Alliance World Dollar Government Fund Releases Monthly Portfolio Update NEW YORK, Jan. 21 /PRNewswire-FirstCall/ -- Alliance World Dollar Government Fund, Inc. [NYSE: AWG] (the "Fund") today released its monthly portfolio update as of December 31, 2004. Alliance World Dollar Government Fund, Inc. Top 10 Fixed-Income Holdings Portfolio% 1) Russian Federation - Reg S Iss 5.00% (03/31/30) 10.58% 2) Brazil (Republic of) 11.00% (08/17/40) 6.71% 3) Brazil (Republic) C Bonds Int 8.00% (04/15/14) 5.59% 4) United Mexican States 8.13% (12/30/19) 5.40% 5) United Mexican States 8.00% (09/24/22) 5.34% 6) Venezuela (Republic of) 9.25% (09/15/27) 4.13% 7) United Mexican States 9.88% (02/01/10) 3.47% 8) Brazil (Republic of) 12.75% (01/15/20) 2.70% 9) Russia (Ministry of Finance) 3.00% (05/14/08) 2.51% 10) Ecuador (Republic) - Reg S 8.00% (08/15/30) 2.37% Security Type Portfolio% Sovereign 88.61% Brady Bonds 1.50% Loan Part./Loan Assign. 0.45% Short-term: Time Deposit 9.44% Total 100.00% Holdings by Issuer Country Portfolio% Brazil 19.55% Mexico 17.64% Russia 15.33% United States 9.44% Venezuela 5.75% Turkey 4.77% Argentina 4.23% Ukraine 3.94% Philippines 3.56% Ecuador 3.36% Colombia 2.80% Peru 2.77% Panama 2.28% Uruguay 1.03% Indonesia 0.95% Bulgaria 0.87% El Salvador 0.69% Jamaica 0.59% Morocco 0.45% Total 100.00% Percentage of Leverage: Bank Loans: 0% Investment Operations: 13.82%* Preferred Stock: 0% Total: 13.82% Avg. Maturity: 13.64 Years Duration: 5.96 Years Total Net Assets: $124.4 Million Net Asset Value: $13.98 Number of Holdings: 66 * Investment Operations may include the use of certain portfolio management techniques such as credit default swaps, dollar rolls, negative cash, reverse repurchase agreements and when-issued securities. The foregoing portfolio characteristics are as of the date indicated and can be expected to change. The Fund is a closed-end U.S.-registered management investment company advised by Alliance Capital Management L. P. DATASOURCE: Alliance World Dollar Government Fund, Inc. CONTACT: Shareholder Contact for Alliance World Dollar Government Fund, 1-800-221-5672 Web site: http://www.alliancecapital.com/

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