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About Equitable Holdings

We have a distinct business model with integrated advice, retirement and asset management

Retirement

Retirement

All weather product portfolio

to meet the varying retirement needs of our clients

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Asset Management

Asset Management

Leading active manager

with global distribution footprint and growing alternatives capabilities

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Wealth Management

Wealth Management

Holistic advice platform

providing insurance
as an asset class

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Our earnings and cash flows come from diverse, high-quality businesses

non-GAAP earnings
Cash flow generation
¹ Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of certain items; Please see detailed non-GAAP reconciliation and reconciliation for Notable Items in the appendix of quarterly earnings materials
² Cash generation is net annual dividends and distributions to Equitable Holdings from its subsidiaries

Our cash flows are projected to grow to $2.0bn annually by 2027

cash flow generation growth

We have compelling financial goals to drive shareholder value

Cash generation

$2bn

of annual cash generation by 2027

Payout ratio

60-70%

of Non-GAAP operating earnings3

EPS growth

12-15%

Non-GAAP operating EPS CAGR through 2027

Strategic targets support growth

$110m

Incremental GA
income by 2027

$150m

Productivity savings
by 2027

$10bn

Capital commitment to
AB

+ 350-500bps

Incremental adjusted operating
margin at AB by 20274

3 Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of certain items; Please see detailed non-GAAP reconciliation in the appendix of quarterly earnings materials

4 Adjusted Operating Margin is a non-GAAP financial measure used by AllianceBernstein L.P. (“AB”) management in evaluating AB’s financial performance on a standalone basis and to compare its performance, as reported by AB in its public filings. It is not comparable to any other non-GAAP financial measure used herein. AB also discloses non-GAAP operating income as a key performance metric in addition to Adjusted Net Income. AB adjusted operating income equals adjusted net income, excluding interest on borrowings and income taxes.