Exhibit 99.26

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[LOGO] www.alliancecapital.com November 15, 2004

Strategic Objectives and Positioning

Lewis A. Sanders

Chief Executive Officer

Firm Positioning Aligned with Clients

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Strategic Objectives and Positioning

1

Research Excellence:
The Route to Sustaining Investment Success

	Research Excellence
Know More		Use Knowledge Better

2

Research Excellence:
Know More—Creating Informational Advantages

Comprehensive Scope

•Global Research Footprint

•Growth •Value •Fixed Income •Americas •Europe •Asia •Industry / Company •Economic •Currency

Innovation

•Strategic Change

•Early-Stage Growth

Improved Accuracy

•Advanced Analytical Techniques / Skill Development

•Systematic Forecasting Aids

3

Research Excellence:
Using Knowledge Better—The Mission of Quantitative Methods

Applied Behavioral Finance

•Identify Systematic Pricing Anomalies

•Improve Timing Tools (When to Buy / When to Sell)

Asset/Liability Modeling

•Solve Complex Investment-Planning Problems

•Design Specialized Mandates

Global Investment Platforms

•Provide More Sources of Alpha

•Improve Risk Management

•Coherent Global / Local Strategies

•Maximize Product Range

4

Global Investment Platforms:
Maximizes Geographic Range

Global Value	Global Growth
US Value	US Growth
UK Value	UK Growth
Japan Value	Japan Growth
Australian Value	Australian Growth
European Value	European Growth
EAFE Value	EAFE Growth

5

Growth in Non-US Assets

By Service

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By Client Domicile

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6

Global Investment Platforms:
Optimized in Style-Blend Form

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Source: MSCI and Alliance Capital

7

Significance of Style-Blend Services

Total AUM: $487 Bil.

at Sep 30, 2004

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8

Global Investment Platforms:
Maximizes Return/Risk Range

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Source: Standard & Poor’s and Alliance Capital

9

Global Investment Platform:
Amplified Return in Hedge-Fund Form

Total Hedge Fund AUM: $3.3 Bil.

at Sep 30, 2004

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10

Content-Rich Communications:

Fostering Peace of Mind

	Centralized Content Generation
	Multiple Channels of Distribution
Institutions	Private Clients	Retail Mutual Funds

•Help clients make informed (right) choices

•Improve client satisfaction and persistency

11

Optimizing Profitability:

Leveraging Intellectual Capital

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12

Fiduciary Imperatives

•Fair and equitable treatment of all clients

•Client interests first

•Comply with investment mandates

•Abide by all rules and regulations

13

Promoting a Fiduciary Culture

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14

The Well-Managed Fiduciary Enterprise

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