Phillip Goldstein
60 Heritage Drive
Pleasantville, NY 10570
May 4, 1999
Dear Fellow Shareholder of The Emerging Markets Infrastructure Fund:
As you may know, our Fund's 1999 Meeting of Shareholders has been
postponed until May 14, 1999. The good news is that the proposal to allow
shareholders to realize net asset value ("NAV") is receiving overwhelming
support. The bad news is that the incumbent directors continue to adamantly
oppose that proposal and refuse to commit to implementing it regardless of how
strongly shareholders support it.
If you want an opportunity to get NAV for your shares, there is
something very important that you should realize. If you previously submitted
only management's WHITE proxy card and voted to "withhold authority" for
management's nominees for director, that is not enough. You need to elect
directors who are committed to delivering NAV and that can only be done by
returning a GREEN proxy card. Of course, if you have not yet voted at all, you
still may do so on the enclosed GREEN proxy card. In any proxy contest, only the
last valid proxy card you submit is counted and it supersedes all previous ones.
In either case, time is short so please mail your GREEN proxy card today.
While the incumbent directors say they are "vague" about why I am
challenging them, the issue is really quite simple. They have kept shareholders
prisoners for years while the Fund's shares languished at a wide discount to
NAV. Even as recently as April 30, 1999 the discount stood at 17.1%,
representing a loss to shareholders of $1.81 per share. I want to eliminate the
discount and allow shareholders to realize NAV. If you agree, you must
affirmatively vote to elect directors who will do what the shareholders clearly
demand of them.
For too long the incumbent directors have been complacent about our
Fund's miserable performance. Now they think that they can ignore a shareholder
mandate for action. Only by electing Gerry Hellerman and me as directors can you
be assured that your demands will not be ignored. To repeat, if you believe, as
I do, that shareholders should be able to receive NAV for their shares, it is
critical that you mail the GREEN proxy card today.
Please call me at (914) 747-5262 if you have any questions whatsoever.
Thank you.
Sincerely yours,
Phillip Goldstein
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