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                               ALLIANCEBERNSTEIN
                                  INVESTMENTS

                              THE SPAIN FUND, INC.

                           1345 Avenue of the Americas
                            New York, New York 10105


                                 REMINDER NOTICE
                         ANNUAL MEETING OF STOCKHOLDERS


                                                        October 15, 2009

To the Stockholders of The Spain Fund, Inc.:

We have previously  sent you proxy  materials  relating to the Annual Meeting of
Stockholders  (the  "Meeting")  of The Spain Fund,  Inc.  (the  "Fund")  that is
scheduled to be held on November 9, 2009.  As of October 15,  2009,  we have not
yet received your vote.

In order to save any additional costs of further proxy solicitation and to allow
the Meeting to be held as scheduled,  please vote your shares promptly.  We have
enclosed an additional proxy card.  Please indicate your voting  instructions on
the  enclosed  proxy  card,  sign and date it,  and  return  it in the  envelope
provided.  You may also submit your voting instructions by telephone or internet
as described on the enclosed proxy card.

The  Meeting is being  held for the  following  purposes,  all of which are more
fully described in the Proxy Statement dated September 22, 2009:

     1.   To elect three  Directors of the Fund for specified  terms,  each such
          Director  to hold  office  until his  successor  is duly  elected  and
          qualifies;

     2.   To approve a  proposed  change in the  Fund's  fundamental  investment
          objective and to reclassify the Fund's proposed  investment  objective
          as non-fundamental;

     3.   To approve  proposed  amendments to, or elimination of, certain of the
          Fund's fundamental investment restrictions; and

     4.   To  transact  such other  business  as may  properly  come  before the
          Meeting.


Thank you for your continued support.

Sincerely,


Robert M. Keith
President