ALLIANCEBERNSTEIN HOLDING L.P.

Previous wording

AB Holding's net income for the three and nine months ended September 30, 2025 decreased $53.4 million and $99.9 million, respectively, compared to the corresponding periods in 2024, primarily due to lower weighted average equity ownership interest in AB (as discussed in Note 1 to the condensed financial statements in Item 1) and lower net income attributable to AB Unitholders primarily due to the recognition of a prior period gain of $128.5 million related to a fair value remeasurement of the contingent payment liability associated with AB's acquisition of AB CarVal in 2022 (as discussed in Note 11 to AB's condensed financial statements in Exhibit 99.1).

Current wording

AB Holding's net income for the three months ended March 31, 2026 increased $11.2 million, compared to the three months ended March 31, 2025, primarily due to higher net income attributable to AB Unitholders, partially offset by lower weighted average equity ownership interest in AB.

Previous wording

AB Holding’s partnership gross income is derived from its interest in AB. AB Holding’s income taxes, which reflect a 3.5% federal tax on its partnership gross income from the active conduct of a trade or business, are computed by multiplying AB qualifying revenues by AB Holding’s ownership interest in AB, multiplied by the 3.5% tax rate. AB qualifying revenues are primarily U.S. investment advisory fees. AB Holding's effective tax rate was 9.4% during the three months ended September 30, 2025, compared to 6.7% during the three months ended September 30, 2024. AB Holding's effective tax rate was 10.3% during the nine months ended September 30, 2025, compared to 7.9% during the nine months ended September 30, 2024. See Note 7 to the condensed financial statements in Item 1 for the calculation of income tax expense.

Current wording

AB Holding’s partnership gross income is derived from its interest in AB. AB Holding’s income taxes, which reflect a 3.5% federal tax on its partnership gross income from the active conduct of a trade or business, are computed by multiplying AB qualifying revenues by AB Holding’s ownership interest in AB, multiplied by the 3.5% tax rate. AB qualifying revenues are primarily U.S. investment advisory fees. AB Holding's effective tax rate was 7.6% during the three months ended March 31, 2026 and 10.5% during the three months ended March 31, 2025. See Note 7 to the condensed financial statements in Item 1 for the calculation of income tax expense.

Previous wording

As supplemental information, AB provides the performance measures “adjusted net revenues,” “adjusted operating income” and “adjusted operating margin,” which are additional metrics management uses in evaluating and comparing the period-to-period operating performance of AB. Management uses these additional metrics in evaluating performance because they present a clearer picture of AB's operating performance and allow management to see long-term trends without the distortion primarily caused by long-term incentive compensation-related mark-to-market adjustments, acquisition-related expenses, interest expense and other adjustment items. Similarly, management believes that these management operating metrics help investors better understand the underlying trends in AB's results and, accordingly, provide a valuable perspective for investors. Such measures are not based on generally accepted accounting principles (“non-GAAP measures”).

Current wording

As supplemental information, AB provides the performance measures “adjusted net revenues,” “adjusted operating income” and “adjusted operating margin,” which are additional operating metrics management uses in evaluating and comparing the period-to-period operating performance of AB. Management uses these additional metrics in evaluating performance because they present a clearer picture of AB's operating performance and allow management to see long-term trends without the distortion primarily caused by long-term incentive compensation-related mark-to-market adjustments, acquisition-related expenses, interest expense and other adjustment items. Similarly, management believes that these management operating metrics help investors better understand the underlying trends in AB's results and, accordingly, provide a valuable perspective for investors. Such measures are not based on generally accepted accounting principles (“non-GAAP measures”).

Previous wording

AB Holding is required to distribute all of its Available Cash Flow, as defined in the AB Holding Partnership Agreement, to its Unitholders (including the General Partner). Available Cash Flow typically is the adjusted net income per Unit for the quarter multiplied by the number of Units outstanding at the end of the quarter. Management anticipates that Available Cash Flow will continue to be based on adjusted net income per Unit, unless management determines, with concurrence of the Board of Directors, that one or more adjustments made to adjusted net income should not be made with respect to the Available Cash Flow calculation. See Note 2 to the condensed financial statements in Item 1 for a description of Available Cash Flow.

Current wording

AB Holding is required to distribute all of its Available Cash Flow, as defined in the AB Holding Partnership Agreement, to its Unitholders (including the General Partner). Available Cash Flow typically is the adjusted net income per Unit for the quarter multiplied by the number of Units outstanding at the end of the quarter. Management anticipates that Available Cash Flow will continue to be based on adjusted net income per Unit. If management determines, with the concurrence of the Board of Directors, that certain adjustments to Available Cash Flow are necessary or unnecessary, such adjustments will be made in future periods. See Note 2 to the condensed financial statements in Item 1 for a description of Available Cash Flow.

Previous wording

During the nine months ended September 30, 2025, net cash provided by operating activities was $275.1 million, compared to $253.0 million during the corresponding 2024 period. The increase primarily resulted from higher cash distributions received from AB of $19.8 million.

Current wording

During the three months ended March 31, 2026, net cash provided by operating activities was $88.5 million, compared to $115.3 million during the corresponding 2025 period. The decrease primarily resulted from lower cash distributions received from AB of $30.1 million.

Previous wording

During the nine months ended September 30, 2025, net cash used in financing activities was $275.1 million, compared to $253.0 million during the corresponding 2024 period. The increase was primarily due to higher cash distributions to Unitholders of $20.4 million.

Current wording

During the three months ended March 31, 2026, net cash used in financing activities was $88.5 million, compared to $115.3 million during the corresponding 2025 period. The decrease was primarily due to lower cash distributions to Unitholders of $27.4 million.

Previous wording

The forward-looking statements referred to inthe preceding paragraph, most of which directly affect AB but also affect AB Holding because AB Holding’s principal source of income and cash flow is attributable to its investment in AB, include statements regarding:

Current wording

The forward-looking statements referred to inthe preceding paragraph, most of which directly affect AB and may also affect AB Holding because AB Holding’s principal source of income and cash flow is attributable to its investment in AB, include statements regarding: