EXHIBIT 99.02
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[ALLIANCE CAPITAL LOGO]
ASSESSING INVESTMENT CAPABILITY
FUTURE INVESTMENT RESULTS
| Bruce Calvert |
| Chief Executive Officer |
|
|
| January 16, 2003 |
[ALLIANCE CAPITAL LOGO]
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ASSESSING INVESTMENT CAPABILITY — E.G.
FUTURE INVESTMENT RESULTS
Goals
Client Satisfaction
Business Growth
Objective Compensation
Key Questions
Do We Have the Right Mix of Product Offerings to Meet Client Needs Over the Long Term?
Are We Positioned to Add Value in Every Product We Offer?
Analysis
Quantitative and Qualitative Perspectives are Crucial
Judgement
Required Action
Continuous Improvement
Invest (Acquire/Hire) - Restructure
Withdraw
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QUANTITATIVE ANALYSIS
The Key Questions
• Are We Adding Value Relative to Reasonable Client Expectations?
• Do the Findings Mean Anything for the Future?
• Is the Level and Nature of Current Portfolio Risk (ex ante) Appropriate?
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RETURNS FOR SELECTED ALLIANCE MUTUAL FUNDS
1994 - 1999
[CHART]
* Fee adjusted institutional composite.
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THE ENVIRONMENT
1994-1999
[CHART]
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RETURNS FOR SELECTED ALLIANCE MUTUAL FUNDS
2000-2002
[CHART]
* Fee adjusted institutional composite.
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THE ENVIRONMENT
2000-2002
[CHART]
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RETURNS FOR SELECTED ALLIANCE MUTUAL FUNDS
1994-2002
[CHART]
* Fee adjusted institutional composite.
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THE ENVIRONMENT
1994-2002
[CHART]
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QUANTITATIVE ANALYSIS
The Key Questions
• Are We Adding Value Relative to Reasonable Client Expectations?
• Do the Findings Mean Anything for the Future?
• Is the Level and Nature of Current Portfolio Risk (ex ante) Appropriate?
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QUALITATIVE ASSESSMENT
People — Leadership - Depth - Intellect - Energy - Character - Experience - Continuity
Philosophically Committed
Process
• Internal Logic
• Rigor
• Continuity
Resources
• Research
• Trading
• Systems
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ASSESSING INVESTMENT CAPABILITY — E.G.
FUTURE INVESTMENT RESULTS
• Quantitative Perspectives
• Risk and Style Consistency
• Key Funds Have Generally Met or Exceeded Reasonable Expectations
• The Importance of Diversification
• Qualitative Assessment Generally Reinforces Confidence that Value Added Performance will Persist in the Future
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