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France Growth Fund, INC.
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PRESS RELEASE

June 24, 2002

Directors and Officers of the France Growth Fund Misinform
Shareholders

Phillip Goldstein, a shareholder of the France Growth Fund (the
"Fund") (NYSE:FRF), today charged the Fund with issuing a
misleading press release on Friday, June 21, 2002. At the Fund's
annual meeting on June 18, 2002, shareholders voted to defeat a
series of proposals that would have radically altered the Fund's
objective and management structure and dramatically increased the
annual investment advisory fee.  Management refused to accept the
outcome and ordered an illegal adjournment of the meeting.

The Fund's press release, which purports to "set the record
straight," states that "adjourning the meeting was not a breach
of any fiduciary duty of directors" and that the meeting was
adjourned with respect to the restructuring proposals because "we
hope to give those stockholders who have not yet voted on these
proposals the opportunity to vote."  Mr. Goldstein, a director-
nominee who attended the meeting but who was not elected, called
that "l'excrement du taureau."

Mr. Goldstein stated that the Fund's board of directors and
officers violated their fiduciary duty by adjourning the meeting
based upon the position taken by the Securities and Exchange
Commission which states: "Where management embarks upon a course
of adjournment and additional solicitation, the Commission will
consider whether such conduct appears to constitute breach of
fiduciary duty under section 36(a) of the Investment Company Act
of 1940."  In the Commission's view, only "unusual circumstances"
justify an adjournment after a quorum is reached, for example if
"a factual change has occurred so as to render the proxy
soliciting material misleading."

Mr. Goldstein stated: "Almost 84% of the Fund's shares were
represented at the meeting, far in excess of the 33% necessary
for a quorum.  Thus, the notion that any shareholder did not have
a fair opportunity to vote on the restructuring proposals at the
meeting is absurd.  The real reason for the adjournment is
plainly that management hopes to twist the arms of several large
shareholders that voted against the proposals in order to get
them to change their votes.  That is a blatant violation of
fiduciary duty."

For additional information please contact Phillip Goldstein at
(914) 747-5262 or at oplp@att.net.