AMO Merrill Lynch

NEW YORK, May 29 /PRNewswire-FirstCall/ -- Alliance All-Market Advantage Fund, Inc. (NYSE:AMO), a registered closed-end investment company, today announced earnings for the second quarter ended March 31, 2007. Total net assets of the Fund on March 31, 2007 were $47,464,400 as compared with $48,397,899 on December 31, 2006 and $52,981,666 on March 31, 2006. On March 31, 2007 the net asset value per share was $12.84 based on 3,697,685 shares outstanding. March 31, 2007 December 31, 2006 March 31, 2006 Total Net Assets $47,464,400 $48,397,899 $52,981,666 NAV Per Share $12.84 $13.10 $14.39 Shares Outstanding 3,697,685 3,694,683 3,682,953 For the period January 1, 2007 through March 31, 2007, total net operating loss was $186,044 or $0.05 per share. The total net realized and unrealized gain was $424,209 or $0.12 per share for the same period. Second Quarter First Quarter Second Quarter Ended Ended Ended March 31, 2007 December 31, 2006 March 31, 2006 Total Net Investment Income (Loss) ($186,044) ($146,166) ($251,101) Per Share ($0.05) ($0.04) ($0.07) Total Net Realized/ Unrealized Gain $424,209 $2,311,830 $928,846 Per Share $0.12 $0.63 $0.25 Alliance All-Market Advantage Fund, Inc. is managed by AllianceBernstein L.P. DATASOURCE: Alliance All-Market Advantage Fund, Inc. CONTACT: Shareholder Contact, +1-800-221-5672 Web site: http://www.alliancebernstein.com/

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