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THE EMERGING MEXICO FUND, INC.
1285 AVENUE OF THE AMERICAS
NEW YORK, NY 10019
June 15, 1998
Dear Stockholder:
The Fund's Annual Meeting of Stockholders, scheduled for June 24, 1998, is now
less than two weeks away. If you have not already done so, we strongly urge you
to vote your shares:
FOR the election of the current Directors (Proposal 1) and the
ratification of auditors (Proposal 2),
AGAINST the proposal to convert the Fund to open-end status
(Proposal 3) and
AGAINST the proposal to terminate the current investment advisory
agreement with Santander Management, Inc. (Proposal 4).
For your convenience, enclosed is a new proxy card and postage paid return
envelope. If you have not yet voted, or would like to change your previous
vote, please sign, date and return the enclosed proxy card today. If you hold
your shares in the name of a bank or broker which provides voting by toll-free
telephone call, please follow the instructions on your proxy card to vote by
telephone.
INSTITUTIONAL SHAREHOLDER SERVICES HAS
RECOMMENDED A VOTE AGAINST THE PROPOSALS TO CONVERT
TO OPEN-END STATUS AND TO TERMINATE THE INVESTMENT
ADVISORY AGREEMENT (PROPOSALS 3 AND 4)
We are pleased to report that Institutional Shareholder Services (ISS), the
country's leading independent proxy advisory service, has recently recommended
that its clients vote AGAINST PROPOSALS 3 AND 4.
In its recommendation to vote AGAINST Proposal 3, ISS concluded that the "COSTS
ASSOCIATED WITH CONVERTING THE FUND, IN ADDITION TO THE POTENTIAL RISKS TO
LONG-TERM SHAREHOLDER VALUE, OUTWEIGH THE POTENTIAL BENEFITS OF THE
CONVERSION."* Proxy Analysis, page 5.
In recommending a vote AGAINST Proposal 4, the proposal to terminate the
current investment advisory agreement, ISS noted that analysts have stated
that the "IMPRESSIVE GROWTH IN THE FUND'S NET ASSET VALUE ATTEST TO SANTANDER'S
EXCELLENT PERFORMANCE."* Proxy Analysis, page 5.
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* Permission to use these quotations was neither sought nor obtained.
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You should also know that Merrill Lynch recently issued a research report on
closed-end country funds. Discount Dilemma: Closed-Ends Under Siege?, May 27,
1998. That report echoed your Board's concerns about the potential harm to a
closed-end fund's performance caused by conversion to open-end status, as more
fully discussed in the Fund's proxy statement. This is the recent report from
an independent investment firm reaching the same conclusion about the
open-ending of closed-end funds.
In short, analyses by highly regarded independent investment community
professionals have been in accord with the position of your Fund's Board of
Directors.
Your Board of Directors remains committed to the interests of all the Fund's
stockholders. Please show your support by signing, dating and returning the
enclosed proxy card with a vote FOR Proposals 1 and 2 and AGAINST Proposals 3
and 4.
Very truly yours,
The Directors of The Emerging Mexico Fund, Inc.
/s/ Gonzalo de Las Heras /s/ Philip L. Bullen /s/ Rodney B. Wagner
Gonzalo de Las Heras Philip L. Bullen Rodney B. Wagner
/s/ Edgar R. Fiedler /s/ Richard S. Weinert
Edgar R. Fiedler Richard S. Weinert
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IF YOUR SHARES ARE HELD IN THE NAME OF A BANK OR BROKER,
ONLY THAT ORGANIZATION CAN VOTE YOUR SHARES.
PLEASE DIRECT THE PERSON RESPONSIBLE FOR YOUR ACCOUNT
TO EXECUTE ON YOUR BEHALF A PROXY CARD
WITH A VOTE FOR PROPOSALS 1 AND 2 AND AGAINST PROPOSALS 3 AND 4
IF YOUR BANK OR BROKER PROVIDES VOTING BY TOLL-FREE TELEPHONE
CALL, PLEASE FOLLOW THE INSTRUCTIONS ON YOUR PROXY CARD TO VOTE BY
TELEPHONE.
IF YOU HAVE ANY QUESTIONS OR REQUIRE ANY ASSISTANCE,
PLEASE CONTACT OUR PROXY SOLICITOR:
INNISFREE M&A INCORPORATED
TOLL FREE - 1-888-750-5834
501 MADISON AVENUE
20TH FLOOR
NEW YORK, NY 10022
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