CAPTURING GAINS, REDUCING LOSSES FOR A SMOOTHER JOURNEY

AB Low Volatility Equity Portfolio

The AB Low Volatility Equity Portfolio is a portfolio of AB SICAV I, an open-ended investment company with variable capital (société d’investissement à capital variable) incorporated under the laws of Luxembourg.

The AB Low Volatility Equity Portfolio - Is it right for me?

Suitable for investors who:

P Want the potential for attractive capital growth over the long term

P Would benefit from a diversified, global equity investment that aims to capture gains in rising markets and reduce losses in falling markets

P Are looking for a smoother pattern of returns and a more comfortable investment journey

Not suitable for investors who:

X Are looking for guaranteed returns

X Want 100% security

X Have a short-term investment horizon

EQUITY INVESTING: THE CHALLENGE Investing in equities has typically been the most attractive way to achieve higher returns over the long term. However, this greater return potential comes with a higher level of risk. During periods of market uncertainty these risks are amplified, and you may see sharp, short-term falls in performance resulting from market volatility.

WHAT THE PORTFOLIO OFFERSThe AB Low Volatility Equity Portfolio is designed for investors who would like the potential for attractive long-term capital growth, while seeking to limit volatility and reduce losses when markets decline.

Our focus on reducing losses when markets fall helps the portfolio recover faster when markets rebound. By doing so, the portfolio aims to outperform the broader market over the long term.

We believe the portfolio is suited to today’s uncertain environment, as its mission is to provide investors with a smoother, more comfortable investment journey.

Of course, these are not guarantees and the value of investments can go down as well as up. You may get back less than you invested.

HOW IT WORKSOur experienced portfolio-management team invests in companies that it believes will benefit substantially during rising markets, but equally won’t fall as much as the market when stocks decline.

More specifically, the team selects stocks that it believes offer quality and stability at attractive prices. The focus on these attributes is designed to create a more desirable performance pattern. That’s because quality should result in greater long-term growth potential, and stability can help improve protection against the short-term impacts of turbulent markets.

In general, the portfolio may not provide the full potential of gains during rising markets, but it should provide greater preservation of capital when markets are falling. Over a full market cycle, we expect these performance patterns to deliver strong returns.

THE EQUITY FUND FOR CHANGING MARKET CONDITIONS

INVESTOR PROFILEThe portfolio will suit higher risk-tolerant investors seeking the medium- to long-term rewards of equity investing.

SYNTHETIC RISK AND REWARD INDICATOR (SRRI)Lower risk Higher riskPotentially lower reward Potentially higher reward

1 2 3 4 5 6 7

The SRRI is from the most recent KIID, available from our website, and may be subject to change.

IMPORTANT INFORMATION

Prospective investors should read the Prospectus carefully and discuss risks and the Portfolio’s fees and charges with their financial adviser to determine if the investment is appropriate for them. The value of your investment may fall as well as rise and you may get back less than you originally invested. It is not guaranteed that the investment objective of the fund will be achieved, or that you will get back more than you invested. Investment results will vary substantially on a monthly, quarterly or yearly basis. An investment in the Portfolio does not represent a complete investment programme.

Kent Hargis+ 24 years’ experience+ 16 years with AB

Sammy Suzuki+ 26 years’ experience+ 25 years with AB

AN EXPERIENCED MANAGEMENT TEAM

Our investment team designed, built and has managed the portfolio since its launch. The team’s investing philosophy and disciplined approach is underpinned by:

+ more than two decades of investing experience on average

+ a global investment approach across geographical regions and investment sectors

+ a combination of deep company research and in-house quantitative analysis

BENEFITS OF INVESTING + Long-term capital growth potential - by investing in

equity securities that we believe will have lower volatility and less downside risks in the future.

+ Disciplined investment approach - that seeks to help protect investors from sharp market declines and fuel a stronger recovery in market rebounds.

+ Smoother investment journey - the portfolio aims to outperform the market over the long term, while providing a smoother, less volatile return profile.

RISKS OF INVESTING+ Equity securities risk: The value of equity investments

may fluctuate in response to the activities and results of individual companies or because of market and economic conditions. These investments may decline over short or long periods.

+ Currency exchange risk: Changes in currency exchange rates may adversely affect the value of the portfolio.

+ Derivatives risk: The portfolio may use financial derivative instruments which may result in increased gains or losses.

+ Other risks include: Emerging-markets risk, portfolio turnover risk and smaller capitalization companies risk. These and other risks are described in the portfolio’s prospectus.

IMPORTANT INFORMATIONPlease note, under German Taxation: At least 51% of the following Portfolios’ respective net assets will be invested in equities in the meaning of Art. 2 Par. 8 of the German Investment Tax Act. Note to Readers in Europe: This information is issued by AllianceBernstein Limited, 50 Berkeley Street, London W1J 8HA, it is for marketing purposes. Registered in England, No. 2551144. AllianceBernstein Limited is authorised and regulated in the UK by the Financial Conduct Authority (FCA). Additional Note to Readers in Austria and Germany: Local paying and information agents: Austria—UniCredit Bank, Austria AG, Schottengasse 6-8, 1010 Vienna; Germany—ODDO BHF Aktiengesellschaft, Bockenheimer Landstrasse 10, 60323 Frankfurt am Main. Note to Readers in Liechtenstein: The Fund is not registered for public distribution in Liechtenstein and, accordingly, shares may only be offered to a limited group of professional investors, in all cases and under all circumstances designed to preclude a public solicitation in Liechtenstein. This document may not be reproduced or used for any other purpose, nor be furnished to any other person other than those to whom copies have personally been sent by AB. Neither the Fund nor the shares described therein have been subject to the review and supervision of the Liechtenstein Financial Market Authority. Note to Readers in Switzerland: This document is issued by AllianceBernstein Schweiz AG, Zürich, a company registered in Switzerland under company number CHE-306.220.501. AllianceBernstein Schweiz AG is authorised and regulated in Switzerland by the Swiss Financial Market Supervisory Authority (FINMA) as a distributor of collective investment schemes. Swiss Representative & Swiss Paying Agent: BNP Paribas Securities Services, Paris, Succursale de Zürich. Registered office: Selnaustrasse 16, 8002 Zürich, Switzerland, which is also the place of performance and the place of jurisdiction for any litigation in relation to the distribution of shares in Switzerland. The Prospectus, the key investor information documents, the Articles or management regulations, and the annual and semiannual reports of the concerned fund may be requested without cost at the offices of the Swiss representative.

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

© 2019 AllianceBernstein L.P

MORE INFORMATIONALLIANCEBERNSTEIN.COM

VOL-BRO-EN-GN-0719 IC2018905

www.alliancebernstein.com

As a trusted asset manager with over 50 years’ experience, we continuously strive to anticipate and deliver better outcomes to meet investors’ needs.

We currently manage over US$161 billion in active equity assets for a broad spectrum of clients worldwide. The investment teams that guide our equity strategies average 27 years in the industry—giving them the skills and judgment to navigate changing market environments with confidence.

Our investment teams are given the freedom to select what they believe to be the best opportunities in their respective markets.

Their decision making is supported by a global research platform comprising over 80 analysts worldwide. Our analysts have deep industry knowledge, cover thousands of companies and engage frequently with senior management.

As of 30 June 2019

WHY INVEST WITH AB?SNAPSHOT AS OF 30 JUNE 2018

US$581 billion of assets under management

Over 3,760 employees based around the globe working together to share knowledge and insights

51 offices based in 25 countries across the Americas, Asia, Europe, the Middle East and Australia

Over 50 years of experience in investment

For more information: AllianceBernstein.com