Profile: AllianceBernstein Holding L.P. (AB)

AllianceBernstein Holding L.P. (AB Holding) is a limited partnership company. AllianceBernstein L. P (AllianceBernstein) is the operating partnership of the Company. AllianceBernstein provides research, diversified investment management and related services globally to a range of clients. Its principal services include Institutional Investment Services, Retail Services, Private Client Services and Institutional Research Services (IRS). Its clients include institutional clients, such as unaffiliated corporate and public employee pension funds, endowment funds, domestic and foreign institutions and governments, and various affiliates; retail clients; private clients, including high-net-worth individuals, trusts and estates, charitable foundations, partnerships, private and family corporations, and other entities, and institutional investors seeking independent research and related services. It also provides distribution, shareholder servicing, and administrative services to its sponsored mutual funds.

As of December 31, 2008, AXA, a societe anonyme and the holding company for an international group of insurance and related financial services companies, AXA Financial, Inc. (an indirect wholly-owned subsidiary of AXA, AXA Financial), AXA Equitable Life Insurance Company (a wholly-owned subsidiary of AXA Financial, AXA Equitable), and certain subsidiaries of AXA Financial, owned approximately 1.6% of the issued and outstanding units representing assignments of beneficial ownership of limited partnership interests in the Company. AllianceBernstein Corporation (an indirect wholly-owned subsidiary of AXA) is the general partner of both Holding and AllianceBernstein. As of December 31, 2008, AXA and its subsidiaries were the owners of approximately 62% of the interest in AllianceBernstein.

The Company’s Institutional Investment Services includes servicing its institutional clients, governments and affiliates, such as AXA and certain of its insurance company subsidiaries, by means of separately managed accounts, sub-advisory relationships, structured products, collective investment trusts, mutual funds, hedge funds and other investment vehicles. Retail Services includes servicing its individual clients, primarily by means of retail mutual funds sponsored by AllianceBernstein or an affiliated company, sub-advisory relationships in respect of mutual funds sponsored by third parties, separately managed account programs sponsored by financial intermediaries worldwide and other investment vehicles. Private Client Services includes servicing its private clients by means of separately managed accounts, hedge funds, mutual funds and other investment vehicles. Institutional Research Services includes servicing its institutional clients seeking independent research, portfolio strategy and brokerage-related services.

Institutional Investment Services

The Company serves its institutional clients primarily through AllianceBernstein Institutional Investments (Institutional Investments), a unit of AllianceBernstein, and through other units in its international subsidiaries and one of its joint ventures. Institutional Investment Services include actively managed equity accounts (including growth, value, and blend accounts), fixed income accounts, and balanced accounts (which combine equity and fixed income), as well as passive management of index and enhanced index accounts. These services are provided through separately managed accounts, sub-advisory relationships, structured products, collective investment trusts, mutual funds, and other investment vehicles. As of December 31, 2008, institutional assets under management (AUM) were 63% of its Company-wide AUM. AllianceBernstein manages approximately 2,329 mandates for its clients, which are located in 46 countries. As of December 31, 2008, it managed employee benefit plan assets for 49 of the Fortune 100 companies, and managed public pension fund assets for 38 states and /or municipalities in those states.

Retail Services

The Company provides investment management and related services to a variety of individual retail investors, both in the United States and internationally, through retail mutual funds sponsored by its company, its subsidiaries and affiliated joint venture companies; mutual fund sub-advisory relationships; Separately Managed Account Programs, and other investment vehicles. As of December 31, 2008, retail AUM was 22% of its Company-wide AUM. As of December 31, 2008, its retail AUM invested in global and international investment services 60% of retail AUM.

The Company’s retail products and services include open-end and closed-end funds that are either registered as investment companies under the Investment Company Act (U.S. Funds), or not registered under the Investment Company Act and generally not offered to United States persons (Non-U.S. Funds and collectively with the U.S. Funds, AllianceBernstein Funds). They provide a range of investment options, including local and global growth equities, value equities, blend strategies and fixed income securities. It also provides distribution, shareholder servicing, and administrative services for its Retail Products and Services. AllianceBernstein Investments, Inc. serves as the principal underwriter and distributor of the U.S. Funds. AllianceBernstein (Luxembourg) S.A. (AllianceBernstein Luxembourg), a management company and one of its wholly owned subsidiaries, serves as the placing or distribution agent for the Non-U.S. Funds.

Private Client Services

The Company, through Bernstein Global Wealth Management (Bernstein GWM), provides Private Client Services to high-net-worth individuals, trusts and estates, charitable foundations, partnerships, private and family corporations, and other entities by means of separately managed accounts, hedge funds, mutual funds and other investment vehicles. Its financial advisors are based in 18 cities in the United States: New York City, Atlanta, Boston, Chicago, Cleveland, Dallas, Denver, Houston, Los Angeles, Miami, Minneapolis, Philadelphia, San Diego, San Francisco, Seattle, Tampa, Washington, D.C. and West Palm Beach. It also has financial advisors based in London, England. As of December 31, 2008, the Company’s private client AUM invested in global and international investment services was 26% of private client AUM.

Institutional Research Services

IRS consist of fundamental research, quantitative services and brokerage-related services provided to institutional investors, such as pension fund, hedge fund and mutual fund managers, and other institutional investors. Brokerage-related services are provided by SCB LLC in the United States and Sanford C. Bernstein Limited (SCBL) primarily in Europe. SCB provides fundamental company and industry research along with disciplined research into securities valuation and factors affecting stock-price movements.