Ab Select Us Long/Short Overview

December 31, 2017

AB SELECT US LONG/SHORT OVERVIEW

There is no guarantee that any forecasts or opinions in this material will be realized. Information should not be construed as investment advice. Not all products, material or services may be available at all participating firms. Please check with your home office. For home office use only. Not for inspection by, distribution or quotation to, financial advisors or the general public. AB Select US Long/Short Portfolio Overview

Strategy  US Equity Long/Short

Goal  Seeks to participate in the upside potential of the stock market and protect investor capital in down markets

Process  Disciplined process rooted in fundamental analysis and macro and market insights, combined with an unconstrained approach and flexibility to respond to market conditions

Team  Kurt Feuerman, CIO, and Anthony Nappo, Co-CIO, supported by a team of dedicated analysts averaging 20 years of investment experience and 11 years of team experience

Performance  Has generated attractive risk-adjusted returns versus its Morningstar peers since inception

As of December 31, 2017 Past performance does not guarantee future results. Historical information is provided for illustrative purposes only. Source: AB

For home office use only. Not for inspection by, distribution or quotation to, the general public. AB Select US Long/Short | 1 AB Select US Long/Short Portfolio Overview

Characteristics Core Beliefs

Strategy US Equity Long/Short  Market participation: Expect markets to rise in the long Large, Flexible Capitalization run; disciplined bottom-up analysis uncovers opportunities Small & Mid Core, Opportunistic Tilts to Investment Style  Emphasis on capital preservation: Protecting investors’ Value or Growth capital is key to long-term success Benchmark S&P 500  Responsive: Emphasize long-term fundamentals, but Number of Holdings 70−120 adjust expectations based on short-term market Beta 0.57 environment

Dollar Turnover +500%  Dynamic: Tilt Portfolio opportunistically by theme and sector Name Turnover ~50%−60%

Net Exposure Range 30%–70%  Unconstrained: Unbiased by style or capitalization Position Limits Max 10% Non-US

For illustrative purposes only. There can be no assurance that any investment objectives will be achieved. Beta shown for the AB Select US Long/Short Portfolio advisor shares to the S&P 500 from January 1, 2013, through December 31, 2017. Source: S&P and AB

For home office use only. Not for inspection by, distribution or quotation to, the general public. AB Select US Long/Short | 2 A Time-Tested Process

1993 Named Lead Portfolio Dec 2012 Manager for a US Equity 1998 June 2011 Launched AB Select US strategy at Morgan Stanley Barron’s Equity Manager of Year Joined AB Long/Short Portfolio

1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 Present

Late 1998 Late 1999 2006 Dec 2011 Joined Caxton Launched Select US Equity Launched first separately Launched AB Select Long/Short Strategy managed account at Caxton US Equity Portfolio

Historical analysis does not guarantee future results. As of December 31, 2017

For home office use only. Not for inspection by, distribution or quotation to, the general public. AB Select US Long/Short | 3 Philosophy

We believe that the key to long-term growth is to participate in the markets’ upside and protect on the downside.

For home office use only. Not for inspection by, distribution or quotation to, the general public. AB Select US Long/Short | 4 Investment Team

Anthony Nappo, CFA Kurt Feuerman Co-CIO CIO

Healthcare & Energy Sectors Lead Portfolio Manager 22 Years’ Industry Experience 36 Years’ Industry Experience 16 Years’ Team Experience

Portfolio Managers/Research Analysts

Scott Grossman, CFA Tiffany Hsia Alan Kassan Technology & Telecom Internet, Consumer Staples & Retail Media & Gaming 21 Years’ Industry Exp. 15 Years’ Industry Exp. 39 Years’ Industry Exp. 18 Years’ Team Exp. Nine Years’ Team Exp. 16 Years’ Team Exp.

Matthew Blickman, CFA Luke Teng Industrials & Financials Media & Gaming Ten Years’ Industry Exp. 12 Years’ Industry Exp. Five Years’ Team Exp. Four Years’ Team Exp.

Robert Arendt Matthew Egge Robert Milano Execution Trader Execution Trader Portfolio Specialist 20 Years’ Industry Exp. 11 Years’ Industry Exp. Five Years’ Industry Exp. 14 Years’ Team Exp. Five Years’ Team Exp. Four Years’ Team Exp.

As of December 31, 2017 Team members are subject to change. Source: AB

For home office use only. Not for inspection by, distribution or quotation to, the general public. AB Select US Long/Short | 5 Investment Process Overview Generating Consistent Alpha

Stock Selection

Generate Ideas and Select Stocks Through In-Depth, Fundamental Company Research

Balance Long- Integrate Term Outlook Top-Down Views Risk with Near-Term with Best Ideas Risks Management Macro and Market Insights

For illustrative purposes only. There can be no assurance that any investment objectives will be achieved.

For home office use only. Not for inspection by, distribution or quotation to, the general public. AB Select US Long/Short | 6 Stock Selection Uncovering Ideas, Dimensioning Opportunity

Focus on Well-Defined Investment Universe  US large- and mid-cap stocks  Style-agnostic  Opportunistically invest in small-cap and foreign stocks Prefer Companies with…  Understandable business models  Strong cash flow and shareholder-friendly actions  Potential for earnings growth above consensus over 3–5 years Assess Upcoming Catalysts  Earnings inflection points  Multiple expansion due to changing investor sentiment High-Conviction  Management actions to unlock value Stocks

For illustrative purposes only. There can be no assurance that any investment objectives will be achieved.

For home office use only. Not for inspection by, distribution or quotation to, the general public. AB Select US Long/Short | 7 Three Levers of Risk Management Balancing Long-Term Conviction with Near-Term Risks

Security-Level Risk Management Security-Level Adjustments

 Near-term risks such as high expectations or macro headwinds can Net Equity impact stock prices. We adjust individual position sizes in an effort to Exposure reduce downside risk and capitalize on opportunities

Security- Level Adjustments Portfolio-Level Risk Management Long Book Beta

 We opportunistically tilt the beta of the long portfolio by managing Long Book Beta exposure to defensive, cyclical and secular growth stocks Net Equity Exposure

 Depending on our view of market conditions, we adjust the portfolio’s net equity exposure through the use of longs, shorts and cash

For illustrative purposes only. There can be no assurance that any investment objectives will be achieved.

For home office use only. Not for inspection by, distribution or quotation to, the general public. AB Select US Long/Short | 8 Risk Management Security-Level Adjustments

Near-Term Risk Factors  High expectations  Earnings disappointment  Macro headwinds  Binary event risks (e.g., regulatory, legal)

Long-Term Company Outlook  Strong fundamentals  Favorable macro, market and industry environments  Secular tailwinds

For illustrative purposes only. There can be no assurance that any investment objectives will be achieved.

For home office use only. Not for inspection by, distribution or quotation to, the general public. AB Select US Long/Short | 9 Risk Management Long Book Beta Management

 Tilt portfolio toward the most advantageous Portfolio Sector Weights (Percent) opportunity set in response to market action

15 19 17 16 17 20 21 27 22 22 23 25 26 25 26 26 23  Dynamically manage beta of the Portfolio 33 30 29 31

21 17 20 16 23 19 24  Strike desired balance between defensive, cyclical 14 29 24 19 27 22 23 23 11 23 30 and secular growth groups 23 23 31

64 66 60 62 63 59 59 55 57 54 55 56 51 50 48 51 52 47 45 43 46

4Q:1Q:2Q:3Q:4Q:1Q:2Q:3Q:4Q:1Q:2Q:3Q:4Q:1Q:2Q:3Q:4Q:1Q:2Q:3Q:4Q: 12 13 13 13 13 14 14 14 14 15 15 15 15 16 16 16 16 17 17 17 17

Cyclicals Secular Growth Defensives

There can be no assurances fund objectives will be achieved. As of December 31, 2017 Numbers may not sum due to rounding. Sectors are subject to change. Portfolio characteristics are subject to change. Categories based on the portfolio manager’s evaluation of each holding’s historical beta. Source: AB

For home office use only. Not for inspection by, distribution or quotation to, the general public. AB Select US Long/Short | 10 Risk Management Adjusting Net Equity Exposure to Respond to a Changing Market Landscape

Select US Equity Long/Short Strategy Exposure

120 Gross Long 70.77%

100 Gross Short –3.53% Net Exposure Gross Long Net Exposure 67.24% 80

–20 Gross Short –40 Dec 12 Jun 13 Dec 13 Jun 14 Dec 14 Jun 15 Dec 15 Jun 16 Dec 16 Jun 17 Dec 17

As of December 31, 2017 Portfolio characteristics are subject to change. Source: AB

For home office use only. Not for inspection by, distribution or quotation to, the general public. AB Select US Long/Short | 11 Why AB Select US Long/Short Portfolio?

Why Equity  Minimize drawdowns and protect capital in difficult markets Long/Short?  Provides a lower beta and lower volatility equity solution, resulting in attractive risk-adjusted returns

Why Now?  US equity valuations are elevated relative to recent history  The market is in its tenth straight year of positive returns since the global financial crisis

Why AB?  Led by an experienced manager, Kurt Feuerman, who has 36 years of investment expertise and 19 years of managing this strategy  Has provided consistent and attractive risk-adjusted returns for clients since the Fund’s inception

For illustrative purposes only. There can be no assurance that any investment objectives will be achieved.

For home office use only. Not for inspection by, distribution or quotation to, the general public. AB Select US Long/Short | 12 STRATEGY REVIEW

For home office use only. Not for inspection by, distribution or quotation to, the general public. AB Select US Long/Short | 13 AB Select US Long/Short Portfolio Overall Morningstar RatingTM—Advisor Shares Total Returns, Advisor Shares Rated against 202 funds in the Long/Short Equity category, based on risk-adjusted returns

Periods Ended December 31, 2017 4Q YTD One Three Five Since 2017 2017 Year Years Years Inception

AB Select US Long/Short Portfolio 5.2% 12.6% 12.6% 5.4% 8.0% 7.9%

Morningstar US Fund Long/Short Equity 3.4 11.2 11.2 3.9 6.2 6.4 Peers

S&P 500 Total Return 6.6 21.8 21.8 11.4 15.8 15.6

Morningstar (Peer Group) Percentile Rank 26th 46th 46th 36th 32nd 34th

Gross: 1.88% Net: 1.81%†

The performance shown above represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting www.abfunds.com. The investment return and principal value of an investment in the Portfolio will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Advisor Class shares have no front-end or contingent deferred sales charges; however, when purchased through a financial advisor, additional fees may apply. Returns for other share classes will vary due to different charges and expenses. Performance assumes reinvestment of distributions and does not account for taxes. Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions. †This reflects the Advisor’s contractual waiver of a portion of its advisory fee and/or reimbursement of a portion of the Fund’s operating expenses. This waiver extends through October 31, 2018, and may be extended by the Advisor for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. Net expense is actual cost paid by investor, displayed as a percentage of the Fund’s net assets. The Fund’s Advisor Class share inception date is December 12, 2012 Relative to the Morningstar US Fund Long/Short Equity category. Funds within the category generally have similar investment objectives, although some may have different investment policies. Source: Morningstar, S&P and AB For home office use only. Not for inspection by, distribution or quotation to, the general public. AB Select US Long/Short | 14 Contribution 4Q:2017

Contribution to Return (Basis Points) Largest Contributors and Detractors

Contributors 112 554  Crown Castle International  Microsoft 432 10  Bank of America  McDonald’s  Alphabet

Detractors  iShares NASDAQ Biotechnology ETF  eBay  Pandora Media

Market Short Long Total  Athene Holdings Exposure Selection Selection  Allergan

As of December 31, 2017 Past performance does not guarantee future results. It should not be assumed that investments made in the future will be profitable or will equal the performance of these selected investments. Subject to change. Portfolio characteristics based on net assets. Long holdings displayed. Absolute contribution to return (not relative to S&P 500). Contribution to return is gross of fees. Contribution of equity exposure only, does not include contribution from cash and equivalents Source: AB

For home office use only. Not for inspection by, distribution or quotation to, the general public. AB Select US Long/Short | 15 Contribution YTD:2017

Contribution to Return (Basis Points) Largest Contributors and Detractors

Contributors 178 1387  Honeywell International  McDonald’s 1205 4  Northrop Grumman  Alphabet  Apple

Detractors  Goldman Sachs  Campbell Soup  Kroger

Market Short Long Total  Pandora Media Exposure Selection Selection  AutoZone

For home office use only. Not for inspection by, distribution or quotation to, the general public. AB Select US Long/Short | 16 Portfolio Characteristics

Sector Weights (Percent) 10 Largest Holdings (Percent)

Long Short Net Crown Castle International 3.27

Technology 16.5 — 16.5 McDonald’s 2.96 Financials 10.7 — 10.7 Consumer Discretionary 11.1 −0.5 10.6 Northrop Grumman 2.81 Industrials 6.6 −0.3 6.3 Alphabet 2.80 Health Care 6.3 −0.1 6.2 Energy 4.4 −0.1 4.3 Berkshire Hathaway 2.24 Consumer Staples 3.7 — 3.7 Apple 2.21 Materials 3.2 −0.1 3.1 Real Estate 3.3 −0.7 2.6 Norfolk Southern 1.99 Funds and Investment Trusts 2.0 −0.3 1.7 SunTrust Banks 1.76 Utilities 1.7 — 1.7 Telecom 1.5 — 1.5 Microsoft 1.76 Equity Index Futures — −1.5 −1.5 Total 70.8 −3.5 67.2 Bank of America 1.72

As of December 31, 2017 Holdings are subject to change. Numbers may not sum due to rounding. Portfolio characteristics based on net assets. Long holdings displayed Source: AB

For home office use only. Not for inspection by, distribution or quotation to, the general public. AB Select US Long/Short | 17 Macro and Market Insights Current Secular Themes Financial Stock  Financial crisis headwinds are starting to turn into tailwinds Resurrection  Positive bank stress tests allow more capital to be returned to shareholders; lower compliance and interest costs would boost profits; repatriation holiday and lower corporate tax rates should also help  In favor: barbell of regional and “bulge-bracket” banks

Tax Reform  Now that tax reform has become a reality, earnings estimates should rise, corporate free cash flow should Tailwinds go up and capital expenditure expensing for tax purposes should fuel higher business investment  Zero-tax states may see accelerated growth, as companies and individuals move to reduce their tax bills  In favor: cyclicals, including select financials, energy, industrials, technology and consumer discretionary

Data is the  Just as oil once dictated growth for the economy, data is the new “commodity,” and technology New Oil companies are developing global growth platforms around data capabilities  This shift is disruptive for many businesses and there will be clear winners and losers  In favor: internet/technology companies, those consumer and media companies that are adapting

Accelerating US  Economic growth is strong, oil prices have improved, the dollar is considerably weaker than a year ago Economic Growth and tax reform should encourage domestic investment  In favor: financials, industrials, energy, materials and select consumer

Striking a  Cyclicals look compelling, but exciting trends continue to support secular growth stock valuations Cyclical/Growth  In favor: high-quality cyclicals paired with defensive and secular growth stocks Balance

As of December 31, 2017 There can be no assurance that any investment objectives will be met. Themes and rationale are subject to change. Source: AB; see Important Information.

For home office use only. Not for inspection by, distribution or quotation to, the general public. AB Select US Long/Short | 18 RELATED PERFORMANCE

The performance of the Strategy is not the same as that of the mutual fund and, although similar, they do not have the exact same portfolio construction.

For home office use only. Not for inspection by, distribution or quotation to, the general public. AB Select US Long/Short | 19 Seeks to Provide Absolute Alpha

Calendar Returns USD (Percent)

34.4 24.6 21.6 18.8 20.5 15.7 16.9 13.0 14.3 13.2 9.1 10.6 11.7 10.5 10.2 10.5 7.7 6.8 6.8 8.1 6.5 7.4 5.5 10.4 3.3 4.3 0.4 0.5 0.6 1.8

−0.3 −4.7 −1.0 −8.0 −8.4

−26.6

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 Select US Equity Long/Short HFRI Equity Hedge

Select US Equity Long/Short Annualized Return: 9.0% Select US Equity Long/Short Annualized Volatility: 6.3% HFRI Equity Hedge Annualized Return: 5.3% HFRI Equity Hedge Annualized Volatility: 8.2%

As of December 31, 2017 Past performance does not guarantee future results. Historical information provided is for illustrative purposes only. The performance results displayed represent the investment performance record for the institutional AB Select US Equity Long/Short Strategy (the “Composite”) net of fees: inception—December 31, 1999. The performance of the Composite is not the same as that of the mutual fund and, although similar, they do not have the exact same portfolio construction. An investor generally cannot invest in an index. This is supplemental information to the GIPS-compliant performance and disclosure page. Source: Hedge Fund Research and AB; see Performance Disclosure.

For home office use only. Not for inspection by, distribution or quotation to, the general public. AB Select US Long/Short | 20 Consistent Performance, with Track Record of Capital Preservation

Strive for Consistent, Positive Returns Manage Upside Potential with Downside Protection Distribution of Monthly Returns (Frequency) Up-Capture/Down-Capture Ratio Since Inception 120 53% 100

NumberofPeriods 20

0 18%

>10

<-10

0 0 2 to 2 4 to 4 6 to 6 8 to

-2to 0

8 8 10 to

-8to -6 -6to -4 -4to -2 -10 -10 -8 to

AllianceBernstein Select US Equity Long/Short COMPOSITE NET S&P 500 (TR) HFRI Equity Hedge (Total) Index Up Capture Down Capture

As of December 31, 2017 Past performance does not guarantee future results. There can be no assurance that any investment objectives will be met. The performance results displayed represent the investment performance record for the institutional AB Select US Equity Long/Short Strategy (the “Composite”) net of fees: inception—December 31, 1999. The performance of the Composite is not the same as that of the mutual fund and, although similar, they do not have the exact same portfolio construction. Investors generally cannot invest in an index, and its performance does not reflect the performance of any AB portfolio. This is supplemental information to the GIPS-compliant performance and disclosure page. Source: Hedge Fund Research, Morningstar, S&P and AB; see Performance Disclosure.

For home office use only. Not for inspection by, distribution or quotation to, the general public. AB Select US Long/Short | 21 Focused on Downside Protection

Manage Drawdowns Through Tough Markets Underwater Drawdown Portfolio’s Maximum Drawdown Since Inception (Percent)* Since Inception (Percent) 0

–10 −10.0 –20

–30

–40 −30.6

–50

–60 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 −50.9 Select US Equity Long/Short Composite (Net) HFRI Equity Hedge (Total) Select US HFRI Equity S&P 500 Equity Long/Short Hedge S&P 500 (Total Return)

As of December 31, 2017 Past performance does not guarantee future results. There can be no assurance that any investment objectives will be met. The performance results displayed represent the investment performance record for the institutional AB Select US Equity Long/Short Composite (the “Composite”) net of fees: inception—December 31, 1999. The performance of the Composite is not the same as that of the mutual fund and, although similar, they do not have the exact same portfolio construction. *Drawdown is the peak-to-trough decline during a specific record period of an investment. A drawdown is usually quoted as the percentage between the peak and the trough. Maximum drawdown period shown is from June 1, 2008 through February 28, 2009. Investors generally cannot invest in an index, and its performance does not reflect the performance of any AB portfolio. This is supplemental information to the GIPS- compliant performance and disclosure page. Source: Hedge Fund Research, S&P and AB; see the Performance Disclosure.

For home office use only. Not for inspection by, distribution or quotation to, the general public. AB Select US Long/Short | 22 Managing Market Beta in Extreme Environments

S&P Monthly Returns (Percent) 15

–5

–10 S&P 500 Average Return Select US Long/Short Average Return –15 <–10 –10 to –8 –8 to –6 –6 to –4 –4 to –2 –2 to 0 0 to 2 2 to 4 4 to 6 6 to 8 >8

Average Net 12% 20% 33% 45% 50% 49% 50% 55% 54% 49% 38% Exposure

As of December 31, 2017 Past performance does not guarantee future results. The performance results displayed represent the investment performance record for the institutional AB Select US Equity Long/Short Composite (the “Composite”) net of fees: inception—December 31, 1999. The performance of the Composite is not the same as that of the mutual fund and, although similar, they do not have the exact same portfolio construction. Investors generally cannot invest in an index, and its performance does not reflect the performance of any AB portfolio. This is supplemental information to the GIPS-compliant performance and disclosure page. Source: S&P and AB; see the Performance Disclosure.

For home office use only. Not for inspection by, distribution or quotation to, the general public. AB Select US Long/Short | 23 Attractive Long-Term Investment

Hypothetical Growth of US$1,000 Invested Since Inception 5,000

AB Select US Equity Long/Short

4,000

3,000

HFRI Equity Hedge US US Dollars 2,000

S&P 500 1,000

0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

As of December 31, 2017 Past performance does not guarantee future results. Historical information provided is for illustrative purposes only. The performance results displayed represent the investment performance record for the institutional AB Select US Equity Long/Short Strategy (the “Composite”) net of fees: inception—December 31, 1999. The performance of the Composite is not the same as that of the mutual fund and, although similar, they do not have the exact same portfolio construction. Investors generally cannot invest in an index, and its performance does not reflect the performance of any AB portfolio. This is supplemental information to the GIPS-compliant performance and disclosure page. Source: Hedge Fund Research, S&P and AB; see Performance Disclosure.

For home office use only. Not for inspection by, distribution or quotation to, the general public. AB Select US Long/Short | 24 Historically, Strong Long-Term Performance

Periods Ended December 31, 2017 4Q One Three Five 10 Since 2017 Year Years Years Years Inception

AB Select US Long/Short Strategy 4.3% 10.4% 4.7% 6.8% 5.0% 9.0%

HFRI Equity Hedge 3.2 13.2 5.7 6.6 3.2 5.3

S&P 500 6.6 21.8 11.4 15.8 8.5 5.4

Past performance does not guarantee future results. The performance results displayed represent the investment performance record for the institutional AB Select US Equity Long/Short Composite (the “Composite”) net of fees: inception—December 31, 1999. Performance is net of all fees and expenses (including a 1% management fee and 20% incentive fee). Individual client returns may vary from fund returns due to a variety of factors, including, but not limited to, fees and expenses, timing of investment, cash-flow activity, investment vehicle, or share class. This is supplemental information to the GIPS-compliant performance and disclosure page. The performance of the Composite is not the same as the mutual fund and, although similar, they do not have the exact same portfolio construction. Investors generally cannot invest in an index, and its performance does not reflect the performance of any AB portfolio. Source Hedge Fund Research, S&P and AB; see Performance Disclosure.

For home office use only. Not for inspection by, distribution or quotation to, the general public. AB Select US Long/Short | 25 AB Select US Equity Long/Short Strategy Returns-Based Statistics

Select US HFRI Equity Equity L/S Strategy Hedge S&P 500 Portfolio Returns Total Cumulative Return 373.73% 152.53% 157.89% Annualized Rate of Return 9.03% 5.28% 5.40% Average Monthly Return 0.74% 0.46% 0.53% Portfolio Returns Distribution Standard Deviation of Monthly Return (Annualized) 6.28% 8.23% 14.52% Downside Deviation (0.0%) 3.29% 5.82% 10.53% Percentage of Positive Months 67.59% 63.89% 63.89% Percentage of Negative Months 32.41% 36.11% 36.11% Portfolio Returns Relative to S&P 500 Beta to S&P 500 0.29 0.44 — Correlation to S&P 500 0.67 0.78 — Correlation in Down Market 0.31 0.57 — Annualized Alpha 7.25% 2.72% — Sharpe Ratio 1.14 0.46 0.32 Sortino Ratio (3% Minimum Accepted Return) 1.73 0.38 0.22

As of December 31, 2017 Past performance does not guarantee future results. The performance results displayed represent the investment performance record for the institutional AB Select US Equity Long/Short Composite (the “Composite”) net of fees: inception—December 31,1999. The performance of the Composite is not the same as that of the mutual fund and, although similar, they do not have the exact same portfolio construction. Investors generally cannot invest in an index, and its performance does not reflect the performance of any AB portfolio. This is supplemental information to the GIPS-compliant performance and disclosure page. Source: Hedge Fund Research, S&P and AB; see Performance Disclosure.

For home office use only. Not for inspection by, distribution or quotation to, the general public. AB Select US Long/Short | 26 APPENDIX

For home office use only. Not for inspection by, distribution or quotation to, the general public. AB Select US Long/Short | 27 Macro and Market Insights Integrating Top-Down Views with Best Ideas

Macro and Market Insights  Macro Environment  Economic Indicators  Technical Indicators  Credit Markets High- AB Select Conviction US Long/Short Stocks Portfolio (70–120 Stocks) Secular Themes  Financial Stock Resurrection  Tax Reform Tailwinds  Data is the New Oil  Accelerating US Economic Growth  Striking a Cyclical/Growth Balance

There can be no assurance that any investment objectives will be met. For illustrative purposes only

For home office use only. Not for inspection by, distribution or quotation to, the general public. AB Select US Long/Short | 28 AB Select US Equity Strategies

Select US Equity Portfolios Kurt Feuerman, CIO $12,666 Million

Long/Short Equity Strategy Long-Only Equity Strategy $2,156 Million $10,510 Million

Limited Partnership Limited Partnership $90 Million $642 Million Separately Managed Accounts Separately Managed Accounts $110 Million $5,564 Million Lux Mutual Fund Lux Mutual Fund $997 Million $4,013 Million US Mutual Fund US Mutual Fund $959 Million $292 Million

As of December 31, 2017 Values are estimates. Numbers may not sum due to rounding. Source: AB

For home office use only. Not for inspection by, distribution or quotation to, the general public. AB Select US Long/Short | 29 Macro and Market Insights

Macro Economic Technical Credit Environment Indicators Indicators Markets

 Yield curve  Corporate earnings (S&P)  Volumes  Corporate spreads  Stock market valuations  Consumer outlook  Prices  Liquidity flows (confidence/pending)  Financial regulation  VIX  Bankruptcies  Manufacturing  Monetary policy trends (ISM)  Tail-risk metrics  Defaults  Currency trends  Housing  Correlations

 Inflation  Employment/payrolls  Interest rates  Personal and small- business lending  Political environment (loan demand)  Corporate profit margins

For illustrative purposes only

For home office use only. Not for inspection by, distribution or quotation to, the general public. AB Select US Long/Short | 30 Investment Team Profiles

Kurt Feuerman Kurt Feuerman is Chief Investment Officer of Select US Equity Portfolios, focusing primarily on equity securities traded on US exchanges. Prior to joining the firm in June 2011, he was a senior CIO—Select US Equity managing director and senior trader with Caxton Associates for more than 12 years, and a Portfolios managing director for nine years with Morgan Stanley, where his responsibilities included managing part of the firm’s US equity business. Earlier, Feuerman was a managing director with Drexel Burnham Lambert for six years, specializing as a sell-side securities analyst. He began his career in 1982 at the Bank of New York. Feuerman holds a BA in philosophy from McGill University, an MA in philosophy from Syracuse University and an MBA in finance from Columbia University. Location: New York

Anthony Nappo, CFA Anthony Nappo is Co-Chief Investment Officer for the Select US Equity Portfolios and a Portfolio Manager/Research Analyst covering healthcare and energy. Before joining the firm in 2011, Co-CIO—Select US Equity Nappo was a portfolio manager at Surveyor Capital, a group within Citadel LLC, where he Portfolios managed a long/short healthcare portfolio and an analyst team. Prior to that, he was a portfolio manager with Caxton Associates for eight years, in charge of healthcare and energy for both long/short and long-only strategies. Nappo started his career in finance as an equity research analyst at J.P. Morgan Securities. He graduated first in his class with a BS in management from Binghamton University and holds an MBA in finance from the University of Pennsylvania’s Wharton School. Nappo is a CFA charterholder and member of the CFA Institute and the New York Society of Security Analysts. Location: New York

Source: AB

For home office use only. Not for inspection by, distribution or quotation to, the general public. AB Select US Long/Short | 31 DISCLOSURES

For home office use only. Not for inspection by, distribution or quotation to, the general public. AB Select US Long/Short | 32 Important Information

Investors should consider the investment objectives, risks, charges and expenses of the Fund/Portfolio carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.

A Word About Risk Market Risk: The market values of the Portfolio’s holdings rise and fall from day to day, so investments may lose value. Capitalization-Size Risk (Small/Mid): Small- and mid-cap stocks are often more volatile than large-cap stocks—smaller companies generally face higher risks due to their limited product lines, markets and financial resources. Foreign (Non-US) Risk: Non-US securities may be more volatile because of the political, regulatory, market and economic uncertainties associated with such securities. Fluctuations in currency exchange rates may negatively affect the value of the investment or reduce returns. These risks are magnified in emerging or developing markets. Derivatives Risk: Investing in derivative instruments such as options, futures, forwards or swaps can be riskier than traditional investments, and may be more volatile, especially in a down market. References to specific securities are presented to illustrate the application of our investment philosophy only and are not to be considered recommendations by AB. The specific securities identified and described in this presentation do not represent all of the securities purchased, sold or recommended for the portfolio, and it should not be assumed that investments in the securities identified were or will be profitable.

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI.

For home office use only. Not for inspection by, distribution or quotation to, the general public. AB Select US Long/Short | 33 Performance Disclosure Select US Equity Long/Short Composite (in US Dollar)

For home office use only. Not for inspection by, distribution or quotation to, the general public. AB Select US Long/Short | 34 AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the manager of the funds.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein® is a registered service mark used by permission of the owner, AllianceBernstein L.P.