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October 12, 2000
DRESDNER RCM GLOBAL STRATEGIC INCOME FUND, INC.
FOUR EMBARCADERO CENTER
SAN FRANCISCO, CALIFORNIA 94111-4189
Dear Stockholder:
By now you should have received the Fund's proxy materials for the upcoming
Annual Meeting of Stockholders scheduled to be held on October 26, 2000. In
these materials, among other things, your Board of Directors is asking you to
use the WHITE proxy card to:
- Vote "FOR" the reelection of three experienced and highly qualified
directors, G. William Miller, Leonard T. Hinde and the Earl of Limerick;
and
- Vote "AGAINST" the non-binding shareholder proposal submitted by Phillip
Goldstein, recommending the conversion of the Fund to an open-end
structure.
It has recently come to our attention that Phillip Goldstein has mailed his
own proxy solicitation materials in an attempt to replace Messrs. Miller, Hinde
and Limerick with his own slate of directors in an effort to assist him in his
pursuit of converting the Fund to an open-end structure.
THE BOARD OF DIRECTORS UNANIMOUSLY OPPOSES BOTH MR. GOLDSTEIN'S ATTEMPT TO
PLACE HIMSELF AND TWO OF HIS COLLEAGUES ON YOUR FUND'S BOARD AND HIS PROPOSAL TO
RECOMMEND CONVERSION OF THE FUND TO AN OPEN-END STRUCTURE. WE RECOMMEND THAT ALL
STOCKHOLDERS VOICE THEIR OPPOSITION TO THESE TWO PROPOSALS BY SIGNING AND DATING
THE ENCLOSED WHITE PROXY CARD AND MAILING IT IN THE ENCLOSED POSTAGE-PAID
ENVELOPE. DO NOT SIGN OR RETURN ANY GREEN CARD YOU MAY RECEIVE FROM PHILLIP
GOLDSTEIN, EVEN AS A PROTEST VOTE AGAINST MR. GOLDSTEIN. IF YOU HAVE ALREADY
RETURNED A GREEN CARD, YOU MAY REVOKE THAT PROXY BY SIGNING, DATING, AND
RETURNING THE ENCLOSED WHITE PROXY CARD.
If stockholders are not already familiar with Mr. Goldstein, your Board of
Directors would like to take this opportunity to provide you with information on
who he is and what he is trying to accomplish through the advancement of his
proposals. Mr. Goldstein is president of Opportunity Partners, L.P., a private
investment partnership. Mr. Goldstein is known in the closed-end fund industry
as an activist who targets closed-end funds with discounts and tries to force
them to open-end. His primary investment objective is to profit when a fund's
discount narrows. Consequently, Mr. Goldstein's financial interests are not
aligned with the financial interests of long-term stockholders who seek the
stable and high current income the Fund provides.
Mr. Goldstein's proxy materials advance several arguments as to why his
proposals deserve your support. In response, we offer the following:
- Mr. Goldstein and his slate of director nominees seek election to the
Board because they believe that the current Board has not been responsive
to stockholder concerns. As you know by now, this couldn't be further from
the truth. The current Board determined and executed the significant
mandate changes made to the Fund this past year. These changes directly
led to:
(a) a substantial increase in income;
(b) an increase of 50% in the dividend rate;
(c) a decline from approximately 22% to approximately 7% in the Fund's
discount from the implementation of the new mandate through October
13, 2000; and
(d) an increase in the share price of about 12% for the same period.
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- Mr. Goldstein is singularly focused on discount reduction. Although the
discount issue would disappear if the Fund were to open-end, the value of
the assets to stockholders wishing to remain invested in the Fund would be
substantially impaired. The Fund would be hard-pressed to meet its primary
investment objective of delivering high current income and the Fund's
total expense ratio would increase significantly if there were to be
significant redemptions. Each of these points is explained in greater
detail in the Fund's proxy materials. Suffice it to say that if
Mr. Goldstein got his way, stockholders who wish to remain invested in the
Fund would suffer both lower income and a higher expense ratio.
- We also have serious concerns about the qualifications of Mr. Goldstein's
director candidates. Based on the information in Mr. Goldstein's proxy
materials, his candidates have extremely limited experience as directors
on investment company boards and no experience whatsoever with the global
fixed income markets. On the other hand, the current Board members up for
election have served on the Board of the Fund since its inception or
shortly thereafter and collectively have a wealth of financial market and
other board experience. For example, Mr. Hinde is a former Advisor to the
Reserve Bank of Australia and Mr. Miller is a former Chairman of the Board
of Governors of the United States Federal Reserve and a former Secretary
of the Treasury under President Carter. Mr. Limerick has spent many years
in the financial services industry, and currently serves as Chairman of
the Board of Pirelli UK plc. Further biographical information on all of
the current directors is located on pages 3-6 of the Fund's proxy
statement.
- Mr. Goldstein claims that your Board of Directors has "forgotten its
commitment to keep the discount in check" and furthermore "refuses to do
anything regardless of what shareholders want". We believe the action the
Board took this past year demonstrates the Board's commitment to the Fund
and its stockholders. The results of the Board's proactive recommendations
are self evident -- increased income, increased stock price, and a greatly
reduced discount. As a result, we believe the Fund has been well situated
to meet its primary investment objective of delivering high current
income. We do not agree with Mr. Goldstein that the Fund should open-end
because to do so would frustrate all these favorable developments for the
future. We believe that a vote in favor of Mr. Goldstein's non-binding
proposal and slate of unqualified directors would be a vote to disregard
the major successes achieved by your Board of Directors and would send the
Fund in the wrong direction for maximizing stockholder value over the long
term.
The Board of Directors strongly recommends that you vote AGAINST
Mr. Goldstein's proposals and requests that you sign, date and return the
enclosed WHITE proxy card in the enclosed postage-paid return envelope. Should
you have any questions or need any assistance, please call the Fund's proxy
solicitor, Georgeson Shareholder Communications, Inc., toll-free at (800)
223-2064.
Thank you for your time and consideration.
Sincerely,
/s/ SIR ROBERT COTTON /s/ LUKE KNECHT
Sir Robert Cotton Luke Knecht
CHAIRMAN PRESIDENT
On behalf of the entire Board of Directors
