ex99_02.htm

AllianceBernstein

Second 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.

July 23, 2008

AllianceBernstein

Second Quarter 2008 Review

Proprietary - For AllianceBernstein L.P. use only

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 Part I, Item 1A of our 2007 Form 10-K and Part II, Item 1A of our 1Q08 Form 10-Q. Any or all of the forward-looking statements
that we make in this presentation, Form 10-K, Form 10-Q, other documents we file with or furnish to the SEC, 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 above and
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:

• Our backlog of new institutional mandates not yet funded: 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.

• Turbulent market conditions establishing the basis for strong relative and absolute performance in future periods: The actual
performance of the capital markets and other factors beyond our control will affect our investment success for clients and asset flows.

Cautions regarding Forward-Looking Statements

AllianceBernstein

Second Quarter 2008 Review

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*12 months ending June 30, 2008.

Market Performance - US

AllianceBernstein

Second Quarter 2008 Review

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*12 months ending June 30, 2008.

Source: MSCI (Morgan Stanley Capital International).

Market Performance - Non-US

AllianceBernstein

Second Quarter 2008 Review

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< Most Value services lagged benchmarks

< Most Growth services outperformed benchmarks

< Fixed Income generally outperformed benchmarks

< Alternative Investment services provided mixed absolute returns, generally

in-line with the major global indices, with pockets of outperformance

Relative Investment Performance Summary: 2Q08

AllianceBernstein

Second Quarter 2008 Review

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Three Months Ended June 30, 2008

$ Billions

NOTE: Percentages are calculated using AUM rounded to the nearest million.

Changes in Assets Under Management by Channel

AllianceBernstein

Second Quarter 2008 Review

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Twelve Months Ended June 30, 2008

$ Billions

NOTE: Percentages are calculated using AUM rounded to the nearest million.

Changes in Assets Under Management by Channel

AllianceBernstein

Second Quarter 2008 Review

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Three Months Ended June 30, 2008

$ Billions

NOTE: Percentages are calculated using AUM rounded to the nearest million.

Changes in Assets Under Management by Investment Service

AllianceBernstein

Second Quarter 2008 Review

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Twelve Months Ended June 30, 2008

$ Billions

NOTE: Percentages are calculated using AUM rounded to the nearest million.

Changes in Assets Under Management by Investment Service

AllianceBernstein

Second Quarter 2008 Review

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< Global and International services
accounted for 91% of new sales

< Fixed Income represented nearly 30%
of gross sales

< Pipeline down slightly versus 1Q08 at
$15 billion

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

NOTE: Percentages are calculated using AUM rounded to the nearest million.

Institutional Investments Highlights: 2Q08

AllianceBernstein

Second Quarter 2008 Review

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< Net outflows driven by:

Ø Both US and non-US clients

Ø Primarily Equity services

< Net outflows slowed versus 1Q08 due
to lower redemptions

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

NOTE: Percentages are calculated using AUM rounded to the nearest million.

Retail Highlights: 2Q08

AllianceBernstein

Second Quarter 2008 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.

NOTE: Percentages are calculated using AUM rounded to the nearest million.

Private Client Highlights: 2Q08

< Modest net outflows - first
quarter in more than seven
years

AllianceBernstein

Second Quarter 2008 Review

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< Revenue up 7% Y/Y driven by US but down sequentially in both US and
Europe, versus an exceptionally robust first quarter

< In a leading independent survey of institutional investors covering US and
European equities, Bernstein was again ranked #1 on key metrics of
research quality, including:

Ø greatest knowledge of companies and industries

Ø most trusted

Ø analyst service quality

Ø quality of research product

< Ranked #1 in the US and #2 in the UK/Europe for trade execution quality
and value-add during 2007 among full service brokers in ITG's
BrokersEDGE survey

Institutional Research Services Highlights: 2Q08

AllianceBernstein

Second Quarter 2008 Review

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by Client Domicile

by Investment Service

$ Billions

Total AUM at

Jun 30, 2008
$717 Billion

Total AUM at

Jun 30, 2007
$793 Billion

Down
10%

Global Asset Mix

AllianceBernstein

Second Quarter 2008 Review

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($ 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, Stand-alone Currency and Venture Capital

+5%

Alternative Investment Services AUM*

AllianceBernstein

Second Quarter 2008 Review

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

$ Millions

AllianceBernstein Second Quarter 2008 Revenues

AllianceBernstein

Second Quarter 2008 Review

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

$ Millions

AllianceBernstein Second Quarter 2008 Advisory Fees

AllianceBernstein

Second Quarter 2008 Review

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

$ Millions

AllianceBernstein Second Quarter 2008 Operating Expenses

AllianceBernstein

Second Quarter 2008 Review

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

$ Millions

AllianceBernstein Second Quarter 2008 Compensation & Benefits

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Second Quarter 2008 Review

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(1) "Operating Margin" = (Operating Income - Non-Controlling Interest in Earnings)/Net Revenues

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

$ Millions

AllianceBernstein Second Quarter 2008 Net Income

AllianceBernstein

Second Quarter 2008 Review

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

AllianceBernstein Holding Financial Results

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Second Quarter 2008 Review

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

AllianceBernstein

Second Quarter 2008 Review

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AllianceBernstein

Second Quarter 2008 Review

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Market Environment

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Second Quarter 2008 Review

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

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Second Quarter 2008 Review

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

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Second Quarter 2008 Review

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

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Second Quarter 2008 Review

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

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Second Quarter 2008 Review

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

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Second Quarter 2008 Review

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

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Second Quarter 2008 Review

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

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Second Quarter 2008 Review

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

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Second Quarter 2008 Review

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

AllianceBernstein

Second Quarter 2008 Review

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Bernstein Value Equities

Inception
Date

Inception-
Jun 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-
Jun 2008

Investment Performance: Delivering Results for Clients