NEW YORK, April 29 /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (NYSE: SNF), a registered closed-end investment company, today announced earnings for the first quarter ended February 28, 2009. Total net assets of the Fund on February 28, 2009 were $44,539,488 compared with $52,449,747 on November 30, 2008 and $101,243,107 on February 29, 2008. On February 28, 2009 the net asset value per share was $5.00 based on 8,905,699 shares outstanding. February 28, 2009 November 30, 2008 February 29, 2008 ----------------- ----------------- ----------------- Total Net Assets $44,539,488 $52,449,747 $101,243,107 NAV Per Share $5.00 $5.89 $11.39 Shares Outstanding 8,905,699 8,905,699 8,892,662 For the period December 1, 2008 through February 28, 2009, total net investment income was $287,363 or $0.03 per share. The total net realized and unrealized loss was $6,389,765 or $0.72 per share for the same period. First Quarter Fourth Quarter First Quarter Ended Ended Ended February 28, 2009 November 30, 2008 February 29, 2008 ----------------- ----------------- ----------------- Total Net Investment Income $287,363 $214,887 $151,184 Per Share $0.03 $0.02 $0.02 Total Net Realized/ Unrealized Loss ($6,389,765) ($30,938,756) ($13,582,083) Per Share ($0.72) ($3.47) ($1.52) 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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