The AB Investment Opportunity

Presentation for the Investment Community

September 2021 A Broad Range of Solutions to Improve Client Outcomes Our global platform of innovative strategies helps clients achieve their unique objectives

Equities $333B AUM Fixed Income $317B AUM Differentiated Insights. Global Platform. Integrated Research. High Conviction. Innovation and Technology.

Stable and Limited Downside Broad Market and Alpha High Yield Consistent Alpha Risk • Global Plus • US High Yield • Global Core Equity • Strategic Core • Global Fixed Income • Low-Volatility High • Select US Equity Equities Yield • Select US Long/ Spread Focus • Emerging-Market Unique Alpha Short Equity • Global Credit Corporates • Concentrated US • US Investment-Grade and Global Style Diversification $748 Bil. Credit Multi-Sector/ • Frontier Markets • Growth Total AUM • Emerging-Market Debt Unconstrained Equities • Value • Buy and Maintain • Global High Yield • Sustainable Credit • Multi-Sector Credit Thematic Equities Municipal / Tax-Exempt • Tax-Aware SMA • High Grade • Credit (Mid-Grade, Multi-Asset and Alternatives $97B AUM High Yield)

Multi-Asset Alternatives Focus on Client Outcomes. Independent Agility. Insights Across All Markets. Institutional Strength.

Outcome-Oriented Solutions Factor and Beta Strategies Private Credit Strategies Opportunistic Strategies • Retirement • Alternative Risk Premia • US/Europe Real • Real Estate Equity • Total Return • Index Estate Debt • Global Equity Multi-strategy • Income/Thematic • Middle Market Lending • Risk-Managed

The AB Investment Opportunity 2 The AB Investment Opportunity

• Differentiated investment performance and distribution capabilities driving sustained best- Sustained Growth in-class organic growth and accelerating inorganic growth opportunities

Expanding Alternatives • Demonstrated expansion in higher-fee, persistent-AUM alternatives platforms

• Strategic partner, Equitable (EQH), seeding new strategies and supporting M&A with Committed Capital (EQH) permanent capital

• 45%–50% incremental margin targets from scalable platform, headquarters relocation, and Strong Incremental Margins consistent cost-savings

• Low <10% effective tax rate, given partnership structure, an attractive attribute should tax Tax Advantaged Structure rates rise in the future

High Distribution Yield • ~7% distribution yield in a low-rate environment*

• AB, Bernstein brands renowned among institutional investors Brand Strength • Private Wealth differentiated among peers; excellent margin, sticky assets adding significant long-term value

Permanent capital means investment capital of indefinite duration, which may be withdrawn under certain conditions. Although EQH has indicated its intention over time to provide this investment capital to AB as part of the “virtuous cycle”, it has no binding commitment to do so. *Distribution yield as of September 7, 2021

The AB Investment Opportunity 3 Sustained Growth Sustained and Differentiated Investment Performance… Percentage of assets outperforming at quarter-end

Equities Fixed Income

91 89 90 91 89 90 92 85 84 88 80 83 81 79 71 66 68 69 64 62 62 61 62 53

2016 2017 2018 2019 2020 2Q'21 2016 2017 2018 2019 2020 2Q'21 Five-Year Three-Year Five-Year Three-Year

Top Five Relative Performance Equity Strategies (Three-Year)* Top Five Relative Performance Fixed Income Strategies (Three-Year)* • International Tech: +11.0% • European Income: +2.0% • US Small Cap Growth: +9.5% • Intermediate Diversified Muni: +1.8% • Sustainable Global Thematic: +8.2% • Emerging Markets Debt: +1.6% • Concentrated Global Growth: +4.9% • American Income: +1.5% • Large Cap Growth: +2.4% • US High Yield: +1.4%

Note: Percentage of active fixed income and equity assets in institutional services that outperformed their benchmark gross of fees, and percentage of active fixed income and equity assets in retail Advisor and I share class funds ranked in the top half of their Morningstar category. Where no Advisor class exists, A share class used. Performance for private wealth services included as available. *As of June 30, 2021

The AB Investment Opportunity 4 Sustained Growth …Has Driven Scale and Net Flows Across Our Platform… AUM growth of key products

Select Growth Equities Products High Yield Fixed Income Products

120 70 116 Select Growth Equities Products AUM AB High Income 60 100 Products AUM 59 50 80 40 40 60

30 USD Billions USD USD Billions USD 40 21 20 20 10 Cumulative Net Flows Since 2016 0 0 2016 2017 2018 2019 2020 YTD-21 2016 2017 2018 2019 2020 2021 ■ Sustainable Thematic ■ Global Strategic Core ■ Global Core Equities ■ Concentrated Equities ■ US Large Cap Growth

The AB Investment Opportunity 5 Sustained Growth …Resulting in Sustained, and Accelerating, Organic Growth Total AUM compound annual growth >8% YE 2015–2Q 2021 Active equity annualized organic growth rate accelerated to 5.4% in most recent three-year period Average Annualized Growth Rates for Active Net Inflows (%) Five-year: 2016 through 2Q21 Three-year: 2018 through 2Q21

5.4

2.8 2.2 2.0 2.3 1.6 1.4 1.3 Peers Peers

AB AB Peers AB (2.0) (2.9)

(5.0) (5.3)

Total Active AUM Active Fixed Income Active Equities

AB Five-Year AB Three-Year Peer Average Five-Year Peer Average Three-Year

Note: Total Active AUM and Active Fixed Income Average Annualized Growth excludes $11.8B in low-fee AXA terminated mandates during 2020 and $1.3B in YTD-21 Peers: Affiliated Managers Group, Franklin Resources, Blackrock, Invesco, Janus Henderson and T. Rowe Price

The AB Investment Opportunity 6 Sustained Growth We Have a Rapidly Growing Responsible Investing Platform RI AUM have grown at a 38% CAGR since YE-2015

Responsible Investing Platform, AUM (USD Billions) • Received an A+ PRI rating for our Responsible Investing Strategy and Governance for 5 years in a row* 2016–YTD 2021 • Our global analyst team is at the heart of the ESG Integration process: fundamental investors partner closely with ESG subject- 30 10 matter experts from our Responsible Investing team Number of RI Product Offerings 9 Number Strategies of Number • Our 2020 ESG engagement campaign saw 92 investors across 20 25 8 teams engage with 358 of our largest equity holdings, those with 20 7 highest ESG opportunity for improvement 6 • Our 2021 ESG engagement campaign includes fixed-income analysts 15 5 partnering with equities 4 • AB’s Climate Change and Investment Academy, a first-of-its-kind

USD USD Billions 10 3 collaboration with Columbia University, enrolled over 1,000 global 5 2 clients. The academy integrated scientific and academic analysis of Portfolios with Purpose AUM (Left Scale) 1 how climate change can affect investment risks and opportunities, 0 0 from macroeconomic to issuer levels 2016 2017 2018 2019 2020 YTD-21 • PRISM, our fixed-income credit research and ratings platform, includes proprietary ESG scores that directly impact analysts’ forward ratings for each issuer • ESIGHT, our ESG research and engagement platform enables real-time sharing of proprietary ESG issuer assessments and Goal Based Sustainable Impact engagements Our investment strategies Our sustainable strategies Our Municipal Impact • Our robust and collaborative proxy-voting process protects our can target specific goals, align with the UN SDGs, strategy invests in bond † such as carbon neutrality focusing on health, climate projects that benefit clients’ interests and is highly regarded within the industry and empowerment themes undeserved communities

Note: Portfolios with Purpose include Sustainable Global Thematic, Sustainable International Thematic, Sustainable US Thematic, Sustainable US Thematic Credit, Sustainable Global Thematic Credit, Responsible US Equities, Managed Volatility Equities Green, ESG Fixed Maturity and Municipal Impact. *In 2020, AB received “A+” or ‘A’ scores in key modules: Equity Incorporation, Equity Active Ownership, Fixed Income SSA, Fixed Income Corporate Financial and Fixed Income Corporate Non-Financial. AB received a “B” score in Fixed Income Securitized. Collectively, these categories represent 99.7% of total AUM. †Ranked 6th most supportive out of 50 large managers on shareholder sustainability proposals in the 2019 ESG Proxy Voting Trends, Morningstar Manager Research, February 2020

The AB Investment Opportunity 7 Sustained Growth …Complemented by Our Corporate Responsibility Efforts

Environmental • Reduced energy consumption and operational footprint since 2012, with a 13% decrease between 2014 and 2019* • Relocating 65% of employees to greener buildings and workspaces by 2022; Nashville and Shanghai offices are LEED Silver and Gold certified; London awarded BREEM outstanding rating • 73% of employees have opted into our BYOD† tablet program, reducing printer usage • Released TCFD‡-aligned Statement on our approach to climate-related risks and opportunities in our investments and our operations

Social • Received perfect score on the Human Right’s Campaign’s Corporate Equality Index AB’s Responsibility-Related Publications six years in a row§ Reports • Signed amicus legal brief on LGBTQ workplace rights • Published employee information report (EEO-1), providing a demographic • Engagement Campaign Report breakdown of our US workforce by race and gender • Global Stewardship Report • Released a Global Slavery and Human Trafficking statement and evolved Vendor • PRI Assessment Report Code of Conduct to address forced labor in our supply chain • Responsible Investing Report • Donated over $1M to COVID-19-related relief initiatives and offered employees 2-for-1 gift match Policies & Statements Governance • Global Stewardship Statement • Guided by client-first mentality and strong fiduciary culture • Proxy Voting & Governance Policy • Led by majority-independent board of directors, with independent chairman and • Slavery & Human Trafficking Statement separate duties between Chairman and CEO • TCFD-aligned Statement • Diversified representation on our Board and Operating Committees in 2020

*AB shifted most activities to work from home in March 2020, so 2020 data not included due to lack of comparability. †Bring your own device, as of June 30, 2020. ‡Task Force on Climate-related Financial Disclosures. §As of 2021. Source: AB

The AB Investment Opportunity 8 Sustained Growth We Have Generated Strong Growth in Asia Asia Pacific annualized fee base has grown at a 13% CAGR since YE-2015 Represents 24% of Firm’s annualized fee base Asia Pacific Annualized Fee Base as % of Total • Diversified platform with >$120B in AUM

• Attractive market growth rate of 9%, supported by strong wealth creation in Asia* 30% • AB has built strong retail share in Taiwan and Hong Kong; Institutional in Japan 13% CAGR • Growing presence in China, Singapore, Korea, Australia 24.2% • Established FI brand and income suite; broad presence on retail platforms and longstanding relationships with key 20% institutional investors 20.6% • Established equity brand in Japan, Korea; strength in US and Global equity services across style and market caps

• Multi-asset success in select markets

• Key Long-term Opportunities: Firm Total PercentBaseofasFee • Growth of China Market 10% • Growing appetite for Responsible Investing products 2016 2017 2018 2019 2020 YTD-21

*Asset and Wealth Management 2025, The Asian Awakening, PWC. As of June 30, 2021

The AB Investment Opportunity 9 Expanding Alternatives And a Growing Alternatives Platform… With Private Alternatives committed capital doubling over the last 4 years (exclusive of EQH’s recent commitment of $10B in Private Alternatives and Private Placements) 2013–YTD 2021

$20.6 20 $17.1 $15.7 15 $13.9

$10.1 10 (USD Billions) (USD $6.2 $4.4 5

$0.8 $1.3 Private Alternatives Committed CapitalCommitted Alternatives Private 0 2013 2014 2015 2016 2017 2018 2019 2020 YTD-21 AB Private Credit US CRE Debt Energy EU CRE Debt US Real Estate/Other

The AB Investment Opportunity 10 Committed Capital (EQH) …Accelerated by a Strategic Partner in Equitable Holdings (EQH)

• Founded in 1859, Equitable (Rated A+/A2 by S&P/Moody’s) provides advice, protection and retirement strategies with more than 5,000 client relationships globally • EQH receives value through its ~65% economic interest in higher-multiple AB, having owned AB for over 25 years* • EQH incented to help AB grow faster • AB generates over 30% of EQH cash flows, representing diversifying unregulated earnings to EQH at a high multiple, and aligns with EQH’s strategy to growing its mix of capital-light, fee-type revenues • AB a key contributor to EQH portfolio, providing hedging and investment expertise to help improve EQH’s risk-adjusted yield • EQH committed to allocating $10 billion of permanent capital to AB’s illiquid platform to further improve risk adjusted return of its General Account, through seeding new alternative business at AB—a “Virtuous Cycle” • AB has in the past grown third-party capital commitments by 4x initial seed capital • Provides AB unique access to large addressable insurance market seeking higher yields, without sacrificing capital outlay

EQH’s Low Cost of Capital and High Cash Generation Benefits AB • Represents AB’s largest client totaling ~16% of AUM • Lead investor in seeding new liquid and illiquid alternative strategies, having committed >$6 billion to past funds* • Significant client for Fixed Income • Provides low-cost $900 million Line of Credit to AB

The AB Investment Opportunity 11 Strong Incremental Margins A Continued Mix Shift to Higher Fee Active Equities and Alternatives…

Percent of Assets Under Management Percent of Annualized Fee Base Active equities and alternatives Active equities and alternatives

40 65 61.2% +320 b.p. 58.4% 35 53.6% 54.8% +310 b.p. 55 +190 b.p. 50.0% 30 +180 b.p. 45 25

35 20

15 25 2017 2018 2019 2020 2Q '21 2017 2018 2019 2020 2Q '21 Active Equities Alternatives Active Equities Alternatives

The AB Investment Opportunity 12 Strong Incremental Margins …Combined with Focused Execution on Cost Reduction…

Nashville Relocation Annual Cost Savings Adjusted Comp Expense as Percent of Revenues USD millions US$75–US$80 Million 80 51 50.4% 60 50

40 49 48 20 47.9% 47 0 46 (20) 45 (40) Average 2016 2018 2020 2019 2020 2021E 2025E 2011–2014

• Accretive in 2020 and beyond • Reduced adjusted compensation ratio by more than 200bps historically • Nearly 70% or 864 positions relocated out of targeted 1,250 • Committed to increasing ratio of variable to fixed • New state of the art headquarters building occupied in July compensation 2021

The AB Investment Opportunity 13 Strong Incremental Margins …Supports Strong Incremental Margins and AB’s Target of 45-50% Incremental Margins

Average Incremental Margin* AB Adjusted Operating Margin (Percent) Three years: 1H’18–1H’21 (percent)

54 32 +650 b.p. Incremental 31.7% 30 margins 19% higher vs. 35 peers 28

25.2% 24

22 Peer Group Average AB 2016 2017 2018 2019 2020 1H'21 (ex AB)

Peer Average includes: Affiliated Managers Group, Franklin Resources, Blackrock, Invesco, Janus Henderson & T. Rowe Price *Represents average incremental margin from 1H’18-1H’21; incremental margin is calculated over rolling three-year periods to reduce market-related volatility.

The AB Investment Opportunity 14 Tax Advantaged Structure Partnership Structure Hedges Against Risk of a Higher Tax World

30 ??

21.0

20 Percent

10 7.7

0 2016 2017 2018 2019 2020 2021 YTD 2022 and Beyond* AB Holding Effective Tax Rate US Federal Corporate Tax Rate

Note: AB Holding is a grandfathered publicly-traded partnership “PTP” for federal tax purposes and, accordingly, is not subject to federal or state corporate income taxes. However, AB Holdings is subject to a 3.5% federal tax and a 1.0% California state tax on partnership gross income from active conduct of a trade or business, derived from its interest in AB *2022 AB ETR assumes no change from 2021 AB YTD ETR

The AB Investment Opportunity 15 High Distribution Yield High Distribution Yield in a Low-Rate Environment… AB pays out 100% of adjusted earnings

Distributions and Yield (2016–2020) Current Yield* (%) vs. Peer Group (Aug 20–Aug 21)

3.0 $2.91 12.0

$2.68 $2.53 6.6

2.5 9.0

$2.30 Percent

2.0 $1.92 6.0

US US Dollars 2.3 1.5 3.0 1.3 1.3

1.0 0.0 2016 2017 2018 2019 2020 Current Distribution Yield Annual Distribution Per Unit (Left Scale) AB Peer Average† S&P 500 10-Yr. US Treasury Annual Distribution Yield

*Current yield measured as of September 7, 2021, based on AB’s LTM distributions of $3.38 †Peer average includes: Affiliated Managers Group, Franklin Resources, Blackrock, Invesco, Janus Henderson, T. Rowe Price Source: Bloomberg

The AB Investment Opportunity 16 High Distribution Yield …Combined with Strong Equity Performance

Total Shareholder Return* (2016–2Q:21)

250 220%

200

150 134%

Percent 100 83%

50 125%

0 AB Peer S&P Dividend Return Price Return

• AB TSR has significantly outperformed peer average and SPX

• Distributions represent more than half of TSR since 2016

Peer average includes: Affiliated Managers Group, Franklin Resources, Blackrock, Invesco, Janus Henderson, T. Rowe Price *Assumes distributions are reinvested Source: Bloomberg

The AB Investment Opportunity 17 Brand Strength Our Brand Is a Competitive Advantage

Bernstein Research AllianceBernstein Quality Standard of the Industry

AB Awarded Greenwich Associates’ Quality Leader

American Income—Best Fund over 3, 5, 10 years (Lipper); % of Senior Analysts Ranked by Institutional Investor* 87 Best in Class (Benchmark Fund) AB Global Core Equity—3 and 5 Year Trophy (Lipper) AB Small Cap Growth—10 Year Certificate (Lipper)

AB Awarded Top Rankings in Greenwich US Surveys AB Awarded Greenwich Associates’ Quality Leader in Asian Region for Three Consecutive Years #1 Best High-Quality Written Research #1 Brand Awareness in Taiwan‡ #1 Most Intense Sales Coverage #1 Brand Awareness in Hong Kong‡ #1 Best Dark-Pool Liquidity Sourcing Algorithms

† Best Performing European Electronic Trading House “An expert in fixed income funds”, “Reliable” and “Excellent performance” are brand images highly associated with ABHK, while ABTW rank 1st place on images of “Fixed income funds”, “Well-known and respected firms”, “Trustworthy” and “Retirement expert” compared to key competitors.§

*Average over last five years for analysts who have published >2 years †Source: The Trade – Algorithmic Trading Survey 2021 Hedge Funds ‡Source: The Nelson Company Brand Tracking Study §Source: Greenwich Associates, GID-Asian-19

The AB Investment Opportunity 18 Brand Strength Differentiated Private Wealth Management

We Aim to Provide the Best Service to Our Loyal and High Value, High Net …Who Are a Significant Contributor …and a High Multiple, Recurring Fee Worth Customers… to AB’s Business Model… Business

• Average client relationship tenure of 12 • $116 billion AUM represents 16% of • Stable client assets, advisory fees years AB’s AUM and 34% of Adjusted Base valued at mid-teens earnings multiple in Fees public markets • Low team turnover • 45% of clients are invested in AB’s • Mix shift to ultra high-net worth alternative offerings customers • Helping seed new investment strategies • Integrated architecture driven by wealth (Liquid and Illiquid Alternatives) advice minimizes unintended bets, prevents double layer of fees and • $6.1 billion in AUM invested in ESG optimizes tax loss harvesting strategies, +88% Y/Y

Additional AUA (Assets under Administration) of $1 billion reflect cash for which AB derives a distribution fee.

The AB Investment Opportunity 19 Track Record of Accomplishment Key Accomplishments Over the Last Three Years…

Distribution Build-Out Is Paying Off • Significant investment in US and European retail and initial investment in China Organic Growth Through Consistent, Strong Investment Performance • Strong Equity and Fixed Income performance has driven net inflows well in excess of the peer group Alternatives Growth • Led by Arya, US RE Debt and Private Credit; high-fee and committed Alts AUM has grown at an 8% CAGR • EQH committed $10B over next three years to further build out offering; AB has previously grown seed capital 4x ESG Growth Accelerated Through Innovative Partnership • $25B in portfolios with purpose supported by proprietary digital platforms across equity and fixed income • AB Climate Change and Investment Academy established, in partnership with Columbia University Culture and Citizenship • Clear commitment to racial equality; strong diversity and inclusion emphasis Nashville HQ Relocation Decision, with Execution on Track • Accretive in 2020 and 2021, with cost savings building annually to $75–$80M in 2025; ~70% of targeted 1,250 roles currently filled Total Shareholder Return (TSR) Supported by Strong Distribution • AB units have significantly outperformed the market and peer group, with 100% of earnings paid out annually

The AB Investment Opportunity 20 Focused Growth Strategy …Inform Our Strategy Over the Next Five Years

Growth: Leadership in Active Traditional Management • Continued discipline of idiosyncratic alpha in equities, and systematic returns in Fixed Income • Differentiation and growth of ESG strategies • Targeted growth of select gaps in product offering Known Leader in Private Alternatives Globally • Continued buildout of differentiated liquid and illiquid alts offerings, leveraging EQH ownership Distribution Growth • Leverage US retail investment to further grow market share; focus on RIAs • Build foundation in China; further develop other key Asian markets Grow Private Client Through Focus on Ultra-High Net Worth Segment • Full-service wealth management firm, substantially growing ultra-high net worth

Margin Expansion: State of the Art HQ in Nashville • Complete HQ relocation, and realize cost savings at upper end of $75–$80M annually in 2025 Optimize Portfolio and Cost Structure to Drive Higher Margins • Operating discipline ever-present through culture of cost control • Improve fixed/variable cost structure, with focus on pay for performance

The AB Investment Opportunity 21