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THE EMERGING MEXICO FUND, INC. REPORTS EARNINGS

 NEW YORK, March 1 /PRNewswire/ -- The Emerging Mexico Fund, Inc. (NYSE: MEF), is a closed-end, non-diversified management investment company seeking long-term capital appreciation through investments primarily in equity securities of Mexican companies. Today, the fund announced its performance for the quarter and six months ended Dec. 31, 1992.
 During the quarter ended Dec. 31, 1992, the fund had a net realized and unrealized gain of $24,906,808 ($1,971,195 in net realized losses and $26,878,003 in net unrealized gains), or $4.97 per share. Net investment income for the period was $457,392 equal to $0.09 per share. For the quarter ended Dec. 31, 1991, the fund had a net realized and unrealized gain of $9,989,546, or $1.99 per share with net investment income of $116,811, or $0.02 per share.
 During the six months ended Dec. 31, 1992, the fund had a net realized and unrealized gain of $9,958,328 ($44,596 in net realized gains and $9,913,732 in net unrealized gains), or $1.99 per share. Net investment income for the period was $563,392 equal to $0.11 per share. For the six months ended Dec. 31, 1991, the fund had a net realized and unrealized gain of $19,299,783, or $3.85 per share with net investment income of $191,831, or $0.03 per share.
 On Dec. 31, 1992, total net assets of the fund were $85,867,967, and the net asset value per share was $17.14 based on 5,009,000 shares outstanding. After adjusting for the $4.90 per share dividend and capital gain distribution paid to shareholders in January 1993, the fund's net asset value per share increased 29.8 percent and 10.5 percent from the net asset values per share of $16.98 and $19.94 at Sept. 30, 1992 and June 30, 1992, respectively. After further adjustments for the per share dividend and capital gain distributions of $0.312 and $2.723 that were paid to shareholders in January 1991 and 1992, respectively, the fund's net asset value per share has increased 124.7 percent from the net asset value of $11.16 on Oct. 11, 1990, the fund's commencement of investment operations.
 Of the fund's $85.9 million in net assets, 105.0 percent was invested in Mexican equity securities and 23.5 percent in short-term Mexican government obligations. Liabilities in excess of other assets accounted for the remaining -28.5 percent of total net assets.
 The fund's equity investments at Dec. 31, 1992 were in the following industries: Retail (24.2 percent of net assets); Financial Services (18.6 percent); Construction (18.2 percent); Communications (15.6 percent); Food, Beverages, Tobacco (11.6 percent); Industrial Conglomerates (8.5 percent); Paper (6.2 percent); and Transportation (2.1 percent).
 As of Dec. 31, 1992, the fund's ten largest Mexican equity holdings representing 83.6 percent of net assets, were in:
 Cifra, S.A. de C.V.
 Telefonos de Mexico, S.A. de C.V.
 Grupo Financiero Banamex S.N.C.
 Grupo Carso, S.A. de C.V.
 Empresa Tolteca de Mexico, S.A. de C.V.
 Kimberly-Clark de Mexico, S.A. de C.V.
 Grupo Financiero Bancomer S.N.C.
 Controladora Comercial Mexicana, S.A. de C.V.
 Grupo Industrial Bimbo, S.A. de C.V.
 Empresas Ingenieros Civiles Mexicanos SCC Controladora
 The fund's investment adviser is Santander Management, Inc., a wholly-owned subsidiary of Banco Santander, S.A. To receive a copy of the fund's most recent shareholder report, please call, 1-800-852-4750.
 -0- 3/1/93
 /CONTACT: C. William Maher, treasurer of The Emerging Mexico Fund, 212-713-2421, or Marissa Moretti or Doug Myers of Dewe Rogerson, 212-688-6840, for The Emerging Mexico Fund/
 (MEF)


CO: Emerging Mexico Fund, Inc. ST: New York IN: FIN SU: ERN

TM-KW -- NY106 -- 1681 03/01/93 18:33 EST
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Date:Mar 1, 1993
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