EXHIBIT 99.02

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

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

July 30, 2009

Second Quarter 2009 Review

Peter S. Kraus Chairman & Chief Executive Officer

David A. Steyn Chief Operating Officer

Robert H. Joseph, Jr. Chief Financial Officer

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” and “Cautions Regarding Forward-Looking Statements” in our Form
10-K for the year ended December 31, 2008 and Form 10-Q for the quarter ended June 30, 2009. 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, 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 the significant challenges that persist in today’s global capital markets should provide active asset
managers with long-term opportunities to generate alpha for their clients: Historical performance is not necessarily indicative of
future results. The actual performance of the capital markets and other factors beyond our control will affect our investment success for
clients and asset flows.

<Our expectation that our lower expense base should provide for operating leverage as revenues grow:Unanticipated events
and factors, including strategic initiatives, may cause us to expand our expense base, thus limiting the extent to which we benefit from
any positive leverage in future periods.

Cautions Regarding Forward-Looking Statements

<Investment Performance

<Client Segments:

=Private Clients

=Retail

=Institutions

=Bernstein Research

<Expense Management

AllianceBernstein

International Value

Global Value

US Diversified Value

2Q09

Jan-Jun 2009

1 Year

3 Years

5 Years

10 Years

N/A

Institutional Equity Composites vs. Benchmarks

Percent

As of June 30, 2009

Performance is preliminary.

The information in this table is provided solely for use in connection with this presentation, and is not directed toward existing or potential investment advisory clients of AllianceBernstein.

Investment performance of composites is presented after investment management fees.

Relative Performance: Value Equity

Global Research Growth

US Large Cap Growth

International Large Cap Growth

As of June 30, 2009

Performance is preliminary.

The information in this table is provided solely for use in connection with this presentation, and is not directed toward existing or potential investment advisory clients of AllianceBernstein.

Investment performance of composites is presented after investment management fees.

Institutional Equity Composites vs. Benchmarks

Percent

Relative Performance: Growth Equity

As of June 30, 2009

Performance is preliminary.

The information in this table is provided solely for use in connection with this presentation, and is not directed toward existing or potential investment advisory clients of AllianceBernstein.

Investment performance of composites is presented after investment management fees.

*The benchmarks listed are the current benchmarks for the investments service - certain benchmarks have evolved over time and therefore are time blended.

International Blend

Global Blend

Emerging Markets Blend

2Q09

Jan-Jun 2009

1 Year

3 Years

Since Inception

Institutional Blend Strategies Composites vs. Benchmarks

Percent

Relative Performance: Blend Strategies

Strategic Core Plus

Corporate Bonds

Global Plus

2Q09

Jan-Jun 2009

1 Year

3 Years

5 Years

10 Years

Institutional Fixed Income Composites vs. Benchmarks

Percent

As of June 30, 2009

Performance is preliminary.

The information in this table is provided solely for use in connection with this presentation, and is not directed toward existing or potential investment advisory clients of AllianceBernstein.

Investment performance of composites is presented after investment management fees.

*The benchmarks listed are the current benchmarks for the investments service - certain benchmarks have evolved over time and therefore are time blended.

Relative Performance: Fixed Income

In US dollars (billions)

AllianceBernstein: Net Flows By Distribution Channel

*Includes Index, Structured and Asset Allocation services.

In US dollars (billions)

AllianceBernstein: Net Flows By Investment Service

<Net outflows decreased 45% compared to 1Q09 primarily attributable to a continued decline in
client account closings

<Profound risk aversion has eased; discussions with clients and prospects reflect renewed
interest in longer-term planning and diversified stock/bond portfolios

<Expanding suite of cash management services to include new FDIC insured offerings

<Raised over $70 million in TALF assets; significant interest in PPIP

<Leveraging recent financial advisor growth to enhance existing client servicing as well as
increase advisor capacity to pursue market opportunities

<Increased Financial Advisor headcount by 4% vs. 1Q09, as a training class began in June;
second class scheduled for September

Private Client Highlights

<In aggregate, net outflows were flat compared to1Q09

<Mutual fund performance has improved: YTD ~50% of funds outperformed Lipper peer averages

<Mutual fund redemptions were down 22% compared to1Q09; redemption rates are returning to
their long term averages

<Mutual fund gross sales were up 49% versus 1Q09

<Fixed Income brand development is bolstering flows

<Sub-advisory de-risking may be abating

Retail Highlights

<Net outflows worsened compared to 1Q09 as sales of new mandates slowed and redemptions
modestly accelerated

<Pipeline of won but unfunded mandates ended the quarter at $3 billion versus $4 billion at the
end of 1Q09

<2Q09 relative performance of the majority of our services is encouraging: Preliminary peer
universe comparisons look strong for Value and Fixed Income, median for Blend and more
challenging for Growth

<Government winsfor TARP and PPIP were well received by clients and consultants, with initial
interest high in our unique PPIP offering

<Raised over $350 million in TALF assets

<Renewed interest in open architecture defined contribution offerings; AllianceBernstein viewed
as thought leader in this space

Institutions Highlights

<Revenue was flat compared to the prior year quarter; up 5% sequentially

<Research and trading capabilities received recognition:

=Bernstein was again ranked #1 on all key metrics of research quality in a leading independent survey of US
institutional investors

=Bernstein achieved its best ever result in Thomson Reuters Extel survey of European institutional investors

=Bernstein was ranked #1 in trade execution quality for the second consecutive year among full-service
brokers in ITG's BrokersEDGE survey

<We continue to make strategic investments to grow our capabilities and reach:

=Research:

<20% more publishing analysts in the US and Europe than one year ago

<One publishing analyst in Asia; additional coverage to launch in 2010

=Trading:

<Building electronic trading penetration in the US and Europe on the strength of our ability to access a
broad array of liquidity, including dark liquidity

<Several senior hires have been made on our equity derivatives desk to grow presence in this business

Bernstein Research Highlights

In US dollars (millions)

*Operating Margin = (Operating Income - Net Income Attributable to Non-Controlling Interests)/Net Revenues

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

AllianceBernstein: Second Quarter 2009 Net Income

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

In US dollars (millions)

AllianceBernstein: Second Quarter 2009 Revenues

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

AllianceBernstein: Second Quarter 2009 Advisory Fees

2Q09 Earnings Call Presentation

16

AllianceBernstein.com

Global and
International
$248

US
$199

2Q2008

Average Revenue
Yield = 44.2 bps

2Q2009

Average Revenue
Yield = 42.8 bps

Equity
$517

Fixed
Income
$200

Fixed
Income
$178

Equity
$269

Global and
International
$446

US
$271

AllianceBernstein: Year-over-Year Change in AUM Mix

<Headcount down 18% from 3Q08 peak

AllianceBernstein: Headcount Trend

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

In US dollars (millions)

AllianceBernstein: Second Quarter 2009 Operating Expenses

Percentages are calculated using expenses rounded to the nearest thousand.

In US dollars (millions)

AllianceBernstein: Second Quarter 2009 Compensation & Benefits

<1H09 operating expenses declined 23% compared to 1H08

=Savings from prior period headcount reductions (salary and fringes- $100M annually), and other
controllable expenses (~$75M annually) fully reflected in 2Q09 operating expenses

=Incentive compensation (ex-M-T-M impact), expected to stabilize at YTD 2009 run rate

=Continued aggressive expense management expected to result in additional savings

<Postponed or delayed $150 million in capital project expenditures since the beginning of 2008

Expense Initiatives

Second Quarter 2009 Review

Peter S. Kraus
Chairman & Chief Executive Officer

Q & A

Appendix

Performance is preliminary.

As of June 30, 2009

Investment performance of composites is presented after investment management fees. Periods of more than one year are annualized.

The information in this table is provided solely for use in connection with this presentation, and is not directed toward existing or potential investment advisory clients of AllianceBernstein.

Institutional Equity Composites vs. Benchmarks

Relative Performance: Institutional Growth Equity

Performance is preliminary.

As of June 30, 2009

Investment performance of composites is presented after investment management fees. Periods of more than one year are annualized.

The information in this table is provided solely for use in connection with this presentation, and is not directed toward existing or potential investment advisory clients of AllianceBernstein.

Institutional Equity Composites vs. Benchmarks

Relative Performance: Institutional Value Equity

Performance is preliminary.

As of June 30, 2009

Investment performance of composites is presented after investment management fees. Periods of more than one year are annualized.

Inception date: Global Blend Strategies—June 30, 2003; International Blend Strategies—December 31, 2001; US Blend Strategies—December 31, 2001; EM Blend Strategies—December 31, 2001

The information in this table is provided solely for use in connection with this presentation, and is not directed toward existing or potential investment advisory clients of AllianceBernstein.

Institutional Blend Strategies Equity Composites vs. Benchmarks

Relative Performance: Institutional Blend Strategies

Performance is preliminary.

As of June 30, 2009

Investment performance of composites is presented after investment management fees. Periods of more than one year are annualized.

*The benchmarks listed are the current benchmarks for the investments service—certain benchmarks have evolved over time and therefore are time blended.

The information in this table is provided solely for use in connection with this presentation, and is not directed toward existing or potential investment advisory clients of AllianceBernstein.

Institutional Fixed Income Composites vs. Benchmarks

Relative Performance: Institutional Fixed Income

Performance is preliminary.

As of June 30, 2009

Investment performance of composites is presented after investment management fees. Periods of more than one year are annualized.

*The Bernstein Fully Diversified Portfolio is a simulation composed of specific proportions of each of the products that follow, which joined the simulation as of the following dates: Strategic
Value—January 1, 1983; Strategic Growth—January 1, 1983 (ACM Large Cap Growth used as a proxy for Strategic Growth through January 1, 2001; Strategic Growth used thereafter);
Intermediate Municipal Bond Composite—January 1, 1983; Bernstein Tax-Managed International Fund—July 1, 1992; Emerging Markets Fund—January 1, 1996; AllianceBernstein Institutional
REIT Fund—July 1, 2001. The AllianceBernstein Institutional REIT Fund was removed from the simulation on December 31, 2008. The portfolio was rebalanced quarterly through December 31,
2005; monthly thereafter. Simulated performance results have certain inherent limitations. The results may not reflect the impact that certain material economic and market factors might have had
on actual decision making if they were reflective of a managed account. No representation is being made that any account will, or is likely to, achieve profits or losses similar to those described
herein.

Source: Standard and Poor’s and AllianceBernstein

Absolute Performance: Private Client

Performance is preliminary.

As of June 30, 2009

*Performance figures other than 2Q 2009 positively affected by class action settlement proceeds.

**Performance figures for 3-, 5- and 10-year periods positively affected by class action settlement proceeds.

Investment performance of composites is presented after investment management fees. Periods of more than one year are annualized.

The information in this table is provided solely for use in connection with this presentation, and is not directed toward existing or potential investment advisory clients of AllianceBernstein

Source: Lipper, Morningstar and AllianceBernstein

Retail Mutual Funds vs. Lipper Averages

Relative Performance: Retail Growth Equity

Performance is preliminary.

As of June 30, 2009

*Performance figures other than 2Q 2009 positively affected by class action settlement proceeds.

Investment performance of mutual funds is presented after investment management fees. Periods of more than one year are annualized.

The information in this table is provided solely for use in connection with this presentation, and is not directed toward existing or potential investment advisory clients of AllianceBernstein.

Source: Lipper and AllianceBernstein

Retail Mutual Funds vs. Lipper Averages

Relative Performance: Retail Value Equity

Performance is preliminary.

As of June 30, 2009

*Performance figures for 3-, 5- and 10-year periods positively affected by class action settlement proceeds.

Investment performance of mutual funds is presented after investment management fees. Periods of more than one year are annualized.

The information in this table is provided solely for use in connection with this presentation, and is not directed toward existing or potential investment advisory clients of AllianceBernstein.

Source: Lipper, Morningstar and AllianceBernstein

Retail Fixed Income Funds vs. Peer Group Averages

Relative Performance: Retail Fixed Income

Performance is preliminary.

As of June 30, 2009

investment performance of mutual funds is presented after investment management fees. Periods of more than one year are annualized.

The information in this table is provided solely for use in connection with this presentation, and is not directed toward existing or potential investment advisory clients of AllianceBernstein.

Source: Morningstar and AllianceBernstein

Retail Mutual Funds vs. Morningstar Averages

Relative Performance: Wealth Strategies

Performance is preliminary.

As of June 30, 2009

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

Net-of-Fee Annualized Relative Performance Premiums

Investment Performance: Delivering Results for Clients

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

In US dollars (millions)—except per unit amounts

AllianceBernstein Holding: Financial Results

In US dollars (millions)

Six-Quarter Deferred Compensation Net P&L Trend

In US dollars (millions)

AllianceBernstein: Consolidated Balance Sheet

AllianceBernstein: Consolidated Statement of Cash Flows

Three Months Ended June 30, 2009—In US dollars (billions)

Percentages are calculated using AUM rounded to the nearest million.

Changes in Assets Under Management By Channel

Three Months Ended June 30, 2009—In US dollars (billions)

* Includes Index, Structured and Asset Allocation services.

**Approximately $79.5 billion in Blend Strategies AUM are reported in their respective services.

Percentages are calculated using AUM rounded to the nearest million.

Changes in Assets Under Management By Investment Service

12 Months Ended June 30, 2009—In US dollars (billions)

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

Percentages are calculated using AUM rounded to the nearest million.

Changes in Assets Under Management By Channel

12 Months Ended June 30, 2009—In US dollars (billions)

*Includes Index, Structured and Asset Allocation services.

**Approximately $79.5 billion in Blend Strategies AUM are reported in their respective services.

Percentages are calculated using AUM rounded to the nearest million.

Changes in Assets Under Management By Investment Service

In US dollars (billions)

AllianceBernstein: Total Net Flows

In US dollars (billions)

*Consists of Hedge Fund, Currency and Venture Capital services

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.

Performance

Net
Outflows

2Q

2009

1Q

2009

($1.7)

$3.6

+$0.3

$5.0

Alternative Investment Services
AUM Down 28% vs. 1Q09

Alternative Investment Services AUM*