Alliance Bernstein Global Equity Blend Portfolio Bernstein Value

Alliance. Bernstein Global Equity Blend Portfolio Bernstein Value Equities is referred to as Bernstein herein; Alliance Growth Equities is referred to as Alliance herein; Alliance. Bernstein Blend Strategies is referred to as Alliance. Bernstein herein; This presentation booklet has been provided to you for use in a private and confidential meeting to discuss a potential or existing investment advisory relationship. It is neither an advertisement nor is it intended for public use or distribution beyond our private meeting. These materials have been provided to you as general background information on Alliance. Bernstein and do not constitute an offer to provide any particular service. Alliance. Bernstein Hong Kong Limited

Our Mission < To have more knowledge and use knowledge better than any investment firm in the world < To use and share knowledge to help our clients achieve investment success and peace of mind < To place our clients’ interests first and foremost Alliance. Bernstein 1

As of September 30, 2006 *Total assets under management of Alliance. Bernstein L. P. Alliance. Bernstein 2

A Global Platform: 18 Cities Number of Analysts Buy-Side Fixed Income Fundamental 70 57 47 Multi. Asset* 17 Quantitative 8 20 10 25 6 69 Economists 0 0 8 0 0 8 Total Analysts 78 77 65 42 57 319 Growth Value Sell. Side 51 Total 242 Moscow Minneapolis Montréal San Francisco London New York Chicago Cleveland Tokyo Shanghai Hong Kong Taipei Mumbai (Bombay) Singapore Investment Management and/or Research Office Joint Venture Relationship São Paulo* Cape Town Sydney Melbourne Wellington As of September 30, 2006 *Investment management and marketing office Alliance. Bernstein 3

Recognized Globally as an Industry Leader Alliance. Bernstein 4

Global Equity Blend Portfolio Alliance. Bernstein Blend Strategies 5

Alliance. Bernstein: Two Clear Investment Philosophies Growth Investing <Goal: Find underappreciated growth potential Long-Term Earnings Power <Research question: Will growth outpace expectations? Earnings Growth Accelerates Earnings Growth Decelerates Corrective Strategies Profits & Stock Decline Value Investing <Goal: Buy out of favor bargains <Research question: Will depressed earnings recover? As of 30 September 2006 Source: Alliance. Bernstein Blend Strategies 6

Alliance. Bernstein Global Equity Blend Portfolio: Active Core Strategy Bernstein Global Value 100 to 150 Stocks 50% Alliance. Bernstein Funds Global Equity Blend Portfolio 50% 200 to 300 Stocks Alliance Global Growth 100 to 150 Stocks < Builds on history of strong returns in growth and value < Mitigates style risk through negatively correlated premiums As of 30 September 2006 Source: Alliance. Bernstein Blend Strategies 7

Global Equity Blend Portfolio < Domicile: Luxembourg < Portfolio Inception Date: 19 December 2003 < Fiscal Year End: August 31 < Net Assets: $2, 397. 60 million (as of 30 September 2006) < Base Currency: U. S. Dollar < Benchmark: MSCI World Net Index < Sales Charges, Fees and Expenses (Class S 1)*: = Initial Sales Charge: None = Management Fee: 0. 70%** = Distribution Fee: None = Contingent Deferred Sales Charge: None = Other Administration Cost: 0. 15% As of 30 September 2006 *For further details on sales charges, fees and expenses, please refer to “How to Purchase Shares” and “Additional Information - Fees and Expenses” in Section II of the Alliance. Bernstein Prospectus. The Management Company has voluntarily undertaken, until the Management Company on behalf of the Fund notifies Shareholders to the contrary, that if, in any fiscal year, the aggregate fees and expenses with respect to the following share classes of the Portfolio (including any management fee and all other fees and expenses set out in “Additional Information – Fees and Expenses” in Section II, but exclusive of taxes, brokerage, interest on borrowings and any other expenses) exceed the following percentages of the Portfolio’s average Net Asset Value for the fiscal year attributable to the Portfolio’s class A, B, C, I, S and S 1 shares, respectively: 2. 10%, 3. 10%, 2. 30%, 1. 30%, 0. 15% and 0. 85%, the Fund may deduct from the payment to be made to the Management Company, or the Management Company will otherwise bear, such excess fees and expenses. **As an annual percentage of average daily Net Asset Value. For further details on the management fee, please refer to “Additional Information — Fees and Expenses” in Section II of the Alliance. Bernstein Fund Prospectus; Source: Alliance. Bernstein Blend Strategies 8

Global Equity Blend Portfolio: Performance Summary Average Annual Returns Class S 1 Shares (USD) Alliance. Bernstein – Global Equity Blend MSCI World Index Past performance does not guarantee future results. As of 30 September 2006 *Class S 1 shares inception date 19 December 2003 Total returns, provided by Alliance. Bernstein, 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 Alliance. Bernstein fund. See end of presentation for index descriptions and disclosures. Source: Standard & Poor’s, Mercer Investment Consulting, MSCI and Alliance. Bernstein Blend Strategies 9

Market Outlook Alliance. Bernstein Blend Strategies 10

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Growth Stocks Trading at Compelling Valuations: Global Highest Current Utilities Telecom Services Materials Technology Industrials Healthcare Financials Lowest Consumer Discretionary Consumer Staples Energy & Nat. Resource < Low and compressed valuations reveal the market’s lack of differentiation between growth rates across sectors Ratio (×) World Sector P/E’s Relative to History: 1995– 2006* Growth vs. Value Relative P/E Ratios: Global < The premium being paid for growth stocks is approaching long-term lows globally, based on relative price/earnings multiples Ratio (×) Global Growth vs. Value** Current valuations do not guarantee future results. As of or through 30 September 2006 *Monthly MSCI World GICS sector P/E average calculated on a monthly basis excluding negative P/FE values **Relative Price to Forward Earnings. Extended MSCI World universe. Growth and value segments were defined according to our proprietary growth model, which is based on sales growth, stability of sales growth and valuation multiples, among other factors. Source: Fact. Set, MSCI and Alliance. Bernstein Value Opportunity Average Growth Opportunity Alliance. Bernstein Blend Strategies 14

We Have Responded to Changing Opportunities Premium/Discount to Market by Capitalization* Price/Earnings Very Large-Cap Mid-Cap Return on Equity Very Large-Cap Mid-Cap < We have increased our exposure to large-cap stocks, which currently have attractive valuation and profitability characteristics Long-Term Average September 2006 Tracking Error** (%) < As a result, the portfolio is more diversified than usual and the risk is lower Global Value Global Strategic Value Current valuations do not guarantee future results. Through 30 September 2006 *Long-term average is from January 1970 through September 2006. Very large-cap stocks are defined as those with an index weight of more than 25 b. p. in the MSCI World Index. Mid-cap stocks are defined as those with an index weight between 1. 5 b. p. and 5 b. p. Size class values are cap-weighted averages compared to a cap-weighted global average. Negative earnings per share treated as zero. **Two-year rolling ex-post tracking error of composite Global Value and Global Strategic Value accounts relative to the MSCI World Index Source: MSCI and Alliance. Bernstein Blend Strategies 15

Alliance. Bernstein Global Equity Blend: Style Allocation Remains Balanced Overall Value Growth 50. 1% 49. 9% 11. 3% Overlap Citigroup Credit Suisse General Electric Toyota Motor JPMorgan Chase As of 30 June 2006 Based on a representative Global Equity Blend account managed to MSCI World Source: Alliance. Bernstein; see Disclosure on Stock Examples. 16

A Winning Balance of Growth and Price EPS Growth Price/Earnings 2007 E/2006 E Annualized 2007 E As of 30 September 2006 Source: I/B/E/S, MSCI and Alliance. Bernstein Blend Strategies 17

Appendix 18

Blend Moderates Sector Risk of Components: Sector Weights Active Weights* Value Growth Blend Financials Energy Information Technology Consumer Staples Healthcare Industrials As of 30 September 2006 *versus MSCI World Index; Totals may not add due to rounding Source: MSCI and Alliance. Bernstein Blend Strategies 19

Blend Moderates Sector Risk of Components: Region Weights Active Weights* Value Growth Blend Emerging Markets Other Asia/Pacific Japan Europe North America As of 30 September 2006 *versus MSCI World Index; Totals may not add due to rounding Source: MSCI and Alliance. Bernstein Blend Strategies 20

Global Equity Blend Portfolio: Portfolio Composition (as of 30 September 2006) Sector Growth Sector Value Basic Industry Consumer Manufacturing Consumer Services Consumer Manufacturing Capital Goods Country Allocation Portfolio Composition Growth Equity As of 30 September 2006 Source: Alliance. Bernstein Blend Strategies 21

Biographies Song, Li Vice President and Senior Portfolio Manager—Blend Strategies Mr. Li is a Vice President and Senior Portfolio Manager for the Blend Strategies team, based in Hong Kong. He joined Alliance. Bernstein in 2006 with 15 years of investment experience. Previously, he worked for two years at Deutsche Asset Management and for six years at Citigroup Asset Management as a senior quantitative analyst/portfolio manager across various domestic and international equity products. Prior to that, he worked for four years at the University of Minnesota as an Assistant to the Treasurer managing endowment and pension funds. Mr. Li started his career as a venture capital analyst in 1989. He has a MBA in Finance from the University of Minnesota and both MS and BS in EE from the South China University of Technology. CFA Charterholder 1997. Location: Hong Kong June Wong Managing Director, Head of Institutions, North Asia Ms. Wong joined Alliance. Bernstein in 2004 and is head of the institutional business for North Asia. Prior to joining Alliance. Bernstein, Ms. Wong was Director and Head of Business Development at HSBC Asset Management in Hong Kong, where she led the charge of new business generation for both the institutional and retail segments for Hong Kong, China offshore, Taiwan offshore and Korea offshore. Ms. Wong also served as an advisor to the Hong Kong Government on the development of the Mandatory Provident Fund scheme in Hong Kong during her tenure at HSBC. Before HSBC, Ms. Wong was Head of Asset Consulting Services at Towers Perrin Hong Kong between 1993 -1994. Prior to that, she spent four years in Australia working as an actuarial/fixed income analyst for GIO. Ms. Wong has a Bachelor of Economics degree from Macquarie University in Australia, majoring in actuarial studies. She is also a fully qualified actuary as a Fellow of the Institute of Actuaries Australia. Location: Hong Kong Max Wong Client Relationship Manager, Institutions – North Asia Mr. Wong joined the firm in 2005. He is responsible for supporting all client servicing and business development activities for the institutional business in the North Asia region. Prior to joining the firm, he was a marketing manager in PCCW, the incumbent telecommunication operator in Hong Kong, an organisation he joined as a management trainee in 2000. Mr. Wong earned a Bachelor of Engineering degree from The Chinese University of Hong Kong in 2000. He has also passed all 3 levels of the CFA examinations and is eligible for CFA Charter upon completion of the required work experience. Location: Hong Kong. Alliance. Bernstein 22

Notes on Global Equity Blend Simulation The Global Equity Blend Simulation results were calculated by value-weighting the actual composite returns of Alliance Global Research Growth and actual composite returns of Bernstein 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. Alliance. Bernstein Blend Strategies 23

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 Alliance. Bernstein. 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. Upon request, we will furnish a listing of all investments made during the prior one-year period. Alliance. Bernstein Blend Strategies 24

Index Descriptions and Disclosure The MSCI World Index is a free float-adjusted market capitalization index that is designed to measure global developed market equity performance. As of April 2002, 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. 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. 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. Alliance. Bernstein Blend Strategies 25

A Word About Risk The sale of shares in Alliance. Bernstein 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’ offering circulars. Further details may be obtained from the Funds’ distributor. The information contained herein reflects, as of the date hereof, the views Alliance. Bernstein and sources believed by Alliance. Bernstein to be reliable. No representation or warranty is made concerning the accuracy of any data compiled herein. In addition, there can be no guarantee that any projection, forecast or opinion in these materials will be realized. The views expressed herein may change at any time subsequent to the date of issue hereof. These materials are provided for informational purposes only and under no circumstances may any information contained herein be construed as investment advice. Neither may any information contained herein be construed as any sales or marketing materials in respect of any financial instrument, product or service sponsored or provided by Alliance. Bernstein or any affiliate or agent thereof. 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. These materials are prepared in the English language and provided only upon request to certain authorized financial representatives. Alliance. Bernstein Blend Strategies 26