ex99_02.htm

AllianceBernstein

First Quarter 2008 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.

April 23, 2008

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Cautions regarding Forward-Looking Statements

Certain statements provided by management in this presentation are “forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995. Such 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 of sponsored investment
products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions, and government
regulations, including changes in tax regulations and rates and the manner in which the earnings of publicly traded partnerships are taxed. We
caution readers to carefully consider such factors. Further, such 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 events or circumstances after the date of such
statements. For further information regarding these forward-looking statements and the factors that could cause actual results to differ, see
“Risk Factors” in Item 1A. Any or all of the forward-looking statements that we make in this presentation, Form 10-K or any other public
statements we issue may turn out to be wrong. It is important to remember that other factors besides those listed in “Risk Factors” and those
listed below could also adversely affect our revenues, financial condition, results of operations, and business prospects.

The forward-looking statements referred to in the preceding paragraph include statements regarding:

• Current market turmoil offering unusual investment opportunity, and a firm-wide resumption of organic growth: The actual
performance of the capital markets and other factors beyond our control will affect our investment success for clients and asset flows.

• Our backlog of new institutional mandates not yet funded growing to over $16 billion: Before they are funded, institutional
mandates do not represent legally binding commitments to fund and, accordingly, the possibility exists that not all mandates will be
funded in the amounts and at the times we currently anticipate.

• Lower compensation expense in future periods resulting from a decline in the value of investments related to employee
deferred compensation plans: The actual performance of the capital markets and other factors beyond our control will affect the value
of these investments.

• Our ability to recover a significant portion of costs incurred to conclude employment-related arbitrations: Our ability to recover
a significant portion of these costs depends on the willingness of our insurer to reimburse us under an existing policy.

• A substantially slower headcount growth rate in 2008: Management will determine the rate at which headcount will grow (or
contract) in future periods based on how we believe our business will function most efficiently and effectively. Management’s
determination in this regard is largely dependent on the actual performance of the capital markets and other factors beyond our control.

Cautions regarding Forward-Looking Statements

*12 months ending March 31, 2008.

Market Performance - U.S.

*12 months ending March 31, 2008.

Source: MSCI (Morgan Stanley Capital International).

Market Performance - Non-U.S.

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< Growth equity services were weak

< Value equity services returns were below benchmarks

< Fixed income relative returns were generally below targets; municipal bond
services outperformed

< Diversified hedge fund services returns remained negative

Relative Investment Performance Summary: 1Q08

Three Months Ended March 31, 2008

$ Billions

Changes in Assets Under Management by Channel

Twelve Months Ended March 31, 2008

$ Billions

Changes in Assets Under Management by Channel

Three Months Ended March 31, 2008

$ Billions

Changes in Assets Under Management by Investment Service

Twelve Months Ended March 31, 2008

$ Billions

Changes in Assets Under Management by Investment Service

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< Global and International services
accounted for approximately 91% of new
assets in 1Q08

< Fixed Income represented 30% of new
assets in 1Q08

< Pipeline up from 4Q07 to over $16 billion

Ø Includes nearly $6 billion of defined

contribution mandates

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

Institutional Investments Highlights: 1Q08

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< Net outflows driven by:

Ø Both U.S. and non-U.S.

Ø Primarily in Equity services

< “Investment Strategies for Life”(2) net
inflows largely offset market
depreciation; AUM ~$23 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: 1Q08

Private Client Highlights: 1Q08

< Modest net inflows despite
market turbulence

< Financial Advisor headcount
at 334 - up 6% versus 1Q07

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< Record quarterly revenue of $118.3 million, up 20% Y/Y

< U.S. revenues particularly strong, with Europe also up

< Launched capability to trade listed options of U.S. equities

Institutional Research Services Highlights: 1Q08

by Client Domicile

by Investment Service

$ Billions

Non-U.S.

up 8%

Global &

Int’l

up 9%

Total AUM at

Mar 31, 2008
$735 Billion

Total AUM at

Mar 31, 2007
$742 Billion

Total AUM

down 1%

Global Asset Mix

$ Billions

38%

(1) 1Q08 and 1Q07 Blend Strategies AUM include approximately $7 billion and $6 billion of Blend Fixed Income/Index AUM, respectively.

Blend

Strategies

up 8%

Blend Strategies
AUM at

Mar 31, 2008
$158 Billion

Blend Strategies

AUM at

Mar 31, 2007
$146 Billion

Blend AUM by
Service

F.I.

$202

28%

Index

$21

Value

$266

36%

Growth

$95

13%

Growth
Component

$75

10%

Value

Component

$76

10%

F.I.

$183

25%

Index

$31

Value

$281

38%

Growth

$107

14%

Growth

Component

$69

Value

Component

$71

10%

Total AUM of $735B
by Service

Global

& Int’l

up 13%

Blend Strategies AUM(1)

($ Billions)

+35%

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.

+50%

+35%

-1%

*Consists of Hedge Funds, Currency and Venture Capital

Alternative Investment Services AUM*

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

AllianceBernstein First Quarter 2008 Revenues

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

AllianceBernstein First Quarter 2008 Advisory Fees

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

$ Millions

AllianceBernstein First Quarter 2008 Operating Expenses

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

$ Millions

AllianceBernstein First Quarter 2008 Compensation & Benefits

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

$ Millions

AllianceBernstein First Quarter 2008 Net Income

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

$ Millions (except per Unit amounts)

AllianceBernstein Holding Financial Results

AllianceBernstein® and the AB AllianceBernstein Logo are trademarks and service marks owned by AllianceBernstein L.P.

Market Environment

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

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

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

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

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

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

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

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

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

Bernstein Value Equities

Inception
Date

Inception-
Mar 2008

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-
Mar 2008

Investment Performance: Delivering Results for Clients