Do you know that according to studies by Dalbar for the past 20 years, the S&P 500 Index gained an average of

1 7 6 5 4 3 2 1 0 9 8 7

1 7 6 5 4 3 2 1 0 9 8 7

.

9 4 3 2 1 0 9 8 7 6 5 4

6 4 3 2 1 0 9 8 7 6 5 4

%

annually while the individual investor earned only

7 6 5 4 3 2 1 0 9 8 7

.

2 4 3 2 7 0 9 8 7 6 5 4

6 4 3 2 1 0 6 8 7 6 5 4

%

? The reason for investor underperformance is that the investor was influenced by emotion when making investment decisions, which prevented the investor from judging the best time to buy/sell, thus hurting the total returns performance.

Source: DALBAR, from 1 Jan 1997 to 30 Dec 2016

How emotional investment decisions can be avoided?

Low Volatility Equity Investment Strategy

Past data has shown that Low Volatility Equity Investment
Strategy outperformed the market in the long-term

The cumulative returns of MSCI Low Volatility Index and MSCI World Index for the past 15 years

Important Information
1. The portfolio invests in equity securities that the Investment Manager believes to have fundamentally lower volatility and less downside risks in the future.
2. Invest in emerging markets is subject to higher volatility and higher risks (e.g. liquidity risk, currency risk, political risk, regulatory risk and economic risk).
3. Investment in the portfolio may also involve country risks, equities securities risk, currency risk and liquidity risk. The value of the portfolio can be volatile and can go down substantially within a short period of time. It is possible that the entire value of your investment in the portfolio can be lost.
4. The portfolio is entitled to use financial derivative instruments for hedging and efficient portfolio management purposes which may involve additional risks. In adverse situations, the portfolio’s use of derivative instruments may become ineffective in hedging or efficient portfolio management and the portfolio may suffer significant losses.
5. Dividends may be paid from capital or effectively out of the capital of the Portfolio, which may amount to a partial return or withdrawal of an investor’s original investment or from any capital gains attributable to that original investment and result in an immediate decrease of the Net Asset Value per Share.
6. Investors should not rely on this document alone to make investment decisions.

AB LOW VOLATILITY EQUITY PORTFOLIO

Defence in Motion

The Portfolio seeks to minimize volatility and enhance securities quality, while managing the downside risks actively. It helps investors deal with market uncertainties and capture better returns, offering investors a steady foothold.

Overall Morningstar Rating™ ―― A USD Shares¹

Further information about the Portfolio

Three key strategies of stock selection

Past performance does not guarantee future results. As of 30 September 2018. For illustrative purposes only. Based on AB Low Volatility Equity Portfolio. *Represents factor explicitly used in a proprietary expected-excess-return model. #Return on assets calculated as free cash flow divided by tangible assets. ^Beta: a measure of the volatility in comparison to the market as a whole. An investor cannot invest directly in an index, and their results are not indicative of the performance for any specific investment, including an AB fund. Indices do not include sales charges or operating expenses associated with an investment in a mutual fund, which would reduce total returns.
The calendar year performance for AB Low Volatility Equity Portfolio (Class A, USD) — 24.6% (2013), 9.5% (2014), 5.1% (2015), 3.3% (2016), 18.8% (2017) and 7.8% (2018 YTD). Calculated on an NAV-to-NAV basis with dividend reinvested, in U.S. Dollars, as of 30 September 2018. MSCI World Index: A market capitalisation–weighted index that measures the performance of stock markets in 24 countries.
Source: MSCI and AB.

World-class investment team offers you a global perspective
and risk management capability.

The Portfolio is co-managed by Sammy Suzuki, Kent Hargis and Chris Marx assisted by
68 fundamental analysts, 13 quantitative analysts and 4 advisory members.

AB Low Volatility Equity Portfolio

Source: AB, as of 28 September 2018. A positive distribution does not imply a positive return.

AB Low Volatility Equity Portfolio is part of AB SICAV I (referred to as “AB”). AB is an open-ended investment company with variable capital (société d’investissement à capital variable) incorporated under the laws of the Grand Duchy of Luxembourg. Prior to 5 February 2016, AB’s legal name was ACMBernstein SICAV, its trading name was AllianceBernstein.

¹ Overall Morningstar Rating is a copyright of Morningstar, Inc., 2018. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Morningstar rates mutual funds from 1 to 5 stars based on how well they’ve performed (after adjusting for risk and accounting for sales charges) in comparison to similar funds. Within each Morningstar Category, the top 10% of funds receive 5 stars and the bottom 10% receive 1 star. Funds are rated for up to three time periods-three-, five-, and 10-years and these ratings are combined to produce an overall rating. Funds with less than three years of history are not rated. Ratings are objective, based entirely on a mathematical evaluation of past performance. They’re a useful tool for identifying funds worthy of further research, but shouldn’t be considered buy or sell signals. As of 31 October 2018.

² Currency-hedged share classes use hedging techniques in an attempt to reduce – but not eliminate – fluctuations between the investor’s holdings in a particular currency-hedged share class denominated in the investor’s investing currency and the portfolio’s base currency. The goal is to deliver returns that track the portfolio’s base currency returns more closely. Stand-alone currency symbols represent convenience pricing, which offers the ability to purchase or redeem shares using the currency indicated, which is then converted into the base currency of the portfolio using a market rate at the time of purchase or redemption. Convenience pricing involves no currency hedging and does not seek to provide any protection from currency fluctuations.

Past performance does not guarantee future results. Before investing, investors should review the Fund’s full prospectus, together with the Fund’s Product Key Facts/ Product Highlight Sheets and the most recent financial statements.

Investment Risk: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent a complete investment program. Financial derivative instruments may be used for investment purposes and/or for hedging and EPM purposes which may involve additional risks different form, and, in certain cases, greater than, the risk presented by more traditional investments. Returns denominated in a currency other than the base currency of the fund may increase or decrease as a result of foreign exchange currency fluctuations. These and other risks are described in the Fund’s prospectus. Prospective investors should read the prospectus including risk factors carefully and discuss risk and the fund’s fees and charges with their financial adviser to determine if the investment is appropriate for them.

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

This document is issued by AllianceBernstein Hong Kong Limited and has not been reviewed by the Securities and Futures Commission.

© 2018 AllianceBernstein L.P. The [A/B] logo is a service mark of AllianceBernstein and AllianceBernstein ® is a registered trademark used by permission of the owner, AllianceBernstein L.P. Issue date: 7 Jan 2019.