Adjournment of Annual Stockholder Meeting Regarding Proposal Submitted to Stockholders

NEW YORK, Nov. 9 /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (the "Fund" -- NYSE: SNF) announced that the Annual Meeting held today to consider three Proposals has been adjourned until December 8, 2009 to allow additional time for the solicitation of proxies. Two of the three Proposals submitted to stockholders at the Annual Meeting were approved by stockholders. These Proposals were for the election of Directors ("Proposal 1") and the modification of the Fund's investment objective and reclassification of the objective as non-fundamental ("Proposal 2"). The third Proposal, which was not approved, related to the amendment or elimination of certain fundamental investment policies of the Fund ("Proposal 3").

The reconvened Annual Meeting will be held at 1345 Avenue of the Americas, 8th Floor, New York, New York, at 3:30 P.M., Eastern Time. Only stockholders of record on September 21, 2009 will be entitled to vote at the reconvened Annual Meeting. The change to the Fund's investment objective and a related change in its name to "The Ibero-America Fund, Inc.", which was approved by the Fund's Board of Directors, will not become effective unless the stockholders of the Fund approve the changes to the fundamental policies of the Fund submitted to stockholders in Proposal 3 at the upcoming reconvened Annual Meeting or any adjournment thereof.

The Fund is a closed-end U.S.-registered management investment company advised by AllianceBernstein L.P. with assets of approximately $71.41 million.