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This presentation is provided by AllianceBernstein Australia Limited. This presentation does not constitute “personal advice,” as defined in the Corporations Act 2001.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, is not intended for retail or public use or distribution beyond our private meeting and must be returned to us immediately upon demand. AllianceBernstein Australia Limited ABN 53 095 022 718 AFSL 230 698 AllianceBernstein.com Global Capital Markets Outlook

Important Information This document has been prepared by AllianceBernstein Australia Limited (“ABAL”)— ABN 53 095 022 718, AFSL 230 698. Information in this document is only intended for persons that qualify as “wholesale clients,” as defined by the Corporations Act 2001, and is not to be construed as advice. This document is provided solely for informational purposes and is not an offer to buy or sell securities. The information, forecasts and opinions set forth in this document have not been prepared for any recipient’s specific investment objectives, financial situation or particular needs. Neither this document nor the information contained in it are intended to take the place of professional advice. You should not take action on specific issues based on the information contained in this document without first obtaining professional advice. Past performance does not guarantee future results. Projections, although based on current information, may not be realized. Information, forecasts and opinions can change without notice and ABAL does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained in this document, ABAL does not warrant that this document is free from errors, inaccuracies or omissions. ABAL disclaims any liability for damage or loss arising from reliance upon any matter contained in this document except for statutory liability which cannot be excluded. No reproduction of the materials in this document may be made without the express written permission of ABAL. This information is provided for persons in Australia only and is not being provided for the use of any person who is in any other country. AllianceBernstein.com Global Capital Markets Outlook 1

The Big Picture  Global growth expected at 2.7% in 2014, rising to 3.2% in 2015  Monetary policy in major developed economies is generally accommodative, but diverging  Interest rates remain low, but US official rates expected to begin rising in 1H:2015  Bond investors should position for a gradual increase in rates  Balance credit and interest-rate risk  Go global to capitalize on diverging policies  Be selective and avoid stretching for yield  Diversify across sectors to benefit from relative value opportunities  Equity-market returns should be attractive, but muted going forward  Global valuations are extended, but investment opportunities remain  Corporate fundamentals remain solid, and earnings growth should drive returns  The environment increasingly favors active management and high active share to generate alpha Current analysis does not guarantee future results. As of September 30, 2014 Source: AllianceBernstein AllianceBernstein.com Global Capital Markets Outlook 2

Investor Concerns Undermine Risk Assets… Returns in Australian dollars 3Q:2014 Returns YTD:2014 Returns World 5.5% 6.2% US 9.1% 10.8% Europe 0.3% 0.3% Equities Japan 5.4% 1.7% Australia -0.6% 2.3% Emerging Markets 4.1% 4.7% Global High Yield -1.2% 6.0% Emerging-Market Debt -0.3% 8.4% Credit Global Corporates 1.2% 7.7% US 1.0% 5.0% Japan 1.3% 4.3% Government Bonds Euro Area 3.6% 12.1% Australia 1.0% 5.6% Commodities 4.9% -3.5% TIPS* 5.7% 6.0% Alternatives Global REITs** 2.9% 9.0% -20.00% 0.00% 20.00% -10.00% 10.00% 30.00% Past performance does not guarantee future results. As of September 30, 2014 Global High Yield, Emerging-Market Debt, Global Corporates, US, Japan and Euro Area government bonds in hedged AUD. All other returns are in unhedged AUD. An investor cannot invest directly in an index and its performance does not reflect the performance of any AllianceBernstein portfolio. The unmanaged index does not reflect fees and expenses associated with the active management of a portfolio. *Treasury Inflation-Protected Securities **Global Real Estate Investment Trusts Source: Barclays, Bloomberg, FTSE, MSCI, S&P Dow Jones, TOPIX and AllianceBernstein. Please refer to Index Definitions in Appendix AllianceBernstein.com Global Capital Markets Outlook 3

… in Part Due to Questions About Valuations Investors Seem Worried About Current Valuations… …and Markets Remain Largely Complacent Welcome to the Everything Boom, or VIX 60 15% Maybe the Everything Bubble (left July 7, 2014 scale) US High Yield One-Year Volatility 40 10% The Choice: Expensive Assets or Negative Returns? Index August 4, 2014 20 5% S&P 500 Rises to Record as Treasuries Gain, Dollar Slips September 5, 2014 0 0% 96 99 02 05 08 11 14 Historical analysis does not guarantee future results. As of September 30, 2014 Right display VIX CBOE Market: Volatility Index; US High Yield represented by Barclays US Corporate High-Yield Index. An investor cannot invest directly in an index and its performance does not reflect the performance of any AllianceBernstein portfolio. The unmanaged index does not reflect fees and expenses associated with the active management of a portfolio. Source: Barclays, Bloomberg, Investment Week, The New York Times and AllianceBernstein AllianceBernstein.com Global Capital Markets Outlook 4

Continued Moderate — but Uneven — Global Growth AllianceBernstein World Economic Growth Forecast Calendar Year Percentage Change 6.0% Asia ex Japan 6.0% 3.1% United Kingdom 2.9% 2.7% Global 3.2% 2.5% United States 3.9% 2.3% Canada 2.5% 1.7% EEMEA* 2.1% 1.1% Japan 1.7% 1.0% Latin America AllianceBernstein 2014 1.9% AllianceBernstein 2015 0.8% Euro Area 1.3% Historical analysis and current forecasts do not guarantee future results. As of October 1, 2014 *Emerging Europe, Middle East and Africa (the forecast aggregate includes Hungary, Poland, Turkey, Russia, and South Africa) Source: AllianceBernstein AllianceBernstein.com Global Capital Markets Outlook 5

US: Economic Growth Should Continue to Improve Growth Has Been Better Than You May Have Thought Resurgent Private Sector, Modest Public Contribution Real Gross Domestic Product (GDP) Growth Total 4.5% 0.5  Budget Passage Total 3.9% 0.1  Debt Ceiling Debate  Tax Rate Increase Impact 0.4  Geopolitical 0.1 Concerns 1.8 4.5 3.5 4.6 2.0  Bad Weather  Geopolitical 0.3 Concerns 0.3 Public 1.7 Private 1.1 -2.1 2H:14 2015 1 2 Forecast Forecast Investment Housing Consumption Net Exports 3Q13 4Q13 1Q14 2Q14 Government Historical analysis and current forecasts do not guarantee future results. Left display: Quarter-over-quarter annualized growth through September 30, 2014; right display as of September 30, 2014. Numbers might not sum due to rounding. Source: Haver Analytics, US Bureau of Economic Analysis and AllianceBernstein AllianceBernstein.com Global Capital Markets Outlook 6

US: Strong Support for Private-Sector Expansion Manufacturing PMI † New Home Sales Expectations‡ Consumer Indicators 110 80 65 18 HFO** 70 60 Seasonally Adjusted Change, Percent 60 55 90 17 50 Index 50 Index Index 40 45 30 70 16 40 Consumer 20 Sentiment (Left Scale)* 35 10 50 15 0 30 00 02 04 06 08 10 12 14 01 03 05 07 09 11 13 00 02 04 06 08 10 12 14 Historical analysis does not guarantee future results. Left display: consumer sentiment as of September 30, 2014, HFO through June 30, 2014; middle and right displays through September 30, 2014 *University of Michigan Consumer Sentiment Index. **Household Financial Obligation Ratio. †Purchasing Managers’ Index. ‡National Association of Home Builders (NAHB ) Housing Market Index (Expectations for Sales of New Homes — Diffusion Index). Source: Haver Analytics, Institute for Supply Management, University of Michigan, US Bureau of Labor Statistics, US Federal Reserve Board and AllianceBernstein AllianceBernstein.com Global Capital Markets Outlook 7

US: Employment Discussion Turns from Quantity to Quality The Overall Jobs Picture Continues to Improve When Will the Cyclically Unemployed Return? Labor Force Participation Rate Underemployment Rate 66 18 65 Percent 16 64 14 63 Percent 12 62 Dec Aging Cyclical Others Dec 2008 2014* 10 No Broad-Based Wage Pressures Evident Average Hourly Earnings 8 5 YoY Percent Change 4 6 Unemployment 3 Rate 2 4 1 03 04 05 06 07 08 09 10 11 12 13 14 0 00 02 04 06 08 10 12 14 Historical analysis and current forecasts do not guarantee future results. Left and top right displays through September 30, 2014; bottom right display through August 31, 2014 *Interpolated based on US Bureau of Labor Statistics (BLS) forecast Source: BLS, Haver Analytics and AllianceBernstein AllianceBernstein.com Global Capital Markets Outlook 8