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THE EMERGING MEXICO FUND, INC. REPORTS EARNINGS

 NEW YORK, May 28 /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 third quarter and nine months ended March 31, 1993.
 During the quarter ended March 31, 1993, the fund had net realized and unrealized gains of $1,624,885, or 24 cents per share. Net investment income for the period was $436,158, equal to 7 cents per share. For the nine months ended March 31, 1993, the fund than net realized and unrealized gains of $11,583,213, or $1.73 per share. Net investment income for the period was $999,550, or 15 cents per share.
 During the quarter ended March 31, 1992, the fund had net realized and unrealized gains 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 net realized and unrealized gains of $46,596,531, or $9.30 per share. Net investment income for the period was $120,643, or 2 cents per share.
 During the quarter ended March 31, 1993, the fund successfully completed a rights offering to its shareholders that was fully subscribed and raised $20,945,960, net of fees and expenses, and issued 1,669,666 additional shares. The dilutive effect of the offering on the fund's net asset value per share was approximately 5.75 percent.
 On March 31, 1993, total net assets of the fund were $108,549,971, and net asset value per share was $16.25 based on 6,678,666 shares outstanding. After adjusting for the dilutive effect of the fund's rights offering, the net asset value per share increased 1.9 percent from the net asset value per share of $17.14 on Dec. 31, 1992. After further adjustment for the $4.90 dividend that was paid to shareholders of record on Dec. 14, 1992, the net asset value per share on March 31, 1993, increased 17.2 percent from the net asset value per share of $19.94 on June 30, 1992.
 Of the fund's $108.5 million in net assets, 83.75 percent was invested in Mexican equities and 18.37 percent in Mexican government short-term obligations. Liabilities in excess of other assets accounted for the remaining -2.12 percent of total net assets.
 A major portion of the fund's equity investments at March 31, 1993, was in the following industries: construction (17.88 percent of net assets); Retail (16.75 percent); Financial Services (10.66 percent); Communications (10.35 percent); Food, Beverages, Tobacco (9.72 percent); and Industrial Conglomerates (9.61 percent).
 As of March 31, 1993, the fund's ten largest Mexican common stock holdings (in descending order), representing 60.01 percent of net assets, were in:
 Telefonos de Mexico, S.A. de C.V.
 Cifra, S.A. de C.V.
 Grupo Carso, S.A. de C.V.
 Kimberly-Clark de Mexico, S.A. de C.V.
 Cementos Mexicanos, S.A. de C.V.
 Empresas Tolteca de Mexico, S.A. de C.V.
 Empresas Ingenieros Civiles Mexicanos SCC Controladora
 Grupo Financiero Banamex S.N.C.
 Controladora Comercial Mexicana, S.A. de C.V.
 Grupo Industrial Bimbo, S.A. de C.V.
 -0- 5/28/93
 /NOTE TO EDITORS: The fund's investment adviser is Santander Management Inc., an indirect subsidiary of Banco Santander, S.A. To receive a copy of the fund's most recent shareholder report, call 800-852-4750 or 212-688-6840./
 /CONTACT: C. William Maher, treasurer of Emerging Mexico Fund, 212-713-2421; or Marissa Moretti or Doug Myers of Dewe Rogerson, 212-688-6840, for Emerging Mexico Fund/
 (MEF)


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

PS-WB -- NY059 -- 3572 05/28/93 17:48 EDT
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Date:May 28, 1993
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