NEW YORK, March 23 /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (NYSE: SNF) (the "Fund") today released its monthly portfolio update as of February 28, 2009. Top 10 Equity Holdings Portfolio % Country 1)Telefonica SA 23.31% Spain 2)Iberdrola SA 10.72% Spain 3)Banco Santander Central Hispano 8.84% Spain SA 4)Red Electrica Corp. SA 5.16% Spain 5)Banco Bilbao Vizcaya Argentaria 5.03% Spain SA 6)Repsol YPF SA 4.63% Spain 7)Enagas 4.25% Spain 8)Indra Sistemas SA 3.79% Spain 9)Grifols SA 3.37% Spain 10)ACS Actividades de Construccion 3.21% Spain y Servicios SA Sector/Industry Breakdown Portfolio % Utilities: Electric & Gas Utility 24.48% Miscellaneous 2.44% SUBTOTAL 26.92% Telecommunication Services: Diversified Telecommunication Services 23.31% Financials: Banking - Money Center 8.84% Finance: Banking - Money Center 5.03% Miscellaneous 3.80% SUBTOTAL 8.83% Capital Goods: Engineering & Construction 7.46% Energy: International 4.97% Miscellaneous 1.50% SUBTOTAL 6.47% Consumer Services: Cellular Communications 2.86% Miscellaneous 1.63% Apparel 1.18% SUBTOTAL 5.67% Technology: Computer Services 3.79% Consumer Staples: Food 3.78% Health Care: Miscellaneous 3.37% Basic Industry: Mining & Metals 1.56% Total 100.00% Security Type Breakdown Portfolio% Common Stocks: Foreign 100.00% Total 100.00% Country Breakdown Portfolio% Spain 97.14% Mexico 2.86% Total 100.00% Portfolio Statistics Total Net Assets: $44.5 Million Net Asset Value: $5.00 Number of Holdings: 26 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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