2.

Mortgage Underwriting Standards Have Tightened

1. The Mortgage Market Today Is Very Different from Pre-2008

ABMORTGAGE INCOME PORTFOLIO

3. Past Dividend Payout Record

Source: AB, as of 31 March 2018.

Class AT SharesThe share class below intend to declare and pay monthly dividends. Dividend amount/distribution rate is not guaranteed and may be paid from capital of the Portfolio. (See Important Information 4) Annualized yield is calculated with the following formula: dividend of the month x 12 /ex-dividend price of the month x 100. Positive distribution yield does not imply positive return. The historical data provided below are for information purposes only and do not imply prospective yields of the Portfolio.

Month NAV (USD) DIV (USD)Annualized

Yield03/29/2018 14.14 0.0640 5.43%02/28/2018 14.20 0.0640 5.41%01/31/2018 14.26 0.0640 5.39%12/29/2017 14.27 0.0640 5.38%11/30/2017 14.22 0.0640 5.40%10/31/2017 14.24 0.0640 5.39%

Important Information1. The portfolio invests primarily in mortgage-related securities. It may also invest in fixed and floating rate securities and invest in securities of both Investment Grade

and non-Investment Grade quality originated by a wide array of originators and sponsors.2. Investment in the portfolio may also involve fixed-income securities risks, country risk concentration in US investments, management risk, currency risk, illiquid asset

risk and credit risks. Exposure to lower rated and unrated instruments can subject the Portfolio to greater risk of loss of principal and interest than higher-rated securities. 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.

3. The portfolio is entitled to use financial derivative instruments for hedging and efficient portfolio management purposes which may involve additional risks. In adversesituations, the portfolio's use of derivative instruments may become ineffective in hedging or efficient portfolio management and the portfolio may suffer significantlosses.

4. 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 investors originalinvestment or from any capital gains attributable to that original investment and result in an immediate decrease of the Net Asset Value per Share.

5. Investors should not rely on this document alone to make investment decisions.

Past performance does not guarantee future results. Historical information provided for illustrative purposes only. As of 31 March 2018.The past 5 calendar year performance for Mortgage Income Portfolio (Class A, USD Inception: 20 Feb 2014): 2.24% (Since inception to end of 2014) , 0.46% (2015), 4.67% (2016) , 7.16% (2017) and 0.43% (2018 YTD). Source: AB, calculated on an NAV-to-NAV basis with dividend reinvested, in U.S. Dollars, as of 31 March 2018.US High Yield: Bloomberg Barclays US Corporate High Yield Bond Index. USAggregate: Bloomberg Barclays US Aggregate Bond Index. US Investment GradeCorporates: Bloomberg Barclays US Corporate Investment Grade Index. Investorscannot invest in index directly. Mortgage Income Portfolio returns are for the Ashare class.Source: Bloomberg Barclays and AB. See Index Definitions.

Floating Rate Exposure withLow Duration

Offered Currencies inUSD, EUR and HKD.

AUD, SGD, hedged shareclasses are also available.^

Historical analysis does not guarantee future results. For illustrative purposes only.Left display : Credit Score is as of 31 December 2017, Debt to Income is as of 31 December 2016. Right display as of 31 March 2018. Credit score is represented by FICO score. FICO score is a type of credit score that helps lenders assess borrowers credit risk. Typically, scores above 650 indicated a very good credit history. Figures presented are average characteristics for mortgages backed by Freddie Mac.Source: Freddie Mac, Federal Reserve and National Association of Realtors, Haver Analytics and AllianceBernstein (AB).

Housing Inventory Is Tight in USExisting Homes

Mortgage Income Portfolio: Comparable Yield to US High Yield With Low Duration Duration and Yields

0

2

4

6

8

10

12

14

16

18

20

680

690

700

710

720

730

740

750

760

770

Year

Sco

re

Percentage

00 02 04 06 08 10 12 14 16

The vast majority of borrowers have credit scores above 700

Average Credit Score(Left scale)

Debt to Income 50+%

Months of Supply(Left Scale)

Inventory per Household

Year

Sea

sona

lly A

djus

ted

Mon

ths

of S

uppl

y

0

1

2

3

4

2

4

6

8

10

12

14

Inventory per Household (U

nit)

99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18

Yiel

d-to

-Wor

st (P

erce

nt)

Duration in Years

0.0

2.0

4.0

6.0

8.0

0 2 4 6 8 10

AB Mortgage

Income

US High Yield

US Aggregate

US Investment Grade

Corporates

OVERALL MORNINGSTAR RATINGTMClass A USD Shares

Rated against 269 funds in the USD Flexible BondCategory, based on risk-adjusted returns.

*

In Singapore: For financial representative use only. Not for inspection by, distribution or quotation to the general public.

2Q 2018

6. Portfolio Allocation

Holdings are expressed as a percentage of total investments and may vary over time. Numbers may not sum due to rounding. Source: AB, as of 31 March 2018.

Credit Quality#Sector Allocation

This information is directed solely at persons in jurisdictions where the funds and relevant share class are registered or who may otherwise lawfully receive it. Before investing in AB funds, investors should review the funds full prospectus, together with the funds Product Key Facts / Product Highlight Sheets and the most recent financial statements. Copies of these documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge from www.abfunds.com / www.abglobal.com or by contacting the local distributor in the jurisdictions in which the funds are authorized for distribution.The Portfolio is part of AB FCP I (referred to as AB). AB is a mutual investment fund (fonds commun de placement) organized under the laws of the Grand Duchy of Luxembourg. Prior to 5 February 2016, ABs legal name was ACMBernstein, its trading name was AllianceBernstein.Past performance is no guarantee of future results. Please refer to the Prospectus for the full list of share classes and currencies offered. Total returns, provided by AB, include the change in net asset value and reinvestment of any distributions paid on Portfolio shares for the period shown, but do not reflect sales charges. Returns listed may not represent actual returns to an investor. Shares of the Portfolio are offered only pursuant to the Portfolios current prospectus together with the most recent financial statements. References, if any, to specific securities are presented to illustrate the application of our investment philosophy only and are not to be considered recommendations by AB. Any specific securities identified and described in the material do not represent all of the securities purchased, sold or recommended for the Portfolio, and may or may not be held by the Portfolio at any given time. It should not be assumed that investments in the securities were or will be profitable.Investment RisksInvestment in the Portfolio entails certain risks. Investment returns and principal value of the Portfolio will fluctuate so that an investors 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 Portfolio is meant as a vehicle for diversification and does not represent a complete investment program. These and other risks are described in the Portfolios prospectus. Prospective investors should read the prospectus including risk factors carefully and discuss risk and the Portfolios fees and charges with their financial advisor to determine if the investment is appropriate for them.^ Currency-hedged share classes use hedging techniques in an attempt to reducebut not eliminatefluctuations between the investors holdings in a particular currency-hedged share class

denominated in the investors investing currency and the portfolios base currency. The goal is to deliver returns that track the portfolios base currency returns more closely. Convenience Pricing/Reporting Currencies 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 the purchase or redemption. Convenience Pricing/Reporting Currencies involves no currency hedging and does not seek to provide any protection from currency fluctuations.

The past 5 calendar year performance for Mortgage Income Portfolio (Class AT, USD Inception: 20 February 2014): 2.30% (Since inception to end of 2014), 0.46% (2015), 4.75% (2016), 7.24% (2017) and 0.44% (2018 YTD). Source: AB, calculated on an NAV-to-NAV basis with dividend reinvested, in U.S. Dollars, as of 31 March 2018.

* 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 theyve 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 evaluationof past performance. Theyre a useful tool for identifying funds worthy of further research, but shouldnt be considered buy or sell signals. As of 31 March 2018.

# The highest of Moodys or S&P or at least one other nationally recognized statistical rating organization (NRSO) or internationally recognized statistical rating organization (IRSO). For guideline compliance purposes, the Investment Manager currently monitors the lowest of Moodys or S&P or at least one other NRSO or IRSO.

Index Definitions: Bloomberg Barclays US Aggregate Bond Index: A broad-based benchmark that measures the investment-grade, US dollardenominated, fixed-rate, taxable bond market, including US Treasuries, government-related and corporate securities, mortgage-backed securities (MBS [agency fixed-rate and hybrid ARM pass-throughs]), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS). Bloomberg Barclays US Corporate High-Yield Bond Index: Represents the corporate component of the Bloomberg Barclays US High Yield Index. Bloomberg Barclays US Corporate Investment Grade Index: US corporate bonds within the US investment-grade fixed-rate bond market.To Hong Kong Readers: This document has not been reviewed by the Securities and Futures Commission. The issuer of this document is AllianceBernstein Hong Kong Limited. To Singapore Readers: This document is for financial representative use only. Not for inspection by, distribution or quotation to the general public.This document has been issued by AllianceBernstein (Singapore) Ltd. (ABSL, Company Registration No. 199703364C). ABSL is a holder of a Capital Markets Services Licence issued by the Monetary Authority of Singapore (MAS) to conduct regulated activity in fund management and dealing in securities. AllianceBernstein (Luxembourg) S..r.l. is the management company of the portfolio and has appointed ABSL as its agent for service of process and as its Singapore representative. This document has not been reviewed by the MAS. 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 of this document: May 20, 2018)

4. 5. Fund ProfilePortfolio Management Team:

Michael S. CanterJanaki RaoGreg Wilensky, CFA

Inception Date: 20/02/2014 (Class A USD)

Base Currency: USD

^Reporting Currencies: EUR, HKD

^Currency-hedged Share Classes:

AUD, SGD

Class Offered: AA,A, A2, AT

Fund Size: USD 1,397.68 Million

Average Duration(Years):

1.39

Average Credit Quality: BBB

Source: S&P, Moodys, Fitch and AB, as of 31 March 2018

Why AB Mortgage Income Portfolio?

Source: AB. As of 31 March 2018. There is no guarantee that the investment strategy and market environments presented will yield future results.

AAA 35.51%AA 1.77%A 5.22%BBB 19.16%BB 15.85%B 7.74%CCC & Below 2.52%Not Rated 12.23%

Collateralized Mortgage Obligations 38.06%

Agency RMBS 15.59%

Commercial Mortgage-Backed Securities 15.31%

Collateralized Loan Obligations 14.39%

Asset-Backed Securities 11.46%

Global Governments 3.77%

Other 1.42%

The Portfolio balances risk-reducing assets with return-seeking assets. This keeps its duration low,with an investment-grade average credit quality and ahighyield-like distribution yield.

Given the relatively strong US economy as well as improving labor and housing markets, the Portfolio is tilted toward return-seeking assets, including agency credit risk-transfer (CRT) securities. These floating-ratesecurities transfer underlying mortgage risk to private investors and have relatively strong fundamentals.

The Portfolio is a great solution for a rising-rate environment because of its floating-rate exposure and low duration, which contributed to the Portfoliosrelatively strong performance when rates rise.

The portfolio managers are investing veterans each with more than 20 years of experience. Their dedicated17-person team specializes in a broad range of mortgage-related securities.

In Singapore: For financial representative use only. Not for inspection by, distribution or quotation to the general public.MIP-PRF-EN-HK-0518

2Q 2018MORTGAGE INCOME PORTFOLIO

FIXED INCOME

April 2018 4 MONTHLY NAV AND DIVIDEND SUMMARY

ABMortgage Income Portfolio NAV, Dividend and Yield Information as of 04/30/2018 04/30/2018 The share classes below intend to declare and pay monthly dividends. Dividend amount/distribution rate is not guaranteed and may be paid from capital of the Portfolio. (See Important Information 4) /( 4) Annualized yield is calculated with the following formula: Dividend of the month x 12 / ex-dividend price of the month x 100. Positive distribution yield does not imply positive return. The historical data provided below are for information purposes only and do not imply prospective yields of the Portfolio. x 12 / x 100

Class AT shares, SGD-Hedged^ (ISIN: LU1035782058) AT^

Month

NAV (SGD) ()

DIV (SGD) ()

Annualized Yield

04/30/2018 14.03 0.0539 4.61% 03/29/2018 14.07 0.0606 5.17% 02/28/2018 14.13 0.0606 5.15% 01/31/2018 14.19 0.0606 5.12% 12/29/2017 14.22 0.0606 5.11% 11/30/2017 14.17 0.0606 5.13% 10/31/2017 14.19 0.0606 5.12% 09/29/2017 14.18 0.0606 5.13% 08/31/2017 14.23 0.0606 5.11% 07/31/2017 14.34 0.0606 5.07% 06/30/2017 14.31 0.0606 5.08% 05/31/2017 14.31 0.0606 5.08%

Class AT shares, USD (ISIN: LU1021289076) AT

Class AT shares, AUD-Hedged^ (ISIN: LU1035781910) AT^

Month

NAV (US$) ()

DIV (US$) ()

Annualized Yield

Month

NAV (A$)

DIV (A$)

Annualized Yield

04/30/2018 14.11 0.0640 5.44% 04/30/2018 14.08 0.0639 5.45% 03/29/2018 14.14 0.0640 5.43% 03/29/2018 14.11 0.0639 5.43% 02/28/2018 14.20 0.0640 5.41% 02/28/2018 14.17 0.0639 5.41% 01/31/2018 14.26 0.0640 5.39% 01/31/2018 14.22 0.0639 5.39% 12/29/2017 14.27 0.0640 5.38% 12/29/2017 14.24 0.0698 5.88% 11/30/2017 14.22 0.0640 5.40% 11/30/2017 14.19 0.0698 5.90% 10/31/2017 14.24 0.0640 5.39% 10/31/2017 14.22 0.0698 5.89% 09/29/2017 14.22 0.0640 5.40% 09/29/2017 14.20 0.0698 5.90% 08/31/2017 14.27 0.0640 5.38% 08/31/2017 14.25 0.0698 5.88% 07/31/2017 14.38 0.0640 5.34% 07/31/2017 14.36 0.0698 5.83% 06/30/2017 14.35 0.0640 5.35% 06/30/2017 14.33 0.0736 6.16% 05/31/2017 14.34 0.0640 5.36% 05/31/2017 14.33 0.0736 6.16%

Important Information 1. The portfolio invests primarily in mortgage-related securities. It may also invest in fixed and floating rate securities and invest in securities of both Investment Grade and non-Investment Grade quality originated by a wide array of

originators and sponsors.

2. Investment in the portfolio may also involve fixed-income securities risks, country risk concentration in US investments, management risk, currency risk, illiquid asset risk and credit risks. Exposure to lower rated and unrated instruments can subject the Portfolio to greater risk of loss of principal and interest than higher-rated securities. 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. -

3. 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.

4. 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 investors 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. ()

5. Investors should not rely on this document alone to make investment decisions.

MIPDYIENCHHK0418 (Issue date of this document : 05/10/2018)

The calendar year performance for AB Mortgage Income Portfolio: Class AT, USD 2.31% (Since Inception to Year Ended 2014), 0.46% (2015), 4.74% (2016), 7.25% (2017) and 0.68% (2018 YTD). Source: AllianceBernstein (AB), calculated on an NAV-to-NAV basis with dividend reinvested, in U.S. Dollars, as of 30 April 2018. Inception Date for Class AT (USD): 20 February 2014. AT 2.31% 2014 0.46%2015 4.74%2016 7.25%2017 0.68%2018 AB 2018 4 30 AT 2014 2 20 ^ Currency-hedged share classes use hedging techniques in an attempt to reducebut not eliminatefluctuations between the investors holdings in a particular currency-hedged share class denominated in the investors investing currency and the portfolios base currency. The goal is to deliver returns that track the portfolios base currency returns more closely. Convenience Pricing/Reporting Currencies 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 the purchase or redemption. Convenience pricing/Reporting Currencies involves no currency hedging and does not seek to provide any protection from currency fluctuations. ^ AB FCP I Mortgage Income Portfolio is part of AB FCP I (referred to as AB). AB is a mutual investment fund (fonds commun de placement) organized under the laws of the Grand Duchy of Luxembourg. Prior to 5 February 2016, ABs legal name was ACMBernstein, its trading name was AllianceBernstein. This information is directed solely at persons in jurisdictions where the funds and relevant share class are registered or who may otherwise lawfully receive it. Before investing, investors should review the funds full prospectus, together with the funds Product Key Facts and the most recent financial statements. Copies of these documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge from www.abfunds.com.hk or by contacting the local distributor in the jurisdictions in which the funds are authorized for distribution. AB FCP I (fonds commun de placement) AB FCP I 2016 2 5 ACMBernstein AllianceBernstein www.abfunds.com.hk Past performance is no guarantee of future results. Total returns, provided by AB, include the change in Net Asset Value and reinvestment of any distributions paid on portfolio shares for the period shown, but do not reflect sales charges. Shares of the portfolio are offered only pursuant to the portfolios current Prospectus together with the most recent financial statements. AB Investment RisksInvestment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investors 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. 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 Funds prospectus. Prospective investors should read the prospectus including risk factors carefully and discuss risk and the funds fees and charges with their financial adviser to determine if the investment is appropriate for them.

Source: AB, as of 30 April 2018. AB 2018 4 30 This document has not been reviewed by the Securities and Futures Commission. The issuer of this document is AllianceBernstein Hong Kong Limited.

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. 2018 AllianceBernstein L.P. [A/B] AllianceBernstein AllianceBernsteinAllianceBernstein L.P.

Apr 20184

All data as of 30/04/2018

AB - Mortgage Income Portfolio

Important Information 1 Investment in the portfolio may also involve fixed-income securities risks, country risk concentration in US investments, management risk, currency risk, illiquid asset risk and credit risks. Exposure

to lower rated and unrated instruments can subject the Portfolio to greater risk of loss of principal and interest than higher-rated securities. The value of the portfolio can be volatile and can godown substantially within a short period of time. It is possible that the entire value of your investment in the portfolio can be lost. -

2 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 useof derivative instruments may become ineffective in hedging or efficient portfolio management and the portfolio may suffer significant losses.

3 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 investors original investment or from any capital gainsattributable to that original investment and result in an immediate decrease of the Net Asset Value per Share.()

4 Investors should not rely on this document alone to make investment decisions.

Portfolio Objective/ Strategy/ Key Features / / The Portfolio seeks to achieve its objective of a high risk-adjusted total return by investing in mortgage-related securities and other asset-backed securities, of both Investment Grade and non-InvestmentGrade quality originated by a wide array of originators and sponsors. The Portfolio will have at least two-thirds of its total assets invested in mortgage-related securities and it may invest in fixed and floatingrate securities.

Portfolio Composition^ ^

Sector Allocation Collateralized MortgageObligations 41.95%Commercial Mortgage-Backed Securities 16.02%Collateralized LoanObligations 13.62%Agency RMBS 13.12%Asset-BackedSecurities 11.10%Non-Agency RMBS 3.79%Other 0.40%

Country Allocation United States 90.89%Cayman Islands 9.08%Other 0.03%

Currency Allocation US Dollar 100.00%

Credit Quality^^ ^^AAA 30.67%AA 2.37%A 4.62%BBB 20.52%BB 17.03%B 7.02%CCC & BelowCCC 3.42%Not Rated 14.35%

^ Holdings are expressed as a percentage of total investments and may vary over time.

^^ The highest of Moodys or S&P or at least one other nationally recognized statistical rating organization (NRSO) orinternationally recognized statistical rating organization (IRSO). For guideline compliance purposes, the Investment Managercurrently monitors the lowest of Moodys or S&P or at least one other NRSO or IRSO.(NRSO)(IRSO) NRSO IRSO

# Source: S&P, Moodys, Fitch and AllianceBernstein (AB).: AB

1. As a percentage of purchase price for Classes A, AA, A2 and AT only. A , AA , A2 AT

2. As an annual percentage of average daily Net Asset Value.

Profile Domicile Luxembourg

Inception Date

20/02/2014Class A USD A

Fiscal Year End 31 August8 31

Net Assets $ 1481.92 Million

Subscription/Redemption/

Daily

Base Currency USD

Reporting Currencies EUR, HKD

Currency HedgedShare Classes

AUD, SGD

Average Duration (Years) ()

1.41

Average Credit Quality##

BBB-

Initial Sales Charge1 1

Up to 5.00%Class A, AA, A2 & AT

Management Fee2 2

1.10%

Management CompanyFee2 2

0.05%

Total No. Of Holdings

506

Portfolio ManagementTeam

Michael S. CanterJanaki RaoGreg Wilensky, CFA

For fees applicable to other share classes, please refer to the offeringdocuments for details.

Apr 20184

All data as of 30/04/2018

Top 10 Holdings

Holding FNMA Connecticut Ave 6.797%,11/25/24 1.96%FNMA Connecticut Ave 7.897%,9/25/28 1.30%FNMA Connecticut Ave 6.347%,1/25/29 1.20%FNMA 4.00%,1/01/48 1.20%FNMA Connecticut Ave 6.197%,2/25/25 1.20%FHLM 6.047%,1/25/25 1.18%FNMA 4.50%,TBA 1.12%FHLM 5.797%,12/25/27 1.06%FHLM 6.147%,11/25/23 1.02%US Treasury Notes 2.375%,5/31/18 1.01%

Total 12.25%

Calendar Year Returns %~

0

5

10

2013 2014 2015 2016 2017 2018 YTD

2013Since Inception to

Year Ended 2014

2014 2015 2016 2017 2018 YTD

Class A USDA

- 2.2 0.5 4.7 7.2 0.7

Cumulative Total Returns %~

1 Year

3 Year

5 Year

10 Year

SinceInception

Class A USDA

4.1 11.5 - - 16.0

Please refer to footnote ~ for Inception Date of Class A - USD. ~ A Source: AB, calculated on an NAV-to-NAV basis, with dividend reinvested, in U.S. DollarsAB

Past performance is no guarantee of future results. Total returns, provided by AB, include the change in net assetvalue and reinvestment of any distributions paid on Portfolio shares for the period shown, but do not reflect salescharges. The information on this page is for information purposes only and should not be construed as an offer tosell, or solicitation of an offer to buy, or a recommendation for the securities of the Portfolio.

AB

NAV, Yield & Dividend Information (as of 30/04/2018)

2018 04 30

A, AA & AT share classes below intend to declare and pay dividends. Dividendamount/distribution rate is not guaranteed and may be paid from capital of thePortfolio. (See Important Information 3)Annualized yield is calculated with the following formula: monthly dividend ofthe month x 12 / ex-dividend price of the month x 100. Positive distribution yielddoes not imply positive return. The historical data provided below are forinformation purposes only and do not imply prospective yields of the Portfolio.

A, AA AT ( 3) x 12 / x 100

NAV

Yield

Dividend Bloomberg ISIN

Class A USDA 14.08 5.43 0.0637 ASMAUSD:LX LU1021287708

Class AA HKDAA 103.75 6.97 0.6022 ABMIPAA:LX LU1127386222

Class AA USDAA 13.22 6.97 0.0768 ASMAAUS:LX LU1021288698

Class AA AUD(H)AA 13.15 6.97 0.0764 ASMDAAH:LX LU1021288854

Class AA SGD(H)AA 13.16 6.14 0.0673 ASASGDH:LX LU1035782132

Class A2 USDA2 17.46 - - ASMA2US:LX LU1021288185

14.11 5.44 0.0640 ASMATUS:LX LU1021289076

14.08 5.45 0.0639 ASATAUH:LX LU1035781910

14.03 4.61 0.0539 ASATSGH:LX LU1035782058

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 fundsreceive 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 notrated. 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. Overall Morningstar Rating 2018 (1)(2)(3) Currency-hedged share classes use hedging techniques in an attempt to reduce but not eliminate fluctuations between the investors holdings in a particular currency-hedged share class denominated in the investors investingcurrency and the portfolios base currency. The goal is to deliver returns that track the portfolios base currency returns more closely. Stand-alone currency symbols represent convenience pricing, which offers the ability to purchase orredeem 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 seekto provide any protection from currency fluctuations. ~On 20 February 2014, AllianceBernstein - Short Maturity Dollar Portfolio was renamed as AllianceBernstein - Mortgage Income Portfolio and the Portfolios investment objective, policies and management team were also changed. ThePortfolio has also expanded use of derivatives, however, financial derivative instruments will not be used extensively for investment purposes. All data prior to 20 February 2014 relates to the AllianceBernstein - Short Maturity Dollar Portfolio.Please see the prospectus for details. Please note all "Since Inception" performance on page 2 is calculated from 20 February 2014.~ 2014 2 20 2014 2 20 2 2014 2 20 With effective 20 February 2014, AllianceBernstein - Mortgage Income Portfolio (old name as AllianceBernstein - Short Maturity Dollar Portfolio) has retired and re-designated its current Class A, A2, AT, B2, C and C2 shares as Class AX,A2X, ATX, B2X, CX and C2X shares, respectively. These legacy share classes are no longer open for subscription by new investors. Simultaneously with the retirement and re-designation of legacy share classes, this Portfolio has launchednew versions of Class A, A2, AT, C and C2 shares, open to new investors. 2014 2 20 , (-) AA2ATB2C C2 AXA2XATXB2XCX C2X AA2ATC C2 Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. Dividends are not paid for all shareclasses and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent a complete investment program. Returns denominated in a currency other than the base currency of the fund may increase or decreaseas a result of foreign exchange currency fluctuations. These and other risks are described in the Funds prospectus. Prospective investors should read the prospectus including risk factors carefully and discuss risk and the funds fees andcharges with their financial adviser to determine if the investment is appropriate for them.This information is directed solely at persons in jurisdictions where the funds and relevant share class are registered or who may otherwise lawfully receive it. Before investing, investors should review the funds full prospectus, togetherwith the funds Product Key Facts and the most recent financial statements. Copies of these documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge fromwww.abfunds.com.hk or by contacting the local distributor in the jurisdictions in which the funds are authorized for distribution. www.abfunds.com.hk The Portfolio is part of AB FCP I (referred to as AB). AB is a mutual investment fund (fonds commun de placement) organized under the laws of the Grand Duchy of Luxembourg. Prior to 5 February 2016, ABs legal name was ACMBernstein,its trading name was AllianceBernstein. AB FCP I (fonds commun de placement) AB FCP I 2016 2 5 ACMBernstein AllianceBernsteinThis 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.2018 AllianceBernstein L.P. [A/B] AllianceBernstein AllianceBernstein AllianceBernstein L.P.

137.02 -

110.73 5.44 - LU1684389403

Class AT USDAT Class AT AUD(H)AT Class AT SGD(H)AT Class A2 HKD A2 Class AT HKD AT

- - LU1684389585

0.5019

PRODUCT KEY FACTS AB FCP I

AllianceBernstein (Luxembourg) S. r.l. Mortgage Income Portfolio April 2018

This statement provides you with key information about this product. This statement is a part of the offering document.

You should not invest in this product based on this statement alone.

Quick facts Management Company: AllianceBernstein (Luxembourg) S. r.l. Investment Manager: AllianceBernstein L.P. (internal delegation, U.S. Delaware) Depositary: Brown Brothers Harriman (Luxembourg) S.C.A. Dealing frequency: Daily Base currency: U.S. Dollar Dividend policy: (i) For Classes A, AX, BX, C, CX, I and IX Shares:

Aims to declare daily and pay monthly or be reinvested as elected by investor*

(ii) For Classes AA, AT, ATX and BA Shares (and corresponding H Shares): Aims to declare and pay monthly or be reinvested as elected by investor*

*Dividends may be paid out of capital or effectively out of capital and reduce the Portfolios Net Asset Value (iii) For Classes A2, A2X, B2X, C2, C2X, I2 and I2X Shares:

None Financial year end of this Portfolio: 31 August Ongoing charges over a fiscal year:

Classes A, A2, AA and AT Shares (and corresponding H Shares)

Class AT AUD H Shares

Class AT SGD H Shares

1.41% 1.43% 1.40%

Classes AT CAD H, AT GBP H, AT NZD H, AA NZD H, AA EUR H, AA CAD H and AA GBP H Shares

Classes AX, A2X and ATX Shares

Class BA Shares (and corresponding H Shares)

1.50%

1.25% 2.40%

Classes BX, B2X, CX and C2X Shares

Class C Shares Class C2 Shares

1.70% 1.86% 1.85%

Class I Shares Class I2 Shares Classes IX and I2X Shares

0.86% 0.87% 0.70% Min. investment*:

Initial Additional Classes A, A2, AA, AT, BA, C and C2 Shares (and corresponding H Shares)

USD2,000 | EUR2,000 | AUD2,000 SGD3,000 | HKD15,000 | NZD3,000 CAD2,000 | GBP2,000

USD750 | EUR750 | AUD750 SGD1,000 | HKD5,000 | NZD1,000 CAD750 | GBP750

Classes I and I2 Shares USD1,000,000 | EUR1,000,000 None Classes AX, A2X, ATX, BX, B2X, CX and C2X Shares

No longer offered to new investors USD750 | EUR750

Classes IX and I2X Shares No longer offered to new investors None

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AB FCP I Mortgage Income Portfolio

Unless otherwise specified. The ongoing charges figure is based on expenses for the year ended 31 August 2017. This figure may vary from year to year. The ongoing charges figure is an annual figure calculated by adding the applicable charges and payments deducted from the assets of the Portfolio and then dividing by the Portfolio's average Net Asset Value for the fiscal year attributable to the relevant share class. The ongoing charges figure of this share class is an estimated figure. The ongoing charges of this share class have been capped at this figure and, accordingly, the excess over such figure as at the Funds fiscal year end will be borne by the Management Company. The ongoing charges of this share class have been capped at this figure and, accordingly, the excess over such figure as at the Funds fiscal year end has been borne by the Management Company. *Different minimum, additional and maximum investment limits may apply to different classes of shares denominated in different currencies. Investors should refer to the offering document of the Fund for details. Effective 15 December 2016, Class BA Shares (and corresponding H Shares) are no longer open for subscription by new and existing investors. However, investors may request the exchange of their holdings of Class BA Shares (and corresponding H Shares) for the same share class of another AB-sponsored Luxembourg-domiciled UCITS fund authorised in Hong Kong for retail distribution or otherwise available through an AB authorised dealer in Hong Kong.

What is this product? The Mortgage Income Portfolio (the "Portfolio") is a portfolio of AB FCP I (the "Fund"), a mutual investment fund domiciled in Luxembourg and its home regulator is Commission de Surveillance du Secteur Financier.

Objectives and Investment Strategy

Objectives The investment objective of the Portfolio is to achieve a high risk-adjusted total return. Strategy The Portfolio seeks to achieve its objective by investing in mortgage-related securities and other asset-backed securities. The Portfolio may invest in securities of both Investment Grade (as defined in the Prospectus of the Fund) and non-Investment Grade quality originated by a wide array of originators and sponsors. The Portfolio's investments may include fixed and floating rate securities, including agency mortgage-backed securities and non-agency (i.e., privately issued) mortgage-backed securities as well as other asset-backed securities, commercial mortgage-backed securities, and collateralized debt obligations and related financial derivative instruments and currencies. The Portfolio will have at least two-thirds of its total assets invested in mortgage-related securities. The Investment Manager does not expect to utilize bank borrowing in implementing the Portfolios investment strategy. The Portfolio may use financial derivative instruments and efficient portfolio management techniques for purposes such as: hedging against interest rate, credit and currency fluctuations, manage duration, as an alternative to investing directly in the underlying investments and efficient portfolio management purposes. These financial derivative instruments may include, but are not limited to, options, futures and currency transactions. These financial derivative instruments will not extensively be invested in for investment purposes.

What are the key risks? Investment involves risks. Please refer to the offering document for details including the risk factors.

1. Risk in investing in financial derivative instruments 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 Portfolios use of derivative instruments may become ineffective in hedging or efficient portfolio management and the Portfolio may suffer significant losses.

2. Credit Risks General The Portfolio will invest in fixed-income securities (including bonds) issued by companies and other entities and the Portfolio will be subject to the risk that a particular issuer may not fulfill its payment or other obligations in respect of such fixed-income securities.

3. Credit Risk Downgrading Risk The Portfolio will invest in fixed-income securities (including bonds). An issuer of such fixed-income securities may experience an adverse change in its financial condition which may in turn result in a decrease in the credit rating assigned

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AB FCP I Mortgage Income Portfolio

by an internationally recognized statistical ratings organization to such issuer and fixed-income securities issued by such issuer. Credit ratings of fixed-income securities reflect the issuer's ability to make timely payments of interest or principalthe lower the rating, the higher the risk of default. The adverse change in financial condition or decrease in credit rating(s) of issuer may result in increased volatility in, and adverse impact on, the price of the relevant fixed-income security and negatively affect liquidity, making any such fixed-income security more difficult to sell.

4. Fixed Income Securities Risk Prepayment Risk for Mortgage-related and Asset-backed Securities

As interest rates rise, bond prices fall and vice versa - long-term securities tend to rise and fall more than short-term securities. The values of mortgage-related and asset-backed securities are particularly sensitive to changes in interest rates due to prepayment risk. Prepayments may cause losses on securities purchased at a premium, and unscheduled prepayments, which will be made at par, will cause a portfolio to experience a loss equal to any unamortised premium.

5. Fixed Income Securities Risk General

The Portfolio will invest in fixed-income securities, the value of which will change in response to fluctuations in interest rates and currency exchange rates, as well as changes in credit quality of the issuer.

6. Fixed Income Securities Risk Lower Rated and Unrated Instruments

The Portfolio will invest in high yield, high risk fixed-income securities (including bonds) that are rated in the lower rating categories (i.e. below Investment Grade) or which are unrated. Fixed-income securities below investment grade are considered to be subject to greater risk of loss of principal and interest than higher-rated securities and are considered to be predominantly speculative with respect to the issuer's capacity to pay interest and repay principal, which may in any case decline during sustained periods of deteriorating economic conditions or rising interest rates. The market for lower-rated securities may be thinner and less active than that for higher-quality securities, which can adversely affect the prices at which these securities can be sold. As a result the Portfolio, and thus the investors of the Portfolio, may suffer losses.

7. Country Risk Concentration in US Investments

The Portfolio's investments are concentrated in U.S. investments. Concentration in issuers located in a particular country or geographic region may have more risk because of particular market factors affecting that country or region, including political instability or unpredictable economic conditions. The concentrated holding of securities by the Portfolio in one country may make it more volatile than more diversified portfolios.

8. Management Risk

The Portfolio may be subject to management risk because it is an actively managed investment fund. The Investment Manager will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there can be no guarantee that its decisions will produce the desired results.

9. Currency Risk

Underlying investments may be denominated in one or more currencies different from the Portfolios base currency. This means currency movements in such underlying investments may significantly affect the Net Asset Value of the Portfolios shares.

10. Illiquid Assets Risk

The difficulty of purchasing or selling a security at an advantageous time or price, which may have a negative impact on the portfolio's performance.

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AB FCP I Mortgage Income Portfolio

11. Risks associated with payment of dividends out of capital

The Management Company has the sole and absolute discretion to amend the dividend policy, subject to the SFCs prior approval and by giving no less than one months prior notice to investors. Dividend yield is not indicative of return of the Portfolio. Dividends may be paid from capital or effectively out of the capital of the Portfolio at the discretion of the Management Company, which may amount to a partial return or withdrawal of an investors 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.

How has the Portfolio performed? The bar chart below shows the past performance of Class AT Shares, which has been designated as the representative share class by the Management Company as it is a focus share class made available to Hong Kong investors.

Portfolio launch year: 1994 Class AT Shares launch year: 2014

Past performance information is not indicative of future performance. Investors may not get back the full amount invested.

The computation basis of the performance is based on the calendar year end, NAV-to-NAV, with dividend reinvested. These figures show by how much Class AT Shares have increased or decreased in value during the calendar year being

shown. Performance data has been calculated in USD including ongoing charges and excluding any subscription fee and

redemption fee you might have to pay. Where no past performance is shown there was insufficient data available in that year to provide performance.

Is there any guarantee? This Portfolio does not have any guarantees. You may not get back the amount of money you invest.

What are the fees and charges? (Different fee structure apply to different classes of shares. Investors should refer to the offering document of the Fund for details.) Charges which may be payable by you You may have to pay the following fees when dealing in the shares of the Portfolio:

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AB FCP I Mortgage Income Portfolio

Fee What you pay Subscription fee (Initial Sales Charge)

Classes A, A2, AX, A2X, AA, AT and ATX Shares (and corresponding H Shares): up to 5% of the purchase price Classes I, I2, IX and I2X Shares: up to 1.5% of the purchase price Not applicable to other Share Classes

Switching fee+ Not Applicable Redemption fee Not Applicable Contingent Deferred Sales Charge Classes BA, BX and B2X Shares (and corresponding H Shares): Where

applicable up to 3% (depending on years held) of the lesser of the current Net Asset Value or original cost of the Shares being redeemed Classes C, CX, C2 and C2X Shares: Where applicable up to 1% (depending on years held) of the lesser of the current Net Asset Value or original cost of the Shares being redeemed Not applicable to other Share Classes

+Any additional fees charged by distributors may still apply.

Ongoing fees payable by the fund The following expenses will be paid out of the Portfolio. They affect you because they reduce the return you get on your investments.

Fee What you pay Management fee* Classes A, A2, AA, AT and BA Shares (and corresponding H Shares):

1.10% Classes AX, A2X, ATX, BX and B2X Shares: up to 1.05% Classes C and C2 Shares: 1.55% Classes CX and C2X Shares: up to 1.50% Classes I and I2 Shares: 0.55% Classes IX and I2X Shares: up to 0.50%

Depositary fee*

Up to 1.00% Administration fee payable to the Administrator* Transfer Agent fee* Performance fee Not Applicable Distribution fee* Class BA Shares (and corresponding H Shares): 1.00%

Classes BX and B2X Shares: 0.45% Not applicable to other Share Classes

Administration fee payable to the Management Company*

All Share Classes (and corresponding H Shares): 0.05%

*Percentage per annum of Net Asset Value

Other fees You may have to pay other fees when dealing in the shares of the Portfolio.

Additional Information You may generally buy and redeem shares at the Portfolios next-determined Net Asset Value plus any applicable charges

after the Management Company receives your request in good order on or before 4:00 P.M. U.S. Eastern Time on each Business Day (business day of both New York Stock Exchange and Luxembourg banks) for USD-denominated share classes, or on or before 6:00 P.M. Central European Time on each Business Day (business day of both New York Stock

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AB FCP I Mortgage Income Portfolio

Exchange and Luxembourg banks) for currency hedged share classes, each time being the order cut-off time. Investors should note that, for applications sent through a Hong Kong distributor, such distributor may have an earlier cut-off time.

The Net Asset Value of the Portfolio is calculated on each Business Day and will be available on the following website www.alliancebernstein.com.hk or alternatively, you may contact AllianceBernstein Hong Kong Limited (as the Hong Kong Representative of the Fund) at +852 2918 7888.

Investors may obtain the past performance information of other share classes offered to Hong Kong investors from www.alliancebernstein.com.hk.

The compositions of the dividends (i.e., the relative amounts paid out of (i) net distributable income and (ii) capital) for the most recent 12 months can be obtained from the Investment Manager and the Hong Kong Representative on request. The compositions of the dividends will also be available at: www.alliancebernstein.com.hk.

Important If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. The website www.alliancebernstein.com.hk has not been reviewed by the SFC and may contain information on funds not authorised by the SFC.