URGENT MEMO

To:      Shareholders of the Mexico Equity and Income Fund

From:    Phillip Goldstein

Date:    12/11/99

Re:      Adjournment of Annual Meeting

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         Would you like the value of your  shares to increase by 25% in the very
near future? That is entirely possible if you elect me as a director of the Fund
and vote for the proposals listed on the accompanying GREEN proxy card.

         Here are the current  numbers.  The last  reported  market price of the
Fund's shares was $8.31 vs. a net asset value of $10.40.  Thus,  for example,  a
shareholder  owning 2,000  shares would be about $4,000  richer if the Fund were
open-ended  now.  Management,  of course,  wants to keep on  collecting  fees by
managing  a captive  pool of  assets.  In order to do so, it wants you to forego
that $4,000  gain.  I believe that  eliminating  the  discount  will benefit all
shareholders  but I only ask that you determine for yourself what is in your own
best interest.

         As you may know,  the Fund's annual  meeting  adjourned from December 3
because there was no quorum.  The vote thus far has been very close.  Therefore,
if you want to eliminate the discount as soon as possible,  I urge you to return
the GREEN proxy card in the enclosed envelope today.

         Remember  that if you have already  returned a WHITE proxy card sent to
you by the Fund and you want to eliminate  the  discount,  you must now return a
GREEN  proxy  card.  In any proxy  contest,  only the last valid  proxy card you
submit counts and it supersedes any previous ones. Therefore,  once you submit a
GREEN proxy card,  please do not sign and submit a later dated WHITE proxy card,
as that will invalidate your vote. If you have any questions whatsoever,  please
call me directly at (914) 747-5262 or e-mail me at OPLP@worldnet.att.net.