ALLIANCE CAPITAL MANAGEMENT L.P. REPORTS FIRST QUARTER RESULTS AND DISTRIBUTION TO UNITHOLDERS.

NEW YORK--(BUSINESS WIRE)--May 4, 1995--Alliance Capital Management L.P. (NYSE: AC) today announced net income of $34,185,000 for the quarter ended March 31, 1995, an increase of $2,761,000 (8.8%) from $31,424,000 for the quarter ended March 31, 1994. Net income per Unit for the first quarter of 1995 was $0.42 per Unit, unchanged from the first quarter of 1994. Weighted average Units outstanding for the quarter ended March 31, 1995 were 81,248,000 compared to 73,913,000 for the quarter ended March 31, 1994, an increase of 9.9%. Revenues for the quarter ended March 31, 1995 were $145,379,000, a decrease of $3,186,000 (2.1%) from $148,565,000 for the quarter ended March 31, 1994.

The Partnership also announced a distribution of $0.41 per Unit for the first quarter of 1995, payable on May 22, 1995 to holders of Units at the close of business on May 15, 1995. The Partnership distributed $0.41 per Unit for the first quarter of 1994.

Assets under management as of March 31, 1995 were approximately $126.3 billion, an increase of $5.0 billion or 4.1% from $121.3 billion as of December 31, 1994. -0-

                      Alliance First Quarter Results

                      ALLIANCE CAPITAL MANAGEMENT L.P.
                 SUMMARY CONSOLIDATED STATEMENTS OF INCOME
             (unaudited, in thousands except per Unit amounts)

                                 Three Months Ended
                                  3/31/95   3/31/94
Revenues:
 Investment advisory and
  services fees:
 Alliance mutual funds           $ 51,646  $ 50,911
 Other affiliated clients          11,611    10,965
 Institutional clients             40,963    38,783
 Distribution plan fees            29,012    34,645
 Shareholder servicing and
  administration fees              10,255     9,734
 Other revenues                     1,892     3,527
                                  -------   -------
                                  145,379   148,565
                                  -------   -------

Expenses:
 Employee compensation and
  benefits                         39,823    42,741
 Promotion and servicing:
  Distribution payments to
   financial intermediaries:
    Affiliated                      5,395     4,956
    Unaffiliated                   19,166    22,338
 Amortization of deferred
  sales commissions                12,867    11,980
 Other                             10,117    11,083
 General and administrative        19,048    17,073
 Interest                             408     2,347
 Amortization of intangible
  assets                            2,187     1,891
                                  -------   -------
                                  109,011   114,409
                                  -------   -------

Income before income taxes         36,368    34,156
 Income taxes                       2,183     2,732
                                  -------    ------

Net income                       $ 34,185  $ 31,424
                                 ========  ========

Net income per Unit              $    .42  $    .42
                                 ========  ========
Weighted average Units
 outstanding                       81,248    73,913
                                 ========  ========

Distribution per Unit            $    .41  $    .41
                                 ========  ========

                                         March 31      December 31
                                      1995     1994         1994

Assets Under Management (millions)   $126,307 $123,173     $121,289
                                     ======== ========     ========

Alliance Capital Management L.P. is a leading international investment adviser, 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. The Partnership's general partner is a wholly-owned subsidiary of The Equitable Companies Incorporated ("ECI") and approximately 59.1% of the Partnership's outstanding Units are beneficially owned by ECI.

CONTACT: Alliance Capital Management L.P.

Robert H. Joseph, Jr., 212/969-2384 (Investors)

or

Linda Finnerty, 212/969-1316 (Media)