AllianceBernstein– Global Equity Blend Portfolio 31/03 – 03/04/2008 The sale of shares in AllianceBernstein (AB) funds may be restricted in certain jurisdictions. In particular, no shares may be acquired by persons in the UK except in certain circumstances and shares may not be offered or sold, directly or indirectly, in the United States or to US Persons, as described in the Portfolio’s prospectus. Further details may be obtained from the Distributor. A portfolio of ACMBernstein, a mutual investment fund ( fonds commun de placement ) organized under the laws of Luxembourg, which conducts business outside of Germany, Austria and Switzerland under the name AllianceBernstein. There is no guarantee that any forecasts or opinions in this material will be realized. Information should not be construed as investment advice. For financial representative use only. Not for inspection by, distribution or quotation to, the general public. SONG LI, CFA Senior Portfolio Manager Blend Strategies JUNE WONG Managing Director Head of Institutions, North Asia MAX WONG Client Relationship Manager,Institutions North Asia
AllianceBernstein: Exceptional Breadth and Scope <ul><li>Diversification allows for continuous investment across all areas of the firm </li></ul><ul><li>Stability ensures unwavering commitment to each disciplined style of investing </li></ul><ul><li>Relationships span client groups and investment strategies, furthering understanding of a client’s needs </li></ul><ul><li>Global orientation with local knowledge enhances investment expertise and ultimately portfolio returns for clients </li></ul>As of December 31, 2007 *Total assets under management of AllianceBernstein L.P. AllianceBernstein US 38% Service Client Domicile Non-US 62% US 60% Non-US 40% Assets Under Management ($ Billions)* By Client Group Institutional $508 Retail 183 Private Client 109 Total $800 By Investment Discipline Growth $118 Value 303 Blend/ Alternative Strategies 187 Fixed Income 192 Total $800
Independent Growth and Value Research London Singapore Hong Kong Sydney Cape Town New York São Paulo Madrid Mumbai Wellington Taipei Tokyo Minneapolis Chicago Shanghai As of 30 September 2007 Source: AllianceBernstein Buy-Side Fundamental Research Analysts Alliance Growth Equities Research Teams Consumer 18 Energy/Natural Resources 9 Finance 13 Healthcare 6 Infrastructure 8 Mid-Cap Generalists 5 Technology/Telecom 20 Total 79 Bernstein Value Equities Research Teams Commodities 14 Consumer 12 Financials 10 Industrials 18 Multi-Industry 6 Technology/Telecom 8 Total 68 AllianceBernstein locations Joint-venture locations
Equity Blend Portfolio: Active Core Strategy AllianceBernstein Funds — Global Equity Blend Portfolio Alliance Global Growth <ul><li>Builds on history of strong returns in growth and value </li></ul><ul><li>Mitigates style risk through negatively correlated premiums </li></ul>Bernstein Global Value 50% 50% 100 to 150 Stocks 200 to 300 Stocks 100 to 150 Stocks Investment policies apply under normal market conditions. As of 31 December 2007 Source: AllianceBernstein
AllianceBernstein: Two Clear Investment Philosophies Profits & Stock Decline Earnings Growth Decelerates Corrective Strategies Long-Term Earnings Power Growth Investing Value Investing <ul><li>Goal: Find underappreciated growth potential </li></ul><ul><li>Research question: Will growth outpace expectations? </li></ul><ul><li>Goal: Buy out of favor bargains </li></ul><ul><li>Research question: Will depressed earnings recover? </li></ul>Earnings Growth Accelerates Investment policies apply under normal market conditions. As of 31 December 2007 Source: AllianceBernstein
Blend Moderates Sector Risk of Components Sector weightings will vary over time. Holdings subject to change. As of 31 December 2007 *Versus MSCI World Index Source: MSCI and AllianceBernstein Active Weights* Value Growth Blend Financials Materials Energy Health Care Information Technology Consumer Discretionary Consumer Staples Industrials Utilities Telecommunications
AllianceBernstein Global Equity Blend Portfolio ： NAV (S1) 26 February 2007 to 28 March 2008
AllianceBernstein Global Equity Blend Portfolio: Performance Summary In US Dollars Global Equity Blend S1 3.3% 7.1% 14.2% MSCI World 4.8 9.0 12.8 Relative Performance (1.5)% (1.9)% +1.4% Three Years One Year Periods Ended Dec 31, 2007 Since Inception* Past performance does not guarantee future results. As of 31 December 2007 *Fundo Class S1 shares inception date 26 February 2007 Total returns, provided by AllianceBernstein, reflect the change in net asset value and assume reinvestment of any distributions paid on fund shares for the period shown, but do not reflect sales charges. Accordingly, these figures do not represent actual returns to an investor. The investment return and principal value of an investment in the Fund will fluctuate as the prices of the individual securities in which it invests fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Investors cannot invest directly in an Index or Average and returns are not indicative of any specific investment including any AllianceBernstein fund. See end of presentation for index descriptions and disclosures. Source: Standard & Poor’s, Mercer Investment Consulting, MSCI, FactSet Spar and AllianceBernstein AllianceBernstein Blend Strategies
Most Equity Markets Rose in 2007, Despite Upset in Second Half Past performance does not guarantee future results. As of 31 December 2007 EM and Europe represented by MSCI indices; US large-cap by S&P 500; US small-cap by Russell 2000; UK by FTSE All-Share; and Japan by TOPIX Source: FactSet, FTSE, MSCI, Russell Investment Group, TSE and AllianceBernstein Cumulative Return for 2007 in Local Currencies Jan–Jun Jul–Dec EM +33.2% UK +2.6 US Large-Cap +5.5 US Small-Cap (1.6) Japan (11.1) Europe +6.0 Indexed to Jan 1 open
The Catalysts for Upset: US Subprime Mortgage Woes and Write Offs 2004 Cohort 2005 Cohort 2006 Cohort 2007 Cohort Current analysis does not guarantee future results. *Through November 2007. Seriously delinquent is defined as the percentage of loans that are 90 days or more delinquent or in the process of foreclosure. **All figures are net of financial hedges the firms used to mitigate their losses. The figures include charges the firms have said they expect to report for the fourth quarter. Analysts estimate additional writedowns and credit losses of $34 billion, which would bring the total for the year to $131 billion. Source: Bloomberg, LoanPerformance and company reports US Subprime Mortgages Seriously Delinquent as % of Total* Losses on Subprime Mortgages in 2007** In US $ Billion Citigroup 15.8 UBS 14.4 HSBC 10.7 Morgan Stanley 9.4 Merrill Lynch 7.9 Bank of America 6.1 Washington Mutual 4.2 Wachovia 3.9 Deutsche Bank 3.1 Canadian Imperial (CIBC ) 3.0 Barclays 2.7 Bear Stearns 2.6 Royal Bank of Scotland 2.5 Lehman Brothers 1.5 Mizuho Financial Group 1.5 Wells Fargo 1.4 JPMorgan Chase 1.3 Credit Suisse 1.0 National City 0.9 Nomura Holdings 0.9 Japanese banks (excluding Mizuho, Nomura) 1.2 Canadian banks (excluding CIBC) 1.2 Total 97.2 Firm Total
Central Bank Actions Helped, But Credit Markets Are Still Jittery <ul><li>Interbank lending remains under stress </li></ul>LIBOR — Treasury Spread** Current analysis does not guarantee future results. As of 31 December 2007 *Annualized standard deviation of MSCI World daily total returns in local currencies on a rolling 20-day basis **Three month US LIBOR rate minus three-month US T-bill Source: Bloomberg, Datastream, Lehman Brothers, MSCI and AllianceBernstein <ul><li>Credits spreads for investment grade and high-yield corporate debt widened from unusually low to unusually high levels </li></ul>Spreads to Treasuries US Investment-Grade Corporates Global Investment-Grade Corporates Global High-Yield Bonds US High-Yield Bonds
Our Growth Sleeve Is Well Positioned for the Current Environment <ul><li>Our growth sleeve is concentrated in larger-cap companies with strong balance sheets that make them less vulnerable in the current tight credit markets </li></ul>Current analysis does not guarantee future results. Holdings will vary over time. As of 31 December 2007 *Full-year numbers represent average of the individual quarters’ results. **Defines the portfolio’s incremental exposure to Barra’s success attribute, which is price momentum, relative to the MSCI benchmark; four-quarter moving average Source: Barra, MSCI, Thomson I/B/E/S and AllianceBernstein Market Capitalization Profile (US$ Billions) <ul><li>Our exposure to stocks with strong growth characteristics remains consistent with the growth cycle opportunity </li></ul>Price Momentum Exposure vs. MSCI World ** <ul><li>The growth sleeve is firmly anchored in companies that deliver positive earnings surprises, as reflected in upward earnings revisions that exceed benchmark levels </li></ul>Companies with Positive Earnings Revisions*
Energy & Natural Resources: Our Outlook Remains Favorable Change in Absolute Weightings for Select Subsectors* Current analysis and estimates do not guarantee future results. As of 31 December 2007 *Based on a representative Global Research Growth account; active subsector displays per MSCI industry classifications Source: Emerging Energy Research, MSCI and AllianceBernstein; see Disclosures and Important Information. <ul><li>Utilities, including Veolia and Iberdrola Renewables, capitalize on growing global demand for centralized water and energy. Iberdrola offers direct exposure to growth in wind power </li></ul><ul><li>Firm pricing trends keep the energy services and natural resources subsectors attractive, and we see increasing potential in utilities </li></ul><ul><li>Our forecasts for prices on key natural resources are above consensus, and investments such as Noble Energy, Rio Tinto and China Shenhua reflect our views on copper and oil </li></ul>Commodity Prices: AllianceBernstein Forecast vs. Consensus Estimated Growth in Global Wind Power Production Metals & Mining Independent Power Producers & Energy Energy Equipment & Services
Value Opportunity Is Picking Up Current valuations and historical analysis do not guarantee future results. *12-month trailing earnings through 31 December 2007 **These data represent Bernstein’s estimate of the amount by which the most attractively priced large-cap global stocks sell below overall market valuations. The proportion of Bernstein investments in stocks from this group will vary over time but will typically be high. Bernstein’s estimates of the fair value of these stocks may not be realized for a variety of reasons. Data through 1 January 2008 Source: Compustat, Datastream, DRI, FactSet, MSCI, Salomon Smith Barney, Thomson I/B/E/S and AllianceBernstein <ul><li>Valuation spreads are beginning to widen </li></ul><ul><li>Equity valuations remain reasonable </li></ul>Valuations: World Price/Earnings* Discount to Fair Value ** 10 20 30 40 50 71 75 79 83 87 91 95 99 03 07 Internet Euphoria Japan Asset Bubble Oil Shock Percent 0 10 20 30 40 70 73 76 80 83 87 90 93 97 00 04 07 Ratio (×) Average Average
US Financials: Attractive Long-Term Opportunities Despite Current Stress <ul><li>The Portfolio’s US financial holdings typically deliver strong profits, despite periodic losses </li></ul><ul><li>These holdings benefit from a diverse mix of businesses </li></ul>FY 2007 Earnings* Business Mix: As a Percent of Revenue <ul><li>Investor anxiety has left valuations at deep discounts, representing compelling long-term value </li></ul>Price-to-Book Valuation Discounts US$ Billion As of 31 December 2007 Data may not sum due to rounding. *Estimated pretax earnings. Losses are announced write-downs related to subprime mortgage exposure. Losses also include the increase in reserves for JPMorgan. **Historical financial sector discount vs. MSCI World from 1 January 1990 through 31 December 2007 Source: Federal Reserve, US Census Bureau, company reports and AllianceBernstein; see Disclosures and Important Information. 52% 44% 32% JPMorgan Merrill Lynch Morgan Stanley Historical Sector Discount 17%** Earnings Losses Normal Earnings — — 49 Traditional Banking 30 39 12 Wealth Management 14 14 3 Mergers & Acquisitions 56% 48% 36% Global Capital Markets Morgan Stanley Merrill Lynch JPMorgan
Major Declines in the Stock Market: MSCI World Growth of USD 1 Mil. USD 33.7 Mil. (17)% (36)% (11)% (18)% (10)% (21)% (24)% (13)% (46)% Past performance does not guarantee future results. Source: MSCI and Alliance Capital Management. As of 31 January 2006. MSCI World Index is a market capitalization-weighted index that measures the performance of stock markets in 22 countries, including the US. An investor cannot invest directly in an index or average and they do not include sales charges or operating expenses associated with an investment in a mutual fund, which would reduce total returns. Asia Financial Crisis Internet Bubble SARS 911 US “Black Monday” Iraq invaded Kuwait Japan Economic Bubble Burst 1st Oil Crisis 2nd Oil Crisis US Stock Market Crash Oil new-high to USD35
A Winning Balance of Future Growth and Price Price/Earnings 2009E EPS Growth 2009E/2007 Annualized Current analysis and estimates do not guarantee future results. As of 31 December 2007 Source: I/B/E/S, MSCI and AllianceBernstein
AllianceBernstein—Global Equity Blend Portfolio: Sector Weights Sector weightings will vary over time. As of 31 December 2007 Totals may not add due to rounding. An investor cannot invest directly in an index or average and they do not include sales charges or operating expenses associated with an investment in a mutual fund, which would reduce total returns. See end of presentation for index description. Source: MSCI and AllianceBernstein AllianceBernstein— MSCI Value Growth Global Equity World Holdings Holdings Blend Portfolio Index Consumer Discretionary 10.0% 5.5% 7.7% 9.8% Consumer Staples 4.0 9.1 6.6 8.8 Energy 14.4 11.4 12.9 10.9 Financials 30.4 22.7 26.5 22.6 Health Care 6.9 11.1 9.0 8.7 Industrials 6.7 10.9 8.8 11.4 Information Technology 5.6 15.4 10.5 11.0 Materials 14.7 8.2 11.4 7.2 Telecommunications Services 3.7 2.2 2.9 4.9 Utilities 3.7 3.5 3.6 4.7 Total 100.0% 100.0% 100.0% 100.0%
AllianceBernstein—Global Equity Blend Portfolio: Country Weights Country weightings will vary over time. As of 31 December 2007 *Includes Middle East and Latin America. An investor cannot invest directly in an index or average and they do not include sales charges or operating expenses associated with an investment in a mutual fund, which would reduce total returns. See end of presentation for index description. Source: MSCI and AllianceBernstein US 37 .6 55 .4 46.4 47.4 North America Total 42.6% 56. 7 % 49.6 % 51.3% UK 13.0 8. 2 10.6 10.8 Europe ex-UK 22.8 18 .2 20.8 23.3 Europe Total 35.9% 26.4% 31.4 % 34.1% Japan 12.4 2.8 7.6 9.7 Developed Pacific ex-Japan 1.5 2.0 1.8 4.9 Developed Asia-Pacific 13.9% 4.8% 9.4% 1 4 .6% Emerging Markets 7.6% 1 2.1 % 9.6 % 0.0% World Total 100.0% 100.0% 100.0% 100.0% AllianceBernstein— MSCI Value Growth Global Equity World Holdings Holdings Blend Portfolio Index
Why Invest Globally? No Asset Class or Region Wins All of the Time… Annual Returns (%) As of 31 December 2006 (USD) Past performance does not guarantee future results. An investor cannot invest directly in an index, and its performance is not representative of any AllianceBernstein mutual funds. The following indices represent the major asset classes: Global Value Stocks: MSCI World Value Index; Global Growth Stocks: MSCI World Growth Index; Global Bonds: Lehman Global Aggregate Bond Index; Cash: US T-Bill 90-Day Index; US: S&P 500 Index; Regions: MSCI Indices. 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Best Performer Worst Performer US 55.6 Global Growth 23.6 Emerging Markets 95.0 Cash 13.2 Cash 9.0 US 32.4 Global Bonds (1.1) Asia Pacific 19.2 Europe 30.4 Europe 44.4 US 19.1 Japan 89.2 Global Bonds 10.2 Global Bonds 7.1 Cash (13.8) Asia Pacific 21.3 Japan 44.6 Asia Pacific 29.8 Global Growth 35.3 Europe 19.1 Asia Pacific 67.0 Global Value 6.9 Europe 15.3 Europe 12.2 Asia Pacific 31.2 Asia Pacific 18.1 Global Value 23.0 Global Value 34.9 Global Value 7.0 Global Growth 55.5 Europe (2.2) Asia Pacific (5.0) Asia Pacific (20.6) Global Value 14.9 Global Value 10.0 Global Value 26.2 Global Value 11.9 Global Growth 21.4 Cash 22.7 Global Bonds 5.3 US (3.0) US 41.8 US (7.1) Japan (23.9) Japan 13.1 Japan 7.5 Europe 26.1 US 3.6 Global Bonds 21.1 Japan (2.7) Global Value 36.9 Asia Pacific (9.9) Global Value (10.3) Europe (30.7) US 7.1 Global Growth 2.9 Global Growth 26.1 Global Growth 3.0 Cash 13.2 Cash (2.8) Europe 35.8 Global Growth (20.6) Global Growth (15.0) Global Growth (32.0) Global Growth 6.6 US 2.9 US 20.9 Global Bonds (4.6) Global Bonds 13.0 Japan (11.0) Asia Pacific (13.5) Cash 22.8 Japan (23.3) Europe (15.5) Global Value (32.1) Global Bonds 1.4 Global Bonds (6.4) Cash 19.0 Japan (5.0) Japan (9.0) Asia Pacific (19.5) Global Bonds 11.1 Japan (25.6) US (33.9) Cash 10.0 Cash (16.0) Cash (5.9) Cash (6.4) Global Bonds 10.1 Emerging Markets 14.2 Emerging Markets 14.2 Emerging Markets 3.2 Emerging Markets (30.8) Emerging Markets (25.9) Emerging Markets 3.0 Emerging Markets (20.2) Emerging Markets 30.0 Emerging Markets 16.9 Emerging Markets 55.0 Emerging Markets 18.2 Europe 19.6
Notes on Global Equity Blend Simulation The Global Equity Blend Simulation results were calculated by value-weighting the actual composite returns of AllianceBernstein Global Research Growth and actual composite returns of AllianceBernstein Global Value, starting at a 50/50 percentage ratio. Both the Global Value and the Global Research Growth portions were then allowed to compound until either portion made up more than 55% of the combined total. At this point, the portions were rebalanced so that the larger part represented 52.5% of the combined total, and the smaller portion represented 47.5%. Upon rebalancing, transaction costs of 75 basis points were applied to the rebalanced portions of the portfolio and this total transaction cost was deducted from the total return. Simulated results do not represent actual trading using client assets but (i) were achieved by means of the retroactive application of a model designed with the benefit of hindsight; and (ii) do not reflect the impact that material economic factors may have had on our decision-making. Simulation statistics may not be indicative of future results; there is always the potential for loss as well as for profit.
Disclosure on Stock Examples References to specific securities are presented to illustrate the application of our investment philosophy only and are not to be considered recommendations by AllianceBernstein. The specific securities identified and described in this presentation do not represent all of the securities purchased, sold or recommended for the portfolio, and it should not be assumed that investments in the securities identified were or will be profitable.
Index Descriptions and Disclosure <ul><li>The MSCI World Index is a free float-adjusted market capitalization index that is designed to measure global developed market equity performance. As of June 2006, the MSCI World Index consisted of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. </li></ul><ul><li>The MSCI Value and Growth Indices cover the full range of developed, emerging and All Country MSCI Equity Indices. As of the close of May 30, 2003, MSCI implemented an enhanced methodology for the MSCI Global Value and Growth Indices, adopting a two dimensional framework for style segmentation in which value and growth securities are categorized using different attributes - three for value and five for growth including forward looking variables. The objective of the index design is to divide constituents of an underlying MSCI Standard Country Index into a value index and a growth index, each targeting 50% of the free float adjusted market capitalization of the underlying country index. Country Value/Growth indices are then aggregated into regional Value/Growth indices. Prior to May 30, 2003, the indices used Price/Book Value (P/BV) ratios to divide the standard MSCI country indices into value and growth indices. All securities were classified as either "value" securities (low P/BV securities) or "growth" securities (high P/BV securities), relative to each MSCI country index. </li></ul><ul><li>The S&P/Citigroup Primary Market Index (PMI) and Extended Market Index (EMI) divide the Broad Market Indexes (BMI) by relative-size on a country-by-country basis. The PMI/EMI split is determined by first ranking all BMI companies by total capitalization. Starting at the top of the list each constituent's available capitalization (float) is incrementally added. The top 80% of each country's available capital becomes the PMI, and the remaining 20% represents the EMI. All eligible issues of a company are added to the Index during the Index reconstitution, if their combined available market capitalisation equals or exceeds US$100 million, and are then assigned to either the PMI or the EMI. Stocks with an available market capitalization below US$75 million as of the Index reconstitution are deleted from the BMI. The S&P/Citigroup PMI Growth and Value Indices use three growth and four value variables to classify companies as either growth, value, or a combination of both. Cluster analysis is used and growth and value scores are calculated to show the relative magnitude of a stock's growth and value characteristics using equally weighted variables. High growth, low value stocks are classified as pure growth; high value, low growth as pure value. The remaining stocks' available market value is allocated to each of the indices according to its growth and value probability weights. The weights are then adjusted so that the constituents of each style index comprise approximately 50% of the float capital of the annually reconstituted PMI and EMI index within each country and region. </li></ul>
A Word About Risk The sale of shares in AllianceBernstein funds may be restricted in certain jurisdictions. In particular, shares may not be offered or sold, directly or indirectly, in the United States or to US Persons, as is more fully described in the Funds’ prospectus. Further details may be obtained from the Funds’ distributor. AllianceBernstein–Global Equity Blend Portfolio Investment Risks. Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The Fund is meant as a vehicle for diversification and does not represent a complete investment program. Some of the principal risks of investing in the Fund include country risk, emerging markets risk, currency risk, illiquid assets risk, allocation risk, portfolio turnover risk, management risk, lack of operating history risk, derivatives risk, borrowing risk, taxation risk and equity securities risk. These and other risks are described in the Fund’s prospectus. Prospective investors should read the prospectus carefully and discuss risk and the fund’s fees and charges with their financial adviser to determine if the investment is appropriate for them. An investor cannot invest directly in an index or average and they do not include sales charges or operating expenses associated with an investment in a mutual fund, which would reduce total returns. A Standard & Poor’s Fund Research rating is not a recommendation to purchase, sell or hold any interest in a fund, in as much as it does not comment as to market price or suitability for a particular investor. While performance is one of many factors contributing to the rating, it, in itself, is no indication of future results. The results are based on current information furnished to Standard & Poor’s Fund Research by the fund or obtained from sources Standard & Poor's Research considers reliable. AllianceBernstein (Luxembourg) S.A. is the management company of the AllianceBernstein – Global Equity Blend Portfolio and has appointed AllianceBernstein (Singapore) Ltd. (Company Registration No. 199703364C) as its agent for service of process and as its Singapore representative. These materials are prepared in the English language and provided only upon request to certain authorized financial representatives.