Alliancebernstein 8-K Financial statements and exhibits

Exhibit 99.10

NEWS RELEASE

(REVISED)

FOR IMMEDIATE RELEASE

Contacts:	Valerie Haertel (Investor Relations)	John Meyers (Media)
	(212) 969-6414	(212) 969-2301
	investor_relations@acml.com	john_meyers@acml.com

ALLIANCE CAPITAL ANNOUNCES FIRST QUARTER 2003 RESULTS

Alliance Capital Management Holding L.P. Announces GAAP Net Income of $0.37 per Unit
and Declares a $0.37 per Unit Cash Distribution

Providing Guidance for Net Income per Unit

New York, NY, April 29, 2003 – Alliance Capital Management Holding L.P. (“Alliance Holding”) (NYSE: AC), the publicly traded partnership, and Alliance Capital Management L.P. (“Alliance Capital”), the Operating Partnership, today reported results for the quarter ended March 31, 2003.

Historically, in addition to GAAP net income, Alliance Capital and Alliance Holding have reported Net Operating Earnings (net income excluding amortization of goodwill and intangible assets).  Since the difference between these measurements has narrowed (to approximately $0.08 per Unit annually), management has elected to report GAAP net income exclusively.

Alliance Holding (The Publicly Traded Partnership):

•Distribution per Alliance Holding Unit will be $0.37 compared to $0.59 per Unit in the year ago quarter.  The distribution is payable on May 22, 2003 to record holders of Alliance Holding Units at the close of business on May 9, 2003.

•Diluted net income per Unit was $0.37, a decline of 36.2% from $0.58 per Unit. (Net Operating Earnings, which is the basis for current analyst consensus estimates, would have been $0.39 per Unit for the quarter.)

Alliance Capital (The Operating Partnership):

•Assets Under Management (AUM) at March 31, 2003 were $386 billion, down 14.6% from March 31, 2002, primarily as a result of market depreciation.

•Average AUM were $384 billion, a decrease of 14.2% as compared to $448 billion in the year ago quarter.

•Net asset inflows were $4.1 billion for the quarter.  However, net asset outflows totaled $5.3 billion on a trailing twelve-month basis.

•Revenues declined 16.4% to $602.6 million, the result of lower average AUM and a 19.4% drop in Institutional Research Services revenues.

•Operating expenses for the quarter were $482 million, a decrease of 10.5%.

•Net income was $109 million compared to $168 million in the year ago quarter.

•Pre-tax margin was 22.9% compared to 29.9% in the first quarter of 2002. (GAAP pre-tax margin was 19.1% compared to 24.5% in the first quarter of 2002. Pre-tax margin is presented as a non-GAAP financial measure. Please see table entitled “Analysis of Pre-tax Margin,” which includes a reconciliation to GAAP pre-tax margin not provided in the press release originally issued.)

SUMMARY FINANCIAL RESULTS OF ALLIANCE CAPITAL MANAGEMENT L.P.
(THE OPERATING PARTNERSHIP)
(millions)

	Three Months Ended				% Change
	3/31/03		3/31/02
Revenues	$	603	$	721	(16.4	)
Expenses:
Operating Expenses	483		539		(10.5	)
Amortization of Intangible Assets	5		5		—
	488		544		(10.4	)
Income Taxes	6		9		(31.6	)
NET INCOME	$	109	$	168	(35.0	)
Base Fee Earnings	$	106	$	164	(35.2	)
Performance Fee Earnings	3		4		(27.1	)
NET INCOME	$	109	$	168	(35.0	)

GUIDANCE

“Year-over-year comparisons were difficult in the first quarter, but consistent with our recent guidance for calendar year 2003 (net operating earnings of $1.80-$1.90 per Unit; GAAP net income of $1.72-$1.82 per Unit).  Based on recent trends, it appears that earnings will be above the high end of the range,” said Bruce W. Calvert, Chairman and Chief Executive Officer.

CONFERENCE CALL INFORMATION RELATING TO FIRST QUARTER 2003 RESULTS

Alliance Capital’s management will review first quarter 2003 financial and operating results on Tuesday, April 29, 2003, during a conference call at 3:00 p.m. (New York Time) that will be hosted by Chairman and Chief Executive Officer Bruce W. Calvert; President and Chief Operating Officer John D. Carifa; and Vice Chairman and Chief Investment Officer Lewis A. Sanders.

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

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1.To listen by telephone, please dial 888-428-4479 in the U.S. or 612-332-7517 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 April 29, 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) April 29, 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 680945.  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. As one of the world’s leading global investment management organizations, Alliance Capital is able to compete for virtually any portfolio assignment in any developed capital market in the world.

Alliance Holding owns approximately 30.7% of the units of limited partnership interest in Alliance Capital. AXA Financial, Inc. owns approximately 1.9% of the outstanding Alliance Holding Units and approximately 54.7% of the outstanding Alliance Capital Units, which, including the general partnership interests in Alliance Capital and Alliance Holding, represent an approximate 55.7% 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

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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.

- 6 Pages of Tables to Follow -

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ALLIANCE CAPITAL MANAGEMENT HOLDING L.P.

(THE PUBLICLY TRADED PARTNERSHIP)

SUMMARY STATEMENTS OF INCOME

(unaudited, in thousands except per Unit amounts)

	Three Months Ended
	3/31/03		3/31/02
Equity in Earnings of Operating Partnership	$	33,146	$	50,216
Income Taxes	4,802		5,493
NET INCOME	$	28,344	$	44,723
Additional Equity in Earnings of Operating Partnership (1)	548		1,893
NET INCOME – Diluted (2)	$	28,892	$	46,616
DILUTED NET INCOME PER UNIT	$	0.37	$	0.58
Base Fee Earnings per Unit	0.36		$	0.57
Performance Fee Earnings per Unit	0.01		0.01
DILUTED NET INCOME PER UNIT	$	0.37	$	0.58
DISTRIBUTIONS PER UNIT	$	0.37	$	0.59

(1)To reflect higher ownership in the Operating Partnership resulting from application of the treasury stock method to outstanding options.

(2)For calculation of Diluted Net Income per Unit.

RECONCILIATION

NET OPERATING EARNINGS FROM NET INCOME

(unaudited, in thousands except per Unit amounts)

	Three Months Ended
	3/31/03		3/31/02
ALLIANCE CAPITAL
Net Income	$	109,061	$	167,888
Amortization of Intangible Assets	5,175		5,175
NET OPERATING EARNINGS	$	114,236	$	173,063
ALLIANCE HOLDING
Diluted Net Income Per Unit	$	0.37	$	0.58
Amortization of Intangible Assets Per Unit	0.02		0.02
NET OPERATING EARNINGS PER UNIT	$	0.39	$	0.60

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ALLIANCE CAPITAL MANAGEMENT L.P.

(THE OPERATING PARTNERSHIP)

SUMMARY CONSOLIDATED STATEMENTS OF INCOME

(unaudited, in thousands)

	Three Months Ended
	3/31/03		3/31/02
Revenues:
Investment Advisory & Services Fees	$	412,281	$	486,283
Distribution Revenues	100,024		129,179
Institutional Research Services	57,885		71,810
Shareholder Servicing Fees	23,857		24,624
Other Revenues, Net	8,567		8,627
	602,614		720,523
Expenses:
Employee Compensation & Benefits	218,169		237,282
Promotion & Servicing:
Distribution Plan Payments	89,077		105,320
Amortization of Deferred Sales Commissions	53,019		57,002
Other	36,540		51,204
General & Administrative	79,181		80,603
Interest	6,349		7,212
Amortization of Intangible Assets	5,175		5,175
	487,510		543,798
Income Before Income Taxes	115,104		176,725
Income Taxes	6,043		8,837
NET INCOME	$	109,061	$	167,888
Base Fee Earnings	106,207		163,975
Performance Fee Earnings	2,854		3,913
NET INCOME	$	109,061	$	167,888

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ALLIANCE CAPITAL MANAGEMENT L.P.

(THE OPERATING PARTNERSHIP)

ANALYSIS OF PRE-TAX MARGIN (1)

($ thousands)

	Three Months Ended
	3/31/03			3/31/02
Total Revenues	$	602,614		$	720,523
Less:  Distribution Revenues	(100,024		)	(129,179		)
Net Revenues	502,590			591,344
Total Expenses	487,510			543,798
Less:  Distribution Revenues	(100,024		)	(129,179		)
Net Expenses	387,486			414,619
Pre-tax Income	$	115,104		$	176,725
Pre-tax Margin (GAAP) (2)	19.1		%	24.5		%
Adjustment (3)	3.8			5.4
Pre-tax Margin (Non-GAAP) (4)	22.9		%	29.9		%

(1)Pre-tax margin is presented as a non-GAAP financial measure and the table provides a reconciliation to GAAP (a percentage reconciliation was not provided in the press release as originally issued.)

(2)Pre-tax income as a percentage of total revenues.

(3)Amount of difference between GAAP and non-GAAP pre-tax margin resulting from reducing total revenues and total expenses by the amount of distribution revenues, which revenues represent a partial reimbursement of distribution expenses. Management believes this presentation provides a measure of financial performance that is more comparable to other asset management companies.

(4)Pre-tax income as a percentage of net revenues.

ALLIANCE CAPITAL AND ALLIANCE HOLDING

UNITS OUTSTANDING AND WEIGHTED AVERAGE UNITS

MARCH 31, 2003

(in thousands)

		Weighted Average Three Months
	Period End	Basic	Diluted
Alliance Capital	250,320	250,196	252,365
Alliance Holding	76,926	76,802	78,971

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ALLIANCE CAPITAL MANAGEMENT L.P.

(THE OPERATING PARTNERSHIP)

ASSETS UNDER MANAGEMENT

THREE MONTHS ENDED MARCH 31, 2003

($ millions)

	Retail			Institutional Investment Management			Private Client			Total
Beginning of Period	$	135,896		$	210,990		$	39,693		$	386,579
Sales/new accounts	6,289			6,401			1,667			14,357
Redemptions/terminations	(6,509		)	(3,343		)	(654		)	(10,506		)
Net cash management sales	(398		)	—			—			(398		)
Cash flow	(237		)	1,266			(101		)	928
Unreinvested dividends	(211		)	—			(38		)	(249		)
Net asset inflows/(outflows)	(1,066		)	4,324			874			4,132
Depreciation	(819		)	(2,819		)	(775		)	(4,413		)
Net change	(1,885		)	1,505			99			(281		)
End of Period	$	134,011		$	212,495		$	39,792		$	386,298

ALLIANCE CAPITAL MANAGEMENT L.P.

(THE OPERATING PARTNERSHIP)

ASSETS UNDER MANAGEMENT

TWELVE MONTHS ENDED MARCH 31, 2003

($ millions)

	Retail			Institutional Investment Management			Private Client			Total
Beginning of Period	$	169,455		$	242,097		$	40,644		$	452,196
Sales/new accounts	24,870			20,529			6,811			52,210
Redemptions/terminations	(30,538		)	(16,799		)	(2,272		)	(49,609		)
Net cash management sales	(5,034		)	—			—			(5,034		)
Cash flow	(2,110		)	811			(484		)	(1,783		)
Unreinvested dividends	(908		)	—			(161		)	(1,069		)
Net asset inflows/(outflows)	(13,720		)	4,541			3,894			(5,285		)
Transfers	514			(514		)	—			—
Depreciation	(22,238		)	(33,629		)	(4,746		)	(60,613		)
Net change	(35,444		)	(29,602		)	(852		)	(65,898		)
End of Period	$	134,011		$	212,495		$	39,792		$	386,298

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ALLIANCE CAPITAL MANAGEMENT L.P.

(THE OPERATING PARTNERSHIP)

ASSETS UNDER MANAGEMENT

($ millions)

	Three Months Ended
	3/31/03		3/31/02
Average Assets Under Management	$	384,217	$	447,969
Ending Assets Under Management	$	386,298	$	452,196

ALLIANCE CAPITAL MANAGEMENT L.P.

(THE OPERATING PARTNERSHIP)

ASSETS UNDER MANAGEMENT

BY INVESTMENT ORIENTATION

AT MARCH 31, 2003

($ millions)

	Retail		Institutional Investment Management		Private Client		Total
Equity
Growth
U.S. Growth	$	29,290	$	51,900	$	3,949	$	85,139
Global & International Growth	7,306		10,995		223		18,524
	36,596		62,895		4,172		103,663
Value
U.S. Value	19,203		34,444		19,108		72,755
Global & International Value	3,200		15,994		5,334		24,528
	22,403		50,438		24,442		97,283
Total Equity	58,999		113,333		28,614		200,946
Fixed Income
U.S.	56,336		60,228		11,042		127,606
Global & International	15,789		20,047		69		35,905
	72,125		80,275		11,111		163,511
Passive
U.S.	2,799		14,726		67		17,592
Global & International	88		4,161		—		4,249
	2,887		18,887		67		21,841
Total
U.S.	107,628		161,298		34,166		303,092
Global & International	26,383		51,197		5,626		83,206
	$	134,011	$	212,495	$	39,792	$	386,298

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ALLIANCE CAPITAL MANAGEMENT L.P.

(THE OPERATING PARTNERSHIP)

ASSETS UNDER MANAGEMENT

BY INVESTMENT VEHICLE

AT MARCH 31, 2003

($ millions)

	Retail		Institutional Investment Management		Private Client		Total
Separately Managed Accounts
Parent	$	—	$	41,483	$	—	$	41,483
Other (1)	6,267		167,717		27,622		201,606
	6,267		209,200		27,622		243,089
Mutual Funds
Parent (2)	21,325		9		—		21,334
Other	106,419		3,286		12,170		121,875
	127,744		3,295		12,170		143,209
Total	$	134,011	$	212,495	$	39,792	$	386,298

(1)Retail separately managed accounts represent assets managed in managed account products.

(2)Parent includes certain mutual funds sponsored by Alliance Capital’s parent and sub-advised by Alliance Capital.

ALLIANCE CAPITAL MANAGEMENT L.P.

(THE OPERATING PARTNERSHIP)

ASSETS UNDER MANAGEMENT

BY LOCATION (1)

AT MARCH 31, 2003

($ millions)

	Retail		Institutional Investment Management		Private Client		Total
U.S. Clients	$	118,682	$	162,870	$	38,829	$	320,381
International Clients (non-U.S.)	15,329		49,625		963		65,917
	$	134,011	$	212,495	$	39,792	$	386,298

(1)Categorized by country domicile of client.

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