9June2025

GlobalVideoGaming

GlobalVideoGaming:RE9uiem...quickthoughtspostSummerGameFest

RobinZhu

+85221232659

robin.zhu@

CharliePeng

+81367776993

charlie.peng@

CharlesGou

+85221232618

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Min-JooKang

+85221232644

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Refreshingthenewlaunchrunway.Overthepastweekorso,PlayStation'sStateofPlayandSummerGameFestpresenteddozensofnewgametrailers,includinginmanycasesupdatestoreleasetiming.Thisbriefnotesummarisesoursnapreactionsfromthepresentations,andourdiscussionswithinvestorsduringaweekontheroad.

Grace…Grace!Capcom’s2026islookingoffthecharts.Capcomwastheindisputable

winnerofthesummershowcaseseason,inourview.Pragmatawasourpickforthe

bestStateofPlaypresentation,confirminga2026launch.Wegotanotherupdatefor

Onimusha:WayoftheSword.ResidentEvilRequiemthenputthebowonSummerGameFest,confirmingaFebruary2026launch,leaving“whyonly8mnnewunits”asthemainoutstandingquestiononCapcom’sFY3/26outlook.

Nintendo:theSwitch2issoldout.Nintendowasnotablymostlyabsentduringthese

summerpreviews,typicallypreferringtounveilnewgamesinitsownDirect.Butthepast

weekdidfeaturethesmallmatteroftheSwitch2launch.BetweenmidnightqueuesfortheSwitch2hardware,Nintendosendingretailersofficial“outofstock”signs,a90MetacriticscoreforMarioKartWorld,andjournalistsclosetoNintendoclaiming3mn(!)unitsoflaunchdaysales,thenextgenerationofNintendogaminglooksingoodhands.

BandaiNamco:lifeafterFromSoftware?CodeVeinIIwasBandaiNamco’sbiggest

summerunveil,andlookedinteresting…butdidnotcomewithareleasedate.Thelast

gamelaunchedin2019,andsoldover3mnunits.BandaiNamco’sotherannouncements(DigimonStoryTimeStranger,TowaandtheGuardiansoftheSacredTree)feltmore

quantityoverquality.LittleNightmaresIIIandTheBloodofDawnwalkerwereabsent.

SquareEnix:nottheFinalFantasywewerehopingfor.FinalFantasyTacticsis…okay?Buthardlyonthelevelofothertitlesspeculatedtobeindevelopment(e.g.KingdomHeartsIV,DragonQuestXII,FinalFantasyIX).AnOctoberlaunchwasconfirmedforDragonQuestI&IIRemake,whileKillerInnfeltlikeanoverly-elaboratetakeontheAmongUsformula.WeremainconcernedbythestateofSquareEnix’sgamedevelopmentorganisation.

Nexon’sstrangeArcRaiderssnafu.ArcRaiderswasconfirmedforanOctober30

release.Thiswasalittlelaterthanwe’dassumed,andEmbarkwasbizarrelyforcedintoapublicapologyfollowingbacklashfromtheArcRaiderscommunity(whichhadbecomeconvincedthegamewouldbeshadow-droppedatSGF).Butatleastthegameisfinallyhere.WhetherEmbarkcandobetteronretentionpostlaunchwillbethenexttest.

Tencent…Tencenteverywhere.Thisyear’ssummershowcaseswereagoodillustration

ofTencent’svideogaminginvestmentstrategy,seedingawiderangeofstudiosthen

bringingtheinterestingonesin-house.Investeestudiosthatpresentedupdatesincluded

KuroGames,nowmajority-owned(WutheringWaves);Techland,nowmajority-owned

(DyingLight:TheBeast);Mundfish(AtomicHeart2,TheCube,ILL);andLeenzee(Wuchang:FallenFeathers).

SeetheDisclosureAppendixofthisreportforrequireddisclosures,analystcertificationsandotherimportantinformation.Alternatively,visitourGlobalResearchDisclosureWebsite.

FirstPublished:08Jun202520:30UTCCompletionDate:08Jun202512:04UTC

RobinZhu+85221232659robin.zhu@9June2025

StateofPlay,orStateofJapanesevideogamedevelopment?Allin,wethoughtthesummershowcasespresenteda

solidoutlookforPCandconsolegaming.ThisbodeswellforPlaystation-evenifSummerGameFest(oneofGeoffKeighley'sbetterproductionsinrecentmemory)feltmuchstrongerthanPlaystation'sownshowcase.Takingastepback,thenewgameshighlightedthispastweekfeltlikeademonstrationoftheR&DcostandproductivityadvantagebyJapaneseandother(e.g.

Chinese,Korean,EasternEuropean)developersenjoyoverWesternEuropeanandUSpeers.

We'reallvideogaminganalystsnow…notesfromaweekinEurope.Yourstrulyspentlastweekontheroadvisiting

investors.BoththeJapaneseandChinesepartsofourvideogamingcoveragewerefocalpointsofdiscussion-theformeras

amarqueesectorinaJapanmarketseeinginflows,thelatterbecause,well…TencentisTencent(what’stherightvaluationforoneofthebestAIplaysintheworld?).Valuationandpositioningwillperiodicallyneedtobewatchedinaspacethat'sbecome

recognizedasahavenfrommacroissuesliketradeandgeopolitics.Butthemedium-termoutlookforthestockswelikeremainsbrightinourview.

Exhibit1showsourupdatedtrackerofnewgamelaunchesforourJapanVideoGamingcoverage,updatedforthesummershowcases.

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EXHIBIT1:UpdatingourtrackerofnewgamelaunchesacrosstheJapanVideoGamingsector…

Gametitle

Developer

Platform

Launch

PS4/5XboxSwitchPCMobile

NINTENDO

DonkeyKongBananza

Nintendo

Jul17,2025

DragandDrive

Nintendo

Summer2025

PokémonLegends:Z-A

GameFreak

Oct16,2025

MetroidPrime4Beyond

Nintendo,RetroStudios

2025

KirbyAirRiders

Nintendo

2026

TomodachiLife:LivingtheDream

Nintendo

2026

RhythmHeavenGroove

Nintendo

2026

CAPCOM

ResidentEvilRequiem

Capcom

Feb26,2026

Onimusha:WayoftheSword

Capcom

2026

Pragmata

Capcom

2026

BANDAINAMCO

TamagotchiPlaza

NanaOn-Sha

Jun26,2025

Patapon1+2Replay

Pyramid

Jul11,2025

ShadowLabyrinth

BandaiNamco

Jul17,2025

SuperRobotWarsY

BandaiNamco

Aug28,2025

Hirogami

BandaiNamco

Sep3,2025

Everybody'sGolf:HotShots

HYDE

Sep5,2025

TowaandtheGuardiansoftheSacredTree

Brownies

Sep19,2025

DigimonStory:TimeStranger

MediaVision

Oct2,2025

LittleNightmaresIII

SupermassiveGames

2025

Fate/ExtraRecord

Typemoon

2025

DragonBall:GekishinSquadra

BandaiNamco

2025

CodeVeinII

BandaiNamco

TBD

KONAMI

EdensZero

Konami

Jul15,2025

GradiusOriginscollection

Konami

Aug7,2025

MGSDelta:SnakeEater

Konami

Aug28,2025

SilentHillf

NeoBards

Sep25,2025

Darwin'sParadox

ZDTStudios

2025

SQUAREENIX

FinalFantasyTactics:TheIvaliceChronicles

SquareEnix

Sep30,2025

DragonQuestIandII:2D-HDRemake

SquareEnix

Oct30,2025

KillerInn

SquareEnix

TBD

SONYFIRSTPARTY

DeathStranding2:OntheBeach

KojimaProductions

Jun26,2025

Marathon

Bungie

Sep23,2025

GhostofYōtei

SuckerPunch

Oct2,2025

Saros

Housemarque

2026

NEXON

ArcRaiders

Nexon

Oct30,2025

Source:Corporatereports,industrymedia,andBernsteinanalysis.

RobinZhu+85221232659robin.zhu@9June2025

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INVESTMENTIMPLICATIONS

WerateNintendoandCapcomOutperformasourtoppicksinourJapanVideoGamingcoverage.TencentremainsourtoppickintheChinaInternetsector.

BERNSTEINTICKERTABLE

6Jun2025

TTM

ReportedEPSReportedP/E(x)

Ticker

Rating

Closing

Price

Price

Target

Rel.

Perf.

2025A2026E2027E

2025A2026E2027E

700.HK(Tencent)

O

HKD

515.00

660.00

26.7%

CNY

23.67

27.65

32.28

19.9

17.1

14.6

NTES

O

USD

127.02

125.00

23.2%

CNY

50.14

51.86

54.60

18.2

17.6

16.7

9999.HK

O

HKD

199.00

195.00

24.7%

HKD

11.03

11.41

12.01

18.0

17.4

16.6

7974.JP(Nintendo)

O

JPY

11,905

14,200

37.3%

JPY

239.47

293.38

480.59

49.7

40.6

24.8

9697.JP(Capcom)

O

JPY

4,299.00

4,600.00

44.6%

JPY

115.85

139.74

158.21

37.1

30.8

27.2

9766.JP(Konami)

M

JPY

19,740

19,000

76.9%

JPY

551.00

661.11

755.78

35.8

29.9

26.1

7832.JP(BandaiNamco)

M

JPY

4,634.00

4,200.00

54.4%

JPY

197.87

191.40

196.37

23.4

24.2

23.6

9684.JP(SquareEnix)

M

JPY

9,035.00

6,100.00

92.9%

JPY

203.37

269.95

289.31

44.4

33.5

31.2

3659.JP(Nexon)

M

JPY

2,602.50

2,400.00

(5.0)%

JPY

160.90

111.16

138.03

16.2

23.4

18.9

ASIAX

1,389.92

SPX

6,000.36

JPL

1,782.04

O-Outperform,M-Market-Perform,U-Underperform,NR-NotRated,CS-CoverageSuspended

700.HK,NTES,9999.HKestimateisAdjustedEPS;700.HK,NTES,9999.HKvaluationisAdjustedP/E(x);700.HK,3659.JPbaseyearis2024;NTES,

9999.HKbaseyearis2023;

Source:Bloomberg,Bernsteinestimatesandanalysis.

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DISCLOSUREAPPENDIX

I.REQUIREDDISCLOSURES

Referencesto"Bernstein"orthe“Firm”inthesedisclosuresrelatetothefollowingentities:BernsteinInstitutionalServicesLLC(April1,2024onwards),SanfordC.Bernstein&Co.,LLC(preApril1,2024),BernsteinAutonomousLLP,BSGFranceS.A.(April1,2024onwards),SanfordC.Bernstein(HongKong)Limited盛博香港有限公司,SanfordC.Bernstein(Canada)Limited,Sanford

C.Bernstein(India)PrivateLimited(SEBIregistrationno.INH000006378),SanfordC.Bernstein(Singapore)PrivateLimitedand

SanfordC.BernsteinJapanKK(サンフォード?C?バーンスタイン株式會(huì)社).

OnApril1,2024,SociétéGénérale(SG)andAllianceBernstein,L.P.(AB)completedatransactionthatcreatedanewjointventureinwhichtheirrespectivecashequitiesandresearchbusinessesoperateinanewbusinesscombination.AlthoughtheirrespectiveownershippercentagesinthejointventuredifferbetweenNorthAmericaandtherestoftheworld,thecreation,productionandpublicationofresearchishandledcollaborativelyonaglobalbasisacrossthetworesearchbrands,“Bernstein”and“Autonomous”.Unlessspecificallynotedotherwise,forpurposesofthesedisclosures,referencestoBernstein’s“affiliates”relatetobothSGandABandtheirrespectiveaffiliates.

VALUATIONMETHODOLOGY

Thisresearchpublicationcoverssixormorecompanies.Forvaluationmethodologyandothercompanydisclosures:Pleasevisit:

/sellside/Disclosures.action

.

Or,youcanalsowritetotheDirectorofCompliance,BernsteinInstitutionalServicesLLC,245ParkAvenue,NewYork,NY10167.RISKS

Thisresearchpublicationcoverssixormorecompanies.Forrisksandothercompanydisclosures:Pleasevisit:

/sellside/Disclosures.action

.

Or,youcanalsowritetotheDirectorofCompliance,BernsteinInstitutionalServicesLLC,245ParkAvenue,NewYork,NY10167.RATINGSDEFINITIONS,BENCHMARKSANDDISTRIBUTION

Bernsteinbrand

TheBernsteinbrandratesstocksbasedonforecastsofrelativeperformanceforthenext12monthsversustheS&P500forstockslistedontheU.S.andCanadianexchanges,versustheBloombergEuropeDevelopedMarketsLargeandMidCapPriceReturnIndex(EDM)forstockslistedontheEuropeanexchangesandemergingmarketsexchangesoutsideoftheAsiaPacificregion,versustheBloombergJapanLargeandMidCapPriceReturnIndexUSD(JP)forstockslistedontheJapaneseexchanges,andversustheBloombergAsiaex-JapanLargeandMidCapPriceReturnIndex(ASIAX)forstockslistedontheAsian(ex-Japan)exchanges-unlessotherwisespecified.

TheBernsteinbrandhasthreecategoriesofratings:

?Outperform:Stockwilloutpacethemarketindexbymorethan15pp

?Market-Perform:Stockwillperforminlinewiththemarketindextowithin+/-15pp

?Underperform:Stockwilltrailtheperformanceofthemarketindexbymorethan15pp

CoverageSuspended:CoverageofacompanyundertheBernsteinresearchbrandhasbeensuspended.Ratingsandpricetargetsaresuspendedtemporarily,arenolongercurrent,andshouldthereforenotbereliedupon.

NotRated:Aratingassignedwhenthestockcannotbeaccuratelyvalued,ortheperformanceofthecompanyaccuratelypredicted,atthepresenttime.Thecoveringanalystmaycontinuetopublishresearchreportsonthecompanytoupdateinvestorsoneventsanddevelopments.

NotCovered(NC)denotescompaniesthatarenotundercoverage.

Autonomousbrand

TheAutonomousbrandratesstocksasindicatedbelow.AsourbenchmarksweusetheBloombergEurope500BanksAnd

FinancialServicesIndex(BEBANKS)andBloombergEuropeDevMktFinancialsLargeandMidCapPriceRetIndexEUR(EDMFI)

indexfordevelopedEuropeanbanksandPayments,theBloombergEurope500InsuranceIndex(BEINSUR)forEuropean

insurers,theS&P500andS&PFinancialsforUSbanksandPaymentscoverage,S5LIFEforUSInsurance,theS&PInsurance

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SelectIndustry(SPSIINS)forUSNon-LifeInsurerscoverage,andtheBloombergEmergingMarketsFinancialsLarge,MidandSmallCapPriceReturnIndex(EMLSF)foremergingmarketbanksandinsurersandPayments.Ratingsarestatedrelativetothesector(notthemarket).

TheAutonomousbrandhasthreecategoriesofratings:

?Outperform(OP):Stockwilloutpacetherelevantindexbymorethan10pp

?Neutral(N):Stockwillperforminlinewiththemarketindextowithin+/-10pp

?Underperform(UP):Stockwilltrailtheperformanceoftherelevantindexbymorethan10pp

CoverageSuspended:CoverageofacompanyundertheBernsteinresearchbrandhasbeensuspended.Ratingsandpricetargetsaresuspendedtemporarily,arenolongercurrent,andshouldthereforenotbereliedupon.

NotRated:Aratingassignedwhenthestockcannotbeaccuratelyvalued,ortheperformanceofthecompanyaccuratelypredicted,atthepresenttime.Thecoveringanalystmaycontinuetopublishresearchreportsonthecompanytoupdateinvestorsoneventsanddevelopments.

Thosedenotedas‘Feature’(e.g.,FeatureOutperformFOP,FeatureUnderOutperformFUP)areourcoreideas.NotCovered(NC)denotescompaniesthatarenotundercoverage.

Horizonandclassification

Forbothbrands,recommendationsarebasedona12-monthtimehorizon.

DISTRIBUTIONOFRATINGS/INVESTMENTBANKINGSERVICES

Rating

MarketAbuseRegulation(MAR)andFINRARule2241classification

Count

Percent

Count*

Percent*

Outperform

BUY

573

51.76%

109

19.02%

Market-Perform(BernsteinBrand)

Neutral(AutonomousBrand)

HOLD

387

34.96%

67

17.31%

Underperform

SELL

147

13.28%

19

12.93%

*ThesefiguresrepresentthenumberandpercentageofcompaniesineachcategorytowhomaffiliatesofBernsteinandAutonomousprovidedinvestmentbankingservices.

AsofApril9,2025.Allfiguresareupdatedquarterly.

PRICECHARTS/RATINGSANDPRICETARGETHISTORY

Thisresearchpublicationcoverssixormorecompanies.Forpricechartandothercompanydisclosures,pleasevisit

https://

/sellside/Disclosures.actionoryoucanwritetotheDirectorofCompliance

,BernsteinInstitutionalServicesLLC,245ParkAvenue,NewYork,NY10167.

CONFLICTSOFINTEREST

BernsteinAutonomousLLPorBSGFranceSA,beneficially,haseitheranetlongorshortpositionof0.5%ormoreofthetotalissuedsharecapitalofaclassofcommonequitysecuritiesofthefollowingMiFIDeligiblesecurities:CapcomCoLtd.

SGand/oritsaffiliatesbeneficiallyown1%ormoreofaclassofcommonequitysecuritiesofthefollowingcompany:SquareEnixHoldingsCoLtd..

AnaffiliateofBernsteinhasreceivedcompensationfornon-investmentbankingsecurities-relatedproductsorservicesintheprevioustwelvemonthsfromthefollowingclients:TencentHoldingsLtd.

Bernsteinhasreceivedcompensationfornon-investmentbankingsecurities-relatedproductsorservicesintheprevioustwelvemonthsfromthefollowingclients:TencentHoldingsLtd.

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Bernsteinand/oraffiliateshavereceivedcompensationfornon-investmentbankingsecurities-relatedproductsorservicesintheprevioustwelvemonthsfromthefollowingclients:TencentHoldingsLtd.

CertainaffiliatesofBernsteinactasmarketmakerorliquidityproviderinthedebtsecuritiesof:TencentHoldingsLtd.

OTHERMATTERS

Thelegalentity(ies)employingtheanalyst(s)listedinthisreport,andtheirlocation,canbedeterminedbythecountrycodeoftheir

phonenumber,asfollows:

+1BernsteinInstitutionalServicesLLC;NewYork,NewYork,USA

+44BernsteinAutonomousLLP;LondonUK

+33BSGFranceS.A.;Paris,France

+34BSGFranceS.A.;Madrid,Spain

+41BernsteinAutonomousLLP;Geneva,Switzerland

+49BSGFranceS.A.;Frankfurt,Germany

+91SanfordC.Bernstein(India)PrivateLimited;Mumbai,India

+852SanfordC.Bernstein(HongKong)Limited盛博香港有限公司;HongKong,China+65SanfordC.Bernstein(Singapore)PrivateLimited;Singapore

+81SanfordC.BernsteinJapanKK;Tokyo,Japan

Wherethisreporthasbeenpreparedbyresearchanalyst(s)employedbyanon-USaffiliate,suchanalyst(s),is/are(unlessotherwiseexpresslynotedbelow)notregisteredasassociatedpersonsofBernsteinInstitutionalServicesLLCoranyotherSEC-registeredbroker-dealerandarenotlicensedorqualifiedasresearchanalystswithFINRA.Accordingly,suchanalyst(s)maynotbesubjecttoFINRA’srestrictionsregarding(amongotherthings)communicationsbyresearchanalystswithasubjectcompany,interactionsbetweenresearchanalystsandinvestmentbankingpersonnel,participationbyresearchanalystsinsolicitationandmarketingactivitiesrelatingtoinvestmentbankingtransactions,publicappearancesbyresearchanalysts,andtradingsecuritiesheldbyaresearchanalystaccount.

CERTIFICATION

Eachresearchanalystlistedinthisreport,whoisprimarilyresponsibleforthepreparationofthecontentofthisreport,certifiesthatalloftheviewsexpressedinthispublicationaccuratelyreflectthatanalyst'spersonalviewsaboutanyandallofthesubjectsecuritiesorissuersandthatnopartofthatanalyst'scompensationwas,is,orwillbe,directlyorindirectly,relatedtothespecificrecommendationsorviewsinthispublication.

II.ADDITIONALGLOBALCONFLICTDISCLOSURES

ItisatthesolediscretionoftheFirmastowhentoinitiate,updateandceaseresearchcoverage.TheFirmhasestablished,maintainsandreliesoninformationbarrierstocontroltheflowofinformationcontainedinoneormoreareas(i.e.,theprivateside)withintheFirm,andintootherareas,units,groupsoraffiliates(i.e.,publicside)oftheFirm.

III.OTHERIMPORTANTINFORMATIONANDDISCLOSURES

Separatebrandingismaintainedfor“Bernstein”and“Autonomous”researchproducts.

?Bernsteinproducesanumberofdifferenttypesofresearchproductsincluding,amongothers,fundamentalanalysisandquantitativeanalysisunderboththe“Autonomous”and“Bernstein”brands.Recommendationscontainedwithinonetypeofresearchproductmaydifferfromrecommendationscontainedwithinothertypesofresearchproducts,whetherasaresultofdifferingtimehorizons,methodologiesorotherwise.Furthermore,viewsorrecommendationswithinaresearchproductissuedunderonebrandmaydifferfromviewsorrecommendationsunderthesametypeofresearchproductissuedundertheotherbrand.TheResearchRatingsSystemforthetwobrandsandotherinformationrelatedtothoseRatingSystemsareincludedintheprevioussection.

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?Autonomousoperatesasaseparatebusinessunitwithinthefollowingentities:BernsteinInstitutionalServicesLLC,BernsteinAutonomousLLP,SanfordC.Bernstein(HongKong)Limited盛博香港有限公司andSanfordC.Bernstein(India)PrivateLimited.Forinformationrelatingto“Autonomous”brandedproducts(includingcertainSalesmaterials)pleasevisit:

.ForinformationrelatingtoBernsteinbrandedproductspleasevisit:

.

Analystsarecompensatedbasedonaggregatecontributionstotheresearchfranchiseasmeasuredbyaccountpenetration,productivityandproactivityofinvestmentideas.Noanalystsarecompensatedbasedonperformancein,orcontributionsto,generatinginvestmentbankingrevenues.

ThisreporthasbeenproducedbyanindependentanalystasdefinedinArticle3(1)(34)(i)ofEU596/2014MarketAbuseRegulation(“MAR”)andthesamearticleofMARasitformspartofUnitedKingdomdomesticlawbyvirtueoftheEuropeanUnion(Withdrawal)Act2018.

ToourreadersintheUnitedStates:BernsteinInstitutionalServicesLLC,abroker-dealerregisteredwiththeU.S.SecuritiesandExchangeCommission(“SEC”)andamemberoftheU.S.FinancialIndustryRegulatoryAuthority,Inc.(“FINRA”)isdistributingthispublicationintheUnitedStatesandacceptsresponsibilityforitscontents.Wherethismaterialcontainsananalysisofdebtproduct(s),suchmaterialisintendedonlyforinstitutionalinvestorsandisnotsubjecttotheUSindependenceanddisclosurestandardsapplicabletodebtresearchpreparedforretailinvestors.

BernsteinInstitutionalServicesLLCmayactasprincipalforitsownaccountorasagentforanotherperson(includinganaffiliate)insalesorpurchasesofanysecuritywhichisasubjectofthisreport.Thisreportdoesnotpurporttomeettheobjectivesorneedsofanyspecificindividuals,entitiesoraccounts.

ToourreadersinCanada:IfthispublicationpertainstoaCanadiandomiciledcompany,itisbeingdistributedinCanadabySanfordC.Bernstein(Canada)Limited,whichislicensedandregulatedbytheCanadianInvestmentRegulatoryOrganization.Ifthepublicationpertainstoanon-Canadiandomiciledcompany,itisbeingdistributedbyBernsteinInstitutionalServicesLLC,whichislicensedandregulatedbyboththeSECandFINRA,intoCanadaundertheInternationalDealersExemption.

ThisdocumentmaynotbepassedontoanypersoninCanadaunlessthatpersonqualifiesas"permittedclient"asdefinedinSection1.1ofNI31-103.

ToourreadersinBrazil:ThisreporthasbeenpreparedbyBernsteinInstitutionalServicesLLC,andBancoBTGPactualS.A.("BTG")isresponsibleforthedistributionofthisreportinBrazil.

ToreadersintheUnitedKingdom:ThispublicationhasbeenissuedorapprovedforissueintheUnitedKingdombyBernsteinAutonomousLLP,authorisedandregulatedbytheFinancialConductAuthorityandlocatedat60LondonWall,LondonEC2M5SH,+44(0)20-7170-5000.RegisteredinEngland&WalesNoOC343985.

Thisdocumentisfordistributiononlytopersonswho(i)haveprofessionalexperienceinmattersrelatingtoinvestmentsfallingwithinArticle19(5)oftheFinancialServicesandMarketsAct2000(FinancialPromotion)Order2005(asamended,the“FinancialPromotionOrder”),(ii)arepersonsfallingwithinArticle49(2)(a)to(d)(“highnetworthcompanies,unincorporatedassociations,etc.”)oftheFinancialPromotionOrder,(iii)areoutsidetheUnitedKingdom,or(iv)arepersonstowhomaninvitationorinducementtoengageininvestmentactivity(withinthemeaningofsection21oftheFSMA)inconnectionwiththeissueorsaleofanysecuritiesmayotherwiselawfullybecommunicatedorcausedtobecommunicated(allsuchpersonstogetherbeingreferredtoas“relevantpersons”).Thisdocumentisdirectedonlyatrelevantpersonsandmustnotbeactedonorreliedonbypersonswhoarenotrelevantpersons.Anyinvestmentorinvestmentactivitytowhichthisdocumentrelatesisavailableonlytorelevantpersonsandwillbeengagedinonlywithrelevantpersons.

ToourreadersinIrelandandthememberstatesoftheEEA:ThispublicationisbeingdistributedbyBSGFranceSA,whichisauthorisedandregulatedbytheAutoritédeContr?lePrudentieletdeRésolutionandAutoritédesmarchésfinanciers.

ToourreadersinHongKong:ThispublicationisbeingdistributedinHongKongbySanfordC.Bernstein(HongKong)Limited盛博香港有限公司,whichislicensedandregulatedbytheHongKongSecuritiesandFuturesCommission(CentralEntityNo.AXC846)tocarryoutType4(AdvisingonSecurities)regulatedactivitiesandsubjecttothelicensingconditionsmentionedintheSFCPublicRegister(

https://www.sfc.hk/publicregWeb/corp/AXC846/details

)).Thispublicationissolelyforprofessionalinvestors,asdefinedintheSecuritiesandFuturesOrdinance(Cap.571).

ToourreadersinSingapore:ThispublicationisbeingdistributedinSingaporebySanfordC.Bernstein(Singapore)Private

Limited,onlytoaccreditedinvestorsorinstitutionalinvestors,asdefinedintheSecuritiesandFuturesAct2001ofSingapore

("SFA").RecipientsinSingaporeshouldcontactSanfordC.Bernstein