Terms of Use
Sanders Capital, LLC
Welcome to the Sanders Capital, LLC website (the “Site”) operated by Sanders
Capital, LLC (collectively “Sanders,” “we,” “us”). We offer this Site as an
informational resource on the services we provide. By using the Site, you agree to bebound by the following terms and conditions. You should carefully read the terms andconditions set forth below before using the Site and should check this Terms of Use
Agreement (the “Agreement”) periodically for any updates or revisions.
THIS AGREEMENT CONSTITUTES A LEGALLY BINDING AGREEMENTBETWEEN YOU AND SANDERS CONCERNING THE SITE AND ITSCONTENTS. IF YOU DO NOT AGREE WITH THE TERMS OF THISAGREEMENT, YOUR SOLE AND EXCLUSIVE REMEDY IS TO DISCONTINUE
USING THE SITE. YOU AGREE TO USE THE SITE AND ITS CONTENTS IN A
MANNER CONSISTENT WITH ANY AND ALL APPLICABLE LAWS, RULES,
AND REGULATIONS, AS WELL AS THE TERMS SET FORTH IN THISAGREEMENT. YOUR UNAUTHORIZED USE OF THE SITE OR ITSCONTENTS IS STRICTLY PROHIBITED AND MAY SUBJECT YOU TOPROSECUTION.
You agree to the following terms and conditions:
1. USE AND TERMINATION
You may access the Site by computer, mobile device and other means. The term“you” or “your” or “user” includes any of your subsidiaries, affiliates and employees.
The Site is intended solely for institutional investors. Any access to or use of the Siteby anyone under the age of 18 is unauthorized and in violation of this Agreement. By
accessing or using the Site, you represent and warrant that you are 18 or older and an
institutional investor, or the legal representative or agent of an institutional investor.
Your use of the Site and the contents of the Site including without limitation the dataand computer code contained on or transmitted from the Site (all collectively included
within the meaning of the “Site”) is conditioned on your acceptance without
modification of the terms, conditions, and notices contained in this Agreement, on the
Site or in any documentation accompanying or contained within any software within
the Site. The content from the Site may be used by you solely for limitedinformational purposes as necessary to do business with Sanders. For your own
personal, private, non-commercial use on an ad hoc basis, you may make one hard
copy printout of limited portions of the contents of the Site, or you may download
portions of the Site as may be expressly authorized or otherwise permitted by Sanders
within specific portions of the Site.
Your use of the Site constitutes your acceptance of all such terms, conditions, andnotices as they may be amended from time to time by us. SANDERS may terminate
your access to and use of the Site at any time if you breach any provision of thisAgreement. This Agreement does not alter in any way the terms and conditions oragreements you may have or will have with SANDERS or its affiliates. To the extent
there is any conflict between this Agreement and any terms and conditions or otheragreements you may have with SANDERS, those other terms and conditions oragreements will govern.
2.

COPYRIGHT NOTICESThe Site, its contents, any related software and all programs contained therein areprotected by United States and international laws regarding copyrights, trademarks,
trade secrets, and other proprietary rights. Copyright © Sanders Capital, LLC. All
rights reserved.
All editorial content, graphics and information on the Site are owned by or licensed to
Sanders. Sanders and its licensors reserve and retain all copyright and otherproprietary rights in and to the Site and its contents, including without limitation all
rights in any public information gathered as a compilation.
You agree that you will comply with all applicable laws, including, without limitation,
privacy laws, intellectual property laws, anti-spam laws, export control laws, tax laws,
and regulatory requirements. You may not copy, modify, create derivative works of,
publicly display or perform, republish, store, transmit, or distribute any of the materialon this site without our prior written consent, except as described herein. You agree
that we are not selling, transferring or assigning any intellectual property rights in thecontents of the Site to you. As between the parties, Sanders shall be the sole owner of
all right, title, and interest in and to the contents of the Site.
3.

TRADEMARK NOTICESSANDERS may own trademarks and service marks that are used in connection withamong other things, the Site. The trademarks and service marks owned by SANDERS
include without limitation the SANDERS logo. Any use of SANDERS’s marks
requires prior approval in writing by SANDERS which may be withheld in
SANDERS’s sole discretion. The “look and feel” of the Site and the contents thereof,
including without limitation, any SANDERS content and logo, color combinations,buttons, layout, and other graphical elements are protected by applicable U.S. andinternational intellectual property laws, including without limitation trademark andcopyright laws. Nothing contained herein shall constitute a license (either express or
implied) for you to use any of SANDERS’s marks or trade dress, including theelements that constitute the “look and feel” of the Site.
4.

NO UNLAWFUL OR PROHIBITED USE

As a condition of your use of the Site, you warrant to SANDERS that you will not use
the Site for any purpose that is unlawful or prohibited by this Agreement. The content
from the Site may be used solely for limited non-commercial informational purposes
only as necessary to do business with SANDERS or for evaluating or purchasing
SANDERS products and services. Except for making one hard copy printout oflimited portions of the contents of the Site on an ad hoc basis for private use, or
downloading as may be expressly authorized by SANDERS within specific portionsof the Site, no content of the Site may be reproduced, licensed, copied, displayed,
published, sold, modified, transmitted or distributed without SANDERS’s priorwritten permission which may be withheld in SANDERS’s sole discretion. Linking toor framing the Site is strictly prohibited unless SANDERS expressly consents inwriting in advance to such a link or frame. You further agree that you will not reverse
engineer any of the computer code embodied within the Site. All other uses of the Site
and any contents thereof not expressly addressed in this Agreement are strictly
prohibited.
You hereby acknowledge and agree that you will not violate the security of the Site or
attempt to do so. Further, in using the Site, you agree not to do any of the following:(i) upload to or transmit on the Site any defamatory, indecent, obscene, harassing,excessively violent or otherwise objectionable material, or any material that is, or may
be, protected by copyright, without permission from the copyright owner; (ii) use theSite to violate the legal rights (including the rights of publicity and privacy) of others;(iii) intercept or attempt to intercept electronic mail not intended for you; (iv)misrepresent an affiliation with any person or organization; (v) restrict or inhibit
others’ use of the Site; (vi) upload or otherwise transmit files that contain a virus orotherwise corrupted data; or (vii) download a file or software or include in a message
any software, files, or links that you know, or have reason to believe, cannot be
distributed legally over the Site or that you have a contractual obligation to keep
confidential (notwithstanding its availability on the Site).
5.

LICENSESANDERS hereby grants to you the limited, non-exclusive, non-transferable, rightand license to use the Site, in object code format only and excluding source code, on a

single computer solely for your personal, private use as provided for in thisAgreement provided that you have not breached any provision of thisAgreement. You may not under any circumstances modify, copy, distribute, republish
or download any of the content or material on the Site without SANDERS’s priorwritten permission which may be withheld in SANDERS’s sole discretion.
You acknowledge and agree that SANDERS serves other visitors on the Site, offers
such other visitors access to the Site and its contents, and will continue to do so. You
acknowledge and agree that SANDERS is not granting you any exclusive right to use
the Site. Furthermore, you acknowledge and agree that you shall not resell, sublicense
or further distribute the contents of the Site in any way that competes with
SANDERS.
6.

MODIFICATIONS TO THE TERMS OR CONDITIONS OR SITE

SANDERS may change or modify the terms of this Agreement from time-to-timewithout notice other than posting an amended version of the Agreement (the“Amended Agreement”) on the Site. Any Amended Agreement will automatically bein effect when posted on the Site. Your continued use of the Site after any change in
the Agreement shall constitute your consent to such changes. It is your responsibility
to check the Site from time to time for any updates or changes to this Agreement.
SANDERS reserves the right to change, modify or discontinue, temporarily or
permanently, the Site (or any portion thereof, including any software), including any
and all content contained on the Site, at any time without notice. You agree that
SANDERS shall not be liable to you or any third party for any modification,suspension or discontinuation of the Site or any portion thereof.
7.

DISCLAIMERS

ANY CONTENT ON THE SITE, INCLUDING WITHOUT LIMITATION ANY
INFORMATION, DATA, PRICES CONTAINED ON THE SITE, IS SUBJECT TO
CHANGE OR CEASE PUBLICATION WITHOUT NOTICE. THE SITE AND ALL
CONTENT ON THE SITE IS PROVIDED TO YOU ON AN “AS IS, AS
AVAILABLE” BASIS WITHOUT ANY REPRESENTATIONS OR WARRANTIESOF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT
LIMITED TO, ANY IMPLIED WARRANTIES OF MERCHANTABILITY,
FITNESS FOR PARTICULAR PURPOSE, TITLE, NON-INFRINGEMENT,SECURITY, AVAILABILITY, ACCURACY OR OTHERWISE. THE SITE AS
WELL AS THE MATERIALS CONTAINED THEREIN MAY CONTAIN ERRORS
OF PUBLICATION OR TRANSMISSION.
The content on the Site does not constitute an offer of any kind, but is merely
informational in nature and provided for your convenience and is no substitute forspecific advice or personal verification. Certain information contained on the Site has
been obtained from sources believed to be reliable, but its accuracy and completenessare not guaranteed. SANDERS shall not be responsible for errors in such informationor other defects. Under no circumstances shall SANDERS be liable for any loss ordamage caused by a user’s reliance on any information obtained through the Site. It issolely the responsibility of the user to evaluate the accuracy, completeness, orusefulness of any information or services available through the Site. You
acknowledge and agree that SANDERS shall incur no liability based on any problems
with the Site or its unavailability.
The contents of the Site are provided for informational purposes only and are notintended to provide legal, tax, investment, or financial planning advice. In using theSite, you agree that you are responsible for your own investment research anddecisions, that you will not rely on the Site as the primary basis for your investment
decisions, and, except as otherwise provided herein, SANDERS will not be liable forany actions you take based on information you receive via the Site. You assume all
responsibility and risk associated with your use of the Site and the Internet generally.
8.

NO LIABILITY

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAWS, SANDERS,ITS SUBSIDIARIES, AFFILIATES AND RESPECTIVE OFFICERS, DIRECTORS,EMPLOYEES AND AGENTS SPECIFICALLY DISCLAIM, AND SHALL NOTUNDER ANY CIRCUMSTANCES INCUR, ANY LIABILITY (WHETHERUNDER FEDERAL OR STATE LAW OR IN TORT, CONTRACT, STRICTLIABILITY OR OTHERWISE AND WHETHER FORESEEABLE OR NOT) FOR
ANY LOSSES AND EXPENSES OF WHATEVER NATURE ARISING OUT OF
OR IN ANY WAY RELATED TO ACCESS TO OR USE OF THE SITE OR ITSCONTENTS, INCLUDING WITHOUT LIMITATION ANY DIRECT, INDIRECT,
SPECIAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES, OR DAMAGESRELATING TO LOSS OF USE, LOSS OF DATA, LOSS CAUSED BY A VIRUS,
WORM, TROJAN HORSE PROGRAM OR OTHER DISABLING CODE(REGARDLESS OF THEIR SOURCE), LOSS OF INCOME OR PROFIT, LOSS OF
OR DAMAGE TO PROPERTY, CLAIMS OF THIRD PARTIES, OR OTHERLOSSES OF ANY KIND OR CHARACTER, EVEN IF SANDERS HAS BEEN
ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR LOSSES. YOU
ASSUME THE RISK IN USING THE SITE AND ITS CONTENTS AS WELL AS
TOTAL RESPONSIBILITY FOR ESTABLISHING SUCH PROCEDURES FORDATA BACK UP AND VIRUS CHECKING AS YOU CONSIDER NECESSARY.
9.

INDEMNIFICATION

You agree to indemnify, defend, and hold SANDERS harmless from any liability,
loss, claim and expense, including attorney’s fees, related to your violation of thisAgreement or use of the Site. Nothing in this Agreement shall affect any nonwaivable statutory rights that apply to you. SANDERS reserves the right to assume
the exclusive defense and control (at your expense) of any matter that is subject toindemnification under this section. In such case, you agree to cooperate with any
reasonable requests assisting SANDERS’s defense of such matter.
10.

THIRD PARTY LINKSThe Site may contain hyperlinks to other websites operated by parties other than
SANDERS. Such hyperlinks are provided for your reference only. SANDERS does
not control such websites, and is not responsible for their contents. Neither
SANDERS nor independent third-party providers shall have any liability, contingent
or otherwise, for the accuracy, completeness, timeliness, or correct sequencing of theinformation, or for any decision made or action taken by you in reliance upon theinformation. SANDERS’s inclusion of hyperlinks to such websites does not imply any
endorsement of the material on such websites or any association with their operatorsor any goods or services. SANDERS reserves the right to terminate, modify, orchange the links or sources at any time without notice.
11.

DATA COLLECTION AND USE/COOKIESSANDERS may collect, process and transmit data obtained from and about you in thecourse of your accessing and using the Site and you hereby consent to the collection
and use of such data in SANDERS’s sole discretion without further notice toyou. Additionally, SANDERS may collect aggregate data for statistical and quality
assurance purposes and you hereby consent to the collection and use of suchaggregate data.
The Site may store “cookies,” related to identifying a user’s computer. You areresponsible for your own “cookie” preferences. Please note that changing “cookie”
preferences may affect your ability to access the Site and full functionality may beabsent without the use of cookies. A particularly relevant manner in which we use
cookies is to record when a visitor has seen a policy such as this one, and for generalmonitoring of Site usage. Cookies also provide basic functional purposes. By
continuing to use the Site, you consent to SANDERS’s use of cookies as describedherein.
12.

ASSIGNMENTThis Agreement shall bind and inure to the benefit of you and SANDERS and ourrespective successors and permitted assigns. You may not assign, sublicense, pledge
or transfer any of your rights or obligations under this Agreement to any other personor entity without SANDERS’s prior written consent which may be withheld in
SANDERS’s sole discretion (and any such purposed assignment, pledge or transfer
without such prior written consent shall be void ab initio).
13.

GOVERNING LAW

The Site and its contents are managed from a site located in the State Florida, U.S.A,
and this Agreement is governed by the laws of the State of Florida, U.S.A. You
hereby consent to the exclusive jurisdiction and venue of courts in West Palm Beach,
Florida, U.S.A., in all disputes arising out of or relating to the use of the Site. Use of
the Site is unauthorized in any jurisdiction that does not give effect to all provisions of
this Agreement, including without limitation this Section.
14.

GENERAL

You agree that no customer, joint venture, partnership, employment, or agency
relationship exists between you and SANDERS as a result of this Agreement or use of
the Site. SANDERS’s performance of this Agreement is subject to existing laws andlegal process, and nothing contained in this Agreement is in derogation of
SANDERS’s right to comply with law enforcement requests or requirements relating
to your use of the Site or information provided to or gathered by SANDERS withrespect to such use.
If any part of this Agreement is determined to be invalid or unenforceable pursuant toapplicable law, including, but not limited to, the warranty disclaimers and liability
limitations set forth above, then the invalid or unenforceable provision will be deemedsuperseded by a valid, enforceable provision that most closely matches the intent of
the original provision, and the remainder of the Agreement shall continue in effect.
This Agreement constitutes the entire agreement between you and SANDERS withrespect to the Site and it supersedes all prior or contemporaneous communications andproposals, whether electronic, oral or written, between you and SANDERS withrespect to the Site. A printed version of this Agreement and of any notice given inelectronic form shall be admissible in judicial or administrative proceedings based
upon or relating to this Agreement, to the same extent and subject to the same
conditions as other business documents and records originally generated andmaintained in printed form.
Any rights not expressly granted herein are reserved. All uses of the Site not expressly
addressed in this Agreement are strictly prohibited.

SANDERS’s failure to insist upon or enforce strict performance of any provision ofthis Agreement shall not constitute a waiver of the provision. Neither a course of
dealing or conduct between you and SANDERS nor any trade practices shall bedeemed to modify this Agreement.
15.

PRIVACY AND PROTECTION OF PERSONAL INFORMATIONOur use of your personal information is in accordance with our privacy policy and isincorporated by reference into this Agreement.
16.

CONTACT

Please contact SANDERS at Legal@Sanderscapital.com if you become aware of any
content that you believe to be in violation of this Agreement, including, without
limitation, claims that any content on the Site infringes the copyright of a third party.