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[ ] Mark Griffin , Investors 629.213.5672 Jennifer Casey , Media 212.969.1157 mark.griffin@alliancebernstein.com jennifer.casey@alliancebernstein.com ALLIANCEBERNSTEIN HOLDING L.P. ANNOUNCES FIRST QUARTER RESULTS GAAP Diluted Net Income of $ 0.81 per Unit Adjusted Diluted Net Income of $ 0.81 per Unit Cash Distribution of $ 0.81 per Unit New York , NY , April 29 , 2021 - AllianceBernstein L.P. ( " AB " ) and AllianceBernstein Holding L.P. ( " AB Holding " ) ( NYSE : AB ) today reported financial and operating results for the quarter ended March 31 , 2021 . " Our globally diversified platform continued to drive balanced and consistent organic growth , in a dynamic market environment , " said Seth P. Bernstein , President and CEO of AllianceBernstein . " We generated active net inflows of $ 6.5 billion , or 4 % annualized organic growth . Aligned with our firm strategy , net inflows across all three client channels were driven by strength in active equities ( including ESG ) , alternatives , and municipals . Our investment teams delivered improved near - term fixed income performance and solid long - term performance on behalf of our clients , with over 65 % of both fixed income and equity assets outperforming on a 5 - year basis . Coupled with tight expense management and continued COVID - 19 related cost savings , our operating margin expanded to 31.7 % , up 410 basis points year - over - year . First quarter earnings and distributions to Unitholders grew by 27 % year - over - year . " ( US $ Thousands except per Unit amounts ) U.S. GAAP Financial Measures Net revenues Operating income Operating margin AB Holding Diluted EPU 1Q 2021 1Q 2020 % Change 4Q 2020 % Change $ 1,007,266 $ $ 260,584 $ 874,156 178,223 25.9 % $ 0.81 $ 23.3 % 0.63 15.2 % $ 46.2 % $ 260 bps 28.6 % $ 1,062,892 302,420 28.4 % 0.97 ( 5.2 % ) ( 13.8 % ) ( 250 bps ) ( 16.5 % ) Adjusted Financial Measures ( 1 ) Net revenues $ 819,978 $ 743,803 Operating income $ 260,061 $ 205,590 10.2 % $ 26.5 % $ 879,801 301,170 ( 6.8 % ) ( 13.6 % ) Operating margin 31.7 % 27.6 % 410 bps 34.2 % ( 250 bps ) AB Holding Diluted EPU $ 0.81 $ 0.64 26.6 % $ 0.97 ( 16.5 % ) AB Holding cash distribution per Unit $ 0.81 $ 0.64 26.6 % $ 0.97 ( 16.5 % ) ( US $ Billions ) Assets Under Management ( " AUM " ) Ending AUM Average AUM $ $ 697.2 $ 541.8 688.5 $ 602.0 28.7 % $ 14.4 % $ 685.9 1.6 % 651.7 5.6 % ( 1 ) The adjusted financial measures represent non - GAAP financial measures . See page 11 for reconciliations of GAAP Financial Results to Adjusted Financial Results and pages 12-13 for notes describing the adjustments . www.alliancebernstein.com 1 of 14