The Spain Fund, Inc. Reports First Quarter Earnings

NEW YORK, April 29  /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (NYSE: SNF), a registered closed-end investment company, today announced earnings for the first quarter ended February 28, 2009.

Total net assets of the Fund on February 28, 2009 were $44,539,488 compared with $52,449,747 on November 30, 2008 and $101,243,107 on February 29, 2008.  On February 28, 2009 the net asset value per share was $5.00 based on 8,905,699 shares outstanding.

                     February 28, 2009 November 30, 2008  February 29, 2008
                     ----------------- -----------------  -----------------
  Total Net Assets         $44,539,488       $52,449,747      $101,243,107
  NAV Per Share                  $5.00             $5.89            $11.39
  Shares Outstanding         8,905,699         8,905,699         8,892,662





For the period December 1, 2008 through February 28, 2009, total net investment income was $287,363 or $0.03 per share.  The total net realized and unrealized loss was $6,389,765 or $0.72 per share for the same period.

                         First Quarter    Fourth  Quarter     First Quarter
                                 Ended              Ended             Ended
                     February 28, 2009  November 30, 2008 February 29, 2008
                     -----------------  ----------------- -----------------
  Total Net Investment
   Income                     $287,363           $214,887         $151,184
  Per Share                      $0.03              $0.02            $0.02

  Total Net Realized/
   Unrealized Loss         ($6,389,765)      ($30,938,756)    ($13,582,083)
  Per Share                     ($0.72)            ($3.47)          ($1.52)

  The Spain Fund, Inc. is managed by AllianceBernstein L.P.


DATASOURCE: The Spain Fund, Inc.



CONTACT:  Shareholder Contact, 1-800-221-5672

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