EXHIBIT 15
INDEPENDENT ACCOUNTANTS' REVIEW REPORT
The General Partner and Unitholders
Alliance Capital Management Holding L.P.
We have reviewed the condensed consolidated statement of financial condition of
Alliance Capital Management Holding L.P. as of September 30, 2000, and the
related condensed consolidated statements of income, changes in partners'
capital and comprehensive income for the three-month and nine-month periods
ended September 30, 2000 and 1999, and the condensed consolidated statements of
cash flows for the nine-month periods ended September 30, 2000 and 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 Instititue 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
Management Holding L.P. as of December 31, 1999 and the related consolidated
statements of income, changes in partners' capital and comprehensive income and
cash flows for the year then ended (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.
New York, New York
October 27, 2000
