The Spain Fund, Inc. Reports Fourth Quarter Earnings

NEW YORK, Jan. 29  /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (NYSE: SNF), a registered closed-end investment company, today announced earnings for the fourth quarter ended November 30, 2008.

Total net assets of the Fund on November 30, 2008 were $52,449,747, as compared with $85,524,720 on August 31, 2008 and $135,680,568 on November 30, 2007. On November 30, 2008 the net asset value per share was $5.89 based on 8,905,699 shares outstanding.

                         November 30,        August 31,     November 30,
                                2008              2008              2007
                         -----------         ---------      ------------

  Total Net Assets       $52,449,747       $85,524,720      $135,680,568
  NAV Per Share                $5.89             $9.60            $15.40
  Shares Outstanding       8,905,699         8,905,699         8,809,280



For the period September 1, 2008 through November 30, 2008, total net investment income was $214,887 or $0.02 per share. The total net realized and unrealized loss was $30,938,756 or $3.47 per share for the same period.

                      Fourth Quarter       Third Quarter      Fourth Quarter
                               Ended               Ended               Ended
                   November 30, 2008     August 31, 2008   November 30, 2007
                   -----------------     ---------------   -----------------

  Total Net Investment
    Income                  $214,887            $654,215            $221,690
  Per Share                    $0.02               $0.07               $0.03

  Total Net Realized/
    Unrealized
     Gain/(Loss)       ($30,938,756)       ($18,811,485)         $18,379,265
  Per Share                  ($3.47)             ($2.11)               $2.09


  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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