NEW YORK, Dec. 30 /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (NYSE: SNF) (the "Fund") today released its monthly portfolio update as of November 30, 2009. Top 10 Equity Holdings Portfolio % Sector 1)Telefonica SA 21.71% Telecommunication Services 2)Banco Santander Central Hispano SA 15.02% Financials 3)Banco Bilbao Vizcaya Argentaria SA 7.98% Financials 4)Repsol YPF SA 4.92% Energy 5)Iberdrola SA 4.81% Utilities 6)America Movil SAB de CV Series L 4.07% Telecommunication Services 7)Inditex SA 3.65% Consumer Discretionary 8)Enagas 3.61% Utilities 9)Abertis Infraestructuras S 2.61% Industrials 10)Corporacion Financiera Alba 2.54% Financials Sector/Industry Breakdown Portfolio % Financials: Commercial Banks 25.43% Diversified Financial Services 5.72% Insurance 2.35% Consumer Finance 0.87% SUBTOTAL 34.37% Telecommunication Services: Diversified Telecommunication Services 21.71% Wireless Telecommunication Services 4.07% SUBTOTAL 25.78% Utilities: Electric Utilities 5.56% Gas Utilities 4.60% Independent Power Producers & Energy 1.01% Traders SUBTOTAL 11.17% Industrials: Transportation Infrastructure 3.76% Construction & Engineering 3.11% Commercial Services & Supplies 1.73% Electrical Equipment 1.30% Airlines 0.49% Machinery 0.42% SUBTOTAL 10.81% Energy: Oil, Gas & Consumable Fuels 4.92% Energy Equipment & Services 1.64% SUBTOTAL 6.56% Consumer Discretionary: Specialty Retail 3.65% Hotels, Restaurants & Leisure 0.46 Household Durables 0.45% SUBTOTAL 4.56% Information Technology: IT Services 2.48% Communications Equipment 0.86% SUBTOTAL 3.34% Consumer Staples: Food Products 2.51% Materials: Metals & Mining 0.87% Short-Term Investments 0.03% Total 100.00% Security Type Breakdown Portfolio% Common Stocks: Foreign 99.82% Rights: Foreign 0.15% Short-Term Investments 0.03% Total 100.00% Country Breakdown Portfolio% Spain 90.00% Mexico 5.39% Portugal 3.18% Brazil 1.40% Short-Term 0.03% Total 100.00% Portfolio Statistics Total Net Assets: $72.8 Million Net Asset Value: $8.18 Number of Holdings: 39 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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