Bernstein Indices

The Bernstein US and Global Research Indices include stocks that are rated “outperform” by Bernstein’s highly regarded research analysts, and ranked most attractive in the firm’s quantitative alpha models. When a stock is upgraded to “outperform” by one of Bernstein’s analysts, it is included at an equal weight in the relevant index at the next monthly rebalancing date, provided it also ranks in the top 3 quintiles of the firm’s published alpha model on that date.

There is a minimum 2 day delay between the date of an analyst upgrade to “outperform” and the inclusion of that stock in the index. Stocks that no longer meet the selection criteria at the next monthly rebalancing date because they have either been downgraded by our analysts, we have dropped coverage of the stock, or the alpha model no longer ranks it in the top 3 quintiles, will be removed from the index. All other holdings will be rebalanced proportionally. At calendar year-end, all holdings in the index are rebalanced to an equal weight.

Bernstein U.S. Research Index

Investment Universe: Large-Cap U.S. Stocks

Bernstein Global Research Index

Investment Universe: Large-Cap Global Stocks

About Bernstein Analyst Ratings

For each stock in the universe that’s covered, Bernstein analysts assign one of three ratings that indicate performance expectations for the next six to 12 months:

Outperform: Stocks expected to outpace their relevant benchmark (e.g. the S&P500 Index for US stocks, the MSCI Europe for European stocks, or the MSCI Asia ex-Japan for non-Japanese Asian stocks) by more than 15%.

Market Perform: Stocks expected to perform in line with their relevant benchmark (e.g. the S&P500 Index for US stocks, the MSCI Europe for European stocks, or the MSCI Asia ex-Japan for non-Japanese Asian stocks) within a range of plus or minus 15%.

Underperform: Stocks expected to trail their relevant benchmark (e.g. the S&P500 Index for US stocks, the MSCI Europe for European stocks, or the MSCI Asia ex-Japan for non-Japanese Asian stocks) by more than 15%.

About Quantitative Alpha Model Rankings

All stocks in the universe are also grouped into quintiles based on the rankings from Bernstein’s quantitative alpha model. Stocks are ranked by their expected returns over the next 12 months, based on three criteria:

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Industry-Leading Research

# 1
Ranked for Quality of US
Research Product for 13
Straight Years 1

# 1
Ranked for Best
Knowledge of US
Companies and Industries for
14 Straight Years 2

# 1
Ranked for Best
Knowledge of European
Companies and Industries for
10 Straight Years 1

# 1
Ranked for
Alpha-Generating Insights in
both US and Europe 2

FIVE:
# 1
and 13 Top 3 Ranked
Analysts in Institutional
Investor's
2017 All-Europe
Research Team 3

SEVEN:
# 1
and 16 Top 3 Ranked
Analysts in Institutional
Investor's
2016 All-America
Research Team 4

Past performance does not guarantee future results.
1 Greenwich Associates, 2016; 2 Greenwich Associates, 2017; 3 Institutional Investor's 2017 All-Europe Research Team Survey; 4 Institutional Investor's 2016 All-America Research Team Survey. Sanford C. Bernstein & Co., LLC (SCB) is an independent broker-dealer, owned by AllianceBernstein L.P.(AB). The research reports on which the rankings presented above are based are distributed to institutional brokerage clients of SCB, including AB. Investment decisions that are made for managed accounts of AB may not be consistent with the recommendations in any SCB research report.