<body.content> <block> <p>NEW YORK, Sept. 30 /PRNewswire-FirstCall/ — As has been publicly reported, the Office of the New York State Attorney General (“NYAG”) and the UnitedStates Securities and Exchange Commission (“SEC”), are investigating practices in the mutual fund industry identified as “market timing” and “late trading” of mutual fund shares.</p><p>Alliance Capital Management L.P. (“Alliance Capital”), investment adviser to the Alliance family of mutual funds, announced today that it has been contacted by these regulators in connectionwith this mutual fund investigation, and has been providing full cooperation.</p> <p>Alliance Capital also announced that, based on the preliminary results of its own ongoing internalinvestigation concerning mutual fund transactions, it has identified conflicts of interest in connection with certain market timing transactions. In this regard, Alliance Capital has suspended two ofits employees, one of whom is a portfolio manager of the AllianceBernstein Technology Fund, and the other of whom is an executive involved with selling Alliance Capital hedge fund products.</p><p>Alliance Capital also announced that its Board of Directors today authorized a special committee, comprised of the members of its Audit Committee and the other independent member of theBoard, to direct and oversee a comprehensive review of the facts and circumstances relevant to the SEC’s and the NYAG’s investigations.</p> <p>Alliance Capital has had a long relationshipwith its mutual fund investors based on the highest principles of trust and confidence. It is committed, above all, to safeguard their investments and to maintain that trust.</p> <p>ABOUTALLIANCE CAPITAL</p> <p>Alliance Capital is a leading global investment management firm providing investment management services for many of the largest U.S. public and private employeebenefit plans, foundations, public employee retirement funds, pension funds, endowments, banks, insurance companies and high-net-worth individuals worldwide. Alliance Capital is also one of thelargest mutual fund sponsors, with a diverse family of globally distributed mutual fund portfolios. Through its Sanford C. Bernstein &amp; Co., LLC subsidiary, Alliance provides in-depthresearch, portfolio strategy and trade execution to the institutional investment community.</p> <p>At June 30, 2003, Alliance Capital Management Holding L.P. (“Alliance Holding”) <orgidsrc=”dummy” value=”dummy”><alt-code idsrc=”NYSE” value=”AC”/></org> owned approximately 30.8% of the Units of limited partnership interest in Alliance Capital. AXA Financial was thebeneficial owner of approximately 55.2% of the outstanding Alliance Capital Units at June 30, 2003 (including those held indirectly through its ownership of 1.9% of the outstanding Alliance HoldingUnits), which, including the general partnership interests in Alliance Capital and Alliance Holding, represent an approximate 55.7% economic interest in Alliance Capital. AXA Financial, Inc. is awholly owned subsidiary of AXA, one of the largest global financial services organizations. Additional information may be found at <a>http://www.alliancecapital.com/</a>.</p><p>Forward-Looking Statements</p> <p>Certain statements provided by Alliance Capital in this press release are “forward-looking statements” within the meaning of the PrivateSecurities 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 futureresults 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, theinvestment performance of Alliance Capital’s sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions, and governmentregulations, including changes in tax rates. Alliance Capital cautions readers to carefully consider such factors. Further, such forward-looking statements speak only as of the date on which suchstatements are made; Alliance Capital undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. </p><datasource>Alliance Capital</datasource> </block> <block class=”contact”> <p>CONTACT: Investor Relations – Valerie Haertel, +1-212-969-6414,<br/><virtlocidsrc=”dummy” value=”dummy”>investor_relations@acml.com</virtloc>; or Media – John Meyers +1-212-969-2301,<br/><virtloc idsrc=”dummy”value=”dummy”>john_meyers@acml.com</virtloc>, both of Alliance Capital Management Holding L.P.</p> </block> <block class=”website”> <p>Web site:<a>http://www.alliancecapital.com/</a> </p> </block> </body.content>