A = [1 2;3 4] and B = [1 5 4]

for each element of A(call it A(i))
    for each element of B~=b do
        ( (A(i) - 1)/(b-1) ) * ( (A(i) - 5)/(b-5) ) * ( (A(i)- 4)/(b-4) )
    end
end

A = [1 2;3 4];
B = [1 5 4];

m1 = bsxfun(@minus,A,permute([1 5 4],[3 1 2]));
m2 = bsxfun(@minus,B,permute([1 5 4],[3 1 2]));

for k1=1:size(A,1)
    for k2=1:size(A,2)
        t2 = squeeze(bsxfun(@rdivide,m1(k1,k2,:),m2));
        t2(1:size(t2,1)+1:end)=1;
        A1(k1,k2) = prod(t2(:)); %%// Output
    end
end

A1 =

         0   -0.2500
   -0.1111         0

C = (A-1)./(B-1) .* (A-5)./(B-5) .* (A-4)./(B-4)
C(isinf(C)) = 0;

C(B==b) = 0;