NEW YORK, Sept. 24 /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (NYSE: SNF) (the "Fund") today released its monthly portfolio update as of August 31, 2008. Top 10 Equity Holdings Portfolio% Country 1) Telefonica SA 17.21% Spain 2) Banco Santander Central Hispano SA 14.41% Spain 3) Iberdrola SA 12.87% Spain 4) Banco Bilbao Vizcaya Argentaria SA 6.16% Spain 5) Enagas 5.09% Spain 6) Indra Sistemas SA 4.93% Spain 7) Repsol YPF SA 4.71% Spain 8) RED ELECTRICA Corp. SA 4.66% Spain 9) America Movil SAB de CV Series L 4.65% Mexico 10) Gamesa Corp. Tecnologica SA 3.96% Spain Sector/Industry Breakdown Portfolio% Utilities Electric & Gas Utility 25.62% Telephone Utility 17.21% SUBTOTAL 42.83% Finance Banking - Money Center 20.57% Miscellaneous 2.30% Insurance 1.23% SUBTOTAL 24.10% Energy International 4.71% Miscellaneous 3.96% SUBTOTAL 8.67% Capital Goods Engineering & Construction 6.97% Consumer Services Cellular Communications 4.65% Miscellaneous 1.06% SUBTOTAL 5.71% Technology Computer Services 4.93% Health Care Miscellaneous 2.86% Drugs 0.53% SUBTOTAL 3.39% Basic Industry Mining & Metals 2.83% Consumer Staples Food 0.57% Total 100.00% Security Type Breakdown Portfolio% Foreign Equity 100.00% Total 100.00% Country Breakdown Portfolio% Spain 94.29% Mexico 4.65% Portugal 1.06% Total 100.00% Portfolio Statistics Total Net Assets: $85.5 Million Net Asset Value: $9.60 Number of Holdings: 23 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: Shareholder Contact, 1-800-221-5672

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