AllianceBernstein Global Equity Blend Portfolio

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AllianceBernstein Global Equity Blend
Portfolio

Bernstein Value Equities is referred to as
Bernstein herein Alliance Growth Equities is
referred to as Alliance herein AllianceBernstein
Blend Strategies is referred to as
AllianceBernstein 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 AllianceBernstein and do not
constitute an offer to provide any particular
service. AllianceBernstein Hong Kong Limited
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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

AllianceBernstein
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Ï

• As of September 30, 2006
• Total assets under management of
  AllianceBernstein L.P.

AllianceBernstein
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A Global Platform 18 Cities
As of September 30, 2006 Investment management
and marketing office
AllianceBernstein
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Recognized Globally as an Industry Leader
AllianceBernstein
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Global Equity Blend Portfolio
AllianceBernstein Blend Strategies
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AllianceBernstein Two Clear Investment
Philosophies
Growth Investing

• Goal Find underappreciated growth potential
• Research questionWill growth outpace
  expectations?

Long-Term Earnings Power
EarningsGrowthDecelerates
Earnings Growth Accelerates
Corrective Strategies
Profits Stock Decline
Value Investing

• Goal Buy out of favor bargains
• Research questionWill depressed earnings
  recover?

As of 30 September 2006 Source AllianceBernstein
AllianceBernstein Blend Strategies
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AllianceBernstein Global Equity Blend Portfolio
Active Core Strategy
AllianceBernstein Funds - Global Equity Blend
Portfolio
Alliance Global Growth
Bernstein Global Value
50
50
100 to 150 Stocks
200 to 300 Stocks
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 AllianceBernstein
AllianceBernstein Blend Strategies
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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 S1)
• 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 AllianceBernstein 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 Portfolios average
Net Asset Value for the fiscal year attributable
to the Portfolios class A, B, C, I, S and S1
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 AllianceBernstein
Fund Prospectus Source AllianceBernstein
AllianceBernstein Blend Strategies
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Global Equity Blend Portfolio Performance Summary
Average Annual Returns Class S1 Shares (USD)
AllianceBernstein Global Equity Blend
MSCI World Index
Past performance does not guarantee future
results. As of 30 September 2006 Class S1
shares inception date 19 December 2003 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 Poors, Mercer Investment Consulting,
MSCI and AllianceBernstein
AllianceBernstein Blend Strategies
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Market Outlook
AllianceBernstein Blend Strategies
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AllianceBernstein Blend Strategies
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Ï
AllianceBernstein Blend Strategies
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AllianceBernstein Blend Strategies
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Growth Stocks Trading at Compelling Valuations
Global
World Sector P/Es Relative to History
19952006

• Low and compressed valuations reveal the markets
  lack of differentiation between growth rates
  across sectors

Ratio ()
Highest
Current
Lowest
Utilities
TelecomServices
Materials
Financials
Industrials
Healthcare
Consumer Staples
Energy Nat. Resource
Consumer Discretionary
Technology
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

Global Growth vs. Value
Value Opportunity
Ratio ()
Average
Growth Opportunity

• 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 FactSet, MSCI and AllianceBernstein

AllianceBernstein Blend Strategies
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We Have Responded to Changing Opportunities
Premium/Discount to Market by Capitalization
Price/Earnings
Return on Equity
Very Large-Cap
Mid-Cap
Very Large-Cap
Mid-Cap

• We have increased our exposure to large-cap
  stocks, which currently have attractive valuation
  and profitability characteristics

Tracking Error
()

• As a result, the portfolio is more diversified
  than usual and the risk is lower

Global StrategicValue
Global 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 are 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 AllianceBernstein
AllianceBernstein Blend Strategies
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AllianceBernstein Global Equity Blend Style
Allocation Remains Balanced
Overall
Growth
Value
49.9
50.1
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 AllianceBernstein see Disclosure
on Stock Examples.
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A Winning Balance of Growth and Price
Price/Earnings 2007E
EPS Growth 2007E/2006E Annualized
As of 30 September 2006 Source I/B/E/S, MSCI and
AllianceBernstein
AllianceBernstein Blend Strategies
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Appendix
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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 AllianceBernstein
AllianceBernstein Blend Strategies
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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 AllianceBernstein
AllianceBernstein Blend Strategies
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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 AllianceBernstein
AllianceBernstein Blend Strategies
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Biographies
Song, Li Vice President and Senior Portfolio
ManagerBlend Strategies Mr. Li is
a Vice President and Senior Portfolio Manager for
the Blend Strategies team, based in Hong Kong. He
joined AllianceBernstein 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 AllianceBernstein in
2004 and is head of the institutional business
for North Asia. Prior to joining
AllianceBernstein, 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.
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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.
AllianceBernstein Blend Strategies
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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. Upon request, we will furnish
a listing of all investments made during the
prior one-year period.
AllianceBernstein Blend Strategies
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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 SP/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 US100 million, and are then assigned
  to either the PMI or the EMI. Stocks with an
  available market capitalization below US75
  million as of the Index reconstitution are
  deleted from the BMI. The SP/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.

AllianceBernstein Blend Strategies
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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 offering circulars. Further details may be
obtained from the Funds distributor.The
information contained herein reflects, as of the
date hereof, the views AllianceBernstein and
sources believed by AllianceBernstein 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
AllianceBernstein 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 Poors 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 Poors 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.
AllianceBernstein Blend Strategies