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EMERGING MEXICO FUND REPORTS EARNINGS

 EMERGING MEXICO FUND REPORTS EARNINGS
 NEW YORK, May 18 /PRNewswire/ -- The Emerging Mexico Fund, Inc.


(NYSE: MEF), 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 nine months ended March 31, 1992.
 During the quarter ended March 31, 1992, the fund had a realized and unrealized net gain of $27,296,748, or $5.45 per share. Net investment loss for the period was $71,188, equal to $0.01 per share. For the nine months ended March 31, 1992, the fund had a realized and unrealized net gain of $46,596,531, or $9.30 per share. Net investment income for the period was $120,643, or $0.02 per share.
 During the quarter ended March 31, 1991, the fund had a realized and unrealized net gain of $11,453,789 or $2.29 per share. Net investment income for the period was $1,891,293, equal to $0.38 per share. There is no comparable period in the fund's prior fiscal year for the nine month figures since the fund did not commence investment operations until Oct. 11, 1990.
 On March 31, 1992, total net assets of the fund were $119,358,819, and the net asset value per share was $23.83 based on 5,009,000 shares outstanding. For the quarter and the nine months ended March 31, 1992, the fund's net asset value per share increased 29.6 percent and 38.3 percent, respectively, from the net asset value per share of $18.39 at Dec. 31, 1991 and $17.23 at June 30, 1991. After adjusting for the dividend of $2.723 per share that was paid on Jan. 10, 1992 to shareholders of record on Dec. 27, 1991, the fund's net asset value per share increased by 54.1 percent for the nine months ended March 31, 1992.
 Of the fund's $119.4 million in net assets, 96.3 percent was invested in Mexican equities and 3.8 percent in Mexican Government short-term obligations. Liabilities in excess of other assets accounted for the remaining -0.1 percent of total net assets.
 A major portion of the fund's equity investments at March 31, 1992 was in the following industries: Retail (20.86 percent of net assets); Communications (19.05 percent); Construction (17.89 percent); Industrial Conglomerates (15.75 percent); and Food, Beverages, Tobacco (10.81 percent).
 As of March 31, 1992, the fund's ten largest Mexican common stock holdings (in descending order), representing 72.54 percent of net assets, were in:
 -- Telefonos de Mexico, S.A. de C.V.
 -- Cifra, S.A. de C.V.
 -- Cementos Mexicanos, S.A. de C.V.
 -- Empresa Tolteca de Mexico, S.A. de C.V.
 -- Grupo Carso, S.A. de C.V.
 -- Kimberly-Clark de Mexico, S.A. de C.V.
 -- Grupo Financiero Banamex S.N.C.
 -- Vitro, S.A. de C.V.
 -- Grupo Industrial Bimbo, S.A. de C.V.
 -- Fomento Economico Mexicano, S.A. de C.V.
 The fund's investment adviser is Santander Management Inc., a wholly owned subsidiary of Banco Santander. To receive a copy of the fund's prospectus and/or semi-annual report, please call 800-852-4750.
 -0- 5/18/92
 /CONTACT: Bruce D. Katz, treasurer of Emerging Mexico Fund, 212-713-2928, or Marissa Moretti of Dewe Rogerson, 212-688-6840, for Emerging Mexico Fund/
 (MEF) CO: Emerging Mexico Fund, Inc. ST: New York IN: FIN SU: ERN


SM-OS -- NY035 -- 1292 05/18/92 11:48 EDT
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Date:May 18, 1992
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