ALLIANCE CAPITAL ANNOUNCES FIRST QUARTER 2001 FINANCIAL RESULTS

Apr 30, 2001, 01:00 ET from Alliance Capital

    NEW YORK, April 30 /PRNewswire/ -- Alliance Capital Management Holding
 L.P. ("Alliance Holding") (NYSE:   AC) today declared a $0.68 per Unit cash
 distribution.  The distribution is payable on May 24, 2001 to holders of
 Alliance Holding Units at the close of business on May 14, 2001.  Alliance
 Holding also announced first quarter 2001 net operating earnings (net income
 excluding amortization of intangibles and non-recurring items) of $0.69 per
 Unit.
 
  BUSINESS HIGHLIGHTS OF ALLIANCE CAPITAL MANAGEMENT L.P. ("Alliance Capital")
                           THE OPERATING PARTNERSHIP
 
     Bruce W. Calvert, Chief Executive Officer, said, "The continued stock
 market decline, as evidenced by a 12% decrease in the S&P 500 Index,
 negatively impacted our results for the quarter.  As a result, assets under
 management decreased by 5%, during the quarter.  We continued to outperform
 client benchmarks in our large capitalization growth and value strategies and
 our long-term investment results remain competitive.  All three of our market
 channels experienced positive net flows with, however, a shift to lower fee
 yielding assets.  Overall net flows were up 52% compared to fourth quarter
 2000.  The long-term outlook for our business remains strong and we plan to
 continue to invest in initiatives that we believe show the greatest promise
 for future growth."
     The first quarter 2001 results are compared to fourth quarter 2000, which
 was the first quarter that included the business of Sanford C. Bernstein Inc.,
 acquired by Alliance Capital on October 2, 2000.
 
     * Assets under management were $433 billion at March 31, 2001, decreasing
       5% from December 31, 2000 levels.  Stock market-related declines in
       assets under management more than offset net new asset inflows of
       $10.6 billion for the quarter.
 
     * Alliance Capital continued to exceed performance benchmarks on a
       trailing one-year basis for all of its major equity investment
       disciplines.
 
     * Retail channel gross sales were $13.4 billion, down 2% from fourth
       quarter 2000.  U.S. long-term gross sales were $6.9 billion, up 1% from
       fourth quarter 2000.  U.S. long-term net sales totaled $1.7 billion,
       down 24% compared to fourth quarter 2000.  Gross sales outside the U.S.
       totaled $4.5 billion of which $2.2 billion were from joint venture
       relationships.  Net sales outside the U.S. were $1.1 billion, up
       32% over fourth quarter 2000.
 
                           Retail Channel
 
                                         1Q 2001       1Q 2001
                                        Gross Sales   Net Sales
                                        (billions)    (billions)
     Long-term Mutual Funds               $8.8           $2.0
     Wrap Products                         1.2            0.6
     Variable Annuity Products             1.4            0.2
     Cash Management Mutual Funds, Net     2.0            2.0
     Total                               $13.4           $4.8
 
     * Institutional investment management gross new business inflows were
       $9.1 billion for first quarter 2001, increasing 27% from fourth quarter
       2000.  Institutional separate account wins were $5.6 billion during
       first quarter 2001; although decreasing 24% from fourth quarter 2000, it
       represented 80 new client accounts across a broad range of investment
       disciplines.  Separate account client terminations decreased 32% from
       the previous quarter, and separate account net sales were $2.3 billion.
       Institutional cash management products net sales were $3.0 billion.
 
                  Institutional Investment Management Channel
                                           1Q 2001         1Q 2001
                                         Gross Sales       Net Sales
                                          (billions)       (billions)
     Separate Accounts                       $5.6             $2.3
     Cash Management Mutual Funds, Net        3.0              3.0
     Long-term Mutual Funds                   0.5              0.2
     Total                                   $9.1             $5.5
 
     * Private client net inflows for first quarter 2001 were $800 million,
       reversing the negative net flows, which began in fourth quarter
       1999.  Gross new business inflows were up 96% over fourth quarter 2000.
       There were 1,500 new accounts opened for the quarter, up over 36% from
       fourth quarter 2000.
 
     * Institutional research services market share increased by 5% and
       NYSE trading volume was higher over fourth quarter 2000, resulting in a
       14% increase in revenues.
 
             FINANCIAL RESULTS OF ALLIANCE CAPITAL MANAGEMENT L.P.
                           THE OPERATING PARTNERSHIP
 
                          SUMMARY OF FINANCIAL RESULTS
                                   (millions)
 
                                       Three         Three
                                       Months        Months
                                       Ended         Ended
                                      3/31/01      12/31/00          Change
     Ending Assets Under
      Management (billions)              $433          $454            (5)%
 
     Average Assets Under
      Management (billions)              $454          $461            (2)%
 
     Revenues                            $742          $793            (6)%
 
     NET INCOME                          $152          $148              3%
 
     Amortization of Intangibles           43            44            (2)
     Non-recurring Items, Net              --            23            N/A
     NET OPERATING EARNINGS (1)          $195          $215            (9)%
 
     Base Fee Earnings                   $192          $194            (1)%
     Performance Fee Earnings               3            21           (86)
     NET OPERATING EARNINGS (1)          $195          $215            (9)%
 
     NET OPERATING EARNINGS per Unit(1) $0.76         $0.84           (10)%
     Units Outstanding (2)            253,823       251,839            --
 
     (1) Net Operating Earnings: Net Income excluding amortization of
         intangibles and non-recurring items.
     (2) Diluted weighted average units outstanding for each period, units
         reported in thousands.
 
     * Net operating earnings (net income excluding amortization of intangibles
       and non-recurring items) were $195 million in first quarter 2001, a
       decrease of 9%, compared to fourth quarter 2000.  Net operating earnings
       per Alliance Capital Unit for first quarter 2001 was $0.76, decreasing
       10% from fourth quarter 2000.  The reduction in net operating earnings
       for the quarter was primarily the result of lower performance fee
       earnings.  Quarterly average assets under management, which are used to
       calculate advisory and distribution fees, declined 2%.  Base fee
       earnings decreased 1%, while performance fee earnings decreased 86%.
 
     * Pre-tax operating earnings margin was 34.1% for first quarter 2001,
       compared to fourth quarter 2000 of 35.1%.  The decrease is attributed to
       the market-related declines in assets under management, including
       certain higher-fee equity mutual funds and to increases in lower-fee
       cash management products.  The decline in assets under management also
       caused continued erosion in mutual fund distribution margins.
       Commenting on the firm's expenses, President John D. Carifa, said, "As
       a result of market conditions, we instituted a company-wide review to
       decrease and manage non-strategic expense growth."
 
                     FINANCIAL RESULTS OF ALLIANCE HOLDING
                        THE PUBLICLY TRADED PARTNERSHIP
 
     Alliance Holding's principal sources of income and cash flow are
 attributable to its ownership interest in Alliance Capital, the operating
 partnership.  Alliance Holding is required to distribute the cash
 distributions it receives from Alliance Capital, less taxes and other amounts
 its general partner determines should be retained.
 
                   SUMMARY OF PER UNIT FINANCIAL INFORMATION
 
                                       Three             Three
                                       Months            Months
                                       Ended             Ended
                                      3/31/01          12/31/00       Change
     DILUTED NET INCOME                 $0.52             $0.50         4%
     Amortization of Intangibles         0.17              0.17         0
     Non-recurring Items, Net              --              0.09         N/A
     NET OPERATING EARNINGS (1)         $0.69             $0.76        (9)%
 
     Base Fee Earnings                  $0.68             $0.69        (1)%
     Performance Fee Earnings            0.01              0.07       (86)
     NET OPERATING EARNINGS (1)         $0.69             $0.76        (9)%
 
     UNITHOLDER DISTRIBUTIONS           $0.68             $0.78       (13)%
 
 
     (1)  Net Operating Earnings per Unit: Diluted Net Income excluding
 Alliance Holding's proportionate share of Alliance Capital's amortization of
 intangibles and non-recurring items.
 
     * Distribution per Alliance Holding Unit is $0.68 for first quarter 2001,
       a 13% decrease from the $0.78 per Unit distributed for fourth quarter
       2000.  The fourth quarter 2000 distributions included $0.07 per Unit
       attributable to performance fees earned by Alliance Capital, compared to
       $0.01 per Unit for first quarter 2001.  Alliance Capital earns the
       majority of its performance fees in the fourth quarter.  Excluding the
       contribution from performance fees and the fourth quarter 2000 sale of
       Alliance Capital's Polish joint venture, first quarter 2001
       distributions decreased 1% from fourth quarter 2000.
 
     ABOUT ALLIANCE CAPITAL
     Alliance Capital is a leading global investment management firm with
 approximately $433 billion in assets under management at March 31, 2001.
 Alliance Capital provides investment management services for many of the
 largest U.S. public and private employee benefit plans, foundations, public
 employee retirement funds, pension funds, endowments, banks, insurance
 companies and high-net-worth individuals worldwide.  Alliance Capital is also
 one of the largest mutual fund sponsors, with a diverse family of globally
 distributed mutual fund portfolios.  As one of the world's leading global
 investment management organizations, Alliance Capital is able to compete for
 virtually any portfolio assignment in any developed capital market in the
 world.  Alliance Holding owns approximately 30% of the units of limited
 partnership interest in Alliance Capital.  AXA Financial, Inc. owns
 approximately 2% of the outstanding Alliance Holding Units and approximately
 53% of the outstanding Alliance Capital Units, representing an approximate
 53% economic interest in Alliance Capital.  AXA Financial, Inc. is a
 wholly owned subsidiary of AXA, one of the largest and most rapidly expanding
 financial services organizations.
 
     FORWARD-LOOKING STATEMENTS
     Certain statements provided by Alliance Capital and Alliance Holding in
 this press release are "forward-looking statements" within the meaning of the
 Private Securities Litigation Reform Act of 1995.  Such forward-looking
 statements are subject to risks, uncertainties and other factors which could
 cause actual results to differ materially from future results expressed or
 implied by such forward-looking statements.  The most significant of such
 factors include, but are not limited to, the following:  the performance of
 financial markets, the investment performance of Alliance Capital's sponsored
 investment products and separately managed accounts, general economic
 conditions, future acquisitions, competitive conditions, and government
 regulations, including changes in tax rates.  Alliance Capital and Alliance
 Holding caution readers to carefully consider such factors.  Further, such
 forward-looking statements speak only as of the date on which such statements
 are made; Alliance Capital and Alliance Holding undertake no obligation to
 update any forward-looking statements to reflect events or circumstances after
 the date of such statements.
 
     MANAGEMENT CONFERENCE CALL RELATING TO FIRST QUARTER 2001 RESULTS
     Alliance Capital's management will review first quarter 2001 financial and
 operating results on Monday, April 30, 2001.  Chief Executive Officer, Bruce
 W. Calvert; President and Chief Operating Officer, John D. Carifa; and Chief
 Investment Officer, Lewis A. Sanders, will lead a discussion during a live
 conference call beginning at 3:00 P.M. (Eastern Time).
     Parties interested in listening to the conference call live may access the
 call by either:
 
     1. Dialing 800-230-1093 in the U.S. or dialing 612-888-0329 for
        international callers approximately 10 minutes prior to the call.
        Please indicate you are calling for the Alliance Capital conference
        call.
                                       OR
 
     2. Via webcast, by accessing Alliance Capital's website at
        www.alliancecapital.com, and link to "About Alliance", then "Alliance
        Capital 1st Quarter Earnings".  Listeners accessing the call via
        internet should go to the website at least 15 minutes prior to the call
        to download and install any necessary audio software.
 
     A presentation will be given during the conference call.  The presentation
 slides will be available for download prior to the call on Alliance Capital's
 website at www.alliancecapital.com, under "About Alliance", followed by
 "Alliance Capital 1st Quarter Earnings".  An audio replay of the conference
 call will be available beginning at 6:30 P.M. Monday, April 30, 2001 through
 Monday, May 7, 2001 by calling 800-475-6701 for U.S. callers or 320-365-3844
 for international callers and providing code 581234.  The presentation slides
 will also be furnished to the Securities and Exchange Commission.
 
 
                        ALLIANCE CAPITAL MANAGEMENT L.P.
                          (THE OPERATING PARTNERSHIP)
                   SUMMARY CONSOLIDATED STATEMENTS OF INCOME
                           (unaudited, in thousands)
 
                                                 Three Months Ended
                                         3/31/01    12/31/00       3/31/00
     Revenues:
      Investment Advisory & Services
       Fees                             $497,807    $543,808      $374,190
      Distribution Revenues              140,377     151,922       147,240
      Institutional Research Services     64,406      56,289            --
      Shareholder Servicing Fees          22,665      23,203        19,358
      Other Revenues, Net                 17,182      17,949         7,618
                                         742,437     793,171       548,406
 
     Expenses:
      Employee Compensation & Benefits   220,133     253,024       128,645
      Promotion & Servicing:
       Distribution Plan Payments        124,083     118,461       116,506
       Amortization of Deferred Sales
        Commissions                       58,308      59,053        50,702
       Other                              46,727      46,967        31,343
     General & Administrative             75,469      78,990        48,854
     Interest                             12,589      11,723        14,122
                                         537,309     568,218       390,172
 
     Operating Income                    205,128     224,953       158,234
 
     Amortization of Intangibles          43,134     43,315            975
     Non-recurring Items                      --     23,074        (23,853)
 
     Income Before Income Taxes          161,994    158,564        181,112
 
     Income Taxes                          9,720     10,305          9,962
 
     NET INCOME                         $152,274   $148,259       $171,150
 
     NET INCOME PER UNIT                   $0.59      $0.58          $0.95
 
     Base Fee Earnings                   192,222    194,005        142,551
     Performance Fee Earnings              3,186     20,643          5,721
 
     NET OPERATING EARNINGS(1)          $195,408   $214,648       $148,272
 
     NET OPERATING EARNINGS PER UNIT (1)   $0.76      $0.84          $0.82
 
     (1) Net Operating Earnings: Net Income excluding amortization of
         intangibles and non-recurring items.
 
 
                        ALLIANCE CAPITAL MANAGEMENT L.P.
                          (THE OPERATING PARTNERSHIP)
                            ASSETS UNDER MANAGEMENT
                       THREE MONTHS ENDED MARCH 31, 2001
                                  ($ millions)
 
                            Retail      Institutional   Private       Total
                                         Investment      Client
                                         Management
 
     Beginning of Period   $163,306      $253,539      $36,834      $453,679
 
     Sales/new accounts      11,452         6,097        1,885        19,434
     Redemptions/
      terminations           (8,618)       (3,567)      (1,468)      (13,653)
     Net cash management
      sales                   1,992         2,967           --         4,959
     Cash flow                   --          (303)         384            81
     Unreinvested dividends    (200)          (20)          --          (220)
     Net new business         4,626         5,174          801        10,601
 
     Australia JV             5,405         3,152           --         8,557
 
     Market depreciation    (17,402)      (21,574)        (644)      (39,620)
 
     Net change              (7,371)      (13,248)         157       (20,462)
 
     End of Period         $155,935      $240,291      $36,991      $433,217
 
 
                        ALLIANCE CAPITAL MANAGEMENT L.P.
                          (THE OPERATING PARTNERSHIP)
                            ASSETS UNDER MANAGEMENT
                                  ($ millions)
 
                                        Three Months Ended
                             3/31/01         12/31/00         3/31/00
 
     Average Assets Under
      Management            $453,540         $460,566        $373,570
 
     Ending Assets Under
      Management            $433,217         $453,679        $394,246
 
 
                        ALLIANCE CAPITAL MANAGEMENT L.P.
                          (THE OPERATING PARTNERSHIP)
                            ASSETS UNDER MANAGEMENT
                           BY INVESTMENT ORIENTATION
                               AT MARCH 31, 2001
                                  ($ millions)
 
                             Retail      Institutional   Private        Total
                                          Investment     Client
                                          Management
     Equity
      Growth
      Domestic Growth        $61,706       $74,336       $2,696      $138,738
      Global & International
       Growth                 17,963        11,481          427        29,871
                              79,669        85,817        3,123       168,609
      Value
      Domestic Value          12,150        39,814       19,728        71,692
      Global & International
       Value                   1,027        11,861        5,212        18,100
                              13,177        51,675       24,940        89,792
     Total Equity             92,846       137,492       28,063       258,401
 
     Fixed Income
      Domestic                45,840        62,795        7,934       116,569
      Global & International  14,523        11,731          683        26,937
                              60,363        74,526        8,617       143,506
 
     Passive
      Domestic                 2,698        23,912          172        26,782
      Global & International      28         4,361          139         4,528
                               2,726        28,273          311        31,310
 
     Total
      Domestic               122,394       200,857       30,530       353,781
      Global & International  33,541        39,434        6,461        79,436
                            $155,935      $240,291      $36,991      $433,217
 
 
                        ALLIANCE CAPITAL MANAGEMENT L.P.
                          (THE OPERATING PARTNERSHIP)
                            ASSETS UNDER MANAGEMENT
                             BY INVESTMENT VEHICLE
                               AT MARCH 31, 2001
                                  ($ millions)
 
                            Retail      Institutional  Private         Total
                                         Investment    Client
                                         Management
 
     Separately Managed Accounts
      Parent                     $0       $29,170           $0       $29,170
      Other (1)              13,393       193,508       25,709       232,610
                             13,393       222,678       25,709       261,780
 
     Mutual Funds
      Parent                 29,013           390            0        29,403
      Other                 113,529        17,223       11,282       142,034
                            142,542        17,613       11,282       171,437
 
     Total                 $155,935      $240,291      $36,991      $433,217
 
     (1) Retail separately managed accounts represent assets managed in wrap
         products.
 
 
                        ALLIANCE CAPITAL MANAGEMENT L.P.
                          (THE OPERATING PARTNERSHIP)
                            ASSETS UNDER MANAGEMENT
                                BY LOCATION (1)
                               AT MARCH 31, 2001
                                  ($ millions)
 
                            Retail      Institutional  Private         Total
                                         Investment    Client
                                         Management
 
     U.S. Clients         $133,160        $201,961     $34,897      $370,018
     International Clients
     (non-U.S.)             22,775          38,330       2,094        63,199
                          $155,935        $240,291     $36,991      $433,217
 
     (1) Categorized by country domicile of client.
 
 
                        ALLIANCE CAPITAL MANAGEMENT L.P.
                          (THE OPERATING PARTNERSHIP)
               ANALYSIS OF PRE-TAX OPERATING EARNINGS MARGIN (1)
                                 ($ thousands)
 
                                               Three Months Ended
 
                                     3/31/01        12/31/00       3/31/00
 
     Total Revenues                 $742,437        $793,171      $548,406
     Less:  Distribution Revenues   (140,377)       (151,922)     (147,240)
     Net Revenues                    602,060         641,249       401,166
 
     Total Operating Expenses        537,309         568,218       390,172
     Less:  Distribution Revenues   (140,377)       (151,922)     (147,240)
     Net Operating Expenses          396,932         416,296       242,932
 
     Operating Income               $205,128        $224,953      $158,234
 
     Pre-tax Operating Margin          34.1%           35.1%         39.4%
 
     (1)  Income before income taxes as a percentage of revenues (excluding
          distribution revenues).
 
 
                    ALLIANCE CAPITAL MANAGEMENT HOLDING L.P.
                       (THE PUBLICLY TRADED PARTNERSHIP)
                          SUMMARY STATEMENTS OF INCOME
               (unaudited, in thousands except per Unit amounts)
 
 
                                                Three Months Ended
 
                                     3/31/01        12/31/00       3/31/00
 
     Equity in Earnings
      of Operating Partnership       $44,863         $43,027       $71,151
 
     Income Taxes                      5,699           6,159         5,225
 
     NET INCOME                      $39,164         $36,868       $65,926
 
     DILUTED NET INCOME PER UNIT       $0.52           $0.50         $0.88
 
     Amortization of Intangibles
      per Unit                          0.17            0.17            --
     Non-recurring Items per Unit         --            0.09         (0.13)
 
     NET OPERATING EARNINGS
      PER UNIT(1)                      $0.69           $0.76         $0.75
 
     Base Fee Earnings                  0.68            0.69          0.72
     Performance Fee Earnings           0.01            0.07          0.03
 
     NET OPERATING EARNINGS
      PER UNIT(1)                      $0.69           $0.76         $0.75
 
     DISTRIBUTIONS PER UNIT            $0.68           $0.78         $0.74
 
 
     (1) Net Operating Earnings per Unit: Diluted Net Income excluding
         Alliance Holding's proportionate share of Alliance Capital's
         amortization of intangibles and non-recurring items.
 
 
                     ALLIANCE CAPITAL AND ALLIANCE HOLDING
                  UNITS OUTSTANDING AND WEIGHTED AVERAGE UNITS
                                 (in thousands)
 
                                                 Weighted Average Units
                                          Outstanding as of March 31, 2001
                               Period             Basic          Diluted
                               Ending      Three Months     Three Months
                    Units Outstanding             Ended            Ended
 
     Alliance Capital     247,683,482        247,452,054     253,822,601
 
     Alliance Holding      73,875,097         73,643,669      80,014,163
 
 
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SOURCE Alliance Capital
    NEW YORK, April 30 /PRNewswire/ -- Alliance Capital Management Holding
 L.P. ("Alliance Holding") (NYSE:   AC) today declared a $0.68 per Unit cash
 distribution.  The distribution is payable on May 24, 2001 to holders of
 Alliance Holding Units at the close of business on May 14, 2001.  Alliance
 Holding also announced first quarter 2001 net operating earnings (net income
 excluding amortization of intangibles and non-recurring items) of $0.69 per
 Unit.
 
  BUSINESS HIGHLIGHTS OF ALLIANCE CAPITAL MANAGEMENT L.P. ("Alliance Capital")
                           THE OPERATING PARTNERSHIP
 
     Bruce W. Calvert, Chief Executive Officer, said, "The continued stock
 market decline, as evidenced by a 12% decrease in the S&P 500 Index,
 negatively impacted our results for the quarter.  As a result, assets under
 management decreased by 5%, during the quarter.  We continued to outperform
 client benchmarks in our large capitalization growth and value strategies and
 our long-term investment results remain competitive.  All three of our market
 channels experienced positive net flows with, however, a shift to lower fee
 yielding assets.  Overall net flows were up 52% compared to fourth quarter
 2000.  The long-term outlook for our business remains strong and we plan to
 continue to invest in initiatives that we believe show the greatest promise
 for future growth."
     The first quarter 2001 results are compared to fourth quarter 2000, which
 was the first quarter that included the business of Sanford C. Bernstein Inc.,
 acquired by Alliance Capital on October 2, 2000.
 
     * Assets under management were $433 billion at March 31, 2001, decreasing
       5% from December 31, 2000 levels.  Stock market-related declines in
       assets under management more than offset net new asset inflows of
       $10.6 billion for the quarter.
 
     * Alliance Capital continued to exceed performance benchmarks on a
       trailing one-year basis for all of its major equity investment
       disciplines.
 
     * Retail channel gross sales were $13.4 billion, down 2% from fourth
       quarter 2000.  U.S. long-term gross sales were $6.9 billion, up 1% from
       fourth quarter 2000.  U.S. long-term net sales totaled $1.7 billion,
       down 24% compared to fourth quarter 2000.  Gross sales outside the U.S.
       totaled $4.5 billion of which $2.2 billion were from joint venture
       relationships.  Net sales outside the U.S. were $1.1 billion, up
       32% over fourth quarter 2000.
 
                           Retail Channel
 
                                         1Q 2001       1Q 2001
                                        Gross Sales   Net Sales
                                        (billions)    (billions)
     Long-term Mutual Funds               $8.8           $2.0
     Wrap Products                         1.2            0.6
     Variable Annuity Products             1.4            0.2
     Cash Management Mutual Funds, Net     2.0            2.0
     Total                               $13.4           $4.8
 
     * Institutional investment management gross new business inflows were
       $9.1 billion for first quarter 2001, increasing 27% from fourth quarter
       2000.  Institutional separate account wins were $5.6 billion during
       first quarter 2001; although decreasing 24% from fourth quarter 2000, it
       represented 80 new client accounts across a broad range of investment
       disciplines.  Separate account client terminations decreased 32% from
       the previous quarter, and separate account net sales were $2.3 billion.
       Institutional cash management products net sales were $3.0 billion.
 
                  Institutional Investment Management Channel
                                           1Q 2001         1Q 2001
                                         Gross Sales       Net Sales
                                          (billions)       (billions)
     Separate Accounts                       $5.6             $2.3
     Cash Management Mutual Funds, Net        3.0              3.0
     Long-term Mutual Funds                   0.5              0.2
     Total                                   $9.1             $5.5
 
     * Private client net inflows for first quarter 2001 were $800 million,
       reversing the negative net flows, which began in fourth quarter
       1999.  Gross new business inflows were up 96% over fourth quarter 2000.
       There were 1,500 new accounts opened for the quarter, up over 36% from
       fourth quarter 2000.
 
     * Institutional research services market share increased by 5% and
       NYSE trading volume was higher over fourth quarter 2000, resulting in a
       14% increase in revenues.
 
             FINANCIAL RESULTS OF ALLIANCE CAPITAL MANAGEMENT L.P.
                           THE OPERATING PARTNERSHIP
 
                          SUMMARY OF FINANCIAL RESULTS
                                   (millions)
 
                                       Three         Three
                                       Months        Months
                                       Ended         Ended
                                      3/31/01      12/31/00          Change
     Ending Assets Under
      Management (billions)              $433          $454            (5)%
 
     Average Assets Under
      Management (billions)              $454          $461            (2)%
 
     Revenues                            $742          $793            (6)%
 
     NET INCOME                          $152          $148              3%
 
     Amortization of Intangibles           43            44            (2)
     Non-recurring Items, Net              --            23            N/A
     NET OPERATING EARNINGS (1)          $195          $215            (9)%
 
     Base Fee Earnings                   $192          $194            (1)%
     Performance Fee Earnings               3            21           (86)
     NET OPERATING EARNINGS (1)          $195          $215            (9)%
 
     NET OPERATING EARNINGS per Unit(1) $0.76         $0.84           (10)%
     Units Outstanding (2)            253,823       251,839            --
 
     (1) Net Operating Earnings: Net Income excluding amortization of
         intangibles and non-recurring items.
     (2) Diluted weighted average units outstanding for each period, units
         reported in thousands.
 
     * Net operating earnings (net income excluding amortization of intangibles
       and non-recurring items) were $195 million in first quarter 2001, a
       decrease of 9%, compared to fourth quarter 2000.  Net operating earnings
       per Alliance Capital Unit for first quarter 2001 was $0.76, decreasing
       10% from fourth quarter 2000.  The reduction in net operating earnings
       for the quarter was primarily the result of lower performance fee
       earnings.  Quarterly average assets under management, which are used to
       calculate advisory and distribution fees, declined 2%.  Base fee
       earnings decreased 1%, while performance fee earnings decreased 86%.
 
     * Pre-tax operating earnings margin was 34.1% for first quarter 2001,
       compared to fourth quarter 2000 of 35.1%.  The decrease is attributed to
       the market-related declines in assets under management, including
       certain higher-fee equity mutual funds and to increases in lower-fee
       cash management products.  The decline in assets under management also
       caused continued erosion in mutual fund distribution margins.
       Commenting on the firm's expenses, President John D. Carifa, said, "As
       a result of market conditions, we instituted a company-wide review to
       decrease and manage non-strategic expense growth."
 
                     FINANCIAL RESULTS OF ALLIANCE HOLDING
                        THE PUBLICLY TRADED PARTNERSHIP
 
     Alliance Holding's principal sources of income and cash flow are
 attributable to its ownership interest in Alliance Capital, the operating
 partnership.  Alliance Holding is required to distribute the cash
 distributions it receives from Alliance Capital, less taxes and other amounts
 its general partner determines should be retained.
 
                   SUMMARY OF PER UNIT FINANCIAL INFORMATION
 
                                       Three             Three
                                       Months            Months
                                       Ended             Ended
                                      3/31/01          12/31/00       Change
     DILUTED NET INCOME                 $0.52             $0.50         4%
     Amortization of Intangibles         0.17              0.17         0
     Non-recurring Items, Net              --              0.09         N/A
     NET OPERATING EARNINGS (1)         $0.69             $0.76        (9)%
 
     Base Fee Earnings                  $0.68             $0.69        (1)%
     Performance Fee Earnings            0.01              0.07       (86)
     NET OPERATING EARNINGS (1)         $0.69             $0.76        (9)%
 
     UNITHOLDER DISTRIBUTIONS           $0.68             $0.78       (13)%
 
 
     (1)  Net Operating Earnings per Unit: Diluted Net Income excluding
 Alliance Holding's proportionate share of Alliance Capital's amortization of
 intangibles and non-recurring items.
 
     * Distribution per Alliance Holding Unit is $0.68 for first quarter 2001,
       a 13% decrease from the $0.78 per Unit distributed for fourth quarter
       2000.  The fourth quarter 2000 distributions included $0.07 per Unit
       attributable to performance fees earned by Alliance Capital, compared to
       $0.01 per Unit for first quarter 2001.  Alliance Capital earns the
       majority of its performance fees in the fourth quarter.  Excluding the
       contribution from performance fees and the fourth quarter 2000 sale of
       Alliance Capital's Polish joint venture, first quarter 2001
       distributions decreased 1% from fourth quarter 2000.
 
     ABOUT ALLIANCE CAPITAL
     Alliance Capital is a leading global investment management firm with
 approximately $433 billion in assets under management at March 31, 2001.
 Alliance Capital provides investment management services for many of the
 largest U.S. public and private employee benefit plans, foundations, public
 employee retirement funds, pension funds, endowments, banks, insurance
 companies and high-net-worth individuals worldwide.  Alliance Capital is also
 one of the largest mutual fund sponsors, with a diverse family of globally
 distributed mutual fund portfolios.  As one of the world's leading global
 investment management organizations, Alliance Capital is able to compete for
 virtually any portfolio assignment in any developed capital market in the
 world.  Alliance Holding owns approximately 30% of the units of limited
 partnership interest in Alliance Capital.  AXA Financial, Inc. owns
 approximately 2% of the outstanding Alliance Holding Units and approximately
 53% of the outstanding Alliance Capital Units, representing an approximate
 53% economic interest in Alliance Capital.  AXA Financial, Inc. is a
 wholly owned subsidiary of AXA, one of the largest and most rapidly expanding
 financial services organizations.
 
     FORWARD-LOOKING STATEMENTS
     Certain statements provided by Alliance Capital and Alliance Holding in
 this press release are "forward-looking statements" within the meaning of the
 Private Securities Litigation Reform Act of 1995.  Such forward-looking
 statements are subject to risks, uncertainties and other factors which could
 cause actual results to differ materially from future results expressed or
 implied by such forward-looking statements.  The most significant of such
 factors include, but are not limited to, the following:  the performance of
 financial markets, the investment performance of Alliance Capital's sponsored
 investment products and separately managed accounts, general economic
 conditions, future acquisitions, competitive conditions, and government
 regulations, including changes in tax rates.  Alliance Capital and Alliance
 Holding caution readers to carefully consider such factors.  Further, such
 forward-looking statements speak only as of the date on which such statements
 are made; Alliance Capital and Alliance Holding undertake no obligation to
 update any forward-looking statements to reflect events or circumstances after
 the date of such statements.
 
     MANAGEMENT CONFERENCE CALL RELATING TO FIRST QUARTER 2001 RESULTS
     Alliance Capital's management will review first quarter 2001 financial and
 operating results on Monday, April 30, 2001.  Chief Executive Officer, Bruce
 W. Calvert; President and Chief Operating Officer, John D. Carifa; and Chief
 Investment Officer, Lewis A. Sanders, will lead a discussion during a live
 conference call beginning at 3:00 P.M. (Eastern Time).
     Parties interested in listening to the conference call live may access the
 call by either:
 
     1. Dialing 800-230-1093 in the U.S. or dialing 612-888-0329 for
        international callers approximately 10 minutes prior to the call.
        Please indicate you are calling for the Alliance Capital conference
        call.
                                       OR
 
     2. Via webcast, by accessing Alliance Capital's website at
        www.alliancecapital.com, and link to "About Alliance", then "Alliance
        Capital 1st Quarter Earnings".  Listeners accessing the call via
        internet should go to the website at least 15 minutes prior to the call
        to download and install any necessary audio software.
 
     A presentation will be given during the conference call.  The presentation
 slides will be available for download prior to the call on Alliance Capital's
 website at www.alliancecapital.com, under "About Alliance", followed by
 "Alliance Capital 1st Quarter Earnings".  An audio replay of the conference
 call will be available beginning at 6:30 P.M. Monday, April 30, 2001 through
 Monday, May 7, 2001 by calling 800-475-6701 for U.S. callers or 320-365-3844
 for international callers and providing code 581234.  The presentation slides
 will also be furnished to the Securities and Exchange Commission.
 
 
                        ALLIANCE CAPITAL MANAGEMENT L.P.
                          (THE OPERATING PARTNERSHIP)
                   SUMMARY CONSOLIDATED STATEMENTS OF INCOME
                           (unaudited, in thousands)
 
                                                 Three Months Ended
                                         3/31/01    12/31/00       3/31/00
     Revenues:
      Investment Advisory & Services
       Fees                             $497,807    $543,808      $374,190
      Distribution Revenues              140,377     151,922       147,240
      Institutional Research Services     64,406      56,289            --
      Shareholder Servicing Fees          22,665      23,203        19,358
      Other Revenues, Net                 17,182      17,949         7,618
                                         742,437     793,171       548,406
 
     Expenses:
      Employee Compensation & Benefits   220,133     253,024       128,645
      Promotion & Servicing:
       Distribution Plan Payments        124,083     118,461       116,506
       Amortization of Deferred Sales
        Commissions                       58,308      59,053        50,702
       Other                              46,727      46,967        31,343
     General & Administrative             75,469      78,990        48,854
     Interest                             12,589      11,723        14,122
                                         537,309     568,218       390,172
 
     Operating Income                    205,128     224,953       158,234
 
     Amortization of Intangibles          43,134     43,315            975
     Non-recurring Items                      --     23,074        (23,853)
 
     Income Before Income Taxes          161,994    158,564        181,112
 
     Income Taxes                          9,720     10,305          9,962
 
     NET INCOME                         $152,274   $148,259       $171,150
 
     NET INCOME PER UNIT                   $0.59      $0.58          $0.95
 
     Base Fee Earnings                   192,222    194,005        142,551
     Performance Fee Earnings              3,186     20,643          5,721
 
     NET OPERATING EARNINGS(1)          $195,408   $214,648       $148,272
 
     NET OPERATING EARNINGS PER UNIT (1)   $0.76      $0.84          $0.82
 
     (1) Net Operating Earnings: Net Income excluding amortization of
         intangibles and non-recurring items.
 
 
                        ALLIANCE CAPITAL MANAGEMENT L.P.
                          (THE OPERATING PARTNERSHIP)
                            ASSETS UNDER MANAGEMENT
                       THREE MONTHS ENDED MARCH 31, 2001
                                  ($ millions)
 
                            Retail      Institutional   Private       Total
                                         Investment      Client
                                         Management
 
     Beginning of Period   $163,306      $253,539      $36,834      $453,679
 
     Sales/new accounts      11,452         6,097        1,885        19,434
     Redemptions/
      terminations           (8,618)       (3,567)      (1,468)      (13,653)
     Net cash management
      sales                   1,992         2,967           --         4,959
     Cash flow                   --          (303)         384            81
     Unreinvested dividends    (200)          (20)          --          (220)
     Net new business         4,626         5,174          801        10,601
 
     Australia JV             5,405         3,152           --         8,557
 
     Market depreciation    (17,402)      (21,574)        (644)      (39,620)
 
     Net change              (7,371)      (13,248)         157       (20,462)
 
     End of Period         $155,935      $240,291      $36,991      $433,217
 
 
                        ALLIANCE CAPITAL MANAGEMENT L.P.
                          (THE OPERATING PARTNERSHIP)
                            ASSETS UNDER MANAGEMENT
                                  ($ millions)
 
                                        Three Months Ended
                             3/31/01         12/31/00         3/31/00
 
     Average Assets Under
      Management            $453,540         $460,566        $373,570
 
     Ending Assets Under
      Management            $433,217         $453,679        $394,246
 
 
                        ALLIANCE CAPITAL MANAGEMENT L.P.
                          (THE OPERATING PARTNERSHIP)
                            ASSETS UNDER MANAGEMENT
                           BY INVESTMENT ORIENTATION
                               AT MARCH 31, 2001
                                  ($ millions)
 
                             Retail      Institutional   Private        Total
                                          Investment     Client
                                          Management
     Equity
      Growth
      Domestic Growth        $61,706       $74,336       $2,696      $138,738
      Global & International
       Growth                 17,963        11,481          427        29,871
                              79,669        85,817        3,123       168,609
      Value
      Domestic Value          12,150        39,814       19,728        71,692
      Global & International
       Value                   1,027        11,861        5,212        18,100
                              13,177        51,675       24,940        89,792
     Total Equity             92,846       137,492       28,063       258,401
 
     Fixed Income
      Domestic                45,840        62,795        7,934       116,569
      Global & International  14,523        11,731          683        26,937
                              60,363        74,526        8,617       143,506
 
     Passive
      Domestic                 2,698        23,912          172        26,782
      Global & International      28         4,361          139         4,528
                               2,726        28,273          311        31,310
 
     Total
      Domestic               122,394       200,857       30,530       353,781
      Global & International  33,541        39,434        6,461        79,436
                            $155,935      $240,291      $36,991      $433,217
 
 
                        ALLIANCE CAPITAL MANAGEMENT L.P.
                          (THE OPERATING PARTNERSHIP)
                            ASSETS UNDER MANAGEMENT
                             BY INVESTMENT VEHICLE
                               AT MARCH 31, 2001
                                  ($ millions)
 
                            Retail      Institutional  Private         Total
                                         Investment    Client
                                         Management
 
     Separately Managed Accounts
      Parent                     $0       $29,170           $0       $29,170
      Other (1)              13,393       193,508       25,709       232,610
                             13,393       222,678       25,709       261,780
 
     Mutual Funds
      Parent                 29,013           390            0        29,403
      Other                 113,529        17,223       11,282       142,034
                            142,542        17,613       11,282       171,437
 
     Total                 $155,935      $240,291      $36,991      $433,217
 
     (1) Retail separately managed accounts represent assets managed in wrap
         products.
 
 
                        ALLIANCE CAPITAL MANAGEMENT L.P.
                          (THE OPERATING PARTNERSHIP)
                            ASSETS UNDER MANAGEMENT
                                BY LOCATION (1)
                               AT MARCH 31, 2001
                                  ($ millions)
 
                            Retail      Institutional  Private         Total
                                         Investment    Client
                                         Management
 
     U.S. Clients         $133,160        $201,961     $34,897      $370,018
     International Clients
     (non-U.S.)             22,775          38,330       2,094        63,199
                          $155,935        $240,291     $36,991      $433,217
 
     (1) Categorized by country domicile of client.
 
 
                        ALLIANCE CAPITAL MANAGEMENT L.P.
                          (THE OPERATING PARTNERSHIP)
               ANALYSIS OF PRE-TAX OPERATING EARNINGS MARGIN (1)
                                 ($ thousands)
 
                                               Three Months Ended
 
                                     3/31/01        12/31/00       3/31/00
 
     Total Revenues                 $742,437        $793,171      $548,406
     Less:  Distribution Revenues   (140,377)       (151,922)     (147,240)
     Net Revenues                    602,060         641,249       401,166
 
     Total Operating Expenses        537,309         568,218       390,172
     Less:  Distribution Revenues   (140,377)       (151,922)     (147,240)
     Net Operating Expenses          396,932         416,296       242,932
 
     Operating Income               $205,128        $224,953      $158,234
 
     Pre-tax Operating Margin          34.1%           35.1%         39.4%
 
     (1)  Income before income taxes as a percentage of revenues (excluding
          distribution revenues).
 
 
                    ALLIANCE CAPITAL MANAGEMENT HOLDING L.P.
                       (THE PUBLICLY TRADED PARTNERSHIP)
                          SUMMARY STATEMENTS OF INCOME
               (unaudited, in thousands except per Unit amounts)
 
 
                                                Three Months Ended
 
                                     3/31/01        12/31/00       3/31/00
 
     Equity in Earnings
      of Operating Partnership       $44,863         $43,027       $71,151
 
     Income Taxes                      5,699           6,159         5,225
 
     NET INCOME                      $39,164         $36,868       $65,926
 
     DILUTED NET INCOME PER UNIT       $0.52           $0.50         $0.88
 
     Amortization of Intangibles
      per Unit                          0.17            0.17            --
     Non-recurring Items per Unit         --            0.09         (0.13)
 
     NET OPERATING EARNINGS
      PER UNIT(1)                      $0.69           $0.76         $0.75
 
     Base Fee Earnings                  0.68            0.69          0.72
     Performance Fee Earnings           0.01            0.07          0.03
 
     NET OPERATING EARNINGS
      PER UNIT(1)                      $0.69           $0.76         $0.75
 
     DISTRIBUTIONS PER UNIT            $0.68           $0.78         $0.74
 
 
     (1) Net Operating Earnings per Unit: Diluted Net Income excluding
         Alliance Holding's proportionate share of Alliance Capital's
         amortization of intangibles and non-recurring items.
 
 
                     ALLIANCE CAPITAL AND ALLIANCE HOLDING
                  UNITS OUTSTANDING AND WEIGHTED AVERAGE UNITS
                                 (in thousands)
 
                                                 Weighted Average Units
                                          Outstanding as of March 31, 2001
                               Period             Basic          Diluted
                               Ending      Three Months     Three Months
                    Units Outstanding             Ended            Ended
 
     Alliance Capital     247,683,482        247,452,054     253,822,601
 
     Alliance Holding      73,875,097         73,643,669      80,014,163
 
 
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 SOURCE  Alliance Capital