Alliance Capital Announces September 30, 2003 Assets Under Management

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NEW YORK, Oct 9, 2003 /PRNewswire-FirstCall via COMTEX/ -- Alliance Capital Management Holding L.P. ("Alliance Holding") (NYSE: AC) and Alliance Capital Management L.P. ("Alliance Capital") today reported preliminary assets under management of approximately $438 billion at September 30, 2003 compared to $434 billion at August 31, 2003 and $369 billion at September 30, 2002.

                       ALLIANCE CAPITAL MANAGEMENT L.P.
                         (THE OPERATING PARTNERSHIP)
                           ASSETS UNDER MANAGEMENT
                                 ($ billions)

                                                    At       At        At
                      At September 30, 2003      Aug. 31,  Dec. 31,  Sept. 30,
                           (preliminary)            2003     2002      2002

                        Institutional
                 Retail  Investment  Private
                         Management  Client  Total  Total    Total    Total
    Equity
     Growth       $ 43        $ 72     $ 5   $120   $121     $109     $108
     Value          29          71      30    130    128       99       88
    Total Equity    72         143      35    250    249      208      196

    Fixed Income    70          80      12    162    160      156      152

    Passive          4          22       0     26     25       23       21

    Total         $146        $245     $47   $438   $434     $387     $369

CONFERENCE CALL INFORMATION RELATING TO THIRD QUARTER 2003 RESULTS

Alliance Capital's management will review third quarter 2003 financial and operating results on Thursday, October 30, 2003, during a conference call at 3:00 p.m. (New York Time) that will be hosted by Chairman Bruce W. Calvert; Vice Chairman and Chief Executive Officer Lewis A. Sanders; and President and Chief Operating Officer John D. Carifa.

Parties interested in listening to the conference call may access it by either telephone or webcast.

1. To listen by telephone, please dial 888-428-4480 in the U.S. or 651-291-5254 outside the U.S., ten minutes before the 3:00 p.m. (New York Time) scheduled start time. Please indicate access code "Alliance" when dialing in.



2. To listen by webcast, please visit Alliance Capital's Investor Relations website at http://ir.alliancecapital.com at least fifteen minutes prior to the call to download and install any necessary audio software.

The presentation slides that will be reviewed during the conference call are expected to be available on the morning of October 30, 2003 on Alliance Capital's website at the above web address.

A replay of the conference call will be made available for one week beginning at 6:30 p.m. (New York Time) October 30, 2003. In the U.S. please call 800-475-6701 or for callers outside the U.S. 320-365-3844, and provide the access code 700548. The replay will also be available via webcast on Alliance Capital's website for one week.

ABOUT ALLIANCE CAPITAL

Alliance Capital is a leading global investment management firm providing investment management services for many of the largest U.S. public and private employee benefit plans, foundations, public employee retirement funds, pension funds, endowments, banks, insurance companies and high-net-worth individuals worldwide. Alliance Capital is also one of the largest mutual fund sponsors, with a diverse family of globally distributed mutual fund portfolios. Through its Sanford C. Bernstein & Co., LLC subsidiary, Alliance provides in-depth research, portfolio strategy and trade execution to the institutional investment community.

At September 30, 2003, Alliance Holding owned approximately 30.9% of the Units of limited partnership interest in Alliance Capital. AXA Financial was the beneficial owner of approximately 55.1% of the outstanding Alliance Capital Units at September 30, 2003 (including those held indirectly through its ownership of 1.9% of the outstanding Alliance Holding Units), which, including the general partnership interests in Alliance Capital and Alliance Holding, represent an approximate 55.6% economic interest in Alliance Capital. AXA Financial, Inc. is a wholly owned subsidiary of AXA, one of the largest global financial services organizations. Additional information may be found at www.alliancecapital.com.

Forward-Looking Statements

Certain statements provided by Alliance Capital and Alliance Holding in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. The most significant of such factors include, but are not limited to, the following: the performance of financial markets, the investment performance of Alliance Capital's sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions, and government regulations, including changes in tax rates. Alliance Capital and Alliance Holding caution readers to carefully consider such factors. Further, such forward-looking statements speak only as of the date on which such statements are made; Alliance Capital and Alliance Holding undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.

SOURCE Alliance Capital

Investor Relations - Valerie Haertel, +1-212-969-6414,
investor_relations@acml.com, or Media - John Meyers, +1-212-969-2301,
john_meyers@acml.com, both of Alliance Capital