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Exh

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| No      transfer of ownership of the units of AllianceBernstein L.P. (the private      partnership) is permitted without prior approval of AllianceBernstein and      AXA Equitable Life Insurance Company (“AXA Equitable). Under      the terms of the Transfer Program, transfers of ownership will be      considered once every calendar quarter. |
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| To      sell your Units to a third party:                                                                     |                                                                                                                                                                                                 | To      donate the Units:                                                                           |
|---------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------|
| q                                                                                                             | You      must first identify the buyer for your Units.  AllianceBernstein      can not maintain a list of prospective buyers nor will AllianceBernstein      act as a buyer.               |                                                                                                | q | The      donor must obtain approval of AllianceBernstein and AXA Equitable for the      transfer of units. |
| q                                                                                                             | The      unitholder and the prospective buyer must submit a request for transfer of      ownership of the Units and obtain approval of AllianceBernstein and AXA      Equitable for the transaction. |                                                                                                | q | Documentation      required for consideration of approval includes: |
| q                                                                                                             | Documentation      required for consideration of approval includes:                                                                                                                                  |                                                                                                |   | - | Unit      Certificate(s) |
|                                                                                                          | -                                                                                                                                                                                                    | Unit      Certificate(s)                                                                            |   |   | - | Executed      “Stock” Power Form, with guaranteed signature |
|                                                                                                          | -                                                                                                                                                                                                    | Executed      “Stock” Power Form, with guaranteed signature                             |   |   | - | Letter      from Transferee |
|                                                                                                          | --                                                                                                                                                                                                   | Letter      from SellerLetter      from Purchaser                                                   |   | q | Additional      required documentation should be verified with AllianceBernstein’s      transfer agent, BNY Mellon Shareowner Services, at      866-737-9896. |
|                                                                                                          |                                                                                                                                                                                                 |                                                                                                |   |   |   |   |
| To      have private Units re-registered to your name if they have been left to      you by a deceased party: |                                                                                                                                                                                                 | To      re-register your certificate to reflect a legal change of name or change      in custodian: |
| q                                                                                                             | The      beneficiary must obtain approval of Alliance Capital and AXA Equitable for      the transfer of units.                                                                                      |                                                                                                | q |   | The      unitholder must obtain approval of AllianceBernstein and AXA Equitable for      the change of name/registration on the unitcertificate. |
| q                                                                                                             | Documentation      required for consideration of approval includes:                                                                                                                                  |                                                                                                | q |   | Documentation      required for consideration of approval includes: |
|                                                                                                          | -                                                                                                                                                                                                    | Unit      Certificate(s)                                                                            |   |   | - | Unit      Certificate(s) |
|                                                                                                          | -                                                                                                                                                                                                    | Executed      “Stock” Power Form, with guaranteed signature                             |   |   | - | Executed      “Stock” Power Form, with guaranteed signature |
|                                                                                                          | --                                                                                                                                                                                                   | Copy      of death certificateRequired      Inheritance Tax Waiver for applicable states            |   |   | - | Specific      instruction letter indicating the manner in which the new unit certificate      should be registered |
| q                                                                                                        | Additional      required documentation (which varies by state) should be verified with      AllianceBernstein’s transfer agent, BNY Mellon Shareowner Services, at      866-737-9896           |                                                                                                | q |   | Additional      required documentation should be verified with AllianceBernstein’s      transfer agent, BNY Mellon Shareowner Services, at      866-737-9896. |

|   | David      Lesser                                             |
|--------|---------------------------------------------------------------|
|   | Legal      and Compliance Department – Transfer Program |
|   | AllianceBernstein      L.P.                                   |
|   | 1345      Avenue of the Americas                              |
|   | New      York, NY 10105                                       |
|   | Phone:      (212) 969-1429                                    |

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