Alliance World Dollar Government Fund II, Inc. Reports Second Quarter Earnings.

NEW YORK--(BUSINESS WIRE)--Nov. 12, 1999--

Alliance World Dollar Government Fund II, Inc. (NYSE: AWF), a registered closed-end investment company, today announced earnings for the second quarter ended September 30, 1999.

Total net assets of the Fund on September 30, 1999 were $678,152,805 as compared with $694,647,289 on June 30, 1999 and $589,475,055 on September 30, 1998. On September 30, 1999 the net asset value per share was $8.71 based on 77,850,368 shares outstanding. -0-

                     Sept. 30, 1999     June 30, 1999   Sept. 30, 1998

Total Net Assets       $678,152,805      $694,647,289     $589,475,055
NAV Per Share                 $8.71             $9.00            $7.86
Shares Outstanding       77,850,368        77,168,389       75,077,555

     For the period July 1, 1999 through September 30, 1999, total net
investment income was $22,467,921 or $0.29 per share. The total net
realized and unrealized loss was ($21,133,280) or ($0.27) per share
for the same period.

                     Second Quarter     First Quarter   Second Quarter
                              Ended             Ended            Ended
                     Sept. 30, 1999     June 30, 1999   Sept. 30, 1998

Total Net Investment
  Income                $22,467,921       $22,613,636      $21,343,547
Per Share                     $0.29             $0.29            $0.28
Total Net Realized/
Unrealized Gain (Loss) ($21,133,280)      $38,358,477    ($303,334,862)
Per Share                    ($0.27)            $0.50           ($4.04)

Alliance World Dollar Government Fund II, Inc. is managed by Alliance Capital Management L.P.