Tax Impact is hypothetical. For illustrative purposes only; not an offer to buy or sell any security.

Performance, cost basis, unrealized gain/losses, and realized gains/losses calculated and reported by AllianceBernstein may vary from official custodial statements based on different accounting procedures, reporting dates or valuation methodologies for certain securities. Past performance is not indicative of future results. It is not possible to invest directly in an index; they are unmanaged and donot reflect the deduction of fees, taxes and expenses.

For pre-liquidation, after-tax performance reporting AllianceBernstein applies the Daily Valuation method, which is consistent with prevailing industry methodology for after-tax performance reporting published by the United States Investment Performance Committee (USIPC) in the document titled USIPC After-Tax Performance Standards. For "pre-liquidation" returns, taxes are only included if realized-a tax liability may still exist if there is an unrealized gain in the portfolio. Capital gains, dividends and interest are taxed the day that they occur, which can cause discrepancies with year-end reporting.Please note that the after-tax performance report will not reflect transactions that are classified as wash sale violations (purchases and sales of the same security by a taxpayer within applicable 61-daywindow) in situations where such violations occur outside of this account. The pre-liquidation, after-tax return is calculated as follows:

Calculation Methodology

The pre-liquidation, after-tax return is calculated using the Daily Valuation method.

After-tax benchmark reporting requires assumptions and is outlined as follows. AllianceBernstein employs the concept of a "shadow benchmark" and assumes that the most appropriate alternative after-taxrepresentation of the client's experience is a single-asset portfolio, with zero tracking error to the benchmark, and that is taxed for dividends, capital gains from distributions, and capital gains from assetstransferred into the account. The intention is to approximate the investor's return from investment in a passive vehicle, such as an exchange-traded fund indexed to the target benchmark. Thus, the after-taxbenchmark shadows the client's benchmark returns path as of the investment date, incorporating the investor's actual asset flows, tax rates, and taxes generated by the investment over time. With thatinformation, AllianceBernstein can calculate the benchmark performance in the same manner that the portfolio performance is calculated.

Because each account may experience different taxable events, benchmark performance for accounts may vary. It is important to note that the shadow benchmark does not account for gains realized fromthe transfer of assets into the portfolio at or before account inception. For the impact of tax management of that component, the investor should view their unrealized and realized gains upon inception of theportfolio, and assume that transitioning assets to an exchange-traded fund may have caused immediate realization of those gains or losses. An account transition analysis completed before accountinception can illustrate this information as well. The shadow benchmark accounts for gains or losses on assets transferred to the portfolio after inception by assuming that all gains or losses would berealized on the day following such transfer. The portfolio may not realize all gains or losses on transferred assets, which may result in significant differences between portfolio performance and shadowbenchmark performance. Accounts impacted by a gain or loss realized on assets transferred into the portfolio will show Yes next to the Security Additions Post Inception line item.

When calculating after-tax returns, AllianceBernstein applies the client's individual tax rate (which may include federal and state income taxes), if provided by the client. For history of applicable tax rates, please contact your advisor

The initial account transition section estimates realized gains and losses, which would be accelerated by converting an existing stock portfolio to PaTH. Short-term and long-term capital gains realized are estimated as of the inception date, which is the date that the account coverts to PaTH and begins to be managed according to PaTH. “Tax Impact” is an estimate of the capital gains realized as a percent of the portfolio value, based on your particular account as of the inception date. The actual tax impact of transitioning to PaTH will depend on your account’s particular circumstances, including any subsequent gains and losses during the remainder of the year.  Transition tax costs are not reflected in the after-tax return performance summary, because they do not reflect the discretionary management of PaTH. Rather, they reflect a portion of the underlying unrealized tax liabilities of the assets used to fund the PaTH account. It is reasonable to assume that converting the assets transferred into the account to a mutual fund or exchange traded fund would require the realization of all existing capital gains on the date of inception. Conversions occur at the discretion of the portfolio management group and may differ from the estimated transition analysis that was conducted for your particular account prior to its transition to PaTH.

If the individual tax rate is not provided by the client, AllianceBernstein applies the highest U.S. federal tax rates. For short-term gains, the highest U.S. federal marginal income tax rate is 37% plus the 3.8% net investment income tax, for a combined rate of 40.8%. For long-term gains, the highest U.S. capital gains tax rate is 20% plus the 3.8% net investment income tax, for a combined rate of 23.8%.

After-tax reporting may not be appropriate for investors subject to taxes in countries other than the US. These assumed tax rates are applied to both net realized gains and losses in the portfolio. Applying the highest rate may cause the after-tax performance shown to be different than an investor’s actual experience. Investors’ actual tax rates, the presence of current or future capital loss carryforwards, and other investor tax circumstances will cause an investor’s actual after-tax performance to be greater than or less than AllianceBernstein’s estimates presented here. In periods when net realized losses exceed net realized gains, applying the highest tax rates to our calculations illustrates the highest after-tax return that could be expected of the portfolio, and assumes the maximum potential tax benefit was derived. Actual client after-tax returns will vary.

As with all after-tax performance, the after-tax performance reported here is an estimate. In particular, it has been assumed that the investor has, or will have, sufficient capital gains from sources outside of this portfolio to fully offset any net capital losses realized, and any resulting tax benefit has been included in AllianceBernstein’s computation of after-tax performance. Investors who do not pay the assumed tax rates or who do not have offsetting capital gains and income would not achieve the after-tax returns reported. Tax rates may change over time, based on changes in legislation, which will affect the performance of the strategy. Foreign investment tax withholding may cause tax impact to be overstated, as the dividend will be taxed net of withholding amount.

Performance, cost basis, unrealized gain/losses, and realized gains/losses calculated and reported by AllianceBernstein may vary from official custodial statements based on different accounting procedures, reporting dates or valuation methodologies for certain securities. Client performance summaries and any related data produced by AllianceBernstein are not audited. Clients are encouraged to carefully review and compare the official custodial records with the various data and performance statistics reported by AllianceBernstein.

Benchmark after-tax returns are simulated for each benchmark portfolio using a hypothetical, after-tax benchmark portfolio with the same inception date and tax rates as the client portfolio. For after-tax, pre-liquidation returns we assume no capital gains are realized for the benchmark, which is consistent with investing in an index-tracking exchange-traded fund. Dividend income is estimated using the pretax benchmark index’s dividend return during the period. After-tax benchmark returns reflect the deduction of taxes, but do not include any other fees or expenses. After-tax benchmark returns are hypothetical and, accordingly, do not represent actual client results. Hypothetical results should not be considered indicative of the skill of AllianceBernstein and these results may not reflect the impact that any material market or economic factors. Your results will vary - and may vary materially - from those portrayed, and will depend on your individual tax circumstances.

For illustrative purposes, taxes are assumed to be paid with the client's portfolio. Income net-of-taxes are assumed to be reinvested into the portfolio. The tax benefit is assumed to be recognized in the same period that the tax benefit occurs. Taxes calculated on interest include taxes owed to federal, state and city governments. Cash paid out from corporate actions are assumed to be taxed at a client's long-term capital gains tax rates. The tax effects of the alternative minimum tax, exemptions, phase-out credits, or any individual-specific issues are not reflected.

S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P® and S&P 500® are registered trademarks of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones, and their respective affiliates do not sponsor, endorse, sell, or promote AllianceBernstein and its strategies, will not have any liability with respect thereto, and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices.

Investments are subject to change without notice. All information is believed to be correct but accuracy cannot be guaranteed.

Any earnings prior to an account’s inception date and/or after its performance end date are excluded from the total results.

Notes on total returns and fees:

"Money Added/Withdrawn" shows the net amount of each period's cash flows. It includes checks, wires or journals in and out, value of securities added and removed, dividends and interest received on unmanaged assets, and proceeds from sales of unmanaged assets.

Quarterly fees are typically debited from accounts in the first month of each calendar quarter. Net-of-fee returns and earnings are calculated by creating an offsetting credit equal to the fee amount.

Results are reported on a total-return basis, which include all income from dividends and interest, and realized and unrealized gains or losses.

Returns are calculated on a daily basis using trade-date accounting. The monthly returns are geometrically linked, or compounded, to calculate cumulative and/or annualized “time-weighted” rates of return for various time periods.

Returns shown for periods longer than one year are annualized. Returns shown for periods less than one year are non-annualized, or cumulative. Returns labeled as “year-to-date” for accounts that have not been open for the entire “year-to-date” period are shown since their inception date.

The United States Investment Performance Committee (USIPC) serves as the official local sponsoring organization (country sponsor) for the Global Investment Performance Standards (GIPS) in the United States. The purpose of the USIPC is to promote the adoption and implementation of the GIPS standards throughout the United States as the common method for calculating and presenting investment performance.