Goldman Sachs
US Financial Services Conference 2008

Lewis A. Sanders

Chairman and Chief Executive Officer

This document is provided for informational purposes only, reflecting prevailing market conditions and our judgments as of the date of
the presentation. Opinions and estimates may be changed without notice and involve a number of assumptions which may not prove valid.

Neither this presentation nor any of its contents may be used for any purpose without the consent of AllianceBernstein.

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AllianceBernstein

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, industry trends, 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
Form 10-K for the year ended December 31, 2007 and Part II, Item 1A of our Form 10-Q for the quarter ended
September 30, 2008. 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 anticipation that the inevitable recovery following the current bear market will, if history is a guide,
arrive sooner and be stronger than widely expected: Historical performance is not necessarily indicative of
future results or market movements. 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

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<Position client portfolios for recovery

<Stay true to investment philosophy and process

<Elevate client communication to job #1

<Maintain intellectual capital

<Ensure financial stability

<Invest in next phase of growth

AllianceBernstein

Management Imperatives in a Capital-Market Trauma

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<Defined contribution to defined benefit—the most important industry trend

<Asset allocation in DC plans—transformation to continue

<Globalization—a trend still in motion

<Alternatives—a setback in secular uptrend

<Solutions trump products—to become even more important

AllianceBernstein

Key Industry Trends That Are Shaping Strategy at
AllianceBernstein

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AllianceBernstein

As of November 20, 2008

*Average excludes the 1929-1933 period

Source: Center for Research in Security Prices, Shiller, Standard & Poor’s and AllianceBernstein

Stock Market Recoveries Are Typically Quick with the
Exception of The Great Depression

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*Ex Great Depression

Source: Bureau of Economic Analysis

AllianceBernstein

Historical Recessions Have Been Mild and Short with the
Exception of 1929-1933 Depression

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As of December 7, 2008

*Fixed income long-term average: 1993-present; Equity long-term average: 1960-present

Source: Barclays Capital and AllianceBernstein

Return Premiums over US Treasuries

Non-US
Equities

US
Equities

High-Yield

Corporates

Investment-

Grade

Corporates

AllianceBernstein

"AAA" Commercial

Real-Estate Loans

Risk Premiums Are Consistent with Economic Depression

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Through December 7, 2008

Moody’s spread data prior to June 30, 1988; Barclays option-adjusted spread data thereafter

Source: Global Financial Data, Barclays Capital, Moody’s and AllianceBernstein

US BBB Corporate Spreads

891 b.p.

Great Depression

Average

757 b.p.

Today

AllianceBernstein

Corporate Bond Risk Premiums at Levels Not Seen
Since the Great Depression

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Through November 20, 2008

Equity risk premium is the difference between expected return on the S&P 500, as calculated by the Bernstein expected return model, and 10-year US Treasuries

Source: S&P, Global Financial Data and AllianceBernstein

AllianceBernstein

Average

Stocks Expensive

Stocks Attractive

Equity Risk Premium at a Modern Day High

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AllianceBernstein

Discount to Fair Value*:
Most Attractive 100 Stocks vs. S&P 500

Through November 19, 2008

*A capitalization-weighted average of the most attractive (cheapest) 100 stocks versus the S&P 500 according to Bernstein’s valuation model
Source: S&P and AllianceBernstein

Oil Price Break

Real Estate Crisis

Tech Bubble

Credit Crisis

Price Depression in Value Stocks Near Prior Record

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Through November 30, 2008

*Composite comprises one-third price-to-cash flow, one-third forward price-to-earnings and one-third price-to-sales. The Growth index is the Russell 1000 (large-capitalization) Growth series.

Source: I/B/E/S, Russell Investment Group, S&P, Thomson First Call and AllianceBernstein

Russell Growth Index vs. S&P 500:

Average

AllianceBernstein

Growth Stocks Priced at Historical Lows