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THE BRAZILIAN EQUITY FUND ANNOUNCES QUARTERLY EARNINGS REPORT

 THE BRAZILIAN EQUITY FUND ANNOUNCES QUARTERLY EARNINGS REPORT
 NEW YORK, Aug. 27 /PRNewswire/ -- The Brazilian Equity Fund, Inc. (NYSE: BZL), a closed-end, non-diversified investment company that seeks long-term capital appreciation through investing primarily in Brazilian equity securities, today announced its performance for the period April 13, 1992 (commencement of investment operations) through June 30, 1992.
 The Fund's initial offering of 4.6 million shares at $15.00 per share was completed on April 10, 1992. PaineWebber Incorporated, Donaldson, Lufkin & Jenrette Securities Corporation and Nomura Securities International, Inc., led the group of underwriters which raised $69 million of equity capital, before deduction of underwriting discounts and offering expenses from investors throughout the world.
 After deduction of underwriting commissions and offering costs, the Fund began operations with a net assets value (NAV) of $13.77 per share. At June 30, 1992, investments in securities listed on the Brazilian stock exchange totalled approximately $34.7 million. In addition, the Fund had invested a balance of approximately $8.9 million in U.S. Treasury bills.
 At June 30, 1992, total net assets of the Fund were $43,767,714 and the NAV per share was $9.50 based on 4,607,169 shares outstanding. The Fund's common stock closed on the New York Stock Exchange on June 30, 1992 at $12.375 per share, representing a premium of 30.26 percent to the Fund's June 30, 1992 NAV.
 As of June 30, 1992, the Fund's net investment income was $17,035. Net realized and unrealized losses were $19,779,329, equal to $4.29 per share.
 As of June 30, 1992, 79.4 percent of the Fund's net assets were involved in Brazilian equity securities and 20.4 percent in U.S. Treasury bills. Net cash accounted for the remaining 0.2 percent.
 As of June 30, 1992, the Fund's five largest equity investments were in:
 -- Tolobras (Telecommunications)
 -- Vale De Rio Doce (Mining)
 -- Bradoso (Banking)
 -- Souza Cruz (Mining)
 -- Usiminas (Steel)
 Fund management remains concerned in the near term about the failure of the Collor administration to move forward, about the structural reforms that are required to place the economy on sound footing, and about the ongoing allegations about President Collor; behavior which clearly inhibits his ability to govern. However, Fund management continues to see positive signs as a result of consistent movement on privatization and tariff reforms. We believe that it is important that Finance Minister Marcilio Moreira remain in office for the government to be able to continue to pursue current policies.
 The Brazilian Equity Fund, Inc. is traded on the New York Stock Exchange under the trading symbol "BZL". The Fund's investment adviser is BEA Associates.
 -0- 8/27/92
 /CONTACT: Shareholders Relations of The Brazilian Equity Funds, 212-832-2626/
 (BZL) CO: Brazilian Equity Fund, Inc. ST: New York IN: FIN SU: ERN


LD-TM -- NY077 -- 4161 08/27/92 17:41 EDT
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Date:Aug 27, 1992
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