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<PAGE> PAGE 3
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SIGNATURE JOSEPH W SULLIVAN
TITLE TREASURER
Deloitte & Touche, LLP
Two World Financial Center
New York, New York 10281-1414
Telephone: (212) 436-2000
INDEPENDENT AUDITORS' REPORT
To the Board of Directors and Shareholders of
Hyperion 1999 Term Trust, Inc.:
In planning and performing our audit of the financial statements of Hyperion
1999 Term Trust, Inc. (the "Fund") for the year ended November 30, 1995 (on
which we have issued our report dated January 22, 1996, which expresses an
unqualified opinion and includes an explanatory paragraph stating that the
Trust is named as one of several defendants in litigation), we considered
the Fund's internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal control
structure.
The management of the Fund is responsible for establishing and maintaining
an internal control structure. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits and
related costs of internal control structure policies and procedures. Two of
the objectives of an internal control structure are to provide management
with reasonable, but not absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition and that transactions are
executed in accordance with management's authorization and recorded properly
to permit preparation of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be
material weaknesses under standards established by the American Institute of
Certified Public Accountants. A material weakness is a condition in which
the design or operation of the specific internal control structure elements
does not reduce to a relatively low level the risk that errors or
irregularities in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their assigned
functions. However, we noted no matters involving the internal control
structure, including procedures for safeguarding securities, that we
consider to be material weaknesses as defined above as of November 30, 1995.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
January 22, 1996
- - 2 -
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