1. Nicholas Davidson Senior Portfolio Manager Les Komaromy Director — Client Relations and Servicing Institutional Investments Jenny Segal Director — Client Relations Suffolk County Council First Quarter 2008 Current Strategy Review April 25, 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 customers. This document is not directed at Retail Clients and no reliance should be placed on its contents by Retail Clients. Issued by AllianceBernstein Limited. Authorised and regulated by the Financial Services Authority.

2. 11574 1 Your Agenda and Team Les Komaromy  Director - Client Relations  30 years’ industry experience  Your Mandate  Performance Review  Portfolio Strategy Bernstein Value Equities Nicholas Davidson  Senior Portfolio Manager, Bernstein Value Equities  Member UK, European Investment Policy Groups  21 years’ professional experience Jenny Segal  Actuary with pensions and investment consulting experience  17 years’ industry experience

3. 11574 2 Your Mandate  Mandate Size:As of 13 June 2005£130 million As of 31 March 2008£174 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% Bernstein Value Equities

4. 11574 3 Our Philosophy  Update:Only as requested Source:Common pages file Used for: UKV/EV/GV/ GSV/GDV PROSPECTING Other:THIS IS THE UK VERSION, USE FOLLOWING PAGE FOR ISV NOT THIS ONE Bernstein Value Equities  Based on enduring patterns of human behaviour...  Loss aversion  Over-reaction to short-term events  …and economic behaviour  Mean reversion of returns  Cash flow ultimately determines value Research Conclusion Investment Controversy Which? Long-Term Earnings Power Profits & Stock Price Decline REMOVE FOR WEBCAST

5. 11574 4 *Inception date: 133-00295 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 March 31, 2008 Since Q1 2008 One Year Inception* Suffolk County Council(9.9)%(10.9)%8.6% FTSE All-Share(9.9)(7.7)8.9 Relative Performance (0.0)% (3.1)%(0.3)% Six Months (12.5)% (10.2) (2.3)%

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8. 7 *Not held **Underweight position Based on Suffolk County Council UK Value Plus account Source: FTSE and Bernstein; see Disclosures and Important Information. First-Quarter 2008: Returns Spread Out Across Several Sectors Detractors  But other financials contributed to performance. Strong demand from emerging markets ensured that industrial commodities stocks fared better than the broader market Contributors Consumer Cyclicals  Punch Taverns  Marston’s Financials  Royal Bank of Scotland  HBOS  HSBC** Industrial Commodities  ArcelorMittal  Rio Tinto  Fears of a UK consumer slowdown hurt pub companies, while some financials suffered from fears of more credit losses Bernstein Value Equities Energy  Royal Dutch Shell  BG* Utilities  British Energy Financials  Catlin  Lloyds TSB  Barclays Energy  StatoilHydro

9. 11574 8 *Not held **Underweight position Based on Suffolk County Council UK Value Plus account Source: FTSE and Bernstein; see Disclosures and Important Information. One Year: Global Credit Crisis Drives Underperformance Detractors  Strong demand from emerging markets helped industrial commodities stocks Contributors Consumer Cyclicals  Punch Taverns  Mitchells & Butlers Financials  Royal Bank of Scotland  HBOS  Barclays Industrial Commodities  Rio Tinto  ArcelorMittal  Antofagasta  Financials and pub companies suffered from the effects of the credit crisis Bernstein Value Equities Construction & Housing  Taylor Wimpey Utilities  British Energy Telecommunications  Vodafone

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13. 11574 12 As of March 31, 2008 Based on Suffolk County Council UK Value Plus account Source: MSCI, Thomson I/B/E/S and Bernstein; see Disclosures and Important Information. Portfolio Strategy: Responding to Evolving Opportunities Bernstein Value Equities New Opportunities Consumer Cyclicals Price to 2008E Earnings Yell Group G4S  Stock pressured by exaggerated concern about advertising recession  Market leader in fragmented industry 3.8× 14.6 Construction & Housing Persimmon  Well positioned to ride out housing slowdown7.3 Energy StatoilHydro  New projects coming online8.9 Financials Prudential HBOS  Potential listing of Asian business could unlock value  Stock pressured by financial-market turmoil 8.3 5.6 10.9× Consumer Staples Unilever Consumer Cyclicals Marston’s Industrial Commodities Rio Tinto Trimmed

14. 11574 13 Persimmon: Putting the Housing Downturn Into Perspective  UK house prices have surged beyond income gains, suggesting that mortgage payments are unsustainable and a collapse is imminent As of March 31, 2008 *As of December 31, 2007. Trend in real disposable income per household since 1970 **Necessities exclude motoring and leisure goods and services. Source: Datastream, Department of Communities and Local Government, Family Spending Survey/Office of National Statistics, FTSE, Halifax, Nationwide and Bernstein Bernstein Value Equities  But the internal dynamics of household spending are a better barometer of how far prices are stretched. Our research suggests more moderate house price declines than doomsday forecasts UK House Prices are Poised to Fall Household Budgets Can Absorb High House Prices** Bernstein Value Equities  With good defensive characteristics to ride out a slowdown, Persimmon’s shares look attractively valued Price/Forward Earnings 2008 Discount

15. 11574 14 Bank Valuations Are Attractive, Even Under Extreme Stress Bernstein Value Equities As of March 31, 2008 *Credit losses are impairments as a percentage of loans and advances on all mortgage and commercial loans. Historical losses based on industry loss rates averaged using current HBOS loan- book weights; forecast losses are for HBOS. **Excluding short-term money market instruments. ***FTSE UK Banks Index Source: Company reports and Bernstein  Concerns of a fatal liquidity squeeze appear to be overdone Medium- and Long-Term Debt Funding**  Bank valuations remain depressed UK Banks’ Price/Book Value £ in Billions  Our forecast assumes worse losses than during the 1990s crisis HBOS: Credit Losses* Basis Points UK BanksHBOS Model P/E (2008) 5.6×

16. 11574 15 Non-UK Holdings As of March 31, 2008 *May not sum due to rounding Based on Suffolk County Council UK Value Plus account Source: Bernstein. See Stock Examples Disclosure. Bernstein Value Equities Stock NameCountrySector Suffolk County Council Weight (%) ArcelorMittalNetherlandsIndustrial Commodities1.3% ING GroepNetherlandsFinance1.2 StatoilHydroNorwayEnergy1.1 BASFGermanyIndustrial Commodities1.0 AllianzGermanyFinance0.7 GreencoreIrelandConsumer Staples0.6 Dow ChemicalUnited StatesIndustrial Commodities0.6 RenaultFranceCapital Equipment0.6 Total7.0%*

17. 11574 16 As of March 31, 2008 Based on Suffolk County Council UK Value Plus account *Based on PB/PE Source: FTSE and Bernstein Price/Earnings 2008E Return on Equity Current* Our Portfolio: Attractive Valuations and Solid Profitability Price/Book Bernstein Value Equities

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19. 11574 18 Patrick Forrett Suffolk County Council: Stock and Sector Weights Global Analytics for Top Stock Overweights, other figures should be done in Servicing Book As of March 31, 2008 Based on Suffolk County Council UK Value Plus account versus FTSE All-Share. Source: FactSet, FTSE and Bernstein; see Disclosures and Important Information. Largest Sector Overweights & Underweights Largest Stock Overweights HBOS2.9% Barclays2.8 Royal Bank of Scotland2.5 Royal Dutch Shell2.5 BP1.7 British Energy Group1.7 AVIVA1.4 Lloyds1.4 Antofagasta1.3 ArcelorMittal1.3 Relative Position Limits±3%Relative Position Limits±7% Finance+5.0% Energy+2.0 Industrial Commodities+1.3 Transportation+0.8 Telecommunications-0.4 Utilities-0.5 Capital Equipment-0.7 Technology/Electronics-1.2 Construction & Housing-1.8 Consumer Staples-4.1 Bernstein Value Equities From Portfolio Profile Industrial commodities 5.5 Finance1.8 Medical1.0 Transportation1.0 Energy0.5 Telecommunications0.3 Capital equipment-0.6 Utilities-1.2 Technology/electronics-1.6 Consumer staples-1.8 Construction & housing-2.4 Consumer cyclicals-4.2

20. 11574 19 As of March 31, 2008 The portfolio allocation excludes cash unless otherwise shown. Based on Suffolk County Council UK Value Plus account. Source: FTSE and Bernstein Finance Energy Industrial Commodities Transportation Medical Consumer Cyclicals Telecommunications Utilities Capital Equipment Technology/Electronics Construction & Housing Consumer Staples December 31, 2007 Active Weight (%) March 31, 2008 Active Weight (%) Sector Weights: Modest Tilts Versus Benchmark Sector Weights Bernstein Value Equities

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