The Spain Fund, Inc. Reports Third Quarter Earnings

NEW YORK, Oct. 30  /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (NYSE: SNF), a registered closed-end investment company, today announced earnings for the third quarter ended August 31, 2008.

Total net assets of the Fund on August 31, 2008 were $85,524,720, as compared with $106,273,548 on May 31, 2008 and $119,989,243 on August 31, 2007.  On August 31, 2008, the net asset value per share was $9.60 based on 8,905,699 shares outstanding.

                     August 31, 2008 May 31, 2008 August 31, 2007
                     --------------- ------------ ---------------

  Total Net Assets       $85,524,720 $106,273,548    $119,989,243
  NAV Per Share                $9.60       $11.93          $13.64
  Shares Outstanding       8,905,699    8,905,700       8,798,340





For the period June 1, 2008 through August 31, 2008, total net investment income was $654,215 or $0.07 per share.  The total net realized and unrealized loss was $(18,811,485) or $(2.11) per share for the same period.

                            Third Quarter   Second Quarter   Third Quarter
                                Ended           Ended           Ended
                           August 31, 2008   May 31, 2008  August 31, 2007
                           ---------------   ------------  ---------------

  Total Net Investment Income     $654,215        $502,047        $529,579
  Per Share                          $0.07           $0.05           $0.06
  Total Net Realized /
   Unrealized Gain (Loss)     ($18,811,485)     $7,118,255     ($5,892,501)
  Per Share                         ($2.11)          $0.80          ($0.67)



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


DATASOURCE: The Spain Fund, Inc.



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

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