BOARD OF DIRECTORS OF THE GLOBAL PRIVATIZATION FUND TAKES ACTION THAT WILL ELIMINATE DISCOUNT AND PROVIDE LIQUIDITY AT NET ASSET VALUE.

NEW YORK, N.Y.--(BUSINESS WIRE)--June 27, 1995--The Global Privatization Fund, Inc. (NYSE: GPF), a closed-end investment company managed by Alliance Capital Management L.P. ("Alliance"), announced today that the Fund's Board of Directors has taken action that will eliminate the Fund's market discount and provide liquidity to the Fund's stockholders at net asset value. The GPF Board has approved the acquisition of the Fund's assets by Alliance Worldwide Privatization Fund, Inc. ("WPF"), an open-end investment company managed by Alliance with investment policies similar to those of GPF. The WPF Board of Directors has also approved the acquisition.

A special meeting of GPF stockholders will be held during the fourth quarter of 1995 to vote on the acquisition. If the GPF stockholders approve the acquisition, as the Fund's Board of Directors recommends, the acquisition will occur by the end of the year, and GPF stockholders will then become shareholders of WPF. In exchange for their shares, GPF stockholders will receive, without paying any front-end sales charges, WPF Class A shares of equivalent net asset value.

GPF's current policy requires it to conduct an annual tender offer in the third quarter of each year, beginning in 1995, if during the second quarter the Fund's NYSE market discount averages at least 5% and its market price (including distributions made during the past year) averages not more than the initial public offering price of $15.

During the second quarter of 1995 (ending June 30), the Fund's shares have traded in the range of $11.625 to $12.875 per share and at discounts to net asset value of approximately 9.20% to 13.98%. On Friday, June 23, 1995, the Fund's shares closed on the New York Stock Exchange at $12.625, or 10% below their net asset value of $14.02. The conditions precedent to a 1995 tender offer are thus certain to occur. The GPF Board of Directors considered such a tender offer and Alliance's recommendation in favor of the acquisition, and concluded that under current conditions the acquisition would best serve the interests of GPF and its stockholders.

In making its recommendation, Alliance "wanted to provide GPF's stockholders with liquidity at net asset value consistent with the purposes of the tender offer policy. We also wanted to maintain per share values for long-term investors by reducing the market impact of portfolio liquidations," said John D. Carifa, President of Alliance and Chairman of the Fund's Board of Directors. "The acquisition will enable WPF to provide this liquidity to GPF stockholders and allow them to make investment decisions at times of their own choosing, without affecting the interests of other shareholders," Mr. Carifa said.

In order to moderate the impact on WPF of large redemption requests, redemptions or exchanges made on or before December 31, 1996 of WPF shares received in the acquisition will be subject to a 2% redemption fee. All such fees will be payable to WPF, providing an antidilutive benefit to shareholders.

Since the acquisition is expected to be completed during the fourth quarter of 1995, the Fund's Board decided not to proceed with a tender offer during the third quarter of this year pending results of the stockholder vote.

Alliance noted that, in view of the proposed acquisition, prospective purchasers of WPF shares should consult their financial advisers to consider whether it might be more advantageous to acquire shares of GPF, to the extent they continue to trade at a discount, rather than purchase WPF shares.

CONTACT: Linda Finnerty

212/969-1316