Bernstein Value Title Page For Presentations Used in the UK Suffolk County Council Third Quarter 2008 Current Strategy Review November 20, 2008 This presentation is provided by AllianceBernstein Limited. Bernstein Value Equities (referred to as Bernstein herein) is a unit of AllianceBernstein Limited. 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. This presentation is not an advertisement and is not intended for public use or distribution beyond our private meeting. This document is directed at Professional Clients (as defined in FSA rules) and the products and services described are only available to such clients. This document is not directed at Retail Clients and no reliance should be placed on its contents by Retail Clients. Issued by AllianceBernstein Limited, Devonshire House, One Mayfair Place, London W1J 8AJ. AllianceBernstein Limited is authorised and regulated in the UK by the Financial Services Authority. Nicholas Davidson Senior Portfolio Manager Jenny Segal Director — Client Relations

Your Agenda and Team  Your Mandate  Performance Review  Portfolio Strategy Bernstein Value Equities Nicholas Davidson Jenny Segal  Director – Client Relations, responsible for your portfolio  Actuary with pensions and investment consulting experience  18 years’ industry experience  Senior Portfolio Manager, Bernstein Value Equities  Member UK, European Investment Policy Groups  22 years’ professional experience

Your Mandate  Mandate Size:As of 13 June 2005£130 million As of 30 September 2008 £148 million As of 29 October 2008£123 million  Benchmark:FTSE All-Share  Premium Target:1.5% to 2% annualized above benchmark over full market cycle  Risk Target:Tracking error of 3% to 5%  Team:Nicholas Davidson, Jenny Segal and Natasha Ladyman Bernstein Value Equities

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5 *Inception date: Suffolk County Council – June 10, 2005 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 £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%. Source: FTSE and Bernstein; see Performance Disclosure. Suffolk County Council: Performance Summary In Sterling Bernstein Value Equities REMOVE FOR WEBCAST Periods Ended September 30, 2008 Since Q One Year Inception* Suffolk County Council(13.4)%(30.0)%0.3% FTSE All-Share(12.2)(22.3)2.9 Relative Performance (1.2)% (7.7)%(2.6)%

*Underweight position Based on the Suffolk County Council UK Value Plus account Source: FTSE and Bernstein; see Disclosures and Important Information. Third Quarter 2008: Credit Crisis Undermined HBOS Detractors  Other financials contributed to performance as investors began to reward companies that appeared likely to weather the storm Contributors Financials  HBOS  HSBC* Energy  Royal Dutch Shell Financials  Barclays  Amlin  Royal & Sun Alliance  Our position in HBOS hurt performance as the bank was forced into a takeover by Lloyds TSB. Industrial commodities and energy holdings were hurt by falling prices and a deteriorating economic outlook Industrial Commodities  ArcelorMittal  Vedanta Resources  Norsk Hydro  Antofagasta  Xstrata Utilities  British Energy Bernstein Value Equities Copy to webcast page

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Portfolio Strategy: Responding to Evolving Opportunities Bernstein Value Equities As of September 30, Data are preliminary. *Based on the Suffolk County Council UK Value Plus account versus FTSE All-Share Index Source: FTSE and Bernstein; see Disclosures and Important Information. UK Value Plus Relative Weights by Sector*Significant Transactions Jun 30–Sep 30, 2008 Consumer Cyclicals Energy Financials Industrial Commodities Utilities BuysSells Financials  Barclays  Lloyds TSB  Friends Provident Consumer Cyclicals/Staples  Thomas Cook  ITV  Punch Taverns  Northgate Industrial Commodities  Vedanta Resources  Xstrata  Solvay  Dow Chemical Other  British Energy

As of September 30, 2008 Based on Suffolk County Council UK Value Plus account *Based on PB/PE Source: FTSE and Bernstein Price/Earnings 2009E Return on Equity Current* Our Portfolio: Attractive Valuations and Solid Profitability Price/Book Bernstein Value Equities

Strong Performance Usually Follows Periods of Extreme Weakness Bernstein Value Equities US Strategic Value Performance History Annual Returns vs. S&P 500 Percent As of May 31, 2008 Source: Bernstein

Non-UK Holdings As of September 30, 2008 Based on Suffolk County Council UK Value Plus and UK Strategic Value Plus accounts Source: Bernstein; see Disclosures and Important Information. Stock NameCountrySector UK Value Plus Weight (%) BASFGermanyIndustrial Commodities0.9% StatoilhydroNorwayEnergy0.8 ArcelorMittalNetherlandsIndustrial Commodities0.8 Sanofi-AventisFranceMedical0.8 AllianzGermanyFinance0.6 SolvayBelgiumIndustrial Commodities0.6 Norsk-HydroNorwayIndustrial Commodities0.6 INGNetherlandsFinance 0.5 RenaultFranceCapital Equipment0.4 Total5.9% Bernstein Value Equities

Patrick Forrett Bernstein UK Value Plus: Stock and Sector Weights Global Analytics for Top Stock Overweights, other figures should be done in Servicing Book As of September 30, 2008 Based on Suffolk County Council UK Value Plus account versus the FTSE All-Share Source: FactSet, FTSE and Bernstein; see Disclosures and Important Information. Largest Sector Overweights & Underweights Largest Stock Overweights BP2.8% Barclays2.7 Royal Bank of Scotland2.6 Royal Dutch Shell2.1 Vodafone2.1 Lloyds TSB1.4 Thomas Cook1.3 Aviva1.3 Yell Group1.3 Vedanta1.1 Relative Position Limits±3%Relative Position Limits±7% Industrial Commodities+5.2% Financials+3.4 Energy+2.0 Transportation+1.5 Telecommunications+0.9 Medical+0.7 Consumer Cyclical-2.0 Construction & Housing-2.3 Utilities-2.7 Consumer Staples-5.5 Bernstein Value Equities