The Mexico Fund, Inc. Transfers Proceeds of Repurchase Offer in Exchange for Fund Shares Validly Submitted and Accepted

WASHINGTON, DC, Oct 23 (MARKET WIRE) --
The Mexico Fund, Inc. (NYSE: MXF) announced today that it made payment on
October 23, 2008 for Fund shares accepted for repurchase in the Fund's
in-kind repurchase offer which expired on October 9, 2008.

A total of 952,645 shares, approximately 16.2% of the 5,880,766 shares
validly submitted for repurchase, were repurchased by the Fund.

The terms of the Fund's Repurchase Offer Notice, dated September 18, 2008,
required the Fund to transfer the in-kind payment for repurchased shares
to participating stockholders no later than October 23, 2008, the
Repurchase Payment Deadline. As of the close of business on October 23,
2008, the Fund was able to transfer to Mexican Accounts of Fund
stockholders approximately 26.21% of the repurchase offer proceeds. The
balance of the repurchase offer proceeds has been transferred to a
segregated custodial account established for the benefit of certain
participating stockholders, as described further below.

Participating stockholders were reminded in past press releases and in the
repurchase offer documents that certain Mexican securities brokers or
custodians might choose not to accept repurchase offer proceeds on the
Repurchase Payment Deadline on behalf of participating stockholder clients
or might delay acceptance of proceeds until certain additional
instructions and confirmations required by such Mexican securities
brokers or custodians were received. Participating stockholders were
advised to consult with their Mexican securities broker or custodian and
to submit any additional instructions or confirmations before the
Repurchase Payment Deadline or as quickly as possible thereafter to avoid
any delay in payment. In order to transfer all of the repurchase offer
proceeds on the Repurchase Payment Deadline, the Fund established a
segregated account with the Fund's custodian to hold the repurchase offer
proceeds for the benefit of the participating stockholders who had not
submitted any additional instructions or confirmations sought by their
Mexican Account holder. The proceeds for each such stockholder will be
held in this segregated custodial account until his or her Mexican
securities broker or custodian notifies the Fund that the required
documentation has been received and that the repurchase offer proceeds
will be accepted for their participating stockholder customer. At this
point, the Fund will transfer the proceeds for that stockholder to his or
her Mexican securities broker or custodian, for the account of the
stockholder.

The Fund is neither responsible nor liable in any manner for any delay
participating stockholders may experience (as well as any possible
fluctuations in the value of the proceeds) in the receipt of their
repurchase offer proceeds as a result of these additional requirements
imposed by certain Mexican securities brokers or custodians. Participating
stockholders whose shares were accepted for repurchase by the Fund and who
are affected by this additional documentation requirement are urged to
confirm with their Mexican securities broker or custodian the receipt of
their repurchase offer proceeds.

The repurchase offer was not part of a plan to liquidate the Fund.
Stockholder participation was not mandatory and stockholders can continue
to purchase and sell Fund shares in cash transactions on the NYSE.

The Fund's Repurchase Offer Notice dated September 18, 2008 provided that
the offer was not made to, and repurchase requests would not be accepted
from or on behalf of stockholders residing in any jurisdiction in which
the making of the repurchase offer or its acceptance would not have been
in compliance with the laws of such jurisdiction. As stated in the
Repurchase Offer Notice, the terms of the offer permitted the Fund to
adjust the manner of payment of proceeds to the extent necessary to
accommodate restrictions in certain jurisdictions. The Repurchase Offer
Notice also provided that, to the extent the securities laws of any
jurisdiction would have required that the repurchase be made by a
licensed broker or dealer, the repurchase offer was deemed to have been
made on the Fund's behalf by one or more registered brokers of dealers
licensed under the laws of such jurisdiction.

For further information, contact Eduardo Solano, the Fund's Investor
Relations Vice President, at 011-52-55-5282-8900, or by email at
investor-relations@themexicofund.com.

The Mexico Fund, Inc. is a non-diversified closed-end management
investment company with the investment objective of long-term capital
appreciation through investments in securities, primarily equity, listed
on the Mexican Stock Exchange. The Fund provides a vehicle to investors
who wish to invest in Mexican companies through a managed non-diversified
portfolio as part of their overall investment program.

This press release may contain certain forward-looking statements
regarding future circumstances. These forward-looking statements are
based upon the Fund's current expectations and assumptions and are
subject to various risks and uncertainties that could cause actual
results to differ materially from those contemplated in such
forward-looking statements including, in particular, the risks and
uncertainties described in the Fund's filings with the Securities and
Exchange Commission. Actual results, events, and performance may differ.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof. The
Fund undertakes no obligation to release publicly any revisions to these
forward-looking statements that may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events. The inclusion of any statement in this release does
not constitute an admission by The Mexico Fund or any other person that
the events or circumstances described in such statement are material.

CONTACT:
Eduardo Solano
Investor Relations
Vice President
The Mexico Fund, Inc.
011-52-55-5282-8900

CONTACT:
Patricia Baronowski
The Altman Group
(212) 400-2604

Copyright 2008, Market Wire, All rights reserved.

-0-