Exhibit 99.02

Fourth-Quarter 2006 Review

AllianceBernstein

Fourth Quarter 2006 Review

Gerald M. Lieberman

President & Chief Operating Officer

Lewis A. Sanders

Chairman & Chief Executive Officer

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

January 24, 2007

Fourth-Quarter 2006 Review

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AllianceBernstein

Forward-Looking Statements

Certain statements in this presentation and the accompanying oral remarks are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These 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 our forward-looking statements in light of these factors. Further, these 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 subsequent events or circumstances. For further information regarding these forward-looking statements and the factors that could cause actual results to differ, see “Risk Factors” in Item 1 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 news release, or any other public statements we issue may turn out to be wrong. Of course, factors other than those listed in “Risk Factors” could also adversely affect our revenues, financial condition, results of operations, and business prospects.

The oral remarks accompanying this presentation include forward looking statements predicting increases in net asset inflows, describing the likelihood of improved performance by growth equities relative to value equities, expecting an increase in assets under management subject to performance fees and a related increase in seasonal volatility, and indicating anticipated expense levels. The actual performance of financial markets generally, how our performance measures against that of our competitors, and other factors we cannot control will affect our asset inflows and whether performance by growth equities relative to value equities improves. Performance-based fees are by nature seasonal and volatile and thus difficult to predict. Our expense levels in future periods depend in part on headcount and office space needed in response to the growth in volume, complexity and global nature of our firm.

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

Introduction

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AllianceBernstein

Capital markets strong

Relative performance somewhat mixed, but with substantial exceptions

Strong market appreciation and net AUM inflows across all channels

Summary of financial performance vs. 4Q05

AllianceBernstein (Operating)

Net Revenues up 30.3%

Operating Income up 48.0%

Net Income up 45.4%

AllianceBernstein Holding distribution of $1.48 per Unit up 45.1%

Administrative error may result in an adjustment to fourth quarter earnings on the order of $0.15 per Unit; substantial recovery of this amount is anticipated

AllianceBernstein – Fourth Quarter Highlights

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*12 months ending December 31, 2006.

Source: Frank Russell Company, Standard & Poor’s, and Lehman Brothers.

Market Performance - U.S.

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*12 months ending December 31, 2006.

Source: MSCI (Morgan Stanley Capital International).

Market Performance - Non-U.S.

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Value Equities performance was very strong

Fixed Income outperformed, in some cases substantially

Growth Equities performance generally weak, but turnaround expected

Relative Performance Summary

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Three Months Ended December 31, 2006

In $ Millions

Changes in Assets Under Management

By Channel

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Twelve Months Ended December 31, 2006

In $ Millions

Changes in Assets Under Management

By Channel

Fourth-Quarter 2006 Review

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Three Months Ended December 31, 2006

In $ Millions

Changes in Assets Under Management

By Investment Service

Fourth-Quarter 2006 Review

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Twelve Months Ended December 31, 2006

In $ Millions

Changes in Assets Under Management

By Investment Service

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

Value Equity and Blend Strategies services accounted
for roughly 70% of all new
assets

Global & International services comprised approximately 75% of all new assets

Pipeline of won but unfunded new mandates remains strong

Institutional Investments—

Fourth Quarter Highlights

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

Positive net inflows for sixth consecutive quarter

Significant increase in net asset inflows for full year in:

U.S. Retail mutual funds

Global & International and Multi-Strategy services

Net positive flows in:

U.S. and Luxembourg funds

Equity and fixed income

Retail—

Fourth Quarter Highlights

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

Private Client—

Fourth Quarter Highlights

Net inflows increased from the third quarter

Financial Advisor headcount increased to 298 – up 14.2%
from December 2005,
including the opening of our
U.K. office

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Revenue growth of 1.9% from prior year quarter and 6.3% for the full year

Revenue, adjusted for advisory fee reclassification, up 6.1% from prior year quarter and 16.2% for the full year

4Q06 revenue growth driven by London, with U.S. about flat

Client use of our algorithmic trading platform in the U.S. continues to grow; on schedule for 1Q07 launch in Europe

Outstanding results in Institutional Investor’s “Best U.S. Independents” survey:

Ranked in 26 sectors, including first place finishes in 23 sectors

Institutional Research Services—

Fourth Quarter Highlights

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By Client Domicile

By Investment Service

In $ Billions

Non-U.S.

UP 44%

Global &

Int’l

UP 50%

$415

72%

$717 Billion +24%

at Dec 31, 2006

Equity

$579 Billion

at Dec 31, 2005

$164

28%

$540

75%

$177

25%

F/I

Equity

F/I

Growth in Global Assets

Fourth-Quarter 2006 Review

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Blend

Strategies

Index/Structured

$30

Assets Under Management

by Investment Service

$717 Billion

Blend Strategies AUM

$134 Billion⁽¹⁾

(+52% vs. 12/31/05)

(1) Includes approximately $4 billion of Blend Fixed Income AUM.

25%

38%

15%

(1)

In $ Billions

Growth in Blend Strategies Assets

Fourth-Quarter 2006 Review

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(1)

Includes approximately $4 million reclassified from advisory fees.

(2)

Includes Shareholder Servicing, Investment Gains (Losses) and Other Revenues.

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

In $ Millions

AllianceBernstein Fourth Quarter Revenues

Fourth-Quarter 2006 Review

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AllianceBernstein

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

AllianceBernstein Fourth Quarter Advisory Fees

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

In $ Millions

AllianceBernstein Fourth Quarter Operating Expenses

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

In $ Millions

AllianceBernstein Fourth Quarter Compensation & Benefits

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

In $ Millions

AllianceBernstein Fourth Quarter Expenses

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(1) Includes $7 million gain on disposition of South Africa J.V.

(2) Includes $7 million gain on disposition of South Africa J.V. and $8 million gain on disposition of Indian mutual funds

(3) Operating Income as a percentage of net revenues.

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

In $ Millions

AllianceBernstein Fourth Quarter Net Income

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

In $ Millions (except per unit amounts)

AllianceBernstein Holding Financial Results

Q&A

Appendix

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Market Environment

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Relative Performance: Institutional Growth Equity (After Fees)

⁽¹⁾

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

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Relative Performance: Blend Strategies Services (After Fees)

⁽¹⁾

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Relative Performance: Institutional Fixed Income (After Fees)

⁽¹⁾

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

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

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

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

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

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Bernstein Value Equities

Inception

Date

Inception–

Dec 2006

Alliance Growth Equities

Inception

Date

The performance figures in AllianceBernstein Fixed Income reflect corrections made to the original presentation.

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

AllianceBernstein Style Blend

AllianceBernstein Fixed Income

Net-of-Fee Annualized Relative Performance Premiums

Inception–

Dec 2006

Investment Performance: Delivering Results for Clients

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In $ Millions

AllianceBernstein Transaction Fees

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In $ Thousands, Unaudited

AllianceBernstein Consolidated Balance Sheet

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In $ Thousands, Unaudited

AllianceBernstein Consolidated Statement of Cash Flows

Fourth-Quarter 2006 Review

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AllianceBernstein

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