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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