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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