GLOBAL CAPITAL MARKETS OUTLOOKGROWTH CONTINUES BUT INFLATION STAYS LOW…FOR NOW

Guy Bruten Senior Economist—Asia Pacific

Anthony Chan Asian Sovereign Strategist

Third Quarter 2017

This presentation is provided by AllianceBernstein Australia Limited. This presentation does not constitute “personal advice,” as defined in the Corporations Act 2001.This presentation booklet has been

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1|GCMO 3Q 2017

As of 30 June 2017

Past performance does not guarantee future results.

Global high yield, global corporates, and Japan and euro-area government bonds in hedged USD terms. All other non-US returns in unhedged USD terms. Emerging-market debt

returns are for dollar-denominated bonds as represented by the J.P. Morgan Emerging Markets Bond Index Global. An investor cannot invest directly in an index, and its

performance does not reflect the performance of any AB portfolio. The unmanaged index does not reflect the fees and expenses associated with the active management of a

portfolio.

*Real estate investment trusts. †Returns reflect HFRI index returns (see disclaimer pages for index definitions).

Source: Bloomberg Barclays, FactSet, FTSE, HFR, J.P. Morgan, Morningstar, MSCI, Standard & Poor’s (S&P) Dow Jones and AB

Returns in US Dollars (Percent)

Returns Continued in the Second Quarter...but with Differences

1.0

10.6

7.7

5.5

5.0

11.8

4.4

4.9

1.0

6.2

9.9

15.6

11.2

2.4

1.4

12.0

7.5

–0.7

1.8

0.6

2.3

3.0

–3.0

1.0

0.4

1.2

1.9

2.2

2.2

6.3

5.2

7.5

3.1

4.0

Equities

Government Bonds

Credit

Alternative Assets

Japan

Global High-Yield

US

Euro-Area

Emerging-Market Debt

Emerging-Market

Commodities

Global REITs*

Global Corporate

Europe

World

Japan

US

Alternative

Strategies†

Long/Short Equity

Event-Driven

Relative Value

Macro

Full-Year 2016 Returns 2Q:2017 Returns

–0.8

4.3

2.9

6.3

5.4

–5.3

–0.1

0.4

1.9

3.1

6.2

5.3

18.4

9.9

16.6

9.3

10.7

1H:2017 Returns

2|GCMO 3Q 2017

As of 30 June 2017

Past performance does not guarantee future results.

Global high yield, global corporates, and Japan and euro-area government bonds in hedged USD terms. All other non-US returns in unhedged USD terms. Emerging-market debt

returns are for dollar-denominated bonds as represented by the J.P. Morgan Emerging Markets Bond Index Global. An investor cannot invest directly in an index, and its

performance does not reflect the performance of any AB portfolio. The unmanaged index does not reflect the fees and expenses associated with the active management of a

portfolio.

*Real estate investment trusts. †Returns reflect HFRI index returns (see disclaimer pages for index definitions).

Source: Bloomberg Barclays, FactSet, FTSE, HFR, J.P. Morgan, Morningstar, MSCI, Standard & Poor’s (S&P) Dow Jones and AB

Returns in AUD (Percent)

Returns Continued in the Second Quarter...but with Differences

5.5

12.5

2.9

6.1

6.3

2.3

7.4

10.9

16.8

12.1

11.8

4.0

0.1

12.9

8.0

2.4

–3.5

1.0

1.2

0.6

1.4

2.1

2.0

2.4

5.8

–1.6

5.3

6.8

3.2

3.5

Equities

Government Bonds

Credit

Alternative Assets

Japan

Global High-Yield

US

Euro-Area

Emerging-Market Debt

Emerging-Market

Commodities

Global REITs*

Global Corporate

Europe

World

Japan

US

Full-Year 2016 Returns 2Q:2017 Returns

–0.5

–10.6

2.3

0.3

0.8

2.3

3.5

5.5

5.6

12.0

3.1

5.2

8.9

9.6

4.5

1H:2017 Returns

Australia

Australia

3|GCMO 3Q 2017

Global Forecasts Dashboard

Economic Growth

Solid growth likely to continue in

2018; similar to 2017

Risks tilted in more positive

direction, supported by data. But

probability of significant fiscal boost

has fallen

Weaker Stronger

Inflation

Energy-related rise in headline

inflation has run its course

Inflation expectations move center

stage. Labor market and wage

outcomes now key benchmarks

Monetary Policy

Gradual Fed tightening (Fed funds

1.88% by end of 2018)

ECB tapering and deposit rate hike

to move onto the agenda in 2H:2017

BoJ to stay the course; focus on

yield level, not volume of purchases

Lower Higher Easier Tighter

Key Risks

Politics and protectionism

Fiscal over/underdelivery

China credit crunch/hard landing

Key Risks

Uncertain labor-market slack

Can we trust the Phillips curve?

Key Risks

Shift in central bank reaction functions

More aggressive tightening

PBOC: growth vs. deleveraging

4|GCMO 3Q 2017

US Aggregate Yield to Worst and Level of S&P 500 Index

Policy, Populism and Fundamentals: a US Perspective

As of 30 June 2017

Past performance and current assessment and forecasts do not guarantee future results.

After the Beta Trade is from 1 March 2015, through 30 June 2017. Post-election recap is from 9 November 2016, through 30 June 2017.

Source: Bloomberg, S&P and AB

1,800

1,900

2,000

2,100

2,200

2,300

2,400

2,500

1.7

1.9

2.1

2.3

2.5

2.7

2.9

Sep 14 Jan 15 May 15 Sep 15 Jan 16 May 16 Sep 16 Jan 17 May 17

Inde

x

Yie

ld-t

o-W

ors

t

US Agg Yield

(Left Scale)

S&P Level

US Election

The Pre-Election Picture

Moderate growth/low inflation

Accommodative monetary policy

Lower expected returns

Higher volatility/more dispersion

Post-Election 1: Populist Ascendancy

Yields rose sharply

Equities broadly surged

Stocks priced as winners/losers

according to expected policy impacts

Post-Election 2: Reality Check

New administration’s ability to implement

some policies seen as challenged

Investor focus returned to economic and

financial-market realities

Euphoria ebbed as investors sought

opportunities in areas of economic growth

5|GCMO 3Q 2017

Reflation Revisited

Core CPI & Five-Year-Forward Break-

Even Inflation

0.5

0.7

0.9

1.1

1.3

1.5

1.7

1.9

2.1

2.3

2.5

10 11 12 13 14 15 16 17

Pe

rcen

t

Three Key Non-Policy Drivers Supporting Recent Performance

Left and right displays as of 30 June 2017; middle display through 31 May 2017

Historical analysis and current forecasts do not guarantee future results.

Beta Trade is from 1 October 2010, through February 2015. After Beta Trade is from 1 March 2015, through 30 October 2016. Post-election is from 9 November 2016, through 30

June 2017. 1H:2017 is from 1 January 2017, through 30 June 2017.

Source: Bloomberg, CBOE, Haver Analytics, IHS Markit and AB

Global Growth

Still Moderate, but Broadly Improved

(PMIs)

Volatility Is Lower than Low

S&P 500 VIX

Long-Term Average

19.57

46

48

50

52

54

56

58

10 11 12 13 14 15 16 17

Ind

ex

Five-Year BEI

Core CPI EM

DM

17.7216.37

12.8311.56

BetaTrade

AfterBeta

Trade

Post-Election

1H:2017

6|GCMO 3Q 2017

Global Growth Projections and Monetary Policy Outlooks

As of 30 June 2017

Historical and current analyses and forecasts do not guarantee future results.

GDP represents forecast year-over-year change in real terms. Inflation represents forecast year-over-year change in Consumer Price Index. Expectations for monetary policy are

through end of 2017. *FX change is currency spot return for last 12 months vs. US dollar. FX forecast is AB economists’ return projections for next six months vs. US dollar.

Source: Bloomberg and AB

Country/

Region

GDP (%) Inflation (%)

Expected

Policy Rate

Path

FX

Change*

(%)

FX

Forecast The Latest2017 2018 2017 2018

Global 2.9 2.8 2.4 2.5 — — —

Solid growth; risks tilted in more positive direction but probability of

significant fiscal boost has fallen; global headline inflation softer with

focus now on core inflation

Developed

Countries2.1 1.8 1.5 1.7 — — —

Gradual withdrawal of monetary accommodation; however, the Bank of

Japan likely to lag the US and Europe; modest inflation

Emerging

Countries4.2 4.5 3.9 3.7

— — — Growth has stabilized overall; inflation mostly benign (with some

exceptions); many countries have room to ease monetary policy

US 2.1 1.8 1.8 2.1 — —

Expectations of moderate growth with subdued inflation; one more

increase in official rates likely in 2017; gradual reduction in the Fed’s

balance sheet expected later this year

UK 1.5 1.5 2.7 2.2 –2.2Political uncertainty likely to weigh on growth; higher inflation but the

Bank of England is likely to resist near-term pressure for higher rates

Euro Area 2.1 2.0 1.4 1.3 +2.9

Growth is improving, while inflation is subdued; the European Central

Bank is likely to announce and possibly begin tapering of its asset

purchases by year-end

Japan 1.5 1.3 0.4 0.9 –8.2Continued yield-curve control leading to weaker JPY; less focus on volume

of purchases

China 6.4 5.9 1.5 2.2 –2.0Economy is expected to slow; clear desire to contain leverage risk, but

supporting growth a priority

Brazil 0.6 2.1 3.8 4.1 –2.9Reforms are expected to stay on course, though slowed due to political

risks; monetary easing likely to continue as inflation stabilized

7|GCMO 3Q 2017

Left and right displays as of 30 June 2017; middle display as of 31 March 2017

Historical analysis and current forecasts do not guarantee future results.

Source: IHS Markit, Thomson Reuters Datastream and AB

US Growth—Same Old Same Old: Ongoing Job Gains Drive Moderate,

Healthy Consumption Gains

Rolling Averages Highlight Ongoing

Payrolls Trend

Rolling 12-, 6- and 1-Mo. (Spot) Rates

–1000

–800

–600

–400

–200

0

200

400

00 02 04 06 08 10 12 14 16

Jo

bs (

Th

ou

san

ds)

Workers Living Within Their Means

Earning vs. Spending

–6

–4

–2

0

2

4

6

8

10

00 02 04 06 08 10 12 14 16

Yo

Y P

erc

en

t C

han

ge

Large Gap Between “Hard” and

“Soft” US Macro Data Widens

–5

–4

–3

–2

–1

0

1

2

3

07 08 09 10 11 12 13 14 15 16

Blo

om

berg

US

Eco

no

mic

Su

rprise

In

de

x Soft Data

Hard Data

Personal Consumption

Expenditures

Paychecks

One

Month

Six

Month

12

Month

8|GCMO 3Q 2017

Emerging Markets: Select Opportunities

Select High-Yield USD Sovereigns

Are Attractive

As of 30 June 2017

Historical analysis does not guarantee future results.

EM local is represented by J.P. Morgan Government Bond–Emerging Markets Global Diversified. An investor cannot invest directly in an index, and its performance does not reflect

the performance of any AB portfolio. The unmanaged index does not reflect fees and expenses associated with the active management of a portfolio.

*Eastern Europe, Middle East and Africa

†Yields are for representative sovereign bonds close to three- and 10-year maturities. For Ivory Coast yields are for the 10-year maturities.

Source: Bloomberg, J.P. Morgan and AB

Local-Currency Debt Offers Higher

Yields than US High Yield

Improved Fundamentals Mean EM

Less Vulnerable to Rising Rates

Capital Account and Current Account

Balances

–2

0

2

4

6

8

10

10 11 12 13 14 15 16 17

Yie

ld (

Pe

rce

nt)

US Treasury

10-Year

EM Local

Japanese

Government

Bond 10-Year German

Bund 10-Year

US High Yield

Supported by:

High carry

Some stability in commodity prices

Stable global growth

Examples†:

Argentina: 3.4%–6.4% Yield

Ivory Coast: 6.3% Yield

Brazil: Opportunities in

corporates

–150

–100

–50

0

50

100

150

200

250

00 02 04 06 08 10 12 14 16

US

D B

illio

ns

Africa Asia ex China

EEMEA* LatAm

Total

Turkey: 3.6%–5.1% Yield

9|GCMO 3Q 2017

China: Deleveraging Is the Policy Focus but Over-tightening Unlikely

As of June 2017

*Second derivative change of TSF stock

†Weighted average of nominal growth of fixed asset investment, retail sales and imports

Source: CEIC Data and AB

Credit Impulse and Domestic Demand

YoY Percent Change

Formal vs. Informal Lending

–40

–20

0

20

40

60

80

100

120

0

5

10

15

20

25

30

35

05 06 07 08 09 10 11 12 13 14 15 16 17 18

Domestic Demand Proxy†

(Left Scale)

Credit Impulse

(Forward Six Months)*0.0

0.4

0.8

1.2

1.6

12 13 14 15 16 17

RM

B T

rilli

on

Bank Loans

Shadow Credits

10|GCMO 3Q 2017

China: Supporting SOEs and Priority Sectors at the Expense of Private

As of June 2017

Source: CEIC Data and AB

Manufacturing PMI by Sector Fixed Investment by Sector

44

46

48

50

52

54

Jan16

Mar16

May16

Jul16

Sep16

Nov16

Jan17

Mar17

May17

Ind

ex

Large Enterprise

Medium-Sized Enterprise

Small-Sized Enterprise

–20

–10

0

10

20

30

40

50

60

70

07 08 09 10 11 12 13 14 15 16 17

Yo

Y P

erc

en

t C

ha

nge

(3M

MA

)

Manufacturing

Infrastructure

Housing

11|GCMO 3Q 2017

Asia Inflation: Continued Tame Trajectory Ahead

Historical data through March 31, 2017, forecast through June 30, 2018

Source: Haver Analytics, CEIC Data and AB forecasts

–1

0

1

2

3

4

5

6

7

8

–8

–4

0

4

8

12

16

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Yo

Y P

erc

en

t C

ha

nge

Regional CPI

Regional PPI (Left Scale)

Regional Core

12|GCMO 3Q 2017

Western Populism Could Run Through Several Electoral Cycles…

How Populism Could Reshape Policy

Common Themes

Source: AB

RAISING THE DRAWBRIDGE

Increasing trade protection

Restrictions on capital flows,

foreign direct investment

Increased restrictions on

immigration/cross-border flows

of labour

Withdrawal from supranational

relationships

INSTITUTIONAL EROSION

Erosion of monetary policy

independence: fiscal dominance

Greater use of fiscal policy;

structural budget deficits; loose

constraints

Regulation and the rule of law?

Renationalization of key

industries

REDISTRIBUTION

Increased taxation on

companies and high-income

earners

Minimum-wage increases/

labour market regulation/

universal basic income

Return of collective bargaining

Use of price controls

13|GCMO 3Q 2017

…Resulting in Policies that Fuel a Rise in Inflation Expectations

Populist Policies Tend to Be Inflationary

From Policy Change to Economic Outcomes

Source: AB

RAISING THE DRAWBRIDGE

Lower Growth

Higher Inflation

INSTITUTIONAL EROSION

Greater Macroeconomic Volatility

Higher Inflation

REDISTRIBUTION

Lower Profit Share

Higher Inflation

14|GCMO 3Q 2017

Inflation May Affect Countries Differently This Time

Heading for the Tipping Point…

House Price Indices

…and Recovering from It

Through 31 December 2016

Source: Bank for International Settlements

World’s Hottest Housing Markets Are in Key Commodity Economies

0

100

200

300

400

500

95 97 99 01 03 05 07 09 11 13 15 17

Nom

ina

l, 1

99

5 =

10

0

Norway

Canada

New Zealand

Australia

Sweden

0

100

200

300

400

500

95 97 99 01 03 05 07 09 11 13 15 17

No

min

al, 1

99

5 =

10

0

Ireland

UK

US

Spain

CAGR (% pa) AU CA NZ SD NO

Mar 09–Mar 17 5.3 5.3 5.4 5.4 5.3

CAGR (% pa) US UK ES IE

Mar 09–Mar 17 3.0 3.3 –2.6 –1.5

15|GCMO 3Q 2017

High Investment Activity May Signal a Harder Landing…

*Three-year rolling average

As of 31 March 2017

Source: CEIC Data and Datastream

If High Activity Causes a Hard Fall…

Housing Investment (Percent of GDP)

…Could Demographics Cushion It?

Population Growth*

0

2

4

6

8

10

12

14

16

AU CA NZ SD NW

Max Min Now Average

–1.0

–0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

AU CA NZ SD NW

Max Min Now Average

16|GCMO 3Q 2017

…Just as Trends Turn Ominous for Australia

As of 30 March 2017

Source: Bloomberg, CEIC Data and Datastream

Retail Spending Volumes (Year-over-Year) Residential Building Permits (Starts, Year-over-Year)

–1

0

1

2

3

4

5

6

AU CA NZ SD NW

Six Months Ago Latest 10 Year Average

–20

–15

–10

–5

0

5

10

15

20

AU CA NZ SD NW

Six Months Ago Latest

17|GCMO 3Q 2017

Investing Through the Pendulum Swings

As of 30 June 2017

Current assessment does not guarantee future results.

Source: AB

Evergreen Advice Environment Suggested Actions

Focus Portfolio Design

on Better Up/Down

Capture Generation

Better betas, efficient

structures, targeted alpha

Go Global

Economies/policies not

moving in lockstep

Stay Balanced

Amid uncertainty, don’t

overload

Be Selective/Active

Security and sector

dispersion on the rise

Growth Inflation Favor These… …over These

Heating Up

Small-cap equity

High yield

Inflation protection

Government

bonds

Questionable Balanced rates & credit

Quality & growth equity Inflation protection

Surprise Slip Hedged equities

Government bonds

High yield

Equity

Inflation protection

18|GCMO 3Q 2017

Source: AB

APAC Senior Economists

Guy Bruten joined AllianceBernstein in 2004 and is a member of the firm’s Global Economic

Research team. He is responsible for developing outlooks for the Japanese, Australian and New

Zealand economies, and for incorporating those outlooks into forecasts for interest rates and

currencies. These fundamental forecasts are a key input into the AllianceBernstein Fixed Income

investment process. Prior to joining the firm, Bruten spent four years as Chief Economist for

Macquarie Bank’s Funds Management Group, and five years as a Senior Economist and Interest-

Rate Strategist at SBC Warburg in Sydney and London. Bruten started his career at the

Commonwealth Department of the Treasury in Canberra. He holds a Master’s Degree in

Economics from the Australian National University and a B.Ec with Honours from the University of

Adelaide. Location: Melbourne

Guy Bruten

Senior Economist—

Asia Pacific

Anthony Chan

Asian Sovereign Strategist

Anthony Chan is Asian Sovereign Strategist with primary responsibility for macroeconomic

forecasts and sovereign/interest-rate strategy for the Asian fixed-income markets. Before joining

the firm in 1999, Chan was the chief group economist (Asia) for HSBC Economics and

Investment Strategy, chief regional economist of MeesPierson Securities (Asia), and senior

China/Hong Kong economist of the Economist Intelligence Unit. He holds a BSc (with honours) in

applied economics from the University of East London and an MSc in economic forecasting from

the University of Leeds. He was appointed by the Hong Kong Special Administrative Region

government to serve as an advisor to the Central Policy Unit from 1998 to 2000. Location: Hong

Kong

19|GCMO 3Q 2017

A Word About Risk

The information contained here reflects the views of AllianceBernstein L.P. or its affiliates and sources it believes are reliable as of the date of this publication.

AllianceBernstein L.P. makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion

in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this

publication. This document is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or

accounting advice. It does not take an investor’s personal investment objectives or financial situation into account; investors should discuss their individual

circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or

solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein L.P. or its affiliates.

Important Risk Information Related to Investing in Equity and Short Strategies

All investments involve risk. Equity securities may rise and decline in value due to both real and perceived market and economic factors as well as general

industry conditions.

A short strategy may not always be able to close out a short position on favorable terms. Short sales involve the risk of loss by subsequently buying a security at a

higher price than the price at which it sold the security short. The amount of such loss is theoretically unlimited (since it is limited only by the increase in value of

the security sold short). In contrast, the risk of loss from a long position is limited to the investment in the long position, since its value cannot fall below zero. Short

selling is a form of leverage. To mitigate leverage risk, a strategy will always hold liquid assets (including its long positions) at least equal to its short position

exposure, marked-to-market daily.

Important Risk Information Related to Investing in Emerging Markets and Foreign Currencies

Investing in emerging-market debt poses risks, including those generally associated with fixed-income investments. Fixed-income securities may lose value due to

market fluctuations or changes in interest rates. Longer-maturity bonds are more vulnerable to rising interest rates. A bond issuer’s credit rating may be lowered

due to deteriorating financial condition; this may result in losses and potentially default, or failure to meet payment obligations. The default probability is higher in

bonds with lower, noninvestment-grade ratings (commonly known as “junk bonds”).

There are other potential risks when investing in emerging-market debt. Non-US securities may be more volatile because of the associated political, regulatory,

market and economic uncertainties; these risks can be magnified in emerging-market securities. Emerging-market bonds may also be exposed to fluctuating

currency values. If a bond’s currency weakens against the US dollar, this can negatively affect its value when translated back into US-dollar terms.

Bond Ratings Definition

A measure of the quality and safety of a bond or portfolio, based on the issuer’s financial condition, and not based on the financial condition of the fund itself. AAA

is highest (best) and D is lowest (worst). Ratings are subject to change. Investment-grade securities are those rated BBB and above. If applicable, the Pre-

Refunded category includes bonds which are secured by US government securities and therefore are deemed high-quality investment grade by the advisor.

20|GCMO 3Q 2017

Index DefinitionsFollowing are definitions of the indices referred to in this presentation. It is important to recognize that all indices are unmanaged and

do not reflect fees and expenses associated with the active management of a mutual fund portfolio. Investors cannot invest directly in

an index, and its performance does not reflect the performance of any AB fund.

• MSCI World Index: A market capitalization–weighted index that measures the performance of stock markets in 24 countries. (Represents World equities)

• S&P 500 Index: Includes a representative sample of 500 leading companies in leading industries of the US economy. (Represents US equities)

• MSCI Europe Index: A free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed markets in

Europe. It consists of 15 developed market country indices. (Represents European equities)

• Topix: A free-float adjusted market capitalization-weighted index that is calculated based on all the domestic Japanese common stocks listed on the Tokyo Stock Exchange

(TSE) First Section. (Represents Japanese equities)

• S&P/ASX 300 Index: A float-adjusted and includes up to 300 of Australia’s largest securities by float-adjusted market capitalization. (Represents Australian equities)

• MSCI Emerging Markets Index: A free float–adjusted, market capitalization–weighted index designed to measure equity-market performance in the global emerging markets. It

consists of 21 emerging-market country indices. (Represents Emerging Markets equities)

• Barclays Global High Yield Index: Provides a broad-based measure of the global high-yield fixed-income markets. It represents the union of the US High Yield, Pan-European

High Yield, US Emerging Markets High Yield, CMBS High Yield and Pan-European Emerging Markets High Yield Indices. (Represents Global High Yield)

• Barclays EM USD Aggregate Index: A flagship hard-currency emerging-market-debt benchmark that includes USD-denominated debt from sovereign, quasi-sovereign and

corporate EM issuers. The index is broad based in its coverage by sector and by country, and reflects the evolution of EM benchmarking from traditional sovereign bond indices

to aggregate-style benchmarks that are more representative of the EM investment choice set. (Represents Emerging-Market Debt)

• Barclays Global Aggregate–Corporate Bond Index: Tracks the performance of investment-grade corporate bonds publicly issued in the global market found in the Global

Aggregate. (Represents Global Corporates)

• Barclays US Treasury Index: Includes fixed-rate, local-currency sovereign debt that makes up the US Treasury sector of the Global Aggregate Index. (Represents US

Government Bonds)

• Barclays Global Treasury: Japan Bond Index: Includes fixed-rate, local-currency sovereign debt that makes up the Japanese Treasury sector of the Global Aggregate Index.

(Represents Japan Government Bonds)

• Barclays Global Treasury: Euro Bond Index: Includes fixed-rate, local-currency sovereign debt that makes up the Euro Area Treasury sector of the Global Aggregate Index.

(Represents Euro-Area Government Bonds)

• Bloomberg Composite Bond Index: measure performance of Australian government, semi-government, and investment-grade corporate debt. It is a composite of the UBS

Government Bond Index and the UBS Non-Government Bond Index. (Represents Australian Government Bonds)

• Dow Jones-UBS Commodities Index Total Return: Consists of exchange-traded futures on 19 physical commodities that are weighted to account for economic significance

and market liquidity. (Represents Commodities)

• FTSE EPRA/NAREIT Global Real Estate Index: Designed to represent general trends in eligible real estate equities worldwide. (Represents Global REITs)

21|GCMO 3Q 2017

Disclosures and Important Information

Disclosure on Security Examples

References to specific securities are presented to illustrate the application of our investment philosophy only and are not to be

considered recommendations by AllianceBernstein. The specific securities identified and described in this presentation do not represent

all of the securities purchased, sold or recommended for the Fund, and it should not be assumed that investments in the securities

identified were or will be profitable. Upon request, we will furnish a listing of all investments made during the prior one-year period.

Past performance is not a guide to future performance.

Additional Information

The value of investments and the income from them can fall as well as rise and you may not get back the original amount invested.

The value of securities denominated in a currency other than the Fund’s base currency (USD) will be subject to exchange-rate

fluctuations.

The views and opinions expressed in this presentation are based on AllianceBernstein’s internal forecasts and should not be relied

upon as an indication of future market performance or any guarantee of return from an investment in the Fund or any AllianceBernstein

services.

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data

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