Prepared For:

AGC Education & Research FoundationMarch 9, 2016

This presentation booklet has been provided to you for use in a private and confidential meeting to discuss a potential or existing investment advisory relationship. This presentation is not an advertisement and is not intended for public use or distribution beyond our private meeting. Bernstein does not provide tax, legal, or accounting advice. In considering this

material, you should discuss your individual circumstances with professionals in those areas before making any decisions.

Eric A. SteinmillerPrincipal

202-261-6789eric.steinmiller@bernstein.com

Travis A. AllenSenior Portfolio Manager

202-261-6777travis.allen@bernstein.com

A Balanced Scorecard Approach

Relative Performance versus Balanced Benchmark

Relative Performance versus Asset Class Benchmarks

AGC ReturnsSecurity Selection

BenchmarkSecurity Selection &

Allocation Benchmark

2016 YTD -2.75 -2.86 -3.07

2015 0.67 -0.15 -1.20

2014 5.93 6.54 4.88

2013 14.21 13.89 12.87

2012 9.78 10.47 11.36

2011 -3.97 0.05 -3.68

Since Inception 4.60 5.50 3.76

Bernstein Year-to-

Date

Benchmark Year-to-

Date

Bernstein 2015

Benchmark 2015

US Stocks vs. All Cap

-5.24 -5.20 3.32 0.98

International vs. MSCI EAFE

-5.45 -7.23 3.07 -0.81

Emerging Markets vs. MSCI Emerging

-5.65 -6.49 -13.48 -14.92

US Bonds vs. US Bond Index

1.08 1.38 0.31 0.55

Global Bonds vs. Global Bond Index

1.08 1.46 0.67 1.02

AGC Education & Research Foundation Account Value: $8,301,393 as of January 29, 2016

Year-to-date values as of January 29, 2016

Portfolio Positioning

* 39.8% S&P 500 Index/14.6% MSCI EAFE Index (NDR)/3% MSCI Emerging Markets Index/31.2% Barclays US Aggregate Bond Index/2.5% FTSE EPRA/NAREIT Developed RE Index/8.8% Barclays Global Agg ex US** 60%MSCI ACWI/40% Barclays

Progress in Investment Dollars

Money Earned

2016 YTD ($234,996)

2015 $63,835

2014 $483,747

2013 $1,048,844

2012 $667,507

2011 ($289,331)

Since Inception $1,739,607

Year ScholarshipsAwarded

From Investments

2015 $419,125 $200,000

2014 $422,500 $238,000

2013 $396,250 $3,500

2012 $383,125 $250,000

Page 1

This presentation is provided by Bernstein. This presentation booklet has been provided to you for use in a private and confidential meeting to discuss a potential or existing investment-advisory relationship. This presentation is not an advertisement and is not intended for public use or distribution beyond our private meeting. Bernstein does not provide tax, legal, or accounting advice. In considering this material, you should discuss your individual circumstances with professionals in those areas before making any decisions.

Advice MattersWith index returns modest and volatility elevated, active security

selection and dynamic risk management are imperative

2015 Review

FAGC 4Q 2015 |

2.0

3.7

5.2

6.1

6.8

With Index Returns Low, Active Management Becomes More Important

Historical & Forecasted Annualized Returns (%)

6.2

5.0

3.5

7.26.8

100%Bonds

Conservative Moderate Growth 100%Stocks

Median IndexReturn Projection –

Next 5 Yrs.*

20 Yr. HistoricalIndex Return**

Return Gap

High-Conviction EquityPurpose: Return

Concentrates capital in best ideas

Takes high active share

Targeted OpportunitiesPurpose: Return and Diversification

Takes advantage of idiosyncratic opportunities

Illiquid InvestmentsPurpose: Return and Diversification

Locks up capital in long-term investments

Warrants illiquidity premium

Advice Matters

for Return

*Projected pretax 5-year compound annual growth rate. Stocks are modeled as 70% US diversified, 25% developed-international, and 5% emerging-market stocks; bonds are modeled as intermediate-term diversified municipal bonds. Reflects Bernstein’s estimates and the capital-markets conditions as of September 30, 2015. Based on Bernstein’s estimates of the range of returns for the applicable capital markets over the period analyzed. Data do not represent past performance and are not a promise of future results or a range of future results. See Notes on Wealth Forecasting System at the end of this presentation for further details.Conservative: 30% stocks and 70% bonds; Moderate: 60% stocks and 40% bonds; Growth: 80% stocks and 20% bonds. **Calculated from January 1, 1996, through December 30, 2015, with equities represented as follows: 70% S&P 500, 25% MSCI EAFE, and 5% MSCI Emerging Markets thereafter; bonds represented by the Lipper Short/Intermediate Municipal Bond Fund Average.

Page 2

FAGC 4Q 2015 |

Risks Abound, Likely Causing Intermittent Selloffs

As of December 31, 2015Source: Bernstein

Policy Divergence

HigherUS Rates

Unwindingof Yield Trade

OilUncertainty

PocketsOf

Illiquidity

ElevatedValuations

Muted EarningsGrowth

US DollarStrength

Active’s OpportunityTo Add Value

China

2016Risks

Geopolitics

Page 3

FAGC 4Q 2015 |

China Isn’t the Only Emerging-Market Concern

As of September 30, 2015Source: AB

Asia ex Japan Worsening export

performance Sluggish domestic demand

Turkey Collapse of coalition talks Conflict with PKK

Russia/Ukraine Conflict Economic contraction amid declining oil

prices Debt restructuring (Ukraine)

Brazil Growth contraction High inflation Need for fiscal adjustment Political corruption

Page 4

FAGC 4Q 2015 |

Leading to Dramatic Increases in Daily Oil ProductionUS Crude Production (Bbls/d)

5,000

5,500

6,000

6,500

7,000

7,500

8,000

8,500

9,000

9,500

10,000

1996 1999 2002 2005 2008 2011 2014

Substantial Growth in Energy Market InvestmentsNet Debt and Equity Issuance Per Annum (USD Billions)

0

20

40

60

80

100

120

140

03 04 05 06 07 08 09 10 11 12 13 14 15YTD

IG Net Issuance HY Net Issuance Equity Issuance

Over $700 Billion Raised by Public Issuers over Past 10 Years to Drill More than 100,000Horizontal Wells

Advent of Shale Technology Attracted Massive Capital Inflows

As of August 2015Source: Morgan Stanley and US Energy Information Administration (EIA)

Page 5

FAGC 4Q 2015 |

Expected RangeWithout DAA

With DAA

DAA Adjustments Have Provided a Smoother Ride

April 2010–December 2015

As of December 31, 2015*Adjustments are to the return-seeking exposure of a moderate portfolioHistorical analysis is not necessarily predictive of future results. There is no guarantee that any estimates or forecasts will be realized.**Rolling-one-year estimated volatility, calculated as the standard deviation of returns. Moderate Account results are based on a portfolio that has a long-term strategic allocation of 56%% to global equities (the MSCI World Index), 40% to bonds (the Barclays US Aggregate Treasury Index) and 4% to a custom real asset index including commodities, commodity producers, and global REITs but that deviates based on positioning. Figures do not sum due to rounding. See “Information on Morgan Stanley Capital International (MSCI)” at the end of this presentation.Source: Barclays, MSCI, and AB

Advice Matters for Risk

(10)

+10

0

Retu

rn-

Seek

ing

Wei

ght

(Per

cent

)

Current

Year-End2010

Year-End2011

Year-End2012

Year-End2013

Year-End2014

Adjustments Made Within DAA*

Estimated Volatility**

5

7

9

11

13

15

Perc

ent

Year-End2010

Year-End2011

Year-End2012

Year-End2013

Year-End2014

Page 6

Appendix

Managed Assets Market Value

CurrentAllocation¹

Long-TermAllocation

Risk-Mitigating Cash Balances Cash $13,619 0.2% - Bonds Intermediate-Term Taxables US $2,689,558 32.4% 26.8% Intermediate Bond - Inflation Strategy $47,583 0.6% 0.6% Intermediate-Term Taxables Non-US $598,663 7.2% 9.5%

$3,335,804 40.2% 36.9%$3,349,423 40.3% 36.9%

Diversifying Real Asset Securities Real Assets $52,287 0.6% 1.8%

$52,287 0.6% 1.8%

Return-Seeking Stocks United States $3,548,235 42.7% 42.5% Developed Foreign Markets $1,164,210 14.0% 14.7% Emerging Foreign Markets $187,238 2.3% 4.1%

$4,899,683 59.0% 61.3%$4,899,683 59.0% 61.3%

Managed Assets Total: $8,301,393 100.0% 100.0%Total Assets: $8,301,393

Bernstein

¹Please refer to the notes page for additional information.²Please refer to the notes page for the most recent valuation dates for products which are not valued daily.

Associated General Contractors of America As of January 29, 2016

US DollarsAsset Allocation Summary

Page 7

Geographic Breakdown¹

Market Value% of

StocksUnited States $3,548,235 72.4%

Developed Foreign Markets $1,164,210 23.8%

Emerging Foreign Markets $187,238 3.8%

TOTAL $4,899,683 100.0%

Capitalization Breakdown¹

Market Value% of

StocksLarge Cap $4,455,422 90.9%

Mid/Small Cap $444,261 9.1%

PlaceHolder $ 0.0%

TOTAL $4,899,683 100.0%

Bernstein

Associated General Contractors of America As of January 29, 2016

US DollarsAsset Allocation Summary

Page 8

Cash Flow and Performance SummaryAs of January 29, 2016

US Dollar

ASSOCIATED GENERAL CONTRACTORS OF AMERICA*

Net-of-Fees

Historical Relationship Asset Allocation**

0

10

20

30

40

50

60

70

80

90

100

2011 2012 2013 2014 2015 Current

Tota

l A

lloc

atio

n (

per

cen

t)

StocksReal Asset SecuritiesBonds

Periods ending Jan 29, 2016 Beginning AssetsMoney Added /

Withdrawn Ending Assets ReturnMoney Earned

Since Inception: Mar 04, 2011 $6,955,821 $8,301,393 4.6%($394,036) $1,739,607

1 Year $8,661,751 $8,301,393 (1.9)%($200,000) ($160,358)

3 Year $7,536,783 $8,301,393 5.0%($442,321) $1,206,931

*The Associated General Contractors of America relationship includes the following open accounts: 036-87350 (888-61257), 036-87351 (888-61257), 039-84878 (888-61257), 039-45704 (888-61257), 039-46806 (888-61257), 036-87352 (888-61257).**The historical relationship asset allocation of the given time periods is calculated by averaging the target allocations at each month-end during the period. Unmanaged assets are not included.

BernsteinPage 9

Cash Flow and Performance SummaryAs of January 29, 2016

US Dollar

ASSOCIATED GENERAL CONTRACTORS OF AMERICA*

Net-of-Fees

Rolling 5-Year Periods Beginning AssetsMoney Added /

Withdrawn Ending Assets ReturnMoney Earned

2011¹-2015 $6,955,821 $8,536,389 5.3%($394,036) $1,974,603

Annual Returns Beginning AssetsMoney Added /

Withdrawn Ending Assets ReturnMoney Earned

2016 YTD $8,536,389 $8,301,393 (2.8)%$0 ($234,996)

2015 $8,672,553 $8,536,389 0.7%($200,000) $63,835

2014 $8,427,189 $8,672,553 5.8%($238,383) $483,747

2013 $7,382,283 $8,427,189 14.1%($3,939) $1,048,844

2012 $6,964,776 $7,382,283 9.8%($250,000) $667,507

2011¹ $6,955,821 $6,964,776 (4.0)%$298,286 ($289,331)

*The Associated General Contractors of America relationship includes the following open accounts: 036-87350 (888-61257), 036-87351 (888-61257), 039-84878 (888-61257), 039-45704 (888-61257), 039-46806 (888-61257), 036-87352 (888-61257).¹Performance for partial year from Mar 04, 2011 to Dec 30, 2011

BernsteinPage 10

AGC Education & Research Foundation Performance Report Bernstein Global Wealth ManagementAs of January 29, 2016(Net‐of‐Fee)

Annualized Month‐EndSince Market  Inception

Inception 2016 YTD 2015 2014 2013 2012 2011 1 Year 2 Year 3 Year Value Date

AGC EDUCATION & RESEARCH FOUNDATIONAccount #: 888‐61257

     Strategic Equities (35%), Intermediate Duration Fund (10%) 4.60% ‐2.75% 0.67% 5.93% 14.21% 9.78% ‐3.97% ‐1.98% 3.03% 5.03% $8,301,392.53 3/4/2011     Emerging Markets Fund (1%), International Portfolio (7%),      Dynamic Asset Allocation (30%), AB Global Bond Fund     Advisor Class (10%), Int'l Strategic Equities (5%),  Int'l Small Cap Advisor Class (2%)

     Balanced Benchmark 5.50% ‐2.86% ‐0.15% 6.54% 13.89% 10.47% 0.05% ‐2.53% 2.50% 4.84%

     Premium to Benchmark ‐0.90% 0.11% 0.82% ‐0.61% 0.32% ‐0.69% ‐4.02% 0.55% 0.53% 0.19%

Annualized Since Month‐EndSince Product Market  Inception

Inception 2016 YTD 2015 2014 2013 2012 2011 1 Year 2 Year 3 Year Inception Value Date

AGC EDUCATION & RESEARCH FOUNDATIONAccount #: 888‐61257

     Strategic Equities (35%), Intermediate Duration Fund (10%) 4.60% ‐2.75% 0.67% 5.93% 14.21% 9.78% ‐3.97% ‐1.98% 3.03% 5.03% $8,301,392.53 3/4/2011     Emerging Markets Fund (1%), International Portfolio (7%),      Dynamic Asset Allocation (30%), AB Global Bond Fund     Advisor Class (10%), Int'l Strategic Equities (5%), Int'l Small Cap Advisor Class (2%)

60%MSCI ACWI/40%Barclays Capital Aggregate Index 3.76% ‐3.07% ‐1.20% 4.88% 12.87% 11.36% ‐3.68% ‐4.14% 1.13% 3.21%

     Premium to Benchmark 0.84% 0.32% 1.87% 1.05% 1.34% ‐1.58% ‐0.29% 2.16% 1.90% 1.82%

Global Equities

     Bernstein Simulation : Global Equity 70/25/5, Tax‐Exempt 4.77% ‐5.31% 1.92% 7.21% 27.74% 13.10% ‐14.59% ‐2.33% 3.66% 7.61%

     MSCI ACWI ‐NDR 3.92% ‐6.03% ‐2.36% 4.16% 22.80% 16.13% ‐11.36% ‐6.80% ‐0.23% 3.91%

     Premium to Benchmark 0.85% 0.72% 4.28% 3.05% 4.94% ‐3.03% ‐3.23% 4.47% 3.89% 3.70%

FIXED INCOME

     SCBF ‐ Intermediate Duration Portfolio 3.40% 1.08% 0.31% 6.60% ‐2.35% 5.50% 6.82% ‐0.84% 3.15% 2.05% 6.21% 1/17/1989

     Barclays Capital Aggregate Bond Index 3.51% 1.38% 0.55% 5.97% ‐2.02% 4.21% 7.84% ‐0.16% 3.17% 2.15% 6.55%

     Premium to Benchmark ‐0.11% ‐0.30% ‐0.24% 0.63% ‐0.33% 1.29% ‐1.02% ‐0.68% ‐0.02% ‐0.10% ‐0.34%

* Inception for indices, simulation and Intermediate Duration Portfolio starts at 3/1/11

*Bernstein benchmarkPage 11

AGC of America Performance Report Bernstein Global Wealth ManagementAs of January 29, 2016(Net‐of‐Fee)

Annualized Since ProductSince Account Product InceptionInception 2016 YTD 2015 2014 2013 2012 2011 1 Year 2 Year 3 Year Inception Date

FIXED INCOME

     SCBF ‐ Intermediate Duration Portfolio 3.40% 1.08% 0.31% 6.60% ‐2.35% 5.50% 6.82% ‐0.84% 3.15% 2.05% 6.21% 1/17/1989

     Barclays Capital Aggregate Bond Index 3.51% 1.38% 0.55% 5.97% ‐2.02% 4.21% 7.84% ‐0.16% 3.17% 2.15% 6.55%

     Premium to Benchmark ‐0.11% ‐0.30% ‐0.24% 0.63% ‐0.33% 1.29% ‐1.02% ‐0.68% ‐0.02% ‐0.10% ‐0.34%

     AB Global Bond Fund Class I 3.84% 1.08% 0.67% 7.40% ‐1.81% 7.40% 4.66% ‐0.08% 3.78% 2.54% 4.91% 11/5/2007

     Barclays Global Aggregate Index ‐ Hedged 4.28% 1.46% 1.02% 7.59% ‐0.14% 5.72% 5.40% 0.62% 4.26% 3.45% 4.51%

     Premium to Benchmark ‐0.44% ‐0.38% ‐0.35% ‐0.19% ‐1.67% 1.68% ‐0.74% ‐0.70% ‐0.48% ‐0.91% 0.40%

DOMESTIC EQUITIES

    Strategic Equities* 8.05% ‐5.24% 3.32% 12.87% 32.02% 11.70% ‐5.67% ‐0.16% 7.21% 11.70% 11.79% 12/31/1977

    All Cap Index 10.20% ‐5.20% 0.98% 13.69% 32.39% 16.00% 2.11% ‐1.36% 5.99% 10.99% 11.38%

     Premium to Benchmark ‐2.15% ‐0.04% 2.34% ‐0.82% ‐0.37% ‐4.30% ‐7.78% 1.20% 1.22% 0.71% 0.41%

INTERNATIONAL EQUITIES

     International (SIMTX) ‐0.62% ‐5.45% 3.07% ‐6.36% 19.52% 14.26% ‐18.86% ‐3.14% ‐2.02% 1.68% 2.43% 4/30/1999

     MSCI EAFE Index ‐Net* 0.94% ‐7.23% ‐0.81% ‐4.90% 22.78% 17.32% ‐12.14% ‐8.43% ‐4.51% 0.68% 2.90%

     Premium to Benchmark ‐1.56% 1.78% 3.88% ‐1.46% ‐3.26% ‐3.06% ‐6.72% 5.29% 2.49% 1.00% ‐0.47%

     Emerging Markets (SNEMX) ‐5.70% ‐5.65% ‐13.48% 0.81% ‐2.20% 18.18% ‐23.64% ‐18.64% ‐6.05% ‐7.07% 5.73% 12/15/1995

     MSCI Emerging Markets Index ‐ Net* ‐5.47% ‐6.49% ‐14.92% ‐2.19% ‐2.60% 18.22% ‐18.42% ‐20.91% ‐8.77% ‐9.24% 4.84% 1/1/1996

     Premium to Benchmark ‐0.23% 0.84% 1.44% 3.00% 0.40% ‐0.04% ‐5.22% 2.27% 2.72% 2.17% 0.89%

*Include Strategic Value and Strategic Growth through 6/30/2012; Strategic Equities thereafter* Since Product Inception value for Emerging Markets as of 1/1/1996

*Bernstein benchmark**Benchmark data not available

Page 12

TITLE OF PRESENTATION |

AGC Foundation - Sources of Return

Since Inception

60% ACWI, 40% Barclays

Aggregate

Asset Allocation Security Selection

AGC Return

3.8%

1.7%

(0.9)%

4.6%

Page 13

FAGC 4Q 2015 |

S&P 500 1.4 15.1 14.7

Relative Return 1.9 0.7 0.3

Strategic Equities: Capitalizing on Research Opportunities

Past performance is not necessarily indicative of future results. There is no guarantee that any estimates or forecasts will be realizedAs of December 31, 2015Figures may not sum due to rounding.Performance for Strategic Equities unless otherwise noted, is presented net of only investment-management fees of 40 basis points. Additional fees for Bernstein private-client services are also assessed, as provided in the applicable Bernstein fee schedule. For your fees, please see our published fee schedule or speak to your Financial Advisor. See Notes on Performance Statistics at the end of this presentation.*Inception date is June 30, 2012.**All-Cap benchmark represented by 95% S&P 500, 5% Russell 2500 from inception through May 2015. From June 2015 forward benchmark represented by 92% S&P 500, 8% Russell 2500†Peer ranking against the eVestment US Large Cap Core net-of-fee universe of accountsSource: eVestment, Russell, Standard & Poor’s, and AB

1 Year 3 Year Since Inception*

Strategic Equities 3.3% 15.8% 15.0%

All-Cap Benchmark** 1.0 14.9 14.6

Relative Return 2.3 0.9 0.4

Peer Ranking†

(net of fee, percentile) 14th 17th 33rd

Performance and Peer Ranking

Page 14

FAGC 4Q 2015 |

The Dow Jones-UBS Commodity Index is a rolling index composed of futures contracts on physical commodities.

The FTSE EPRA/NAREIT Global Real Estate Index is a market-capitalization-weighted index that tracks the performance of listed real estate companies and REITs across a range of property types worldwide.

The FTSE NAREIT Equity Index is an unmanaged, market-capitalization-weighted index that tracks the performance of publicly traded REITs across a range of US geographies and property types.

HFRI Fund of Funds Composite Index is an equal-weighted performance index that includes more than 650 constituent fund of funds that report their monthly net-of-fee returns to Hedge Fund Research, Inc. and have at least $50 million under management and have been actively trading for at least 12 months.

HFRI Fund Weighted Composite Index is an equal-weighted performance index that includes more than 2,000 constituent funds that report their monthly net-of-fee returns to Hedge Fund Research, Inc. and have at least $50 million under management and have been actively trading for at least 12 months.

The Lipper Intermediate Municipal Debt Funds Index tracks funds that invest in municipal debt issues with dollar-weighted average maturities of five to 10 years.

The Lipper Short-Intermediate Municipal Debt Funds Index tracks funds that invest in municipal debt issues with dollar-weighted average maturities of one to five years.

The Lipper Short Municipal Debt Funds Index tracks funds that invest in municipal debt issues with dollar-weighted average maturities of less than three years.

The Lipper TASS Hedge Fund Index provides monthly net-of-fee returns on an equal-weighted basis of those funds that report returns to the Lipper TASS database.

The Lipper TIPS Fund Index tracks funds that invest primarily in inflation-indexed fixed-income securities issued in the United States. Inflation-indexed bonds are fixed-income securities that are structured to provide protection against inflation.

Index Descriptions

Page 15

FAGC 4Q 2015 |

The MSCI All Country World Index (ACWI) is a market-capitalization-weighted index designed to provide a broad measure of equity-market performance throughout the world.

The MSCI ACWI Commodity Producers Index is a free-float-adjusted market-capitalization-index that is designed to track the performance of global listed commodity producers.

The MSCI EAFE (Europe, Australasia, Far East) Index is a free-float-adjusted, market-capitalization-weighted index that is designed to measure developed-market equity performance, excluding the US and Canada.

The MSCI Emerging Markets Index is a free-float-adjusted, market-capitalization-weighted index that is designed to measure equity-market performance in the global emerging markets.

The MSCI USA Index is a free-float-adjusted, market-capitalization-weighted index that is designed to measure large- and mid-cap US equity- market performance.

The MSCI USA Minimum Volatility Index aims to reflect the performance characteristics of a minimum variance strategy applied to the US large- and mid-cap equity universe. The index is calculated by optimizing the MSCI USA Index, its parent index, for the lowest absolute risk (within a given set of constraints). Historically, the index has shown lower beta and volatility characteristics relative to the MSCI USA Index.

The MSCI World Index is a free-float-adjusted, market-capitalization-weighted index that is designed to measure global developed-market equity performance.

The Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.*

The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.*

The unmanaged S&P 500 Index comprises 500 large-capitalization US stocks and is a common measure of the performance of the US stock market.

Index Descriptions (cont.)

*The Russell Index methodology results in some companies appearing in both the growth and value indexes.

Page 16

FAGC 4Q 2015 |

Disclosures and Important Information

Disclosure on Security Examples

References to specific securities are presented to illustrate the application of our investment philosophy only and are not to be considered recommendations by AB. The specific securities identified and described in this presentation do not represent all 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. Upon request, we will furnish a listing of all investments made during the prior one-year period.

Past performance is not a guide to future performance.

Information About Morgan Stanley Capital International (MSCI)

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 a basis for other indexes or any securities or financial products. This presentation is not approved, reviewed, or produced by MSCI.

Additional Information

Pooled-investment vehicles are organized under the Investment Company Act of 1940, as amended, managed by AB L.P.

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

The value of nondomestic securities may be subject to exchange-rate fluctuations.

The views and opinions expressed in this presentation are based on AB’s internal forecasts and should not be relied upon as an indication of future market performance or any guarantee of return from an investment in any AB service.

Page 17

FAGC 4Q 2015 |

Performance Disclosure

Disclosure on the Fully Diversified Portfolio SimulationThe hypothetical performance of the Fully Diversified Portfolio Simulation (FDS) is presented for illustrative purposes only. The performance shown is hypothetical because it does not represent the performance of actual managed accounts. The results may not reflect the impact that certain material economic and market factors may have had on actual decision making if they were reflective of a managed account. No representation is being made that an investor will, or is likely to, achieve profits or losses similar to those shown. Performance for the FDS includes the Dynamic Asset Allocation Overlay beginning April 1, 2010, based on average US Strategic Value and US Strategic Growth accounts; individual accounts may vary. Performance of the Bernstein Tax-Managed International, Bernstein Emerging Markets, and Bernstein Diversified Municipal Bonds asset classes are represented by pooled investment vehicles organized under the Investment Company Act of 1940, as amended, managed by AB L.P.

Page 18

FAGC 4Q 2015 |

1. General Notes: a. Performance Statistics Are Not Financial Statements—There are various methods of compiling or reporting performance statistics. The standards of

performance measurement used in compiling these data are in accordance with the methods set forth below. Past performance does not guarantee future results. A portfolio could suffer losses as well as achieve gains.

b. Composite Structure—The Bernstein US Strategic Equities composite (the “Composite”) includes only fee-paying discretionary private-client accounts not subject to significant investment restrictions imposed by clients. The minimum account size included in the Composite is $50,000.

c. Rate of Return—Performance returns for each account are calculated monthly, using trade-date accounting. Performance results are reported on a total-return basis, which includes all income from dividends and interest, and realized and unrealized gains or losses. All cash flows are daily-weighted using the Modified Dietz Method. The monthly Composite returns are calculated by weighting each account’s monthly return by its beginning market value as a percent of the total Composite’s beginning market value. These monthly performance figures are geometrically linked to calculate cumulative and/or annualized “time-weighted” rates of return for various time periods. Closed accounts are included in the Composite for each full quarter prior to their closing.

d. Benchmark—The benchmark for the Composite is the S&P 500 Index. The S&P 500 Index is widely regarded as the standard for measuring large-cap US stock-market performance.

2. Net-of-fee performance for the Composite is presented net of only investment-management fees of 40 basis points (0.40%). Additional fees for investment advice, wealth planning and analysis, conferences, website access and other Bernstein private-client services are also assessed as provided in the Bernstein fee schedule applicable to the account. Please consult your Bernstein advisor for additional information. Net-of-fee returns for the Composite since its 6/30/2012 inception are as follows: 7/1-12/31/12: 4.9%; 2013: 33.1%; 2014: 12.9%.

3. Dispersion—Dispersion is calculated on the gross-of-fee annual returns of the accounts included in the Composite for all 12 months of the calendar year; it is the asset-weighted standard deviation of these returns. The Composite’s calendar year dispersion is as follows: 2013: 0.7%; 2014: 0.6%.

Notes on Performance Statistics

p=preliminary

US Strategic Equities

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FAGC 4Q 2015 |

1. General Notes: a. Performance Statistics Are Not Financial Statements—There are various methods of compiling or reporting performance statistics. The standards of

performance measurement used in compiling these data are in accordance with the methods set forth below. Past performance does not guarantee future results. A portfolio could suffer losses as well as achieve gains.

b. Composite Structure—Beginning in 1993, the Bernstein US Strategic Value composite (the “Composite”) includes only fee-paying private and institutional discretionary accounts not subject to significant investment restrictions imposed by clients. From 1974 through 1992, the Composite includes all private and institutional discretionary US Strategic Value accounts.

c. Rate of Return—Performance returns for each account are calculated monthly using trade-date accounting. Performance results are reported on a total-return basis, which includes all income from dividends and interest, and realized and unrealized gains or losses. Prior to July 1993, all cash flows were assumed to have occurred on the last day of the month. From July 1993 through 2000, if an account’s net monthly cash flows were equal to or exceeded 10% of its beginning market value, the Modified Dietz Method was used to daily-weight the cash flows. When an account’s net monthly cash flows were less than 10% of its beginning market value, the cash flows were assumed to have occurred on the last day of the month. Beginning in 2001, all cash flows are daily-weighted using the Modified Dietz Method. Beginning in 1993, the monthly Composite returns are calculated by weighting each account’s monthly return by its beginning market value as a percent of the total Composite’s beginning market value. Prior to 1993, the Composite results are equal-weighted on a quarterly basis. These monthly and quarterly performance figures are geometrically linked to calculate cumulative and/or annualized “time-weighted” rates of return for various time periods. Closed accounts are included in the Composite for each full quarter prior to their closing.

d. Benchmark—The benchmark for the Composite is the S&P 500 Index. The S&P 500 Index is widely regarded as the standard for measuring large-cap US stock market performance.

2. Net-of-fee performance figures for the Composite have been calculated as follows: a. Prior to 1983, management fees were not charged; instead, the accounts incurred transaction costs.b. From 1983 through 1992, the Composite’s net-of-fee return is the equal-weighted average of the actual after-fee returns of each account in the

Composite. From 1993 through June 2012, the Composite’s net-of-fee return is the asset-weighted average of the actual after-fee returns of each account in the Composite.

c. From July 2012 to present, the Composite’s net-of-fee performance is presented net of only investment management fees of 40 basis points. Additional fees for investment advice, wealth planning and analysis, conferences, website access and other Bernstein private client services are also assessed as provided in the Bernstein fee schedule applicable to the account. Please consult your Bernstein advisor for additional information.

d. Net-of-fee returns for the past 10 years are as follows: 2004: 13.5%; 2005: 8.6%; 2006: 20.1%; 2007: (1.4)%; 2008: (46.8)%; 2009: 28.6%; 2010: 11.6%; 2011: (7.1)%; 2012: 13.5%; 2013: 40.8%; 2014: 13.6%.

3. Dispersion—Dispersion is calculated on the gross-of-fee annual returns of the accounts included in the Composite for all 12 months of the calendar year; it is the asset-weighted standard deviation of these returns. The Composite’s dispersion of returns for the last 10 years is as follows: 2004: 1.2%; 2005: 1.1%; 2006: 0.8%; 2007: 1.1%; 2008: 1.0%; 2009: 2.1%: 2010: 1.1%; 2011: 0.8%; 2012: 0.7%; 2013: 1.2%; 2014: 0.8%

Notes on Performance Statistics

US Strategic Value

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