AMO Merrill Lynch

NEW YORK, March 1 /PRNewswire-FirstCall/ -- Alliance All-Market Advantage Fund, Inc. (NYSE:AMO), a registered closed-end investment company, today announced earnings for the first quarter ended December 31, 2006. Total net assets of the Fund on December 31, 2006 were $48,397,899, as compared with $47,369,363 on September 30, 2006 and $53,644,516 on December 31, 2005. On December 31, 2006 the net asset value per share was $13.10 based on 3,694,683 shares outstanding. December 31, 2006 September 30, 2006 December 31, 2005 Total Net Assets $48,397,899 $47,369,363 $53,644,516 NAV Per Share $13.10 $12.83 $14.57 Shares Outstanding 3,694,683 3,691,364 3,682,953 For the period October 1, 2006 through December 31, 2006, total net operating loss was $146,166 or $0.04 per share. The total net realized and unrealized gain was $2,311,830 or $0.63 per share for the same period. First Quarter Fourth Quarter First Quarter Ended Ended Ended December 31, 2006 September 30, 2006 December 31, 2005 Total Net Investment Income (Loss) ($146,166) ($132,751) ($232,222) Per Share ($0.04) ($0.04) ($0.06) Total Net Realized/ Unrealized Gain/(Loss) $2,311,830 $1,093,583 $3,390,780 Per Share $0.63 $0.30 $0.92 Alliance All-Market Advantage Fund, Inc. is managed by AllianceBernstein L.P. Shareholder Contact: 1-800-221-5672 DATASOURCE: Alliance All-Market Advantage Fund, Inc. CONTACT: Shareholder, 1-800-221-5672 Web site: http://www.alliancebernstein.com/

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