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THE FRANCE GROWTH FUND EARNINGS REPORT AND ANNUAL MEETING

 THE FRANCE GROWTH FUND EARNINGS REPORT AND ANNUAL MEETING
 NEW YORK, April 28 /PRNewswire/ -- The France Growth Fund, Inc. (NYSE: FRF). a closed-end diversified management investment company seeking long-term capital appreciation through investment primarily in French equity securities, today announced its performance for the period ended March 31, 1992, the first quarter of its fiscal year.
 During the quarter ended March 31, 1992, the fund's net investment loss was $546,488, equal to $0.04 per share. Net realized and unrealized gains for the quarter were $4,598,065, equal to $0.40 per share. This compares with net investment income of $390,615, equal to $0.03 per share, and net realized and unrealized gains of $1,473,293, equal to $0.12 per share for the quarter ended March 31, 1991.
 On March 31, 1992, total net assets if the fund were $127,808,732, and the net asset value per share was $11.11 based on 11,509,000 share outstanding. The fund's net asset value per share increased by 3.35 percent from $10.75 as of Dec. 31, 1991.
 On the fund's $128 million in net assets, 97.6 percent was invested in French equities (including common stocks, warrants, convertible bonds, and other equity-linked securities) and 3.4 percent in French bonds. Liabilities exceeded other assets by 1.0 percent.
 As of March 31, 1992, the fund's 10 largest common stock investments were in:
 -- BSN
 -- Alcatel Alsthom
 -- Elf Aquitaine
 -- Total
 -- Generale des Eaux
 -- Saint-Gobain
 -- LVMH
 -- L'Oreal
 -- Societe Generale
 -- Air Liquide
 The fund also announced that Pierre H.R. Daviron, Jacques Regniez, and John W. Spurdle, Jr. proposed by the board of directors for renewal terms, were re-elected as directors at the fund's 1992 annual meeting of stockholders held today. In addition, the stockholders also ratified the board's selection of Price Waterhouse as the independent accountants for the fund's fiscal year ended Dec. 31, 1992.
 The fund's investment adviser is Indosuez International Investment Services, a member of the Gartmore Indosuez Asset Management group.
 -0- 4/28/92
 /CONTACT: Frederick J. Schmidt, treasurer of France Growth Fund, 212-408-5671/
 (FRF) CO: France Growth Fund, Inc. ST: New York IN: FIN SU: ERN


KD -- NY131 -- 4052 04/28/92 17:26 EDT
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Date:Apr 28, 1992
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