ex99_02.htm

AllianceBernstein

Fourth Quarter 2007 Review

Gerald M. Lieberman
President & Chief Operating Officer

Lewis A. Sanders
Chairman & Chief Executive Officer

Any forecasts in this material may not be realized. Information or opinions should not be construed as investment advice.

January 23, 2008

AllianceBernstein

Fourth Quarter 2007 Review

Proprietary - For AllianceBernstein L.P. use only

Certain statements in this presentation and our accompanying oral remarks are “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks,
uncertainties, and other factors that could cause actual results to differ materially from future results expressed or implied
by such forward-looking statements. The most significant of these factors include, but are not limited to, the following:
the performance of financial markets, the investment performance we achieve for our clients, general economic
conditions, future acquisitions, competitive conditions, and government regulations, including changes in tax rates. We
caution readers to carefully consider our forward-looking statements in light of these factors. Further, these forward-
looking statements speak only as of the date on which such statements are made; we undertake no obligation to update
any forward-looking statements to reflect subsequent events or circumstances. For further information regarding these
forward-looking statements and the factors that could cause actual results to differ, see “Risk Factors” in Item 1A of Form
10-K for the year ended December 31, 2006 and in Part II, Item 1A of Form 10-Q for the quarter ended September 30, 2007.
Any or all of the forward-looking statements that we make in Form 10-K, Form 10-Q, this presentation, or any other public
statements we issue may turn out to be wrong. Of course, factors other than those listed in “Risk Factors” could also
adversely affect our revenues, financial condition, results of operations, and business prospects.

The forward-looking statements we make in the oral remarks accompanying this presentation include descriptions of
certain 2008 initiatives. Some or all of these initiatives may not be realized due to management’s subsequent
determination that other activities are a better use of company resources and/or to unanticipated changes in global
regulatory and economic environments.

These forward-looking statements also include our belief that the recent market turmoil that hurt hedge fund performance
has created opportunities for these funds to provide strong returns for our clients in the future. The actual performance
of the capital markets and other factors beyond our control will affect our investment performance for clients and asset
inflows.

Our forward-looking statements also address our ability to control expenses and constrain headcount growth in future
periods, which depends in part on headcount and office space needed in response to the growth, complexity and global
nature of our firm.

Cautions regarding Forward-Looking Statements

AllianceBernstein

Fourth Quarter 2007 Review

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*12 months ending December 31, 2007.

Source: MSCI (Morgan Stanley Capital International).

Market Performance - U.S.

AllianceBernstein

Fourth Quarter 2007 Review

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*12 months ending December 31, 2007.

Source: MSCI (Morgan Stanley Capital International).

Market Performance - Non-U.S.

AllianceBernstein

Fourth Quarter 2007 Review

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< Growth equity services delivered strong returns, exceeding institutional
benchmarks

< Value equity services returns fell below institutional benchmarks

< Global fixed income results were respectable

< Blend Strategies performance was relatively neutral

< Diversified hedge fund services returns were decidedly negative

Investment Performance Summary for 2007

AllianceBernstein

Fourth Quarter 2007 Review

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Three Months Ended December 31, 2007

$ Millions

Changes in Assets Under Management by Channel

AllianceBernstein

Fourth Quarter 2007 Review

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Twelve Months Ended December 31, 2007

$ Millions

Changes in Assets Under Management by Channel

AllianceBernstein

Fourth Quarter 2007 Review

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Three Months Ended December 31, 2007

$ Millions

Changes in Assets Under Management by Investment Service

AllianceBernstein

Fourth Quarter 2007 Review

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Twelve Months Ended December 31, 2007

$ Millions

Changes in Assets Under Management by Investment Service

AllianceBernstein

Fourth Quarter 2007 Review

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< Global and International services
accounted for approximately 93% of
all new accounts in 4Q07

< Blend Strategies represented 30% of
all new accounts in 4Q07

< 4Q07 market depreciation of
$14 billion in Value services

< Pipeline up modestly from 3Q07 at
nearly $14 billion

< Pipeline includes $4 billion of defined
contribution mandates and $3 billion
of currency mandates

Institutional Investments Highlights

AllianceBernstein

Fourth Quarter 2007 Review

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< Non-U.S. weakness drives reduction
in 4Q07 flows

< 4Q07 market depreciation of
$5 billion in Value services

< For 2007, growth in U.S. funds more
than offset non-U.S. weakness

   Ø Full year 2007 U.S. net inflows
               were more than 3 times greater
               than 2006

< “Investment Strategies for Life”(2)
      growth continues as net inflows offset
      market depreciation; AUM > $24
      billion

(1) Transfers of certain client accounts were made among distribution channels resulting from changes in how these accounts are serviced by the firm.

(2) Investment Strategies for Life AUM reflects primarily Retail AUM but includes some Private Client and Institutional Investments AUM.

Retail Highlights

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Fourth Quarter 2007 Review

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(1) Transfers of certain client accounts were made among distribution channels resulting from changes in how these accounts are serviced by the firm.

Private Client Highlights

< Fixed Income services added
AUM in 4Q07 via both net
inflows and performance

< 4Q07 Market depreciation of
$3 billion in Value services

< Ultra High Net Worth assets
up 23% year-over-year and
represent 53% of total Private
Client AUM

< Financial Advisor headcount
at 338 - up 13% in 2007, but
growth will slow in 2008

AllianceBernstein

Fourth Quarter 2007 Review

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< Record revenue for both the fourth quarter and full year:

Ø 4Q revenue up 33% Y/Y and 14% sequentially, driven by both U.S. and
European businesses

Ø Full year revenue up 13%

< Coverage initiated in Pharmaceuticals (U.S., Europe), Broadline Retail (U.S.),
and Telecom Services (U.S.).

< Ended 2007 with the most publishing senior analysts (43) in the firm's history;
pipeline of new coverage for '08 remains strong.

Institutional Research Services Highlights

by Client Domicile

by Investment Service

$ Billions

Non-U.S.

up 23%

Global &

Int’l

up 27%

Total AUM at

Dec 31, 2007
$800 Billion

Total AUM at

Dec 31, 2006
$717 Billion

Total AUM

up 12%

Growth in Global Assets

$ Billions

Global &

Int’l

up 27%

Non-U.S.

up 16%

38%

(1) 2007and 2006 Blend Strategies AUM include approximately $7 billion and $4 billion of Blend Fixed Income AUM respectively

Blend

Strategies

up 31%

Blend Strategies
AUM at

Dec 31, 2007
$175 Billion

Blend Strategies

AUM at

Dec 31, 2006
$134 Billion

Blend AUM by
Service

F.I.

$198

25%

Index

$23

Value

$299

37%

Growth

$112

14%

Blend
Strategies

Growth
Component

$85

11%

Value

Component

$83

10%

Blend
Strategies

F.I.

$177

25%

Index

$30

Value

$270

38%

Growth

$110

15%

Growth

Component

$64

Value

Component

$66

Total AUM by
Service

Global

& Int’l

up 36%

Growth in Blend Strategies AUM(1)

Hedge Fund AUM

($ Billions)

The information in this display is provided solely for use in connection with this presentation and is not directed towards existing or potential hedge fund investors or investment advisory clients of
AllianceBernstein.

Growth for Full Year 2007 = 31%

Growth in Hedge Fund Assets

AllianceBernstein

Fourth Quarter 2007 Review

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NOTE: Percentages are calculated using revenues and expenses rounded to the nearest thousand.

$ Millions

AllianceBernstein Fourth Quarter Revenues

AllianceBernstein

Fourth Quarter 2007 Review

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NOTE: Percentages are calculated using AUM and revenues rounded to the nearest thousand.

AllianceBernstein Fourth Quarter Advisory Fees

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Fourth Quarter 2007 Review

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(1) 4Q06 and full year 2006 General & Administrative expenses include a $56 million claims processing error charge ($54.5 million, net of related income tax benefits).

NOTE: Percentages are calculated using revenues and expenses rounded to the nearest thousand.

$ Millions

AllianceBernstein Fourth Quarter Operating Expenses

AllianceBernstein

Fourth Quarter 2007 Review

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NOTE: Percentages are calculated using expenses rounded to the nearest thousand.

$ Millions

AllianceBernstein Fourth Quarter Compensation & Benefits

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Fourth Quarter 2007 Review

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(1) 4Q06 and full year 2006 Operating Expenses include a $56 million claims processing error charge ($54.5 million, net of related income tax benefits).

NOTE: Percentages are calculated using revenues and expenses rounded to the nearest thousand.

$ Millions

AllianceBernstein Fourth Quarter Net Income

AllianceBernstein

Fourth Quarter 2007 Review

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(1) 4Q06 and full year 2006 Diluted Net Income per Unit include a $0.21 and $0.20 per Unit claims processing error charge, respectively.

NOTE: Percentages are calculated using income, earnings and expenses rounded to the nearest thousand.

$ Millions (except per Unit amounts)

AllianceBernstein Holding Financial Results

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Fourth Quarter 2007 Review

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AllianceBernstein

Fourth Quarter 2007 Review

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Market Environment

AllianceBernstein

Fourth Quarter 2007 Review

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Relative Performance: Institutional Growth Equity (After Fees)(1)

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Fourth Quarter 2007 Review

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Relative Performance: Institutional Value Equity (After Fees)(1)

AllianceBernstein

Fourth Quarter 2007 Review

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Relative Performance: Blend Strategies Services (After Fees)(1)

AllianceBernstein

Fourth Quarter 2007 Review

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Relative Performance: Institutional Fixed Income (After Fees)(1)

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Fourth Quarter 2007 Review

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Absolute Performance: Private Client (After Fees)(1)

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Fourth Quarter 2007 Review

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Relative Performance: Retail Growth Equity (After Fees)(1)

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Fourth Quarter 2007 Review

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Relative Performance: Retail Value Equity (After Fees)(1)

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Fourth Quarter 2007 Review

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Relative Performance: Retail Fixed Income (After Fees)(1)

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Fourth Quarter 2007 Review

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Relative Performance: Wealth Strategies (After Fees)(1)

AllianceBernstein

Fourth Quarter 2007 Review

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Bernstein Value Equities

Inception
Date

Inception-
Dec 2007

Alliance Growth Equities

Inception
Date

AllianceBernstein. Past performance is no guarantee of future results. Source: Bloomberg, Citigroup, FTSE, JPMorgan Chase, Lehman Brothers, Merrill Lynch, MSCI, Nomura, Russell Investment
Group, Scotia Capital, S&P, TOPIX, and AllianceBernstein.

AllianceBernstein Blend Strategies

AllianceBernstein Fixed Income

Net-of-Fee Annualized Relative Performance Premiums

Inception-
Dec 2007

Investment Performance: Delivering Results for Clients