ex99_02.htm

AllianceBernstein

First Quarter 2009 Review

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

Gerald M. Lieberman
President & Chief Operating Officer

Peter S. Kraus
Chairman & Chief Executive Officer

Robert H. Joseph, Jr.
Chief Financial Officer

April 22, 2009

AllianceBernstein

First Quarter 2009 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,
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 Item 1A and “Cautions Regarding Forward-Looking Statements” in Item 7 of our Form 10-K for the year
ended December 31, 2008. Any or all of the forward-looking statements that we make in this presentation, Form 10-K, other
documents we file with or furnish to the SEC, and 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 “Cautions Regarding Forward-Looking Statements”, 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:

• 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.

• Our expectation that, when a sustained market recovery occurs, the potential for outsized investment
returns that has been building should begin to be realized: 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

AllianceBernstein

First Quarter 2009 Review

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*12 months ending March 31, 2009.

Market Performance - US

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First Quarter 2009 Review

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*12 months ending March 31, 2009.

Source: MSCI (Morgan Stanley Capital International).

Market Performance - Non-US

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First Quarter 2009 Review

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< Relative performance across our suite of investment services was solid

< Many services outperformed benchmarks and peer averages by several
hundred basis points

< Particularly strong performance in Growth equities

< Positive performance in Fixed Income and Value equities

AllianceBernstein Relative Performance: 1Q09

AllianceBernstein

First Quarter 2009 Review

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Three Months Ended March 31, 2009

$ Billions

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

Changes in Assets Under Management by Channel

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First Quarter 2009 Review

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Three Months Ended March 31, 2009

$ Billions

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

Changes in Assets Under Management by Investment Service

AllianceBernstein

First Quarter 2009 Review

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< Sales of new mandates remain
tepid overall for the quarter with
a slight increase in March

< Terminations primarily driven by
performance and concentrated
among newer client
relationships

< Pipeline of won but unfunded
mandates down to $4 billion
versus $8 billion at 4Q08

< Pursuing opportunities in TARP,
TALF and PPIP

(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: 1Q09

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First Quarter 2009 Review

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< Net outflows improve
significantly versus 4Q08

Ø Sales up and redemptions
down sequentially

Ø Improvement across all
business units, most
notably Asia

(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: 1Q09

AllianceBernstein

First Quarter 2009 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: 1Q09

< Net outflows decreased
modestly with sales of new
accounts flat vs. 4Q08

< Financial Advisor staff level
reduced ~5% sequentially to
285:

Ø Hiring new advisors for
June training class

AllianceBernstein

First Quarter 2009 Review

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($ 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.

*Consists of Hedge Fund, Currency and Venture Capital services

Alternative Investment Services AUM down 24% versus 12/31/2008

Alternative Investment Services AUM*

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First Quarter 2009 Review

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< Revenue down 11% Year over Year and sequentially

< Revenue in both U.S. and Europe declined due to lower global volume and
a lower base in Europe resulting from market depreciation

< Best-ever results in European Institutional Investor survey

< Six new sector analysts initiated coverage during 1Q; publishing sector
analysts up 20% Year over Year

Institutional Research Services Highlights: 1Q09

AllianceBernstein

First Quarter 2009 Review

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< Eliminated or deferred capital expenditures of approximately $150 million
since the beginning of 2008

< Reduced headcount by nearly 1,000 staff members, down 17%, versus
3Q08 peak

< Reduced our fixed compensation costs, i.e. salaries and fringes, by
approximately $100 million on an annualized basis

Ø Also reduced the demand on our Long Term Incentive Program

Ø Other variable costs, such as market data services and
communications, will naturally decrease

Ø Occupancy expenses harder to reduce in these times of excess space
capacity

Expense Reduction Initiatives

AllianceBernstein

First Quarter 2009 Review

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

AllianceBernstein First Quarter 2009 Revenues

AllianceBernstein

First Quarter 2009 Review

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

AllianceBernstein First Quarter 2009 Advisory Fees

AllianceBernstein

First Quarter 2009 Review

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Expected 2Q09 Headcount down 17% versus 3Q08 peak and lowest since 2Q06

AllianceBernstein Staff Levels

AllianceBernstein

First Quarter 2009 Review

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

AllianceBernstein First Quarter 2009 Operating Expenses

AllianceBernstein

First Quarter 2009 Review

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

AllianceBernstein First Quarter 2009 Compensation & Benefits

AllianceBernstein

First Quarter 2009 Review

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$ Millions

Five-Quarter Deferred Compensation Net P&L Trend

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First Quarter 2009 Review

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(1) "Operating Margin" = (Operating Income + Net Loss Attributable to Non-Controlling Interests)/Net Revenues

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

AllianceBernstein First Quarter 2009 Net Income

AllianceBernstein

First Quarter 2009 Review

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

AllianceBernstein Holding Financial Results

AllianceBernstein

First Quarter 2009 Review

Peter S. Kraus
Chairman & Chief Executive Officer

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

April 22, 2009

AllianceBernstein

First Quarter 2009 Review

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Q&A

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First Quarter 2009 Review

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Appendix

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First Quarter 2009 Review

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Market Environment

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First Quarter 2009 Review

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

AllianceBernstein

First Quarter 2009 Review

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

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First Quarter 2009 Review

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

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First Quarter 2009 Review

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

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First Quarter 2009 Review

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

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First Quarter 2009 Review

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

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First Quarter 2009 Review

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

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First Quarter 2009 Review

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

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First Quarter 2009 Review

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

AllianceBernstein

First Quarter 2009 Review

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Bernstein Value Equities

Inception
Date

Inception-
Mar2009

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-
Mar2009

Investment Performance: Delivering Results for Clients

AllianceBernstein

First Quarter 2009 Review

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AllianceBernstein Consolidated Balance Sheet

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First Quarter 2009 Review

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AllianceBernstein Consolidated Statement of Cash Flows

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First Quarter 2009 Review

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Twelve Months Ended March 31, 2009

$ Billions

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

Changes in Assets Under Management by Channel

AllianceBernstein

First Quarter 2009 Review

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Twelve Months Ended March 31, 2009

$ Billions

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

Changes in Assets Under Management by Investment Service

AllianceBernstein

First Quarter 2009 Review

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AllianceBernstein Total Net Flows

$ Millions

AllianceBernstein

First Quarter 2009 Review

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AllianceBernstein Net Flows by Distribution Channel

$ Millions

AllianceBernstein

First Quarter 2009 Review

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AllianceBernstein Net Flows by Investment Service

$ Millions

AllianceBernstein

First Quarter 2009 Review

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