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<PAGE> PAGE 3
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SIGNATURE JOSEPH W SULLIVAN
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000881413
<NAME> HYPERION 1999 TERM TRUST INC.
<S> <C>
<PERIOD-TYPE> 12-MOS
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<OVERDISTRIBUTION-GAINS> 0
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</TABLE>
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, 1996 (on which we have issued our report dated January 9, 1997), 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, 1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
January 9, 1997
