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THE FRANCE GROWTH FUND, INC. REPORTS EARNINGS

 THE FRANCE GROWTH FUND, INC. REPORTS EARNINGS
 NEW YORK, March 2 /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 results for the quarter ended Dec. 31, 1991 and for the year ended Dec. 31, 1991.
 During the quarter ended Dec. 31, 1991, the fund's net investment loss was $610,193, equal to $0.05 per share. Net realized and unrealized gains for the quarter were $952,542, equal to $0.08 per share.
 For the year ended Dec. 31, 1991, the fund's net investment income was $1,740,837, equal to $0.15 per share. Total net realized and unrealized gains for the period were $5,949,515, equal to $0.51 per share.
 On Dec. 31, 1991, total net assets of the fund were $123,757,155, and the net asset value per share was $10.75 based on 11,509,000 shares outstanding. After adjusting for the dividend of $0.1373 per share which was paid on Jan. 10, 1992 to shareholders of record on Dec. 13, 1991, the fund's net asset value per share increased for the quarter ended Dec. 31, 1991 by 0.25 percent, from $10.86 for the quarter ended Sept. 30, 1991. After adjusting for the dividends of $0.103 per share which was paid on June 7, 1991 to shareholders of record on May 13, 1991 and $ 0.1373 per share which was paid on Jan. 10, 1992, the fund's net asset value per share increased by 6.39 percent for the year ended Dec. 31, 1991 from $10.33 on Dec. 31, 1990.
 Of the fund's $124 million in net assets, 87 percent was invested in French equities (including common stocks, warrants, convertible bonds, and other equity-linked securities) and 7.7 percent in French bonds. Other assets in excess of liabilities accounted for the remaining 5.3 percent.
 As of Dec. 31, 1991, the fund's ten largest common stock investments were in:
 -- Alcatel Alsthom
 -- BSN
 -- Saint-Gobain
 -- L'Oreal
 -- Pechiney
 -- Sanofi
 -- LVMH
 -- Credit Foncier de France
 -- Elf Aquitaine
 -- Societe Generale
 The fund's investment adviser is Indosuez International Investment Services, a member of the Gartmore Indosuez Asset Management group.
 -0- 3/2/92
 /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-SM -- NY093 -- 4219 03/02/92 17:59 EST
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Date:Mar 2, 1992
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