EXHIBIT 15
INDEPENDENT ACCOUNTANT'S REVIEW REPORT
The General Partner and Unitholders
Alliance Capital Management L.P.:
We have reviewed the condensed consolidated statement of financial condition of
Alliance Capital Management L.P. and subsidiaries ("Alliance Capital") as of
June 30, 2000, and the related condensed consolidated statements of income,
changes in partners' capital and comprehensive income for the three-month and
six-month periods ended June 30, 2000 and the condensed consolidated statements
of cash flows for the six-month period ended June 30, 2000. We have also
reviewed the condensed consolidated statements of income, changes in partners'
capital and comprehensive income for the the three-month and six-month periods
ended June 30, 1999 and the condensed consolidated statements of cash flows of
Alliance Capital Management Holding L.P. ("Alliance Holding"), the predecessor
to Alliance Capital, for the six-month period ended June 30, 1999. These
condensed consolidated financial statements are the responsibility of the
management of Alliance Capital Management Corporation, the General Partner.
We conducted our reviews in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures to
financial data and making inquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with generally accepted auditing standards, the objective of which is
the expression of an opinion regarding the financial statements taken as a
whole. Accordingly, we do not express such an opinion.
Based on our reviews, we are not aware of any material modifications that should
be made to the condensed consolidated financial statements referred to above for
them to be in conformity with generally accepted accounting principles.
We have previously audited, in accordance with generally accepted auditing
standards, the consolidated statement of financial condition of Alliance Capital
as of December 31, 1999 and the related consolidated statements of income,
changes in partners' capital and comprehensive income and cash flows of Alliance
Capital for the two-month period ended December 31, 1999 and Alliance Holding
for the ten-month period ended October 29,1999 (not presented herein); and in
our report dated February 2, 2000, we expressed an unqualified opinion on those
consolidated financial statements. In our opinion, the information set forth in
the accompanying condensed consolidated statement of financial condition as of
December 31, 1999, is fairly stated, in all material respects, in relation to
the consolidated statement of financial condition from which it has been
derived.
July 26, 2000
