Forward-Looking Statements

Certain statements 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 we achieve for our clients, general economic conditions, future acquisitions, competitive conditions and government regulations, including changes in tax rates. We caution readers to carefully consider such forward-looking statements in light of these factors. Further, such forward-looking statements speak only as of the date on which such statements are made; we have 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 of Form 10-K for the year ended December 31, 2005. Any or all of the forward-looking statements that we make in Form 10-K, this presentation, or any other public statements we issue may turn out to be wrong. Please remember that factors other than those listed in “Risk Factors” could also adversely affect our business, operating results, or financial condition.

The forward-looking statements referred to in the preceding paragraph include statements regarding noteworthy investment opportunity, especially in growth stocks, resulting from second quarter market turbulence, and slower growth in asset inflows in our institutional and retail distribution channels resulting from a decline from the record high levels reached earlier this year in unfunded institutional mandates and difficult capital market conditions, respectively. The actual performance of the capital markets and other factors beyond our control will affect our investment success and asset inflows.

In light of Regulation FD, management will be limited in responding to inquiries from investors or analysts in a non-public forum.

Introduction

Twelve Months Ended June 30, 2006

In $ Millions

(1)

Acquisition of Hong Kong joint venture interest; disposition of South African joint venture interest and Indian mutual funds.

(2)

Transfers of certain client accounts were made among distribution channels resulting from changes in how these

accounts are serviced by the firm. AUM at June 30, 2006 reflect these transfers.

(3) Percentages are calculated by adjusting ending AUM by transfer amounts.

Changes In Assets Under Management

By Channel

(1) Acquisition of Hong Kong joint venture interest; disposition of South African joint venture interest.

(2) Transfers of certain client accounts were made among distribution channels resulting from changes in how these

accounts are serviced by the firm. AUM at June 30, 2006 reflect these transfers.

(3) Percentage is calculated by adjusting ending AUM by transfer amounts.

Institutional Investments—

Second Quarter Highlights

Continuing strong net inflows into Core/Blend and Global and International services

Core/Blend Equity services accounted for approximately 1/3 of all new assets

Approximately 80% of new fundings attributable to Global and International services

Pipeline of unfunded mandates, while still substantial, declined from record high first quarter level

Established dedicated team to focus on Defined Contribution market opportunity

Positive net flows for fourth consecutive quarter with all market segments contributing to growth

Wealth Strategies services reached nearly $6.5 billion in assets ⁽²⁾

Wealth Strategies - $4.3 billion

Global Wealth Strategies - $2.2 billion

CollegeBound Fund ranked #1 savings plan based on performance ⁽³⁾

$6.8 billion in assets⁽²⁾

(1) Transfers of certain client accounts were made among distribution channels resulting from changes in how these

accounts are serviced by the firm. AUM at June 30, 2006 reflect these transfers.

(2) Mainly Retail; includes some Private Client and Institutional Investments assets.

(3) By savingforcollege.com.

Retail—

Second Quarter Highlights

Record revenues of $103 million in quarter

Double-digit organic revenue growth in both the U.S. and U.K. offices

Higher market share and volume, partially offset by industry-wide pricing declines

Received high marks for research quality in two leading European research surveys, reinforcing strong market position

Algorithmic trading platforms continued to contribute to gain in market share

Research coverage launches included European Medical Devices/Supplies, European Luxury Goods and European Retail

Institutional Research Services—

Second Quarter Highlights

(1)

Includes $4 million reclassified from advisory fees.

(2)

Includes Investment Gains (Losses) and Other Revenues.

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

In $ Millions

Percent

2Q 2006

2Q 2005

Change

Revenues:

Advisory Fees

690

529

30.5%

Distribution

104

6.9%

Institutional Research Services

103

(1)

27.5%

Dividend and Interest Income

100.6%

Other

(2)

-47.3%

Total Revenues

979

776

26.1%

Less: Interest Expense

(46)

(20)

128.2%

Net Revenues

933

756

23.4%

AllianceBernstein Second Quarter Revenues

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

Percent

2Q 2006

2Q 2005

Change

Ending AUM (In $ Billions)

625

516

21.2%

Average AUM (In $ Billions)

625

522

19.7%

By Fee Type (In $ Millions):

Base Fees

653

505

29.5%

Higher AUM and

favorable mix

Performance Fees

52.2%

Anniversary dates for

long-only Institutional

Total

690

529

30.5%

Investments

By Channel (In $ Millions):

Institutional

308

217

42.2%

Higher average AUM, favorable

mix and performance fees

Retail

193

163

18.5%

Higher average AUM, partly offset

by CMS disposition

Private Client

189

149

26.8%

Higher AUM

Total

690

529

30.5%

AllianceBernstein Second Quarter Advisory Fees

(1)

Includes $4 million reclassified from advisory fees.

(2)

Includes Investment Gains (Losses) and Other Revenues.

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

In $ Millions

Percent

2Q 2006

2Q 2005

Change

Revenues:

Advisory Fees

690

529

30.5%

Distribution

104

6.9%

Institutional Research Services

103

(1)

27.5%

Higher NYSE volume and

market share; lower pricing

Dividend and Interest Income

100.6%

Higher rates and balances

Other

(2)

-47.3%

MTM losses on deferred

compensation investments

Total Revenues

979

776

26.1%

Less: Interest Expense

(46)

(20)

128.2%

Higher rates and balances

Net Revenues

933

756

23.4%

AllianceBernstein Second Quarter Revenues

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

In $ Millions

Percent

2Q 2006

2Q 2005

Change

Base Compensation

10.0%

470 higher headcount

Incentive Compensation

147

129

14.5%

Higher earnings; lower amortization

Commissions

40.4%

New business across all channels

Fringes & Other

38.9%

Higher payroll taxes

Total

374

309

21.1%

AllianceBernstein Second Quarter Compensation & Benefits

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

In $ Millions

Percent

2Q 2006

2Q 2005

Change

Employee Comp & Benefits

374

309

21.1%

Promotion & Servicing

156

0.6%

$18 MM '05 legal recovery;

higher '06 occupancy,

data processing and

market data services

General & Administrative

128

57.1%

Interest

8.7%

Amortization of Intangibles

Total

670

557

20.3%

AllianceBernstein Second Quarter Expenses

*Pre-tax income as a percentage of net revenues

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

In $ Millions

Percent

2Q 2006

2Q 2005

Change

Net Revenues

933

756

23.4%

Expenses

670

557

20.3%

Operating Income

263

199

32.1%

Non-operating income

-21.0%

Income before Taxes

273

212

29.0%

Income Taxes

-11.8%

Lower estimated

full year rate

Net Income

261

198

31.9%

Pre-Tax Margin *

29.3%

28.0%

AllianceBernstein Second Quarter Net Income

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

In $ Millions (except per unit amounts)

Percent

2Q 2006

2Q 2005

Change

AllianceBernstein:

Net Income

261

198

31.9%

Weighted Average Equity

Ownership Interest

32.4%

31.6%

AllianceBernstein Holding:

Equity in Earnings

34.9%

Income Taxes

30.3%

Net Income

35.4%

Diluted Net Income Per Unit

0.89

0.68

30.9%

Distributions Per Unit

0.89

0.68

30.9%

AllianceBernstein Holding Financial Results

Net-of-Fee Annualized Relative Performance Premiums

The information in this table is provided solely for use in connection with this presentation and is not directed towards existing or potential investment advisory clients of AllianceBernstein. Past performance is no guarantee of future results. The returns presented above are net of fees.

Source: Bloomberg, Citigroup, FTSE, JPMorgan Chase, Lehman Brothers, Merrill Lynch, MSCI, Nomura, Russell Investment Group, Scotia Capital, S&P, TOPIX, and AllianceBernstein.

Investment Performance: Delivering Results for Clients

Institutional Equity Composites vs. Benchmarks

Global

Emerging

Large Cap

U.S.

Mid Cap

Small Cap

Intl Lg Cap

Research

Markets

Growth

(2)

Growth

(3)

Growth

(4)

Growth

(5)

Growth

(6)

Growth

(7)

Growth

(8)

2Q 06

(3.7)

(6.1)

(7.6)

(2.0)

(2.8)

(3.0)

(1.0)

One Year

2.7

(5.1)

1.5

1.2

(2.5)

3.0

(2.1)

Three Years

1.0

2.4

1.1

1.4

(0.7)

1.3

3.0

Five Years

(0.3)

1.6

2.1

0.3

1.1

1.3

4.1

10 Years

2.4

2.3

N/A

4.7

2.8

3.8

N/A

NOTE: 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.

(1) Investment performance of composites is presented after investment management fees. (2) vs. Russell 1000 Growth (3) vs. Russell 3000 Growth (4) vs. Russell Mid Cap Growth (5) vs. Russell 2000 Growth (6) vs. MSCI EAFE Growth (net) (7) vs. MSCI World (net) (8) vs. MSCI Emerging Markets Growth

Composite and benchmark data through 6/30/06. Performance is preliminary.

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

Institutional Equity Composites vs. Benchmarks

U.S.

Emerging

Strategic

Diversified

International

Global

Markets

Value

(2)

Value

(2)

Value

(3)

Value

(4)

Value

(5)

2Q 06

(0.4)

(0.2)

(0.7)

1.3

(2.1)

One Year

(0.8)

6.4

6.9

(3.1)

Three Years

(1.0)

4.1

3.8

6.1

Five Years

0.7

1.2

6.2

6.4

10 Years

(0.3)

N/A

3.5

3.2

NOTE: 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.

(1) Investment performance of composites is presented after investment management fees. (2) vs. Russell 1000 Value (3) vs. MSCI EAFE (Cap, UH) (4) vs. MSCI World (Cap, UH) (5) vs. MSCI Emerging Markets. Composite and benchmark data through 6/30/06. Performance is preliminary.

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

Blend Equity Composites vs. Benchmarks

International

Emerging Markets

U.S. Style

Global Style

Style

Blend

(2)

Blend

(5)

Blend

(3)

Blend

(4)

2Q 06

(2.2)

(1.1)

(2.1)

(2.0)

One Year

0.6

5.3

0.7

(3.0)

Three Years

0.3

3.0

(1.0)

3.2

Since Inception

0.2

3.0

1.7

4.7

NOTE: 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.

(1) Investment performance of mutual funds is presented after investment management fees. (2) U.S. Style Blend (12/31/01) vs. S&P 500 (3) Int’l Style Blend (12/31/01) vs. MSCI EAFE (4) EM Style Blend (12/31/01) vs. MSCI EM (5) Global Style Blend (6/30/03) vs. MSCI World for Global products.

Composite and benchmark data through 6/30/06. Performance is preliminary.

Relative Performance: Style Blend Services (After Fees)⁽¹⁾

Institutional Fixed Income Composites vs. Benchmarks

Core

Corp

Plus

(2)

Mortgage

(3)

Bonds

(4)

Global

(5)

Plus

(6)

2Q 06

(0.1)

0.0

0.1

One Year

0.6

(0.1)

0.1

0.2

0.9

Three Years

0.4

0.2

0.1

0.4

0.9

Five Years

(0.1)

0.5

0.3

0.2

0.6

10 Years

(0.0)

0.1

0.3

0.1

N/A

NOTE: 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.

(1) Investment performance of composites is presented after investment management fees. (2) vs. Lehman U.S. Aggregate Unhedged (3) vs. Lehman Fixed Rate Mortgage Backed Securities Unhedged (4) vs. Custom Corporate Index (5) vs. S&P/Citi World Gov USD unhedged (from 7/1/04 - present)/JPM Global Bond (to 6/30/04) (6) vs 90% Lehman Universal Index/10% S&P/Citigroup Non-US WGBI (Hedged). Composite and benchmark data through 6/30/06. Performance is preliminary.

Strategic Core

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

2Q 06

1 Year

3 Year

5 Year

Fully Diversified Simulation

(2)

(2.1)

10.3

11.4

6.7

S&P 500

(1.4)

8.6

11.2

2.5

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

(1) Investment performance of composites is presented after investment management fees. (2) The Bernstein Fully Divserified Portfolio is a simulation composed of specific proporations of each of the products that follow, which joined the simulation as of the following dates:

Strategic Value: 1/1/83; Strategic Growth: 1/1/83 (ACM Large Cap Growth used as a proxy for Strategic Growth through 1/1/01; Strategic Growth used thereafter); Intermediate Municpal Bond Composite: 1/1/83; Bernstein Tax-Managed International Fund: 7/1/92; Emerging Markets Fund: 1/1/96; Alliance/Bernstein Institutional REIT Fund: 7/1/01. It is rebalanced quarterly. 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: AllianceBernstein and S&P

Mutual fund, Composite and S&P performance through 6/30/06. Performance is preliminary.

Annualized

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

Retail Mutual Funds vs. Lipper Averages

Global

Large Cap

Mid Cap

Research

Growth

(2)

Growth

(3)

Growth

(4)

Growth

(5)

Equity

(6)

2Q 06

(3.1)

(5.6)

(6.7)

(1.2)

(4.6)

One Year

0.4

(10.2)

1.0

2.0

1.6

Three Years

0.5

(1.6)

2.8

2.3

4.3

Five Years

(2.3)

(0.6)

2.4

N/A

2.5

10 Years

(0.2)

(1.8)

(0.6)

N/A

3.0

NOTE: 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.

(1) Investment performance of mutual funds is presented after investment management fees (2) vs. Large Cap Growth average. Formerly named Premier Growth (3) vs. Multi Cap Growth average (4) vs. Mid Cap Growth average (5) vs. Global Large Cap Growth Equity average; formerly named Global Growth Trends (6) vs. S&P 500; represents Regent separately managed account service. Net performance is inclusive of the investment management fee only; it does not include the total management fee typically associated with a managed account that may range from 2.0 - 3.0% which includes transaction costs, custodial services and investment advisory fees.

Source: AllianceBernstein, Lipper, and S&P

Mutual fund performance and Lipper data through 6/30/06.

Strategic

Research

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

Retail Mutual Funds vs. Lipper Averages

Growth &

Small/Mid Cap

Intl

Global

Value

(2)

Income

(3)

Value

(4)

Value

(5)

Value

(6)

2Q 06

0.1

(2.2)

1.2

0.5

0.4

One Year

0.1

(4.3)

0.7

7.4

1.8

Three Years

0.9

(2.1)

1.4

2.6

(0.4)

Five Years

2.7

(2.4)

3.5

5.7

1.0

10 Years

N/A

1.3

N/A

NOTE: 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.

(1) Investment performance of mutual funds is presented after investment management fees. (2) vs. Large Cap Value average; if compared to Multi Cap Value average, 2nd QTR would be 0.8, 1 yr would be 0.1, 3 yr would be (0.8) and 5 yr would be 0.8. (3) vs. Large Cap Value average (4) vs. Mid Cap Value average (5) vs. International Multi Value average (6) vs. Global Multi Value average

Source: AllianceBernstein and Lipper

Mutual fund performance and Lipper data through 6/30/06.

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

Retail Fixed Income Funds vs. Peer Group Averages

Global

Emerging

American

Short

Corporate

Gov’t

Market

Income

Duration

Intermediate

Bond

⁽²⁾

Income

⁽³⁾

Debt

⁽⁴⁾

Portfolio

⁽⁷⁾

Plus

⁽⁵⁾

Duration

⁽⁶⁾

2Q 06

(0.5)

(3.1)

0.4

(4.9)

(0.0)

(0.1)

One Year

(0.9)

1.2

(0.7)

(0.9)

(0.1)

0.4

Three Years

1.4

1.3

(0.5)

(1.2)

0.0

0.2

Five Years

(0.3)

0.1

0.8

(3.3)

0.3

(0.5)

10 Years

0.2

4.7

0.4

0.7

0.2

(0.8)

NOTE: 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.

(1) Investment performance of mutual funds is presented after investment management fees. (2) vs. Corporate Debt Funds BBB-Rated average (3) vs. Global Income Funds average (4) vs. Emerging Markets Debt average (5) vs. Short Investment Grade Debt average (6) vs. Intermediate Investment Grade Average (7) vs. Micropal Fixed Income USD Peers

Source: AllianceBernstein and Lipper

Composite and benchmark data through 6/30/06. Performance is preliminary.

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

Wealth

Balanced

Wealth

Preservation

(2)

Wealth

(3)

Appreciation

(4)

2Q 06

(0.1)

(0.5)

(0.6)

One Year

2.0

3.5

7.4

Since Inception

(5)

0.9

1.3

2.5

NOTE: 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.

(1) Investment performance of mutual funds is presented after investment management fees. (2) vs. Conservative Allocation average (3) vs. Moderate Allocation average (4) vs. Large Blend Average (5) Inception date: 9/2/03

Source: AllianceBernstein and Morningstar

Mutual fund performance and Morningstar data through 6/30/06.

Retail Mutual Funds vs. Morningstar Averages

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

In $ Thousands, Unaudited

6/30/06

12/31/05

Assets

Cash and investments

1,405,237

999,213

Cash and securities, segregated

1,861,528

1,720,809

Receivables, net

3,162,391

2,936,245

Goodwill, net

2,893,339

2,876,657

Intangible assets, net

294,975

305,325

Deferred sales commissions, net

197,685

196,637

Other (incl. furniture & equipment)

478,992

455,594

Total Assets

10,294,147

9,490,480

Liabilities and Partners' Capital

Liabilites:

Payables

4,664,319

4,127,377

Accounts payable and accrued expenses

270,638

286,449

Accrued compensation and benefits

557,244

357,321

Debt

414,918

407,291

Minority Interest

11,203

9,368

Total Liabilities

5,918,322

5,187,806

Partners' Capital

4,375,825

4,302,674

Total Liabilities and Partners' Capital

10,294,147

9,490,480

AllianceBernstein

Consolidated Balance Sheet

In $ Thousands, Unaudited

Six Months Ended

6/30/06

6/30/05

Cash Flows From Operating Activities:

Net income

488,675

366,504

Non-cash items:

Amortization and depreciation:

Amortization of deferred sales commissions

49,970

70,987

Amortization of deferred compensation

38,435

47,016

Depreciation and other amortization

35,659

33,399

Other, net

(1,083)

924

Changes in assets and liabilities

138,279

(275,336)

Net cash provided by operating activities

749,935

243,494

Cash Flows From Investing Activities:

Purchases of investments, net

(41,966)

(6,662)

Proceeds from sale of investments

931

10,958

Additions to furniture, equipment and leaseholds, net

(49,623)

(46,741)

Purchase of business, net of cash acquired

(16,086)

Net cash used in investing actvities

(106,744)

(42,445)

Cash Flows From Financing Activities:

Issuance (repayment) of debt, net

5,430

(150)

Distributions to partners

(517,167)

(393,091)

Other

28,771

22,008

Net cash used in financing activities

(482,966)

(371,233)

Effect of exchange rate change on cash and cash equivalents

2,939

(6,903)

Net increase/(decrease) in cash and cash equivalents

163,164

(177,087)

Cash and cash equivalents at the beginning of period

654,168

1,061,523

Cash and cash equivalents at the end of period

817,332

884,436

AllianceBernstein

Consolidated Cash Flow

Bernstein Value Equities Inception Date Inception-June 2006 U.S. Strategic Value Dec 31, 73 +2.6% U.S. Diversified Value Jun 30, 86 +1.1 Global Value Sep 30, 95 +3.3 Emerging Markets Value Dec 31, 95 +3.4 European Value Jun 30, 97 +2.7 Canadian Value Dec 31, 97 +4.9 Global Diversified Value Mar 31, 98 +2.7 International Value (EAFE) Sep 30, 99 +5.8 U.K. Value Jun 30, 00 +4.1 International Diversified Value Sep 30, 00 +5.5 U.S. Small/Mid Cap Value Dec 31, 00 +6.2 International Strategic Value Mar 31, 01 +8.4 Global Strategic Value Apr 30, 01 +9.0 Japan Strategic Value Mar 31, 02 +8.5 Australian Value Jun 30, 03 +3.7 AllianceBernstein Style Blend U.S. Style Blend Dec 31, 01 +0.2% International Style Blend Dec 31, 01 +1.7 Emerging Markets Style Blend Dec 31, 01 +4.7 Global Style Blend Jun 30, 03 +3.0 Alliance Growth Equities Inception Date Inception-June 2006 U.S. Growth Dec 31, 70 +3.9% U.S. Small Cap Growth Dec 31, 70 +3.2 U.S. Large Cap Growth Dec 31, 77 +3.0 U.S. Disciplined Growth Dec 31, 87 -0.1 International Large Cap Growth Dec 31, 90 +0.5 Japan Growth Sep 30, 91 +3.5 Emerging Markets Growth Sep 30, 91 +1.9 Global Research Growth Dec 31, 91 +4.7 European Concentrated Growth Jun 30, 98 -2.3 U.S. Mid Cap Growth Mar 31, 99 +4.1 Australian Growth Jun 30, 00 -1.3 U.K. Growth Dec 31, 04 -2.1 AllianceBernstein Fixed Income Global Fixed Income Jun 30, 86 +0.3% U.S. High Yield Dec 31, 86 -0.7 U.S. Investment-Grade Corporates Dec 31, 91 +0.4 U.S. Short Duration Mar 31, 92 +0.2 Emerging-Market Debt Jun 30, 94 +3.0 U.S. Core Mortgage Dec 31, 94 +0.1 U.S. Low Duration Dec 31, 95 +0.1 Europe Core Plus Mar 31, 99 -1.5 Japan Credit Sep 30, 00 +0.1 Global-Plus Fixed Income Jun 30, 01 +0.4 U.S. Strategic Core Plus Jun 30, 01 +0.6 Canadian Core Plus Advanced Sep 30, 02 +3.7