NEW YORK, Oct. 16 /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (NYSE: SNF) (the "Fund") today released its monthly portfolio update as of September 30, 2008. Top 10 Equity Holdings Portfolio% Country 1)Telefonica SA 19.08% Spain 2)Banco Santander Central Hispano SA 14.64% Spain 3)Iberdrola SA 14.04% Spain 4)Banco Bilbao Vizcaya Argentaria SA 6.81% Spain 5)Repsol YPF SA 5.66% Spain 6)Enagas 4.97% Spain 7)Indra Sistemas SA 4.85% Spain 8)America Movil SAB de CV Series L 4.84% Mexico 9)RED ELECTRICA Corp. SA 4.63% Spain 10)Gamesa Corp. Tecnologica SA 3.30% Spain Sector/Industry Breakdown Portfolio% Utilities: Electric & Gas Utility 24.65% Telephone Utility 19.08% SUBTOTAL 43.73% Finance: Banking - Money Center 21.45% Miscellaneous 2.57% Insurance 1.05% SUBTOTAL 25.07% Energy: International 5.66% Miscellaneous 3.30% SUBTOTAL 8.96% Consumer Services: Cellular Communications 4.83% Miscellaneous 1.07% SUBTOTAL 5.90% Capital Goods: Engineering & Construction 5.62% Technology: Computer Services 4.86% Health Care: Miscellaneous 2.84% Basic Industry: Mining & Metals 2.42% Consumer Staples: Food 0.60% Total 100.00% Security Type Breakdown Portfolio% Foreign Equity 100.00% Total 100.00% Country Breakdown Portfolio% Spain 94.16% Mexico 4.83% Portugal 1.01% Total 100.00% Portfolio Statistics Total Net Assets: $72.1 Million Net Asset Value: $8.10 Number of Holdings: 22 The foregoing portfolio characteristics are as of the date indicated and can be expected to change. The Fund is a closed-end U.S.-registered management investment company advised by AllianceBernstein L. P. DATASOURCE: The Spain Fund, Inc. CONTACT: The Spain Fund, Inc. Shareholder Contact, 1-800-221-5672

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