AllianceBernstein Bernstein Value Equities Bernstein Alliance Growth Equities

AllianceBernstein Bernstein Value Equities    Bernstein   Alliance Growth Equities

AllianceBernstein Bernstein Value Equities Bernstein Alliance Growth Equities Alliance AllianceBernstein Blend Strategies AllianceBernstein AllianceBernstein: * $418 154 87 $659 $108 243 138 170 $659

51% 49% 34% 66% 2006 9 30 *AllianceBernstein L.P. AllianceBernstein 2 71 70 8 0 79 78 51 57 17 20 10 69

77 * 46 47 11 10 8 65 65 17 25 0 42 51 6 0 57 242 69 8 319

(Bombay)) 2006 9 30 AllianceBernstein 3 AllianceBernstein 4 AllianceBernstein Blend Strategies 5 AllianceBernstein:

2006 9 30 AllianceBernstein AllianceBernstein Blend Strategies 6 AllianceBernstein : 50% Bernstein 100 150 AllianceBernstein 200 300 50% Alliance 100 150 2006 9 30 :AllianceBernstein

AllianceBernstein Blend Strategies 7 : : 2003 12 19 8 31 $2,397.60 ( 2006 9 30 ) (S1 S1 ) * 0.70%** 0.15% 2006 9 30 * AllianceBernstein A,B,C,I,S,S1 2.10%, 3.10%, 2.30%, 1.30%, 0.15% 0.85% ** AllianceBernstein AllianceBernstein AllianceBernstein Blend Strategies 8 : S1

AllianceBernstein 13.8% 4.0% 14.2% 15.4% 13.7% 4.5% 3 3Months 11Year * Since Inception* 2006 9 30 *S1 2003 12 19 AllianceBernstein - AllianceBernstein AllianceBernstein AllianceBernstein Blend Strategies 9 AllianceBernstein Blend Strategies 10

* 2006 3 2006 1 -9 12.4% 11.4% 6.1% 5.7% 8.5% 4.9% 2.5% 1.2% ** ** 2006 3 2006 9 30 * 500

** FactSet, I/B/E/S, , AllianceBernstein (3.9) 9.1% 8.7 7.3 7.3 6.9 7.0 5.4 1.3 0.8 MSCI World Index 5.0% AllianceBernstein Blend Strategies 11 Fed Pause and Oil-Price Decline Provide Hope for Soft Landing US Federal Funds Target Rate 6 Signs of reduced inflationary) pressure prompted the US Federal Reserve to leave rates unchanged 2007

in August and September. Investors now expect rate cuts in 2007 Percent 4 2 * Expected* 0 04 05 **, 2006 3 Oil and Gas Prices**, 3Q:2006 * Oil Price* 10 70 6 60 (Left Scale) 8/06 9/06 08 08E 4,200 4,100

4,000 3,900 2006 2006 Inventories 5-Year Avg. 5 3,800 US Nat. Gas Future * 4 7/06 07E 07 OECD Crude Inventories 80 8 US Dollars The sharp drop in energy) prices from recent peaks provides relief to the consumer; high inventories suggest the relief may) last several months (Right Scale)

06 Million Barrels 03 50 10/06 Shaded Area =5 = 5Y Range 3,700 Jan J F M AMay) M J J A Sep SOND Through September 2006 9 30, 30 2006 on fed funds futures **Based **West Texas Intermediate crude, US$ per barrel ** OECD total commercial and government crude and product inventories as of end of second-quarter 2006 2006 2 Source: ABM AMRO, Bureau of Economic Analy)sis,

EcoWin, Haver Analy)tics, IEA, US Federal Reserve and Alliance ABM, AMRO, , EcoWin, Haver Analy)tics, IEA, Alliance AllianceBernstein Strategies AllianceBernstein Blend Blend Strategies 12 8 6 Percent 4 2 0 Euro Japan US 2005 DevG

2006 2007 * 2 0 Percent (2) (4) (6) 00 01 02 03 04 05 06 2006 9 30 * , 2006 8 Consensus Economics, Datastream, , I/B/E/S, Bernstein AllianceBernstein Blend Strategies 13 19952006* ()

60 50 40 30 20 10 19 19 12 14 19 22 18 14 15 17

0 ** 3.5 ) 3.0 2.5 2.0 1.5 1.0 0.5 88 91 94 2006 9 30 * GICS ** FactSet, AllianceBernstein 97

00 03 06 AllianceBernstein Blend Strategies 14 / * 9.8% 4.9% 2.8% 3.3% (1.1)% (1.6)% (6.0)% (9.7)% 2006 9 ** 2006 9 30 * 1970 1 2006 9

25 1.5 5 ** AllianceBernstein (%) 16 14 12 10 8 6 4 2 0 97 98 99 00 01 02 03 04 05 06 AllianceBernstein Blend Strategies 15 AllianceBernstein

50.1% 49.9% 11.3% 2006 6 30 AllianceBernstein AllianceBernstein Blend Strategies 16 2007 / 2006 2007 15.7% 13.8 12.6% 11.5%

11.2 12.3 2006 9 30 I/B/E/S, AllianceBernstein AllianceBernstein Blend Strategies 17 AllianceBernstein Blend Strategies 18 * 9.8% 5.1% 0.4% 1.7% 1.8%

1.8% (3.5)% 2.9% (1.2)% 0.3% (5.8)% (1.4)% (0.5)% 4.3% (1.2)% (0.3)% (0.8)% (1.3)% 2006 9 30 * AllianceBernstein AllianceBernstein Blend Strategies 19 * (8.3)% 1.9% 1.7%

1.9% (6.5)% (3.2)% (2.4)% 0.0% (1.9)% 2.5% 1.7% 0.8% 6.7% 8.3% 7.5% 2006 9 30 * AllianceBernstein AllianceBernstein Blend Strategies 20 ( 2006 9 30 )

10% 3% 6% 9% 4% 7% 3% 8% 10% 3% 5% 7%

14% 6% 3% 35% 7% 15% 6% 27% 7% 5% 50% 46% 11%

5% 7% 18% 4% 9% 50% 2006 9 30 AllianceBernstein AllianceBernstein Blend Strategies 21 AllianceBernstein AllianceBernstein 22 Biographies 2006 AllianceBernstein 15 Deutsche Asset Management Citigroup Asset Management 6 4 1989 CFA Charterholder 1997 AllianceBernstein AllianceBernstein

Towers Perrin GIO AllianceBernstein Blend Strategies 23 Alliance Global Research Growth Bernstein Global Value / Global Value Global Research Growth (i) (ii) AllianceBernstein Blend Strategies 24 AllianceBernstein 25 2002 4 23 2003 5 30 / / 2003 5 30

(P/BV) ( ) ( ) / (PMI) / (EMI) PMI/EMI BMI PMI EMI $100 PMI EMI $75 BMI / PMI EMI AllianceBernstein Blend Strategies 26 AllianceBernstein AllianceBernstein AllianceBernstein AllianceBernstein Blend Strategies 27

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