ACM Government Opportunity Fund, Inc. Reports Second Quarter Earnings.

Business Editors

NEW YORK--(BUSINESS WIRE)--March 16, 2000

ACM Government Opportunity Fund, Inc. (NYSE: AOF), a registered closed-end investment company, today announced earnings for the second quarter ended January 31, 2000.

Total net assets of the Fund on January 31, 2000 were $100,746,325 compared with $102,132,771 on October 31, 1999 and $109,130,325 on January 31, 1999. On January 31, 2000 the net asset value per share was $7.72 based on 13,058,472 shares of common stock outstanding.

                 January 31, 2000  October 31, 1999   January 31, 1999
                 ----------------  ----------------   ----------------

Total Net Assets    $100,746,325      $102,132,771       $109,130,325
NAV Per Share              $7.72             $7.81              $8.35
Shares Outstanding    13,058,472        13,071,872         13,071,872

For the period November 1, 1999 through January 31, 2000, total net investment income was $2,692,397 or $0.21 per share. The total net realized and unrealized loss was ($1,499,744) or ($0.11) per share for the same period.

                     Second Quarter    First Quarter    Second Quarter
                          Ended            Ended             Ended
                   January 31, 2000 October 31, 1999  January 31, 1999
                   ---------------- ----------------  ----------------

Total Net Investment
  Income                  $2,692,397   $2,604,800        $1,932,518
Per Share                      $0.21        $0.20             $0.15

Total Net Realized/
  Unrealized Gain (Loss) ($1,499,744)     $141,585      ($2,008,654)
Per Share                     ($0.11)        $0.01           ($0.15)

ACM Government Opportunity Fund, Inc. is managed by Alliance Capital Management L.P.