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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