The Spain Fund Releases Monthly Portfolio Update NEW YORK, March 28 /PRNewswire-FirstCall/ -- The Spain Fund, Inc. [NYSE: SNF] (the "Fund") today released its monthly portfolio update as of February 28, 2005. The Spain Fund, Inc. Top 10 Equity Holdings Portfolio% 1) Telefonica Sa 14.04% 2) Banco Bilbao Vizcaya 11.33% 3) Banco Santander Central Hisp 9.18% 4) Inditex 7.35% 5) Repsol Sa 7.26% 6) Endesa Sa 4.26% 7) Banco Popular Esp 4.23% 8) Unidad Editorial Sa Series A P 3.53% 9) Indra Sistemas Sa 3.41% 10) Gestevision Telecinco S.a. 3.32% Sector/Industry Breakdown Portfolio% Finance: Banking - Money Center 20.53% Banking - Regional 4.23% Insurance 3.14% Utilities: Telephone Utility 14.04% Electric & Gas Utility 12.26% Consumer Services: Apparel 7.35% Broadcasting & Cable 7.29% Printing & Publishing 4.97% Retail - General Merchandise 2.08% Cellular Communications 1.73% Airlines 1.12% Energy 7.26% Capital Goods 5.08% Technology 3.41% Basic Industry 2.54% Consumer Staples 1.99% Multi Industry Companies 0.98% Total 100.00% Total Net Assets: $94.3 Million Net Asset Value: $10.83 Number of Holdings: 25 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 Alliance Capital Management L. P. DATASOURCE: The Spain Fund, Inc. CONTACT: The Spain Fund, Inc., Shareholder Contact, 1-800-221-5672 Web site: http://www.alliancecapital.com/

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