Court Postpones Date to Consider Fairness of Settlement of Lawsuits Against the Emerging Mexico Fund.

NEW YORK--(BUSINESS WIRE)--March 24, 1999--The Emerging Mexico Fund, Inc. (the "Fund") (NYSE: MEF) announced today that a federal judge has postponed the hearing to consider the fairness of the settlement to two class action lawsuits pending against the Fund and its Board of Directors until April 6, 1999 at 10:30 a.m. The hearing has been scheduled for March 26, but the judge is not available on that day for the hearing.

The Fund's special stockholders' meeting to be held for the purpose of voting on the proposed liquidation and dissolution of the Fund remains scheduled for March 30, 1999. The Fund's liquidation is subject to approval of the Fund's stockholders and court approval of the resolution of the lawsuits. If stockholders approve the Fund's liquidation at the meeting and the settlement of the claims is approved, the Fund's shares of common stock will cease to trade on the New York Stock Exchange shortly thereafter.

The Fund is a non-diversified, closed-end management investment company. The investment objective of the Fund is long-term capital appreciation through investment primarily in Mexican equity securities. Santander Management Inc. is the Fund's investment adviser and Gestion Santander Mexico, S.A. de C.V. serves as the Fund's sub-advisor in Mexico.