IMPORTANT
THE ITALY FUND INC. has not yet received your proxy.
Because insufficient proxies were received, the Meeting of
Shareholders of the Fund has been adjourned until June 2,
1995 at 9:00 a.m. to vote on Proposals 3 through 6, as
described in the proxy materials previously provided to you.
The meeting will be held at 388 Greenwich Street, New York,
New York.
YOUR VOTE IS IMPORTANT
Please sign, date and mail the enclosed proxy
immediately. It is important that you vote now so that your
Fund will not have to bear the unnecessary expense of
another solicitation of proxies.
