The sale of shares in AllianceBernstein funds may be restricted in certain jurisdictions. In...

The sale of shares in AllianceBernstein funds may be restricted in certain jurisdictions. In particular, no shares may be acquired by persons in the U.K. except in certain circumstances and shares may not be offered or sold, directly or indirectly, in the United States or to U.S. Persons, as described in the Fund’s prospectus. Further details may be

obtained from the Distributor.AllianceBernstein investment portfolios are part of ACMBernstein, a mutual investment fund (fonds commun de placement) or ACMBernstein SICAV (société d'investissement à capital variable), an open-ended investment company 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.

Stephen TongPresident and CEO, AllianceBernstein Japan

Team Leader, Japan Growth Equities

AllianceBernstein: Investment Capabilities in JapanInternational Investment – Italian Forum 2007

November 2007

2For financial representative use only. Not for inspection by, distribution or quotation to, the general public.

AllianceBernstein: Unwavering Focus on Investment Excellence

As of 30 June 2007*Includes 3 Blend Strategies, 3 Product Development, 9 Portfolio Analytics, 12 Wealth Management, 3 Strategic Change, 6 China Research and 10 Early Stage Growth analysts **Total assets under management by AllianceBernstein L.P.

Research-Driven Culture: One of the industry’s largest commitments to superior and innovative research

Ongoing Investment: Diversification that allows continuous investment across the firm, even when a particular asset or style may be out of favor

Proven Investment Processes: Highly experienced teams with distinct investment philosophies and consistently applied processes

Global Scope: Expertise with both global and local mandates in markets around the world

Number of Buy-Side Analysts

Fundamental 73 66 43 19 201

Quantitative 8 22 10 27 67

Economists 0 0 8 0 8

Total Analysts 81 88 61 46 276

Growth TotalValueFixed

IncomeMulti-Asset*

Assets Under Management ($ Billions)**

By Client GroupInstitutional $501Retail 185Private Client 107Total $793

By Investment DisciplineGrowth $114Value 312Blend/Alternative Strategies 184Fixed Income 183Total $793

US41%

Non-US59%

Global Orientation

Service Client Domicile

US62%

Non-US38%

AllianceBernstein


AllianceBernstein in Japan

As of 30 June 2007The clients identified in the list set forth herein were selected based on a variety of factors, including name recognition, industry, geographic region and investment mandate. The investment performance of the accounts managed by AllianceBernstein, including those identified on this list, was not considered. The list is neither a statement of a client’s experience with, nor an endorsement of, AllianceBernstein by the clients identified in the list. It is not known whether the clients identified in the list approve or disapprove of AllianceBernstein’s advisory services.

Full-service office with research, portfolio management, legal and administration capabilities

Long-standing commitment to Japan, with anoffice opened in Tokyo in 1987

Representative Clients in JapanAioi Insurance Pension FundAll Japan Surveying Enterprises Multi Employers Pension FundAozora Bank Pension Fund Asahi Glass Pension FundEast Japan Stationery Sales Pension FundHitachi Investment Management, Ltd.Japan Airlines Pension FundKyushu Electric PowerMitsubishi Electric Pension FundMitsui Chemicals Inc.Mitsui Sumitomo InsuranceNational Bakery Pension FundNational Construction Pension FundPension Fund Association for Local Government OfficialsPfizer Pension FundPublication Pension FundSanwa Shutter Pension FundShin-Daiwa Pension FundSumitomo Trust & BankingTeijin Group Pension FundThe Pension Fund of MizuhoThe Promotion and Mutual Aid Corp. for Private Schools of JapanTokyo Architect Society Pension FundTokyoto Densetsu Kogyo Pension FundTokyo Taxi Companies Employees Pension FundTokyo Truck Pension FundTyco Electrics AMP

Growing business profile:

¥4,593 billion for 153 domestic contracts

¥1,072 billion for public pension

¥1,084 billion for private pension

¥738 billion for pension commingled funds

¥609 billion for mutual funds

AllianceBernstein


AllianceBernstein─J

apan Strategic

Value

AllianceBernstein─Japan Equity Blend

AllianceBernstein─

Japan Growth

50% 50%

AllianceBernstein─Japan Equity Portfolios

Japan Growth

High-alpha Growth strategy

Invests in the “Dynamic Gap”: Growth companies that are set to deliver earning growth that is higher than market expectations

High-conviction portfolio of 40-50 stocks

Japan Strategic Value

High-alpha Value strategy

Invests in companies that are valued at a discount relative to their long-term earnings power


Japan Equity Blend

High-alpha Core strategy

Initial combination of 50% Growth and 50% Value strategies

Maintains high-conviction stock-picking of style-based strategies

High information ratio as premium of the Value strategy is not correlated with that of the Growth strategy, and therefore mitigates style risk

Systematic rebalancing when mix reaches 55%/45%


As of 30 September 2007

Investment policies apply under normal market conditions.

AllianceBernstein


AllianceBernstein: Two Clear Investment Philosophies

Profits &Stock Decline

EarningsGrowthDecelerates

CorrectiveStrategies

Long-TermEarningsPower

Growth Investing

Value Investing

Goal: Find underappreciated growth potential

Research question:Will growth outpace expectations?

Goal: Buy out of favor bargains

Research question:Will depressed earnings recover?

EarningsGrowthAccelerates

AllianceBernstein

Investment policies apply under normal market conditions.

Source: AllianceBernstein


London

Singapore

Hong Kong

Sydney

Cape Town

New York

São Paulo

Madrid

Mumbai

Wellington

Taipei

Tokyo

Minneapolis

Chicago

Shanghai

AllianceBernstein locations Joint-venture locations

Independent Growth and Value Research

As of 30 June 2007Source: AllianceBernstein

Buy-Side Fundamental Research Analysts

Alliance Growth EquitiesResearch Teams

Consumer 15

Energy/Natural Resources 10

Finance 12

Healthcare 6

Infrastructure 7

Mid-Cap Generalists 5

Technology/Telecom 18

Total 73

Bernstein Value EquitiesResearch Teams

Commodities 14

Consumer 14

Financials 10

Industrials 14

Multi-Industry 6

Technology/Telecom 8

Total 66

AllianceBernstein


Japan Growth: Investment Process Overview

Investment policies apply under normal market conditions.As of 30 September 2007Source: AllianceBernstein

Investable UniverseApproximately 600 Stocks

Alliance Growth ResearchRecommended Stocks

Portfolio Candidates

Japan Growth Portfolio 40 to 50 Stocks

Fundamental Research

Investment Review

Portfolio Construction

AllianceBernstein


Japan Growth: Nickel Price Forecasts

Longer-term, sustained difficulties in developing greenfield nickel projects are likely to keep prices supported for longer than widely assumed

Nickel prices have surged to record highs on supply constraints, falling inventories and strong demand for stainless steel, which consumes some 65% of the world’s nickel

China’s Role in World Nickel Demand

Current analysis and estimates do not guarantee future results.For illustrative purposes; the stock example above is intended only to illustrate the application of our investment philosophy, and this particular security may or may not be held in the current Japan Growth portfolio. The reader should not assume that this was, or will be, a profitable investment. Please read Disclosure on Stock Examples.As of March 2007Source: Bloomberg, LME, Morgan Stanley and AllianceBernstein

Nickel Price Forecast

While there are concerns that de-stocking of stainless steel inventories in the US may start pressuring nickel prices, we believe growing nickel demand from China continue to underpin the market

Nickel Price vs. LME Inventory

US

c/lb

1,000 Tonnes

LME Inventories(Right Scale)

Nickel Price (Left Scale)

0500

1,5002,0002,500

89 92 95 98 01 04 07 08

0

80

120

160

1,00040

North America11%

Europe36%

Japan14%

China12%

Others27%

2004North America

11%

Europe32%

Japan12%

China21%

Others24%

2007

Nickel LME

US

$/lb

150650

1,150

2,1502,650

88 90 92 94 96 98 00 02 04 06

1,650Spot/Forward Curve Alliance Growth

Equities Estimates

Consensus

AllianceBernstein


Sumitomo Metal Mining’s innovative technologies* in processing nickel from low-grade laterite ore will enable aggressive production growth; The firm aims to double annual nickel production to 100,000 tonnes by 2013, with more upside potential

Pacific Metals, Japan’s largest ferronickel producer, is likely to benefit most from strong nickel prices and sustained revisions in consensus expectations

Current analysis and estimates do not guarantee future results. For illustrative purposes; the stock example above is intended only to illustrate the application of our investment philosophy, and this particular security may or may not be held in the current Japan Growth portfolio. The reader should not assume that this was, or will be, a profitable investment. Please read Disclosure on Stock Examples.*Some of those technologies include the Matte Chlorine Leach Electrowinning (MCLE) method, which enables more efficient leaching of nickel using less energy, and the High Pressure Acid Leach (HPAL) technology, which facilitates nickel extraction from low-grade laterite ore As of March 2007Source: Commonwealth Scientific Industrial Research Organization, BEST, JOGMEC and AllianceBernstein

Our EPS Estimates vs. Consensus: Pacific Metals

151 153

175

207

Mar 07E Mar 08EAlliance Forecasts Consensus Forecasts

World Nickel Reserve Potential by Ore Type

Laterite Ore (Low grade)

Sulfide Ore (High grade)

0

20

40

60

80

100

120

Existing Mines Undeveloped Mines

Mt

Japan Growth: Investment Opportunity

Pacific Metals, Sumitomo Metal Mining

AllianceBernstein


Japan Strategic Value: Philosophy

Based on enduring patterns of human behavior...

Loss aversion

Overreaction to short-term events

…and economic behavior

Mean reversion of returns

Cash flow ultimately determines value

ResearchConclusion

InvestmentControversy

Which?

Long-TermEarnings Power

Profits &Stock PriceDecline


AllianceBernstein


BuildPortfolio

Japan Strategic Value: Investment Process Overview

Explicit Marriage of Fundamental and Quantitative Research

Identify Value Opportunities

Investment Universe

FundamentalResearch

Quantitative Research

Select Best Ideas


AllianceBernstein


Japan Strategic Value: Quantitative Return Model Helps Identify Attractive Opportunities

Sharp Corporation's Expected Return Calculation

Research Focus

Most Attractive

Least Attractive

HighestExpected

Return

LowestExpected

Return

60%

40%

SharpCorporation

For illustrative purposes only.Source: Compustat, Factset, I/B/E/S, MSCI, Worldscope and Bernstein; see Disclosure on Stock Examples.

Contribution toCountry Approach Comparison Data Excess Return

Contribution toIndustry Approach Comparison Data Excess Return

Market vs. Globe Market Globe Price/Book 2.2 3.0 0.18%Price/Earnings 23.1 18.8 -0.21%Price/Forward Cash Earnings 11.1 11.2 0.03%10-Year Bond Yield 1.8% 4.3% 0.25%Currency Momentum -0.2% -0.3% 0.00%Price Momentum 27.5% 23.3% 0.10%Market Sector vs. Market Market Sector Market

Price/Earnings 32.0 23.1 -0.17%Price/Forward Earnings 23.0 19.0 -0.18%Price Momentum 31.9% 27.5% 0.03%Balance Sheet Accruals 0.0% 0.0% 0.00%Market Ind. vs. Market Sector Market Ind. Market Sector Price/Book 2.6 2.8 0.06%

Price/Cash Earnings 14.6 13.9 -0.02%Price/Forward Cash Earnings 12.1 12.0 0.00%Price Momentum 27.9% 31.9% -0.05%Balance Sheet Accruals 0.0% 0.0% 0.00%Company vs. Market Ind. Company Market Ind.

Price/Book 2.1 2.6 0.22%Price/Forward Cash Earnings 7.7 12.1 0.29%Return on Equity 8.1% 9.5% -0.03%Price Momentum 27.5% 27.9% 0.00%Balance Sheet Accruals 0.0% 0.0% 0.00%Return on Assets 3.5% 6.5% -0.25%

Price/Sales 0.8 1.9 0.54%Total 0.77%

Global Sector vs. Globe Global Sector Globe Price/Forward Earnings 19.5 15.6 -0.67%

Price Momentum 18.6% 23.3% -0.14%Global Ind. vs. Global Sector Global Ind. Global Sector Price/Book 3.2 4.2 0.52%Price/Earnings 26.5 26.4 0.00%Price/Forward Earnings 19.6 19.5 0.00%Price Momentum 13.5% 18.6% -0.11%

Regional Ind. vs. Global Ind. Regional Ind. Global Ind. Price/Cash Earnings 14.6 14.5 -0.01%Price/Forward Cash Earnings 12.1 12.1 0.00%10-Year Bond Yield 1.8% 4.0% 0.56%Return on Equity 9.5% 14.9% -0.60%Price Momentum 27.9% 13.5% 0.17%Price/Sales 1.9 2.5 0.39%

Company vs. Regional Ind. Company Regional Ind. Price/Book 2.1 2.6 0.36%Price/Forward Cash Earnings 7.7 12.1 0.51%Return on Equity 8.1% 9.5% -0.04%Price Momentum 27.5% 27.9% -0.01%

Balance Sheet Accruals 0.0% 0.0% 0.00%Return on Assets 3.5% 6.5% -0.39%

Price/Sales 0.8 1.9 0.88%Total 1.43%

AllianceBernstein


Current analysis and estimates do not guarantee future results.Through September 2006*15-inch panel equivalents**Average demand-to-capacity ratioSource: Display Search, I/B/E/S, MSCI, company reports and Bernstein; see Disclosure on Stock Examples

Japan Strategic Value: Investment Opportunity

Valuation is at 23% discount to other Japanese technology stocks

Rising industry capacity is a worry but capital spending is likely to slow, raising the utilization rate. Sharp also has a competitive edge in the high-end market

0

200

400

600

800

01 02 03 04 05 06 07E 08E 09E

0

20

40

60

Penetration of LCD TVs is likely to surge as prices drop to mass-market affordability levels

9092949698

100

02 03 04 05 06E 07E

30

40

50

60

70

18.6×24.3×

Sharp Japanese Technology

Price to 2009 Earnings

Overcapacity Concerns Should Recede

Valuation Is Attractive

LCD TV Penetration Driving Market Growth

LCD TV Penetration (Right Scale)

Total LCD Demand (Left Scale)

Mill

ions

* Percent

Per

cent

Percent

Utilization Rate** (Left Scale)

YoY Capacity Growth (Right Scale)

Sharp Corporation

AllianceBernstein


Objective: 3% premium to benchmark, before fees

Combines two portfolios with strong records

Mitigates style risk through uncorrelated premiums

AllianceBernstein

Japan Strategic

Value

AllianceBernsteinJapan Equity Blend

AllianceBernstein

Japan Growth

50% 50%

30 to 50 Stocks 55 to 85 Stocks 40 to 50 Stocks

AllianceBernstein Japan Equity Blend: Active Core Strategy


AllianceBernstein


Japan Equity Blend: Combining Two Outstanding Track Records

*Based on simulated Japan Strategic Value returns. Inception dates: Japan Growth—October 1, 1992; Japan Strategic Value—April 1, 2002Periods of more than one year are annualized. Past performance is no guarantee of future results. The returns presented above are gross of fees. The results do not reflect the deduction of investment-management fees; the client’s return will be reduced by the management fees and any other expenses incurred in the management of its account. Source: Tokyo Stock Exchange and AllianceBernstein; see Performance Disclosures and Notes on Japan Strategic Value Simulation.

5.0%

0.7%

Composite TOPIX

20.2%

11.3%

Composite TOPIX

AllianceJapan Growth

Oct 1991–Jun 2007

BernsteinJapan Strategic Value

Apr 2002–Jun 2007

1.0

(1.0)

NoCorrelation

0.0

PerfectCorrelation

PerfectInverseCorrelation

0.05

Correlation ofJapan Strategic Value*

and Japan GrowthPremiums

(Jul 1992–Jun 2007)

In Japanese Yen

AllianceBernstein


Japan Equity Blend: Future Style Leadership Not Clear

Current analysis, estimates and valuations do not guarantee future results. As of August 2007Source: FactSet, I/B/E/S and MSCI

Relative Style Index Valuation

AllianceBernstein

1.0

1.5

2.0

2.5

3.0

89 91 94 97 00 03 06

Ra

tio o

f MS

CI J

ap

an

Gro

wth

P/B

toM

SC

I Ja

pa

n V

alu

e P

/B


Japan Equity Blend: Value Opportunity Is at a Low

Current analysis, estimates and valuations do not guarantee future results. Discount to Fair Value = As of 1 January 2007; P/E, P/B = As of 31 May 2007*Chart represents the amount by which the most attractively priced quintiles of Japanese stocks sell below overall market valuations. The proportion of AllianceBernstein investments in stocks from this group will vary over time but will typically be high. Bernstein’s estimates of fair value of these stocks may not be realized for variety of reasons. Source: Compustat, DataStream, DRI, FactSet, I/B/E/S, MSCI and AllianceBernstein estimates

0

10

20

30

40

50

60

71 73 76 79 82 85 88 91 94 97 00 03 06

Pe

rce

nt

AllianceBernstein

Discount to Fair Value*


Japan Equity Blend: Market Valuations Have Normalized

Current analysis does not guarantee future results. As of August 2007P/E is based on I/B/E/S 12-month forecast.Source: I/B/E/S, MSCI and Morgan Stanley Research

AllianceBernstein

P/E

0

20

40

60

80

87 90 93 96 99 02 05

Pe

rce

nt

MSCI Japan

MSCI North America

MSCI Europe

MSCI Pacific ex JP


Japan Equity Blend: Style Index Composition Constantly Changing

Current analysis does not guarantee future results. As of April 2007Source: AllianceBernstein

AllianceBernstein

0%

20%

40%

60%

80%

100%

97 98 99 00 01 02 03 04 05 06 07

MSCI Value Index MSCI Growth Index

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

97 98 99 00 01 02 03 04 05 06 07

Consumer Discretionary Consumer Staples Energy FinancialsHealth Care Industrials Information Technology MaterialsTelecommunication Services Utilities


Japan Equity Blend: Complementary Sector Exposure

(1.3)

(1.7)

(1.8)

(2.6)

1.8

1.9

1.8

1.3

(0.0)

(0.5)

(2.4)

0.6

(2.7)

(3.1)

(2.3)

(0.4)

3.7

4.1

(4.2)

5.6

Sector allocations will vary over time.As of 30 June 2007Based on a representative Japan Style Blend account; excludes cash; columns may not sum due to rounding.*Versus TOPIXSource: Tokyo Stock Exchange and AllianceBernstein

Industrials

Consumer Discretionary

Materials

Energy

Telecommunication Services

Information Technology

Healthcare

Utilities

Financials

Consumer Staples

(0.2)

(4.1)

(0.9)

(2.2)

1.3

0.4

(1.3)

(0.5)

8.2

(2.1)

Value Growth Blend

Active Weights*Percent

AllianceBernstein


Japan Equity Blend: Disciplined Rebalancing to Control Risk

Investment policies apply under normal market conditions.Source: AllianceBernstein

Buy

SellUpper Trigger +5%

Underperform

Outperform

Lower Trigger -5%

As value/growthoutperforms,

trim investment

As value/growth underperforms,

add to investment

50/50Strategic Target

Rebalance Halfway

Rebalance Halfway

AllianceBernstein


In Japanese YenPeriods of more than one year are annualized. Past performance is no guarantee of future results. The returns presented above are gross of fees. The results do not reflect the deduction of investment-management fees; the client’s return will be reduced by the management fees and any other expenses incurred in the management of its account. For example, a USD 100 million account, paying a 0.50% annual fee, with a given rate of 10% compounded over a 10-year period would result in a net-of-fee return of 9.5%. Investment advisory fees are described in Part II of AllianceBernstein’s Form ADV.Source: Tokyo Stock Exchange and AllianceBernstein; see Performance Disclosures and Notes on Japan Style Blend Simulation.

Japan Equity Blend: High Premiums with Moderate Risk

Performance Relative to TOPIXJuly 1992–June 2007

Bernstein Japan Strategic Value

(Simulated) Alliance

Japan Growth

AllianceBernstein Japan Style Blend

(Simulated)

Premium +3.9% +3.2% +3.9%

Tracking Error 6.8% 8.0% 5.4%

Information Ratio

0.570.41

0.72

AllianceBernstein


AllianceBernstein: Investment Capabilities in a Changing Japan

Through their fundamental research, the AllianceBernstein Japan Growth investment team and the AllianceBernstein Japan Strategic Value investment team are both finding compelling investment opportunities.

Japan Equity Blend is an “active core” strategy that combines two successful style strategies and manages style risk from the bottom up.

Current analysis does not guarantee future results. As of October 2007Source: AllianceBernstein

AllianceBernstein

24For financial representative use only. Not for inspection by, distribution or quotation to, the general public. AllianceBernstein

Appendix


For illustrative purposes only.Source: Seth J. Masters, “Is There a Better Way to Rebalance?”, AllianceBernstein 2003

Japan Equity Blend: Disciplined Rebalancing Process

...while the costs are linear

The benefit of rebalancing rises geometrically...

When a style component exceeds a 55% weightor more, we trim it back to 52.5%

Tracking Error2× 2

2KRebalancingBenefit =

4×

1×

1× 2×

$

% offTarget

1×

2×

1× 2×$ % offTarget

C ×RebalancingCost =

$

Rebalanceto 2.5%

Trigger Point5%

Net Benefit= Benefit – Costs

Slope = 0,so Marginal Benefit =

Marginal Cost

% offTarget

Zone Where Marginal Rebalancing Benefit

Exceeds Costs

AllianceBernstein


+3.57%

+3.85%

Unrebalanced Blend Our Rebalancing Method

Japan Equity Blend: Rebalancing Can Add Value

*Simulated 50/50 blends of Japan Strategic Value and Japan Growth before feesRebalancing method assumes transactions cost of 100 basis points. Periods of more than one year are annualized. Numbers may not sum due to rounding. Past performance is no guarantee of future results. The returns presented above are gross of fees. The results do not reflect the deduction of investment-management fees; the client’s return will be reduced by the management fees and any other expenses incurred in the management of its account. For example, a USD 100 million account, paying a 0.50% annual fee, with a given rate of 10% compounded over a 10-year period would result in a net-of-fee return of 9.5%. Investment advisory fees are described in Part II of AllianceBernstein’s Form ADV.Source: Tokyo Stock Exchange and AllianceBernstein; see Notes on Japan Style Blend Simulation.

+28 b.p.

Return Premium to TOPIX* (Simulated): July 1992–June 2007

Rebalancing Requires Discipline (Simulated)

40

45

50

55

60

92 93 94 95 96 97 98 99 00 01 02 03 04 05 06

Pe

rce

nt i

n V

alu

e S

tyle

Added to Growth

Added to Value

Rebalance

AllianceBernstein


Disclosure on Stock Examples

AllianceBernstein

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.


Notes on Japan Equity Blend Simulation

AllianceBernstein

The Japan Style Blend Simulation reflects simulated performance results that were calculated by value-weighting the composite returns of Alliance Japan Growth and the simulated returns of Bernstein Japan Strategic Value (see Notes on Japan Strategic Value Simulation), starting at a 50/50 percentage ratio. Both the Japan Strategic Value and Japan 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. The results portrayed reflect hypothetical rather than actual results, based on investment criteria used in their present form. The results do not represent actual trading and do not reflect the impact that material economic and market factors might have had on AllianceBernstein’s decision making if AllianceBernstein were actually managing client money. The results assume a continuous investment for the entire period and that the investor reinvested dividends and other earnings. Past performance is no guarantee of future results. Accounts managed in this style may incur losses as well as gains.


Notes on Japan Strategic Value Simulation

Simulated results do not represent any predicted or actual results, returns or performances.

AllianceBernstein

The following standards were used in compiling the performance data for the Japan Strategic Value Simulation used in this presentation:

1) Performance Statistics Are Not Financial Statements—There are various methods of compiling or reporting performance statistics. The standards of performance measurement used by AllianceBernstein in compiling these data and model results are in accordance with the methods set forth by the Notes below. Past performance statistics may not be indicative of future results and may differ for different time periods.2) Total Return—Performance results of the accounts and comparisons in the simulated portfolio are made on a total-return basis which includes all dividends and accrued dividends, interest and accrued interest, and realized and unrealized gains or losses. Securities are included in accounts on a trade date basis. Performance results are after the deduction of all transaction charges and before fees.3) Rate of Return—Investment results of the simulation are computed on a daily “time‑weighted” rate-of-return basis. Assuming dividends and interest are reinvested, the growth in dollars of an investment in a period can be computed using these rates of return. 4) Preparation of Data—The simulation performance results are the combination of returns from two distinct periods: July 1992–March 2002 and April 2002 to June 2007. 4.a) For the first period (July 1992–March 2002), the simulation performance is based on the actual results of the Japan only equity portion of the Tax-Managed International Value Portfolio of the Sanford C. Bernstein Fund, Inc. The equity-only returns are then combined with 3-month JPY LIBOR rates, with a constant 2% allocation to cash throughout the period. Ways in which the simulation conditions may differ from actual practice include the facts that: (i) simulation results are based on a portfolio that has a constant 2% allocation to cash; actual cash balances would fluctuate over time; (ii) simulation results represent a Japan portion of a portfolio invested in multiple countries; actual performance would reflect a portfolio not invested in any country but Japan, with more securities than those offered in the model portfolio; (iii) actual portfolios may have actively managed currency; (iv) actual returns would be time-weighted on a monthly basis instead of computed on a daily basis; (v) product offerings to clients are typically tailored to their individual specifications and may differ from the product definition of the model portfolio.4.b) For the second period (April 2002–June 2007), actual Japan Strategic Value composite performance data is used. Please see Performance Disclosure–Bernstein Japan Strategic Value.


As of December 31, 2006

Performance Disclosures

AllianceBernstein

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