; HOLI: O (IC) 09/08/15; HP: O (RC) 03/03/17; HPE: O (RC) 03/04/16; HPQ: O (RC) 09/09/08; HSX.LN: M (IC) 09/15/14; HSY: O (RC) 08/17/17, M (RC)

06/18/10; HTG.LN: O (IC) 04/04/17; IAG.LN: O (IC) 06/26/17; IBE.SM: M (DC) 02/03/17; IBM: M (RC) 03/16/11; ICE: (IC) 05/03/18, M (DC) 10/03/14; ICICIBC.IN: U (IC)

11/16/16; IDEA.IN: M (RC) 08/17/17, U (IC) 05/05/15; IFF: O (IC) 09/19/16; IGY.GR: M (RC) 06/06/17, O (IC) 01/11/17; IHG.LN: O (IC) 05/02/17; IIB.IN: M (IC) 11/16/16;

INTC: U (RC) 02/28/17; IONS: M (IC) 07/26/17; IVN.CN: O (IC) 12/09/16; JAZZ: M (IC) 11/25/15; JBHT: O (RC) 07/16/14; JD: M (RC) 05/09/17, U (IC) 02/07/17; JMAT.LN:

O (RC) 08/17/17, M (IC) 02/20/17; JNJ: M (DC) 04/10/15; JPM: M (RC) 08/16/16; K: U (RC) 03/20/17; KBANK.TB: O (RC) 11/20/17, M (IC) 07/14/14; KEY: O (RC)

09/14/17, M (RC) 11/15/16; KHC: O (RC) 07/29/15; KKC.IN: M (IC) 06/23/16; KMB: M (IC) 05/07/07; KMB.IN: O (IC) 11/16/16; KMI: M (IC) 05/10/16; KNIN.SW: M (IC)

06/26/17; KO: O (IC) 11/16/10; KORS: U (IC) 09/11/17, O (DC) 07/05/16; KOS: M (IC) 09/05/17; KPN.NA: M (RC) 03/29/17; KR: O (DC) 12/31/03; LB: O (IC) 09/11/17,

O (DC) 07/05/16; LBTYA: M (IC) 05/23/16; LFC: O (RC) 01/08/18, M (RC) 08/17/17, O (IC) 05/07/13; LGEN.LN: M (RC) 01/25/17; LGF/B: O (RC) 01/17/17; LGGNY: M

(RC) 01/25/17; LHA.GR: O (RC) 10/12/17, M (RC) 09/01/17, U (IC) 06/26/17; LHN.FP: O (RC) 05/23/17, M (IC) 10/07/15; LHN.SW: O (RC) 05/23/17, M (RC) 09/12/13;

LIN.GR: M (RC) 01/05/17; LLY: O (RC) 09/05/12; LMT: M (RC) 12/05/14; LNG: M (IC) 05/10/16; LOW: U (IC) 02/06/17; LPLA: M (DC) 10/03/14; LRE.LN: U (RC) 11/07/16;

LT.IN: O (RC) 07/25/16; LULU: M (IC) 09/11/17, M (DC) 07/05/16; LUN.DC: U (IC) 11/15/17; LUV: O (IC) 10/10/16; LYB: O (IC) 09/10/15; MA: (IC) 04/04/18, O (DC)

01/08/18, O (IC) 09/15/14; MAR: M (RC) 11/16/17, O (IC) 09/08/16; MBT.PM: M (IC) 10/18/17; MCD: O (RC) 04/18/17; MDLZ: O (IC) 08/02/06; MDT: O (DC) 04/10/15;

MEOH: U (IC) 05/10/17; MFC.CN: O (IC) 12/02/15; MGGT.LN: M (RC) 03/23/15; MKC: M (RC) 09/15/16; MLCO: O (IC) 03/23/15; MON: M (RC) 09/26/16; MOS: O (RC)

10/13/15; MRK: O (RC) 01/05/15; MRK.GR: O (IC) 11/15/17, M (DC) 11/14/17, M (IC) 09/03/13; MRW.LN: M (RC) 09/16/16; MS: O (DC) 10/03/14; MSFT: O (IC)

08/17/11; MTB: M (RC) 03/04/10; MTX.GR: M (RC) 01/11/17; MU: M (RC) 03/31/16; MUV2.GR: M (RC) 03/21/17; MX.CN: U (IC) 05/10/17; MYL: O (RC) 09/10/13; NBR: O

(IC) 12/01/16; NCLH: M (RC) 11/22/16; NE: U (RC) 07/05/17, M (IC) 12/01/16; NESN.SW: M (RC) 09/07/16; NFLX: O (IC) 03/16/17; NG/.LN: M (RC) 09/07/16; NKE: O

(IC) 09/11/17; NLSN: O (RC) 10/14/14; NN.NA: O (RC) 07/13/17, M (IC) 07/10/14; NOC: M (RC) 02/17/15; NOVN.SW: O (RC) 05/09/08; NOVOB.DC: M (IC) 11/15/17, M

(DC) 11/14/17, M (IC) 09/03/13; NOW: O (IC) 05/23/17; NSC: M (RC) 10/03/12; NTES: U (IC) 02/07/17; NTR: O (IC) 01/02/18; NTR.CN: O (IC) 01/02/18; NTRS: M (DC)

06/24/16; NVDA: O (IC) 05/18/17; NVS: O (RC) 05/09/08; NXPI: M (RC) 10/26/17, O (IC) 05/11/15; NZYMB.DC: O (RC) 01/05/17; OCBC.SP: O (IC) 05/22/12; OCDO.LN:

U (IC) 01/23/17; OML.LN: M (RC) 11/06/15; OML.SJ: M (RC) 11/06/15; ONCE: O (IC) 07/26/17, M (DC) 09/18/15; ONGC.IN: M (RC) 07/06/17, O (RC) 12/01/16; OR.FP: U

(RC) 01/13/09; ORCL: O (RC) 05/05/14; ORK.NO: O (IC) 09/16/16; ORSTED.DC: O (RC) 09/06/17, M (RC) 01/11/17; OSH.AU: O (IC) 06/29/09; OXY: U (DC) 08/02/10;

PAA: O (IC) 02/27/17; PAGP: O (IC) 02/27/17; PEP: O (IC) 11/16/10; PFC.LN: U (RC) 04/04/17; PFE: O (RC) 11/01/10; PG: O (RC) 08/08/11; PHG: M (DC) 04/04/08;

PHIA.NA: O (DC) 07/13/13; PII: M (IC) 09/08/16; PMO.LN: M (RC) 07/05/17, O (RC) 06/28/12; PNC: M (RC) 01/19/12; PNGAY: M (RC) 03/18/16; PRU.LN: O (IC)

04/24/12; PTR: O (RC) 12/01/16; PTTEP.TB: M (RC) 11/07/12; PUK: O (IC) 04/24/12; PVH: M (IC) 09/11/17; PXD: O (IC) 08/16/16; PYPL: (IC) 04/11/18, O (DC)

01/08/18, O (RC) 07/10/17, M (IC) 03/29/16; QCOM: M (RC) 06/30/16; QD: O (IC) 10/19/17; RACE.IM: U (IC) 03/13/17; RARE: M (IC) 07/26/17; RB/.LN: O (RC)

04/13/11; RCL: O (IC) 09/08/16; RCO.FP: U (RC) 04/20/17; RDS/A: O (RC) 09/30/14; RDS/B: O (RC) 09/30/14; RDSA.LN: O (RC) 09/30/14; RDSA.NA: O (RC) 09/30/14;

RDSB.LN: O (RC) 09/30/14; RDSB.NA: O (RC) 09/30/14; REGN: M (RC) 06/26/17, O (IC) 06/28/16; REP.SM: M (RC) 07/05/17, U (RC) 09/08/16; RF: M (RC) 08/16/16;

RHHBY: O (IC) 07/17/12; RHT: M (IC) 05/23/17; RI.FP: M (RC) 12/12/17, O (RC) 09/09/14; RIG: M (RC) 07/05/17, O (IC) 12/01/16; RIGD.LI: M (RC) 01/24/17; RIL.IN: M

(RC) 12/01/16; RIO: O (IC) 09/05/12; RIO.LN: O (IC) 09/05/12; RMG.LN: M (RC) 01/02/18, O (RC) 11/14/17, M (IC) 06/26/17; RNO.FP: M (RC) 05/25/17, U (IC)

03/13/17; ROG.SW: O (IC) 07/17/12; ROST: O (IC) 09/11/17, M (DC) 07/05/16; RR/.LN: U (RC) 12/08/15; RRC: O (RC) 02/26/14; RSA.LN: M (RC) 03/03/15; RTN: O (RC)

09/23/15; RWE.GR: O (RC) 01/09/18, M (RC) 09/07/15; RYA.ID: M (RC) 01/08/18, U (IC) 06/26/17; RYAAY: M (RC) 01/08/18, U (IC) 06/26/17; S32.AU: M (RC)

08/20/15; S32.LN: M (RC) 08/20/15; S32.SJ: M (RC) 08/20/15; SABR: O (IC) 05/29/14; SAF.FP: O (RC) 01/04/18, M (RC) 02/16/17; SAMPO.FH: U (RC) 10/27/16;

SAN.FP: M (RC) 11/09/15; SAP: O (RC) 03/13/12; SAP.GR: O (RC) 03/13/12; SBFFY: O (IC) 12/02/15; SBIN.IN: O (IC) 11/16/16; SBMO.NA: O (RC) 09/08/15; SBRY.LN: M

(RC) 11/20/17, O (RC) 02/04/14; SBUX: O (IC) 09/11/13; SCB.TB: U (IC) 07/14/14; SCHW: O (DC) 10/03/14; SDF.GR: O (RC) 11/20/17, M (RC) 06/08/16; SECB.PM: U

(RC) 10/18/17, M (RC) 06/14/16; SEP: M (IC) 05/10/16; SGAPY: M (IC) 10/17/13; SGO.FP: O (RC) 10/17/11; SHP.LN: M (RC) 05/26/17, O (RC) 03/20/15; SHPG: M (RC)

05/26/17, O (RC) 03/20/15; SIK.SW: O (IC) 01/27/16; SJM: U (RC) 03/20/17; SLA.LN: M (RC) 10/17/17, O (RC) 09/07/16; SLB: O (RC) 07/05/17, M (IC) 12/01/16; SMI: U

(RC) 08/10/17, O (RC) 08/27/15; SMSN.LI: O (IC) 08/10/11; SN/.LN: O (IC) 04/30/18, O (IC) 03/02/17; SNE: O (IC) 04/25/17; SNN: O (IC) 04/30/18, O (IC) 03/02/17;

SNP: O (RC) 07/06/17, M (RC) 09/16/14; SNV: M (RC) 01/23/13; SNY: M (RC) 11/09/15; SOLB.BB: M (RC) 01/23/15; SOON.SW: M (IC) 04/30/18, M (IC) 03/02/17; SPIL:

O (RC) 08/10/12; SPLK: O (IC) 03/01/17; SPM.IM: U (IC) 06/24/14; SPR: O (RC) 01/05/16; SREN.SW: M (RC) 10/15/14; SSE.LN: M (RC) 09/07/16; ST.SP: M (IC)

10/17/13; STI: M (RC) 08/16/16; STJ.LN: O (RC) 01/26/16; STL.NO: O (RC) 12/03/13; STMN.SW: O (IC) 03/02/17; STO: O (RC) 12/03/13; STO.AU: M (RC) 07/06/17, O

(RC) 12/01/16; STT: M (DC) 06/24/16; SUBC.NO: U (IC) 06/24/14; SVT.LN: M (RC) 01/09/18, U (RC) 07/03/17, M (RC) 06/12/15; SW.FP: O (RC) 10/18/17, M (IC)

05/02/17; SWN: M (RC) 02/28/17; SY1.GR: M (RC) 08/10/17, U (RC) 05/12/17, M (IC) 09/19/16; SYF: O (IC) 11/19/14; SYK: O (DC) 04/10/15; TCG.LN: U (IC) 05/02/17;

TDC: U (IC) 05/23/17; TEF.SM: U (RC) 12/11/17, M (IC) 05/23/16; TEN.IM: O (RC) 09/08/15; TEVA: M (RC) 08/04/17, O (RC) 05/09/11; TGT: O (IC) 02/06/17; THBEV.SP:

U (IC) 09/07/16; TIT.IM: M (RC) 08/29/17, O (IC) 05/23/16; TJX: O (IC) 09/11/17, O (DC) 07/05/16; TLK: M (IC) 10/17/13; TLKM.IJ: M (IC) 10/17/13; TLS.AU: M (RC)

03/07/17; TLSYY: M (RC) 03/07/17; TLW.LN: M (RC) 07/05/17, O (IC) 01/22/09; TMX.IN: U (RC) 01/03/17; TOT: M (RC) 09/08/16; TPK.LN: U (IC) 09/13/17; TPR: O (IC)

09/11/17, M (DC) 07/05/16; TS: O (IC) 03/17/16; TSCO.LN: O (RC) 11/10/14; TSLA: M (IC) 03/08/17; TSM: M (RC) 01/30/12; TTM: M (RC) 08/11/17, O (RC) 11/21/16;

TTMT.IN: M (RC) 08/11/17, O (RC) 11/21/16; TUI.LN: O (IC) 05/02/17; TUI1.GR: O (IC) 05/02/17; TVPT: O (IC) 11/10/14; TWX: M (RC) 08/20/15; TXN: O (RC) 09/12/16;

UAA: U (IC) 09/11/17; UAL: M (IC) 10/10/16; UCB.BB: M (IC) 11/15/17; UG.FP: O (IC) 03/13/17; ULVR.LN: O (RC) 05/13/09; UMC: U (RC) 07/26/17, M (RC) 11/24/14;

UMI.BB: M (RC) 01/08/18, O (IC) 02/20/17; UN01.GR: M (IC) 11/03/16; UNA.NA: O (RC) 05/13/09; UNH: O (IC) 06/15/16; UNP: O (RC) 01/08/14; UOB.SP: M (IC)

05/22/12; UPS: O (IC) 05/10/11; USB: M (IC) 03/12/09; UTX: M (RC) 01/08/16; UU/.LN: M (RC) 07/03/17, O (RC) 09/07/15; V: (IC) 04/04/18, O (DC) 01/08/18, O (IC)

09/15/14; VALE: O (RC) 01/25/17; VALE3.BZ: O (RC) 01/25/17; VATW.IN: O (IC) 06/23/16; VCT.LN: M (RC) 05/18/17, O (IC) 09/19/16; VFC: M (IC) 09/11/17; VIAB: U

(RC) 11/11/14; VIPS: U (IC) 02/07/17; VK.FP: U (RC) 03/16/16; VMW: M (RC) 02/10/15; VOD.LN: O (RC) 05/30/17, M (IC) 05/23/16; VOLT.IN: O (RC) 06/29/17, M (RC)

11/29/16; VOW.GR: O (RC) 10/12/17, M (IC) 03/13/17; VOW3.GR: O (RC) 10/12/17, M (IC) 03/13/17; WDAY: M (RC) 03/01/17; WDH.DC: U (IC) 04/30/18, U (IC)

03/02/17; WEN: M (IC) 09/11/13; WFC: O (RC) 01/03/18, M (RC) 12/08/14; WFT: O (RC) 11/03/17, M (RC) 07/05/17, O (IC) 12/01/16; WG/.LN: O (IC) 04/04/17; WMB:

O (IC) 05/10/16; WMT: M (IC) 02/06/17; WPL.AU: M (RC) 05/29/14; WPZ: O (IC) 05/10/16; WTB.LN: U (IC) 05/02/17; WUBA: U (IC) 02/07/17; YAR.NO: O (RC) 01/08/18,

M (RC) 01/07/16; YES.IN: O (IC) 11/16/16; YUM: O (RC) 12/16/13; YUMC: M (IC) 11/03/16; ZION: M (RC) 11/15/16; ZURN.SW: U (RC) 07/28/14;

Rating Guide: O - Outperform, M - Market-Perform, U - Underperform, N - Not Rated

Rating Actions: IC - Initiated Coverage, DC - Dropped Coverage, RC - Rating Change

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CERTIFICATIONS

• I/(we), Tim Anderson, MD, David Beckel, CPA, Neil Beveridge, Ph.D., Christian Bolu, Bob Brackett, Ph.D., Philipp Carlsson-Szlezak, Ph.D., Laura

Nelson Carney, PhD, Vincent Chen, M.D., CFA, Gautam Chhugani, Zane Chrane, Richard J Clarke, FCA, Oswald Clint, Ph.D., ACA, Lisa Bedell Clive,

David Dai, CFA, Colin Davies, Ali Dibadj, Mark Diver, Lisa D. Ellis, Brandon Fletcher, CFA, Inigo Fraser-Jenkins, Katrina Fu, Paul Gait, Aaron (Ronny)

Gal, Ph.D., Venugopal Garre, Nicholas J Green, Lee Hambright, Alla Harmsworth, Douglas S. Harned, Edward Houghton, Alexia Howard, Jay Huang,

Ph.D., Todd Juenger, Wimal Kapadia, Kevin Kwek, Chris Lane, Ann Larson, Christian A. Laughlin, Cherry Leung, Mark Li, Sarah McCarthy, CFA, John E.

McDonald, CFA, Euan McLeish, Jamie Merriman, Dhananjay Mirchandani, Mark L. Moerdler, Ph.D., Bruno Monteyne, Mark C. Newman, Mario Ortelli,

Jonas Oxgaard, Ph.D., Michael W. Parker, Kevin St. Pierre, Stacy A. Rasgon, Ph.D., Harshita Rawat, CFA, Jeremy Redenius, Ph.D., Daniel Roeska, Phil

Roseberg, A.M. (Toni) Sacconaghi, Jr., Jean Ann Salisbury, Thomas Seidl, CPCU, Sara H. Senatore, Trevor Stirling, Linda Sun-Mattison, Vitaly

Umansky, Bhavtosh Vajpayee, Deepa Venkateswaran, ACA, David Vernon, Max Warburton, Noah Weisberger, Lance Wilkes, Andrew Wood, Gunther

Zechmann, Ph.D., Robin Zhu, Senior Analyst(s)/Analyst(s), certify that all of the views expressed in this publication accurately reflect my/(our)

personal views about any and all of the subject securities or issuers and that no part of my/(our) compensation was, is, or will be, directly or indirectly,

related to the specific recommendations or views in this publication.

May 09 2018

Copyright 2014, Sanford C. Bernstein & Co., LLC, Sanford C. Bernstein Limited, Sanford C. Bernstein (Hong Kong) Limited 盛博香港有限公司, and AllianceBernstein (Singapore) Ltd., subsidiaries of AllianceBernstein L.P. ~1345 Avenue of the Americas ~ NY, NY 10105 ~212/756-4400. All rights reserved.

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