Novembre Massimo Dalla Vedova Director Financial Institutions

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1 Novembre 2014 High Yield e azionario USA: gestione attiva dei titoli ad alto rendimento e portafoglio concentrato su titoli growth di grande qualità per trovare più rendimenti senza perdere la rotta nelle fasi di turbolenza Massimo Dalla Vedova Director Financial Institutions This information is issued by AllianceBernstein Limited, 50 Berkeley Street, London W1J 8HA, a company registered in England under company number AllianceBernstein Limited is authorised and regulated in the UK by the Financial Services Authority (FSA Reference Number ). This information is directed at Professional Clients only. It is provided for informational purposes only and is not intended to be an offer or solicitation, or the basis for any contract to purchase or sell any security, product or other instrument, or for AllianceBernstein to enter into or arrange any type of transaction as a consequence of any information contained herein. The views and opinions expressed in this document are based on AllianceBernstein's internal forecasts and should not be relied upon as an indication of future market performance. Past performance is no guarantee of future returns. This information is not intended for public use AllianceBernstein

2 AllianceBernstein Chi siamo Un solo business: ricerca globale e gestione degli investimenti Indipendenti, affidabili e differenti Un eccellente gamma di capacità e risorse tra i 10 maggiori gestori negli investimenti azionari globali Originali, un innovazione vagliata attentamente Continui investimenti per migliorare le nostre capacità Associati a una delle più rinomate società di ricerca, Sanford C. Bernstein Numero di Analisti Buy-Side Equities Fixed Income* Multi- Asset** Alternatives Wealth Management Fundamental Quantitative Economists Total Assets Under Management: $480 milliardi Clienti Privati $74 Istituzionali $240 Total Retail $165 As of Jun 30, 2014 *Includes Fixed Income Solutions analyst **Includes Glidepath Strategies, Asset Allocation Strategies, Targeted Exposures, Multi-Asset Client Solutions and Quantitative Research Analysts Includes FoF, Real Estate, Special Situations and Quantitative Investment Strategies Analysts Source: AllianceBernstein 1

3 AllianceBernstein Una piattaforma globale Stockholm Amsterdam London Frankfurt Seattle Minneapolis Toronto Luxembourg Paris Munich Denver Boston Geneva Zurich Chicago San Francisco Cleveland New York Milan Los Angeles Atlanta Philadelphia San Diego Dallas Washington, DC San Antonio West Palm Beach Houston Tampa Mexico City Miami Bahrain Seoul Tokyo Fukuoka Taipei Hong Kong Taichung Kaohsiung Singapore São Paulo Buenos Aires Melbourne Sydney As of Mar 31, 2014 Source: AllianceBernstein 2

4 Scenario Macro Economico Mondiale: i Principali Fattori La Crescita Economica Le Politiche Monetarie 3

5 Una Crescita Globale Positiva, Moderata e Non Omogenea AllianceBernstein World Economic Growth Forecast (Calendar Year Percentage Change) Asia ex Japan 6.0% 6.0% United Kingdom 3.1% 2.9% Global 2.7% 3.2% United States 2.5% 3.9% Canada 2.3% 2.5% EEMEA* 1.7% 2.1% Japan 1.1% 1.7% Latin America Euro Area 1.0% 0.8% 1.3% 1.9% AllianceBernstein 2014 AllianceBernstein 2015 Historical analysis and current forecasts do not guarantee future results. As of 1 October 2014 *Emerging Europe, Middle East and Africa (the forecast aggregate includes Hungary, Poland, Turkey, Russia, and South Africa) Source: AllianceBernstein

6 Le Politiche Monetarie Iniziano ad Essere Divergenti, ma Complessivamente Restano Accomodanti G4 Aggregate Change in Base Money as a Percent of GDP 35 Japan 25 Total Percent of GDP 15 UK US 5 Euro Current analysis does not guarantee future results. Source: Bloomberg, Cabinet Office Government of Japan, CEIC Data, Eurostats, Haver Analytics, Ministry of Internal Affairs and Communications Japan, Thomson Reuters Datastream and AllianceBernstein

7 Dove Trovare Rendimenti Obbligazionari In un Ambiente di Tassi Molto Bassi? 6

8 Mercati Obbligazionari La Diversificazione Crea un Più Ampio Spettro di Opportunità Yield Differentials Can Be Significant Within Each Sector* Opportunities Should Be Evaluated Across Issuers High Percent Yield Medium EM Local 1.6 EM Corps. 3.8 EM HY 2.4 US HY 3.6 Bank Loans Index Average Yield to Worst 1.9 EUR HY US IG Corps. Low Low Medium High Risk US HY EM USD EM Local EM Corp Euro HY Bank Loans ABS CMBS Holdings are subject to change. Current analysis does not guarantee future results. Historical information provided for illustrative purposes only. As of 31 December 2013 Emerging-market local is represented by J.P. Morgan GBI-EM (since 2002) and J.P. Morgan ELMI+ (prior to 2002); emerging-market corporates by J.P. Morgan CEMBI Broad Diversified; US high yield by Barclays US Corporate High-Yield; bank loans by Credit Suisse Leveraged Loan; Pan-European high yield by Barclays Pan-European High-Yield; US mortgage-backed securities by Barclays US MBS; global governments (hedged) by Barclays Global Treasury; US investment-grade corporates by Barclays US Corporate Investment Grade; and commercial mortgage-backed securities by Barclays CMBS. An investor cannot invest directly in an index and its performance does not reflect the performance of any AllianceBernstein portfolio. An unmanaged index does not reflect fees and expenses associated with the active management of a portfolio. *The bottom range is the fifth percentile and the top range is the 95th percentile of the yield-to-worst data for the indices. Source: Barclays, Credit Suisse, J.P. Morgan and AllianceBernstein

9 Mercati Obbligazionari High Yield Non E il Momento di Cercare Yield a Tutti i Costi Lower-Rated Bond Spreads Are Tight 1,000 CCC-Rated Bond Discount Is Minimal 125 Lower-Rated Defaults Are Substantial Five-Year Cumulative Default Rates (Percent) 76 Option-Adjusted Spread (b.p.) Pre-crisis Average Current Price as Percent of Par Par BB B CCC Industrials BB B CCC CC&C Historical analysis does not guarantee future results. Left display as of 30 September Pre-crisis average is for 30 September December 2007; middle display through 30 September 2014; right display as of 31 December A credit rating is a measure of the quality and safety of a bond or portfolio, based on the issuer s financial condition. AAA is highest (best) and D is lowest (worst). Ratings are subject to change. Investment-grade securities are those rated BBB and above. Source: Barclays, Moody s and AllianceBernstein

10 Mercati Obbligazionari High Yield Rischio Liquidità: Una Nuova Sfida per gli Investitori Liquidity (and Illiquidity) Vary over Time Barclays Liquidity Cost Score* Secondary Liquidity Has Declined Growth of Market vs. Dealer Balance Sheets (USD Billions) Percent Financial Crisis US HY Euro Periphery Crisis Taper Tantrum US IG Corp 0 Jan 07 Jul 08 Jan 10 Jul 11 Jan 13 Jul 14 Historical analysis does not guarantee future results. Left display as of 31 August 2014; right display as of 30 June 2014 *Measures the cost of immediately executing a round-trip transaction for a standard institutional trade. US HY represented by the Barclays US Corporate High Yield Index; US IG Corp represented by the Barclays US Corporate Investment Grade Index. An investor cannot invest directly in an index and its performance does not reflect the performance of any AllianceBernstein portfolio. The unmanaged index does not reflect fees and expenses associated with the active management of a portfolio. Source: Barclays, Bloomberg, Haver Analytics, Investment Company Institute, US Federal Reserve Board and AllianceBernstein October 2007: 15% of Market US Corporate Credit Outstanding Primary Dealer Positions > 1 Yr. (Left Scale) June 2014: 2% of Market ,000 3,500 3,000 2,500 2,000 1,500 1,

11 Mercati Obbligazionari High Yield I Finanziari High Yield : Un evoluzione Recente Prior to 2008, Finance Was Not High Yield Regulation Will Require Banks to Raise Additional Capital Finance Sector as Percent of HY Indices 30% EU $350 to $400 bln 20% Global 10% $140 bln US 0% Issuance through April 2014 Projected Market Size Historical information provided for illustrative purpose only. Left as of 31 March 2014; right as of 30 April 2014 *High Yield Indices as represented by Barclays Global Corporate High Yield, US Corporate High Yield and Euro Corporate High Yield indices. Source: Barclays and AllianceBernstein

12 Mercati Obbligazionari High Yield High Yield Europeo: La prossima evoluzione While European Capital Markets Have Relied on Loans We Expect a Shift to More Bond Issuance Like the US Loans Bonds Bonds Loans 14% 21% 86% 79% Bank Disintermediation can serve as the catalyst for much greater issuance in the European HY bond markets As of 31 December 2013 Source: Haver Analytics and AllianceBernstein 11

13 Mercati Obbligazionari High Yield EM Corporate Debt: Un Altra Evoluzione EM Bond Market: Sovereign* vs. Corporate Estimated Corporate Debt Stock**: YE ,000 3, ,000 Billions (USD) Billions (USD) 2,000 1, , EM Sovereign EM Corporate 0 US Investment Grade US High Yield EM Corporate Historical information provided for illustrative purpose only As of 31 December 2013 *EM Sovereigns include quasi-sovereigns. EM Sovereign is J.P. Morgan EMBI Global; EM Corporate is J.P. Morgan CEMBI Broad Diversified; US Investment Grade is Barclays US Credit Corp; US High Yield is Barclays US High Yield Source: J.P. Morgan, Barclays and AllianceBernstein 12

14 La Gestione Attiva dei Titoli ad Alto Rendimento di AllianceBernstein AB European Income Portfolio AB American Income Portfolio AB Global High Yield Portfolio AB Euro High Yield Portfolio AB Short Duration High Yield Portfolio 13

15 AllianceBernstein European Income Portfolio Bilanciare il Rischio Catturare il Rendimento Higher Yield 50% High Quality 50% Income Generating Anchors overall credit quality of the portfolio via investments in: Government bonds Covered bonds High-quality investment-grade corporates Provides potential for capital appreciation via investments in: High yield corporates High-yielding investment-grade corporates Sector weightings will vary over time. As of 30 June 2014 Source: AllianceBernstein 14

16 AllianceBernstein European Income Portfolio Il rendimento Può Essere Originato da una Varietà di Settori Range of Bond Yields Within the Index* Percent Euro Securitized IG Corps IG Financials IG Industrials IG Utilities HY Corps HY Financials HY Industrials HY Utilities Past performance does not guarantee future results. As of 30 September 2014 *The bottom range is the fifth percentile, the top range is the 95th percentile and the diamond is the mean of the yield-to-worst data for the indices. Euro Securitized is represented by Barclays Euro Aggregate Securitized; Investment Grade Corporates by Barclays Euro Aggregate Corporate; Investment Grade Financials by Barclays Euro Aggregate Financials; Investment-Grade Industrials by Barclays Euro Aggregate Industrials; Investment Grade Utilities by Barclays Euro Aggregate Utilities; High Yield Corporates by Barclays Pan-European High Yield Corporate; High Yield Financials by Barclays Pan-European High Yield Financials; High Yield Industrials by Barclays Pan-European High Yield Industrials; High Yield Utilities by Barclays Pan-European High Yield Utilities. An investor cannot invest directly in an index or average and neither includes sales charges or operating expenses associated with an investment in a mutual fund, which would reduce total returns. Source: Barclays and AllianceBernstein 15

17 AllianceBernstein European Income Portfolio Un Allocazione Settoriale Dinamica European Income Portfolio sector weights (percent) Increase IG corporates, that offer high yield, versus below IG corporates 100 Increase covered bonds versus government bonds, as more effective hedge Increase UK Gilts versus German Bunds for more effective hedge Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 HY Corporates IG Corporates EMD Covered Bonds Other** Government-Related* Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Sector weighting will vary over time. As of 30 September 2014 Based on the European Income Portfolio. The highest of the available Standard & Poor s (S&P), Moody s and Fitch ratings is used to define high yield versus investment-grade corporate bonds. *Government-Related includes treasuries, local governments, sovereign agencies, quasi-sovereigns and supranationals. **Other includes inflation-linked bonds, asset-backed securities, cash and currency instruments Source: AllianceBernstein 16

18 AllianceBernstein European Income Portfolio Una Gestione Attiva della Duration Effective Duration Years 4.5 Current Duration 4.4 Years Historical analysis does not guarantee future results. As of 30 September 2014 Source: AllianceBernstein 17

19 AllianceBernstein European Income Portfolio L Esposizione per Rating Ratings Exposures Percent Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Average: BBB+ BBB+ BBB BBB+ BBB+ BBB+ BBB BBB+ BBB+ BBB+ BBB+ BBB BBB BBB BBB BBB BBB BBB+ BBB+ BBB BBB BBB BBB BBB Not Rated/Other CCC and Below B BB BBB A AA AAA Ratings weightings will vary over time. As of 30 September 2014 Source: AllianceBernstein 18

20 AllianceBernstein European Income Portfolio Il Posizionamento attuale Rating* Sept 2014 June 2014 Change AAA 20.2% 17.4% +2.8 AA A BBB BB B CCC and Below Not rated Sept 2014 June 2014 Change Duration (Years) Yield to Worst 3.33% 3.21% Country Sept 2014 June 2014 Change United Kingdom 19.1% 18.0% +1.1 Germany Italy Spain France The Netherlands United States Luxembourg Switzerland Other All portfolio statistics are subject to change. Numbers may not sum due to rounding Characteristics as of 30 September 2014 and 30 June 2014 *A measure of the quality and safety of a bond or portfolio, based on the issuer s financial condition. AAA is highest (best) and D is lowest (worst), using highest available rating. The Not Rated category includes bonds that are not rated by a Nationally Recognized Statistical Rating Organization. Source: AllianceBernstein 19

21 AllianceBernstein European Income Portfolio Performance (annualizzata) Year to date Periods Ended 31 October 2014 One Year Three Years Five Years Since Inception European Income Portfolio A2 Eur 4.47% 5.01% 9.31% 7.28% 3.90% Past performance does not guarantee future results. In euros. Numbers may not sum due to rounding. Inception date: European Income Portfolio (class A) 26 February 1999 Performance is represented by Class A shares and is calculated at NAV with all dividends reinvested. Performance for more recent periods may be different from that shown. Total returns, 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 shares, when redeemed, may be worth more or less than their original cost. Source: AllianceBernstein 20

22 AllianceBernstein European Income Portfolio Obiettivo: Flusso di Cedole Stabile e Solidità del Capitale Euro 125, ,000 95,000 80,000 65,000 50,000 European Income Portfolio Example of a 5-Year 100,000 investment* Capital Invested 100,000 Total Income 27,027 Capital at End 110,758 Total Capital Appreciation and Income 37,785 Capital Value (Left Scale) Monthly Income Past performance does not guarantee future results. As of 30 September 2014 *Calculations based on a 100,000 investment into the European Income Portfolio EUR A share class on 30 September Capital value and income are represented by Class A shares and is calculated at NAV with dividends paid out to the investor. Values for more recent periods may be different from that shown. Total returns, 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 shares, when redeemed, may be worth more or less than their original cost. Source: AllianceBernstein Euro 21

23 Il mercato azionario americano offre ancora opportunità per l investitore? 22

24 Mercato Azionario USA Sono Ancora Probabili Ritorni Interessanti, Anche alle Valutazioni Attuali Equity Returns Are Driven by Different Factors over Time Percent S&P 500 Returns: Attribution by Source Earnings per Share (EPS) Have Continued to Rise USD Next 12 Mo. Consensus S&P 500: +8% MSCI EAFE: +18% MSCI EM +12% YTD 2Q: Year Q:14 Expected Return* Total Return Earnings Growth Valuation Changes Dividends Past performance and current forecasts do not guarantee future results. Left display as of 30 September 2014; right displays as of 31 August An investor cannot invest directly in an index and its performance does not reflect the performance of any AllianceBernstein portfolio. The unmanaged index does not reflect fees and expenses associated with the active management of a portfolio. Trailing 12-month EPS; next 12 months consensus EPS growth is the next four quarters consensus EPS versus the current trailing 12-month EPS. Source: Bloomberg, Center for Research in Security Prices (CRSP), Cornerstone Macro, MSCI, S&P Dow Jones and AllianceBernstein

25 Mercato Azionario USA I Fondamentali delle Società Restano Solidi Cash Levels Are High and Debt Remains Low S&P 500 Index Earnings and Balance Sheet Quality Are Higher Today S&P 500 Index* Mar Oct Aug Cash Flow per Share $87 $75 $184 Percent Cash/Assets 9 6 Percent Net Debt/Equity 171% 156% 41% Return on Equity 20% 22% 22% Free-Cash-Flow Yield 1.6% 3.5% 3.4% 40 3 Net Profit Margins 6.7% 7.6% 9.2% Net Debt/Shareholders Equity (Left Scale) Price/Forward Earnings 20.4x 15.6x 16.5x Historical analysis and current forecasts do not guarantee future results. As of 31 August 2014 An investor cannot invest directly in an index and its performance does not reflect the performance of any AllianceBernstein portfolio. The unmanaged index does not reflect fees and expenses associated with the active management of a portfolio. *Net debt/equity is total debt less cash and cash equivalents divided by total equity capitalization. Return on equity and free-cash-flow yield are based on data from the AllianceBernstein US large-cap universe, capitalization weighted, excluding financials. Average net profit margins were 6.3% since 1952, through 2Q14. Source: Bloomberg, CRSP, Deutsche Bank, Empirical Research Partners, MSCI, S&P Dow Jones and AllianceBernstein

26 Mercato Azionario USA Le Preoccupazioni Sulla Politica Monetaria Potrebbero Essere Sopravvalutate Large-Cap Stocks* Have Fared Well in Rate-Hike Cycles Average Returns Before and After Fed Funds Initial Rate Increase Equity Risk Premium Is Still Attractive Median Annualized Growth Rates** 10-Year Outlook (Percent) Months Prior 3 Months After Next 3 Months Next 6 Months Global Sov. Bonds Equity Risk Premium Global Stocks Year After Increase Past performance does not guarantee future results. Left display as of 16 September 2014; right display as of 30 June 2014 An investor cannot invest directly in an index and its performance does not reflect the performance of any AllianceBernstein portfolio. An unmanaged index does not reflect fees and expenses associated with the active management of a portfolio. *Average returns for the Empirical US Large-Cap universe, equal weighted six months before and one year after the initial increase in the Fed Fund Rate, based on 20 episodes. **Global sovereign bonds are represented by global developed sovereign seven-year constant-maturity nominal bonds; global stocks by a universe similar to MSCI World; both are reported in and hedged into US dollars. Source: Empirical Research Partners, MSCI, S&P Dow Jones, US Federal Reserve Board and AllianceBernstein

27 Mercato Azionario USA Adesso è il Momento della Gestione Attiva Intra-Market Correlations* Have Declined Active Management May Be Rebounding** Active Outperforming Percent Pre-Financial Crisis Average Post- Financial Crisis Average S&P 500 Rank Passive Outperforming US Managers with High Active Share Have Outperformed Excess Performance of US Mutual Funds (Percent) Historical analysis does not guarantee future results. Left display through 17 September 2014; upper right display through 30 June 2014; lower right display through 31 December 2009 *Daily average pairwise correlation of global stock returns based on the MSCI World Index **Reflects the percentile ranking of the S&P 500 versus the evestment US Large-Cap Core universe. Data for rolling one-year periods ending quarterly. Figures are gross of fees on both active managers and index returns. Annualized performance, reflects the excess returns of each type of fund s stock holdings and does not include any fees or transaction costs. Index funds, sector funds and funds with less than $10 million in assets have been excluded. The information in the chart above is being provided for illustrative purposes only and does not represent any product or strategy managed by AllianceBernstein. From Antti Petajisto, Active Share and Mutual Fund Performance, Financial Analysts Journal (July/August 2013) Source: Bloomberg, evestment, Financial Analysts Journal, Lipper, MSCI, S&P Dow Jones and AllianceBernstein 2.6 Stock Pickers (High Active Share) 0.8 Moderate Active (Moderate Active Share) 0.4 Closet Indexers (Low Active Share)

28 L Azionario Americano di AllianceBernstein AB Concentrated US Equity Portfolio AB Select US Equity Portfolio AB American Growth Portfolio AB US Small & Mid-Cap Portfolio AB Select Absolute Alpha Portfolio 27

29 AllianceBernstein Concentrated US Strategy Caratteristiche del Portafoglio Concentrated US Strategy Strong Long-Term Returns vs. Peers: Performance Rank Investment Style Growth 0 Three Years Five Years Seven Years Ten Years Benchmark S&P 500* Number of Holdings ~20 75 Percent of Assets in Top 10 58% Active Share 91% Turnover ~30-40% 100 With Below Average Volatility: Standard Deviation Rank Three Years Five Years Seven Years Ten Years 0 25 Capitalization Mid/Large Position Limits Min: 2% Max: 10% As of 30 September 2014 *The strategy is benchmark agnostic, either of the S&P 500 or the Russell 1000 Growth can be used for performance comparison purposes Past performance is no guarantee of future results. Historical information provided is for illustrative purposes only. The performance results displayed represent the investment performance record for the institutional AllianceBernstein Concentrated US Growth Strategy (the Strategy ) gross of fees: inception 1 January The performance of the Strategy is not the same as that of the Concentrated US Equity Portfolio and, although similar, they do not have the exact same portfolio construction. See Performance Disclosure. Active Share is a five year average as of 30 September Source: evestment (US Large Cap Growth Category) and AllianceBernstein 28

30 AllianceBernstein Concentrated US Strategy Un Ottimo Profilo Rischio/Rendimento Five year statistics: Concentrated US Strategy vs. S&P 500 (in USD) Information Ratio Sharpe Ratio Annualized Alpha Standard Deviation (%) Beta Median (0.48) Concentrated US Strategy As of 30 September 2014 Past performance is no guarantee of future results. Historical information provided is for illustrative purposes only. The performance results displayed represent the investment performance record for the institutional AllianceBernstein Concentrated US Growth Strategy (the Strategy ) gross of fees: inception 1 January The performance of the Strategy is not the same as that of the Concentrated US Equity Portfolio and, although similar, they do not have the exact same portfolio construction. See Performance Disclosure. Universe: evestment US Large Cap Growth Equity This is supplemental information to the GIPS-compliant performance and disclosure page. Source: evestment 29

31 AllianceBernstein Concentrated US Strategy Filosofia di Investimento: Focalizzarsi sulla Crescita degli Utili Our investment philosophy is based on the belief that long-term, consistent earnings growth drives long-term investment returns 30

32 AllianceBernstein Concentrated US Strategy La Chiave per Investire con Successo: Battere il Declino Growth is difficult to maintain...but those companies that can consistently grow are rewarded Number of Companies with Earnings Growth Rates 10% Top 1,000 US Companies, (Rolling Periods) Number of Companies % Number of Companies (Left Scale) 1.5% % Annualized Excess Returns vs. S&P Excess (Percent) One Year Three Years Five Years 0.0 As of 31 December 2013 Universe consists of the top 1000 companies by market cap each year from , with annual rebalancing. Source: Compustat, CRSP, Factset and AllianceBernstein 31

33 AllianceBernstein Concentrated US Strategy Una Crescita degli Utili Consistente Porta ad una Minore Volatilità nei Ribassi Up- and Down-Years Relative Performance vs. S&P Percentage of Rolling Periods Outperforming the S&P % 89% 100% 64% 5% 3% Up Years Down Years All Periods Rolling One Year Rolling Five Years Rolling 10 Years 1 Up-and Down-Years Relative Performance is as of 31 December Rolling Periods of Outperformance is as of 30 September 2014 Past performance is no guarantee of future results. Historical information provided is for illustrative purposes only. The performance results displayed represent the investment performance record for the institutional AllianceBernstein Concentrated US Growth Strategy (the Strategy ) gross of fees: inception 1 January The performance of the Strategy is not the same as that of the Concentrated US Equity Portfolio and, although similar, they do not have the exact same portfolio construction. See Performance Disclosure. Note: Since inception of the Concentrated US Growth Composite (1 January 1975), there have been 32 calendar years of positive S&P 500 Index returns and 7 calendar years of negative returns. Data represents gross average annual returns of the Concentrated US Growth Composite vs. the S&P 500. Periods of more than one year are annualized. Numbers may not sum due to rounding. This is supplemental information to the GIPS-compliant performance and disclosure page. 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 1.85% annual fee with a given rate of 10% compounded over a 10-year period would result in a net-of-fee return of 8.15%. Investment advisory fees are described in Part 2A of AllianceBernstein s Form ADV. Source: S&P and AllianceBernstein 32

34 AllianceBernstein Concentrated US Strategy Processo di Investimento Broad Universe Opportunity Set Investment Universe Concentrated Portfolio ~1,500 Stocks High Quality Growth Stocks Stocks Stocks Discovery Identifying Quality Model and Discuss Portfolio Construction Screening the broad universe Focusing on the opportunity set Evaluating the best candidates Investing in compelling stocks Market Cap > $3 billion Earnings growth > 10% Exclude companies with low ROE, low growth, and commoditized businesses Superior businesses with consistent positive earnings High degree of predictability Industry leaders 5-Year projections Appraisal and valuation Collaboration and debate Strongest conviction Attractively priced Industry diversification Continuous dialogue between portfolio managers and analysts Source: AllianceBernstein 33

35 AllianceBernstein Concentrated US Strategy Processo di Investimento: Identificare le Società High Quality Growth Identifying Quality Strong Management Volume Growth Drivers Dominant Franchises and High Barriers to Entry Solid Financial Position and Conservative Accounting Low Cyclicality Low Customer Concentration High Quality Growth Company Low Regulatory Risk Recurring Revenue Streams Source: AllianceBernstein 34

36 AllianceBernstein Concentrated US Strategy Processo di Investimento: Identificare i Candidati per il Portafoglio Model and Discuss Step One Internally Generate 5-Year EPS Estimates Step Two Assign a Terminal Multiple Step Three Discount Back to Determine Present Value $4.94 $5.53 $6.20 $6.94 $7.77 $ % of S&P 500 = 16.5 $ Discount Rate 9.5% $91.29 Undervalued $71.87 = 27.0% AB Discounted Fair Value Current Price Expected Relative Return Conduct in-depth research on the source, magnitude, and sustainability of company growth Construct proprietary estimates and determine intrinsic value of the company Refine these projections as needed with the investment team Debate Terminal Multiple among investment team members Evaluate future worth of business Multiple ranges from 80% 170% of market growth (vs. S&P 500) Categorize companies into one of three levels of risk/discount rate Discount appraised value back to today Compare appraised value to current stock price For illustrative purposes only. Source: AllianceBernstein 35

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