ALLIANCE CAPITAL AND SOUTH AFRICA'S SANLAM ANNOUNCE INVESTMENT ADVISORY RELATIONSHIP.

NEW YORK--(BUSINESS WIRE)--Sept. 7, 1995--Alliance Capital Management L.P. today announced that it is providing investment advisory and related services to Sanlam, one of South Africa's leading financial institutions. Under the terms of the investment advisory agreement, Alliance will provide investment research, business and marketing support, and training of investment professionals to Sanlam. This agreement expands an already existing relationship in which Alliance and Sanlam have shared expertise in the successful management of the Southern Africa Fund, launched by Alliance Capital early in 1994.

"We are pleased to be expanding our relationship with Sanlam," said Dave H. Williams, Chairman and CEO of Alliance Capital. "Sanlam's expertise and knowledge of South African markets combined with Alliance's global investment capabilities will benefit the clients of both organizations. We believe this partnership will help speed South Africa's long overdue entrance into the global economy and we are pleased and proud to play a supporting role in that significant event."

Sanlam was established in Cape Town in 1918 as a mutual life assurance company and currently has assets of more than $27 billion. As the second largest life office in Southern Africa with an annual income of more than $5 billion, it is steadily expanding its base in asset management. According to Hendrik Bester, head of Sanlam's investments division, Sanlam is eager to take advantage of the relaxation of foreign currency controls in South Africa to invest abroad. Gerritt Smit, general manager investments, who played a leading role in getting the agreement off the ground, concurred. He added, "Our experience of dealing with Alliance Capital since the Southern Africa Fund Inc. was formed in 1994 has proved that our investment philosophy and company cultures are very similar. With our knowledge and experience of the southern African continent, we believe we can do for Alliance Capital here what they can do for us abroad."

Alliance Capital Management L.P is a leading international investment adviser, with approximately $136 Billion in assets under management, providing investment management services to institutions, primarily pension funds and endowments, and to individual investors through a broad line of mutual funds and cash management products.

CONTACT: Linda Finnerty

(212)-969-1316