AllianceBernstein* delivers four preeminent investment brands—Alliance Capital growth equities, Bernstein value equities, AllianceBernstein core and style-blend equities, and Alliance Capital Fixed Income—to institutional clients globally. The breadth and depth of our research and investing skills, combined with our worldwide presence, allow us to offer a broad array of products, both global and local, across all major disciplines to clients around the world.

As of December 31, 2004, our firm managed US$539 billion in assets, including US$311 billion for institutional clients around the world. Our clients include private and public pension plans, foundations and endowments, central banks, insurance companies, and governments in more than 30 countries.

A Culture of Superior Research. We believe that research is the ultimate source of superior investment returns. Research is the touchstone of our investment process and a principal career path for our investment professionals. As a result, our firm today boasts one of the largest global research commitments in the investment-management industry. With more than 300 analysts operating in 11 countries, we cover thousands of securities in every meaningful capital market in the world, for a breadth and depth of coverage few firms can rival.

We have nearly 200 buy-side research analysts. They are organized into three separate teams dedicated to growth equities, value equities and fixed income, reflecting the unique focus and culture required for each. All of them have a long history of identifying winning securities.

A separate team conducts strategic-change research, seeking to identify opportunities stemming from economic or technological changes powerful enough to profoundly influence corporate performance across industries. Finally, the Alliance Capital Management research effort also includes Bernstein’s team of nearly 100 sell-side research analysts.

Disciplined Investment Process. Regardless of asset class or assignment, our investment processes pay close attention to fundamentals and are highly disciplined. Our growth, value and core equity teams and our fixed-income teams adhere to clearly defined rules for security selection and portfolio construction to ensure that clients get products with the characteristics and long-term performance patterns they seek.

A Full Array of Services. In both equities and fixed income, we offer relatively high risk and return services, as well as benchmark-sensitive and passive services. In equities, we offer growth, value and core benchmark-sensitive services, with a large, medium, small- and multi-cap focus. In fixed income, our services range from high-quality sovereigns to high-yield bonds and cover all major fixed-income markets around the world. And in both asset classes, we offer US, Canadian, UK, Australian and Japanese portfolios, as well as regional, international and global developed- and emerging-market portfolios managed in various currencies.

This broad product mix enables us to meet a wide range of client needs regardless of home country, base currency or tax position. Many services can be customized to include or exclude countries or sectors and further tailored to meet clients’ benchmark sensitivity or asset-liability matching requirements.

Thought Leadership. AllianceBernstein is also known for thought leadership on issues of concern to our clients, be it the globalization of markets, convergence of investment styles, market concentration, risk management or finding alpha. Our white papers, publications, conferences and conference calls are highly regarded throughout the industry.

Excellence in Client Service. AllianceBernstein is a unit of Alliance Capital Management L.P., a US-registered investment adviser with affiliates licensed in many jurisdictions around the world. Our client-service and investment professionals work out of offices in 19 countries to provide personalized and timely service and communications. We also provide easy access to our investment professionals through one-on-one meetings, conference calls and conferences.

We believe our range of services, global research coverage and ability to serve clients in virtually all parts of the world make AllianceBernstein a preeminent resource for institutional investors worldwide.

*AllianceBernstein Institutional Investment Management, a unit of Alliance Capital Management L.P. www.institutional.alliancebernstein.com