The Spain Fund, Inc. Reports Fourth Quarter Earnings

NEW YORK, Jan. 27  /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (NYSE: SNF), a registered closed-end investment company, today announced earnings for the fourth quarter ended November 30, 2005.

Total net assets of the Fund on November 30, 2005 were $88,399,294, as compared with $88,896,341 on August 31, 2005 and $87,798,860 on November 30, 2004.  On November 30, 2005 the net asset value per share was $10.12 based on 8,731,309 shares outstanding.

                     November 30, 2005   August 31, 2005   November 30, 2004

  Total Net Assets         $88,399,294       $88,896,341         $87,798,860
  NAV Per Share                 $10.12            $10.19              $10.09
  Shares                     8,731,309         8,722,953           8,698,682
  Outstanding



For the period September 1, 2005 through November 30, 2005, total net investment income was $600,850 or $0.07 per share.  The total net realized and unrealized gain was $914,222 or $0.10 per share for the same period.

                      Fourth Quarter      Third Quarter     Fourth Quarter
                               Ended              Ended              Ended
                         November 30,         August 31,       November 30,
                                2005               2005               2004

  Total Net Investment      $600,850           $368,618            $43,861
  Income Per Share             $0.07              $0.04              $0.01

  Total Net Realized/
   Unrealized Gain          $914,222         $4,714,349        $14,511,003
  Per Share                    $0.10              $0.54              $1.67


  The Spain Fund, Inc. is managed by Alliance Capital Management L.P.


DATASOURCE: The Spain Fund, Inc.



CONTACT:  Shareholder Contact for The Spain Fund, Inc., 1-800-221-5672

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