ex99_02.htm

EXHIBIT 99.02

November 11, 2009

Peter S. Kraus

Chairman and Chief Executive Officer

AllianceBernstein: Ensuring Stakeholder Success

Merrill Lynch Banking and Financial Services Conference

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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 September 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 expectation that the leverage in our business model will increase should our assets under management and revenues continue to grow and our
lower expense base remains stable: 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. Growth in our revenues will depend on the level of our assets
under management, which in turn depends on factors such as the actual performance of the capital markets, the performance of our investment
products and other factors beyond our control.

Cautions Regarding Forward-Looking Statements

2009 Merrill Lynch Banking and Financial Services Conference

AllianceBernstein.com

What Our Clients Want

2009 Merrill Lynch Banking and Financial Services Conference

AllianceBernstein.com

< Focused execution in 2010

< Providing Dynamic Asset Allocation to our Private and Institutional clients

< Deepening our sell-side electronic and derivative trading capabilities

< Expanding our sell-side research franchise

< Building non-traditional investment services

Keys to AllianceBernstein Success

2009 Merrill Lynch Banking and Financial Services Conference

AllianceBernstein.com

Thematic Investing

Unconstrained Investing

Distressed Credit

Distressed Real Estate

Individual Stock Selection

Investment Themes: Where Alpha Will Come From

2009 Merrill Lynch Banking and Financial Services Conference

AllianceBernstein.com

< AllianceBernstein’s culture is founded in research—we commercialize this culture through the
buy-side and sell-side

< Sell-side provides growth and financial diversification

< Sell-side strengthens the firm’s brand equity which we leverage to attract and retain

= Buy-side private and retail clients

= Talent

Leveraging Our Research DNA: Buy-side and Sell-side

< Key firm objective in 2009: create greater operating leverage through significant reductions in
headcount and other controllable expenses

< Retroactive impact of cost savings on the 12 Months Ended September 30, 2009:

Creating Operating Leverage in 2009

2009 Merrill Lynch Banking and Financial Services Conference

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< Employees:

= Strong culture driving staff stability through solid morale and low turnover

< Clients:

= Substantially improved performance and world-class service beginning to stabilize client base

< Unitholders:

= Operating leverage should drive financial returns as assets under management grow

Ensuring Stakeholder Success

2009 Merrill Lynch Banking and Financial Services Conference

AllianceBernstein.com

< Top quartile for 3Q09

< Two out of three concentrated services in top decile

< Top half of performance for 3Q09 and YTD 09

< Two of the three in the top quartile of performance for YTD 09

< US Large Cap Growth in top decile for 3Q09 and top quartile for one-year

< Top half of performance for 3Q09 and YTD 09

< 69% of mutual funds are in top 50% of peer groups (asset-weighted)

Performance: Strong Investment Returns