ACMBernstein – Japan Strategic Value Portfolio 19 September 2007 The sale of shares in AllianceBernstein funds may be restricted in certain jurisdictions. In particular, no shares may be acquired by persons in the UK except in certain circumstances and shares may not be offered or sold, directly or indirectly, in the United States or to US Persons, as described in the Fund’s prospectus. Further details may be obtained from the Distributor. A portfolio of ACMBernstein, a mutual investment fund (fonds commun de placement) 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 Nicholas Davidson Senior Portfolio Manager Bernstein Value Equities

For financial representative use only. Not for inspection by, distribution or quotation to, the general public. Bernstein Value Equities 1 Agenda  Investment team  Philosophy and process  Portfolio positioning

For financial representative use only. Not for inspection by, distribution or quotation to, the general public. Bernstein Value Equities 2 As of June 30, 2007 *$293 billion total assets under management; excludes approximately $65 billion value equity assets managed in style blend and other mandates. ﾏ

For financial representative use only. Not for inspection by, distribution or quotation to, the general public. Bernstein Value Equities 3 Bernstein - Japan Strategic Value Composite Number of Holdingsapprox. 40 Premium Target3% Expected Tracking Error7% Inception Date31 March 2002 Bernstein Japan Strategic Value Investment Approach  Premium driven by stock selection  Value investment philosophy  Intensive fundamental research identifies companies with catalysts for improvement Portfolio characteristics are subject to change. As of 30 June 2007 Source: AllianceBernstein

For financial representative use only. Not for inspection by, distribution or quotation to, the general public. Bernstein Value Equities 4 Bernstein Value Equities: Our Competitive Advantage  Clear investment philosophy  Global investment research  Disciplined investment process driven by stock selection  Experienced and stable investment teams *US Strategic Value vs. S&P 500; US Diversified Value (S&P 500 optimization) vs. S&P 500; International Value—Developed (GDP-weighted, half hedged) vs. MSCI EAFE; Global Value vs. MSCI World (Bernstein's Global Value record starts in 1995 as “Developed,” and from the end of September 2002, it includes both those accounts with emerging markets and those without); Emerging Markets Value vs. MSCI EM; European Value vs. MSCI Europe (performance premium based in euros); Canadian Value vs. S&P/TSX (performance premium based in Canadian dollars); Global Diversified Value vs. MSCI World; UK Value Plus vs. FTSE All-Share (performance premium based in sterling); International Diversified Value vs. MSCI EAFE; International Strategic Value vs. MSCI EAFE; Global Strategic Value vs. MSCI World; Japan Strategic Value vs. TOPIX (performance premium based in Japanese yen); Australian Value vs. S&P ASX 300 (performance premium based in Australian dollars). 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 US$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: FTSE, MSCI, S&P, TOPIX and Bernstein; see Performance Disclosures. US Strategic ValueDec % US Diversified ValueJun International Value—DevelopedJun Global ValueSep Emerging Markets ValueDec European ValueJun Canadian ValueDec Global Diversified ValueMar UK Value PlusJun International Diversified ValueSep International Strategic ValueMar Global Strategic ValueApr Japan Strategic ValueMar Australian ValueJun Product Inception Date Since Inception*– Jun 2007 Annualized Performance Premiums

For financial representative use only. Not for inspection by, distribution or quotation to, the general public. Bernstein Value Equities 5

For financial representative use only. Not for inspection by, distribution or quotation to, the general public. Bernstein Value Equities 6 As of June 30, 2007 ﾏ

For financial representative use only. Not for inspection by, distribution or quotation to, the general public. Bernstein Value Equities 7 As of August 1, 2007 ﾏ

For financial representative use only. Not for inspection by, distribution or quotation to, the general public. Bernstein Value Equities 8 Our Philosophy Investment policies apply under normal market conditions. As of 30 June 2007 Source: AllianceBernstein  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 Research Conclusion Investment Controversy Which? Long-Term Earnings Power Profits & Stock Price Decline

For financial representative use only. Not for inspection by, distribution or quotation to, the general public. Bernstein Value Equities 9 Build Portfolio Explicit Marriage of Fundamental and Quantitative Research Identify Value Opportunities Investment Universe Fundamental Research Quantitative Research Select Best Ideas Investment policies apply under normal market conditions. As of 30 June 2007 Source: AllianceBernstein Investment Process Overview

For financial representative use only. Not for inspection by, distribution or quotation to, the general public. Bernstein Value Equities 10

For financial representative use only. Not for inspection by, distribution or quotation to, the general public. Bernstein Value Equities 11

For financial representative use only. Not for inspection by, distribution or quotation to, the general public. Bernstein Value Equities 12 

For financial representative use only. Not for inspection by, distribution or quotation to, the general public. Bernstein Value Equities 13 

For financial representative use only. Not for inspection by, distribution or quotation to, the general public. Bernstein Value Equities 14 ACMBernstein–Japan Strategic Value Portfolio % 13.5% TOPIX Index Relative Performance %+4.6% MSCI Japan Index Relative Performance %+1.5% Jan-JuneOne Since 2007YearInception Periods Ended 30 June 2007 ACMBernstein–Japan Strategic Value Portfolio: Performance Summary Past performance does not guarantee future results. Inception date: AllianceBernstein–Japan Strategic Value Portfolio—15 December 2005 Periods of more than one year are annualized Source: MSCI, TSE and AllianceBernstein; see Performance Disclosure. In Japanese Yen, A-Shares

For financial representative use only. Not for inspection by, distribution or quotation to, the general public. Bernstein Value Equities 15 Bernstein Japan Strategic Value: Composite Performance Summary Inception date: Japan Strategic Value—March 31, 2002 Based on composite account. Individual accounts will vary. 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%. Investment advisory fees are described in Part II of AllianceBernstein's Form ADV. Source: MSCI, Tokyo Stock Exchange and Bernstein; see Performance Disclosure. Japan Strategic Value 10.0%20.8%24.6%21.7%20.5% TOPIX Relative Performance +3.8%+7.7%+9.0%+8.9%+9.0% MSCI Japan Relative Performance +3.5%+5.0%+7.0%+8.7%+8.9% In Japanese Yen Periods Ended June 30, 2007 Jan–JunOneThreeFiveSince 2007YearYearsYearsInception

For financial representative use only. Not for inspection by, distribution or quotation to, the general public. Bernstein Value Equities 16 ﾏ

For financial representative use only. Not for inspection by, distribution or quotation to, the general public. Bernstein Value Equities 17 As of 30 June 2007; Holdings will vary over time. Source: TSE and AllianceBernstein; see Disclosure on Stock Examples. Company Name Versus TOPIX NissanCapital Equipment4.3% Mitsubishi UFJ FinancialFinance4.1 Sumitomo Mitsui FinancialFinance3.8 Nippon Mining HoldingsEnergy3.7 Mitsubishi CorporationFinance2.8 HondaCapital Equipment2.6 Dainippon Ink & ChemicalsIndustrial Commodities2.5 JFE HoldingsIndustrial Commodities2.5 Leopalace21Construction & Housing2.5 Tokyo Electric PowerUtilities2.3 Top 10 Active Weights Sector Active Weight

For financial representative use only. Not for inspection by, distribution or quotation to, the general public. Bernstein Value Equities 18 Sector Versus TOPIX Energy3.7% Industrial Commodities3.4 Capital Equipment2.6 Finance2.3 Utilities0.8 Telecommunications0.3 Transportation0.2 Technology0 Consumer Staples-1.5 Medical-2 Construction & Housing-2.8 Consumer Cyclicals-6.3 Sector Weights Active Weight As of 30 June 2007; Sector weightings will vary over time Source: TSE and AllianceBernstein; see Disclosure on Stock Examples.

For financial representative use only. Not for inspection by, distribution or quotation to, the general public. Bernstein Value Equities 19 Current analysis and estimates do not guarantee future results. As of 30 June 2007 *Next 12 months Source: TSE and AllianceBernstein Price/Earnings 2007E Return on Equity* Versus TOPIX Portfolio Characteristics 15.9× 19.2× ACMBernstein–Japan Strategic Value Portfolio TOPIX Index 13.3% 10.8% ACMBernstein–Japan Strategic Value Portfolio TOPIX Index

For financial representative use only. Not for inspection by, distribution or quotation to, the general public. Bernstein Value Equities 20 Appendix

For financial representative use only. Not for inspection by, distribution or quotation to, the general public. Bernstein Value Equities 21 Fujitsu: Well Positioned for Japan Inc’s IT Services Spending Growth IT Services: Sales Growth Current analysis does not guarantee future results. As of June 2007 Source: Company reports and AllianceBernstein; see Disclosure on Stock Examples.  Fujitsu has suffered from a slow pickup in IT services spending by its clientele compared with the market, and from losses in system LSI  Our research also shows Fujitsu is likely to restrain future spending on system LSI. From a long-term perspective, Fujitsu is attractively priced   With the economy steadily expanding and a labor shortage looming, IT spending growth is bound to broaden to laggard sectors like retail, regional banks and telecoms, which are Fujitsu’s client base Japan IT Services vs. GDP Growth Fujitsu: Price to Midcycle Earnings Percent IT Service Growth, Average (Left Scale) GDP Growth Rate, Real （ Right Scale) Percent System LSI: Operating Margin Percent Nomura Research Institute Fujitsu (Services) NTT Data Hitachi (Services) Percent

For financial representative use only. Not for inspection by, distribution or quotation to, the general public. Bernstein Value Equities 22 ROEPFE*** Nissan: New Models to Revive Confidence in Recovery Nissan: Latest Medium-term Plan Current analysis and estimates do not guarantee future results. As of June 2007 *1H: April through September; 2H: October through March **Includes Daihatsu, Fuji Heavy, Hino, Honda, Mazda, Mitsubishi, Nissan, Suzuki and Toyota ***Consensus FY2007 PFE Source: I/B/E/S, company reports and AllianceBernstein; see Disclosure on Stock Examples.  Nissan came under pressure after pushing back its medium-term sales target as its commitment to ambitious plans, such as the 1999 “Revival Plan,” had been central to investor confidence  Nissan is valued at a significant discount. P/E and P/B are well below peer average, even though ROE is above average   While a dry spell in new model rollouts in 2005– 2006 undermined sales volume and prices, particularly in the all-important US market, new products are now arriving and are well-received Number of New Models: US and Global Markets Valuations: Nissan vs. Japanese Peers** P/B × × NissanPeer Group Total US % %  Operating Margin ：  Return on Invested Capital ：  Global Sales ： Top End of Industry in FY07 20% in FY Mil. Vehicles in FY08 Delayed by One Year

For financial representative use only. Not for inspection by, distribution or quotation to, the general public. Bernstein Value Equities 23 Current analysis does not guarantee future results. As of June 2007 Source: Company reports and AllianceBernstein; see Disclosure on Stock Examples. Alps Electric: Set to Overcome Hard Disk Controversy Revenue Breakdown: FY2006 Alps Electric: Valuations   The core components business remains profitable, while other previously troubled divisions are showing signs of recovery Operating Profit Margin: By Division Percent Components Components 13% Magnetic Devices 7% Comm. Devices 8% Peripheral Products 14% Automotive Products 14% Audiovisual Equipment 37% Logistics and Others 7% Peripheral Products Comm. Devices Automotive Products Price to Midcycle Earnings Price to Book  Alps shares have fallen on uncertainty over a planned sale of its hard-disk-drive head business to its rival, TDK. But magnetic devices account for only 7% of the firm’s revenue  As a result of stock price decline, valuations have become compelling

For financial representative use only. Not for inspection by, distribution or quotation to, the general public. Bernstein Value Equities 24 Past performance does not guarantee future results. Total returns in this presentation, 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 fund shares, when redeemed, may be worth more or less than their original cost. You may obtain updated performance information by visiting (click on International) Performance Disclosure

For financial representative use only. Not for inspection by, distribution or quotation to, the general public. Bernstein Value Equities 25 The sale of shares in AllianceBernstein funds (offshore ACMBernstein and ACMBernstein SICAV funds) may be restricted in certain jurisdictions. In particular, no shares may be acquired by persons in the UK except in certain circumstances and shares may not be offered or sold, directly or indirectly, in the United States or to US Persons, as described in the Portfolios’ prospectus. Further details may be obtained from the Distributor. ACMBernstein–Japan Strategic Value Portfolio Investment Risks. Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The Fund is meant as a vehicle for diversification and does not represent a complete investment program. Some of the principal risks of investing in the Fund include country risk, interest rate risk, currency fluctuation risk, illiquid assets risk, focused portfolio risk, portfolio turnover risk, management risk, lack of operating history risk, derivatives risk, borrowing risk, taxation risk and equity securities risk. These and other risks are described in the Fund’s prospectus. Prospective investors should read the prospectus carefully and discuss risk and the fund’s fees and charges with their financial adviser to determine if investment is appropriate for them. AllianceBernstein (Luxembourg) S.A. is the management company of the AllianceBernstein – Japan Strategic Value Portfolio and has appointed AllianceBernstein (Singapore) Ltd. (Company Registration No C) as its agent for service of process and as its Singapore representative. Important Fund Disclosure This material was originally prepared in the English language and provided only upon request to certain authorized financial representatives. AllianceBernstein, its affiliates and third-parties, make no representation or warranty relating to the quality or accuracy of any foreign language translation of this material.

For financial representative use only. Not for inspection by, distribution or quotation to, the general public. Bernstein Value Equities 26 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. Disclosure on Stock Examples