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THE MEXICO FUND, INC.
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(Name of Registrant as Specified In Its Charter)
THE MEXICO FUND, INC.
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Notes:
[logo]
The Mexico Fund, Inc.
March 4, 2002
Dear Fellow Shareholder:
Recent statements made by Laxey Partners Ltd. in communications to you regarding
three of your directors are unfair, and even worse, inaccurate and misleading.
Laxey's statements are part of its "smear campaign" designed to attack the
integrity of the Fund's distinguished and dedicated board members. In a sign of
desperation, Laxey is resorting to personal assaults due to its inability to
attack the merits of your Board's innovative strategy to realize greater
shareholder value through an in-kind repurchase plan.
It is unfortunate that at this critical moment in the Fund's history, when your
Board is focusing on the future of the Fund, Laxey is focusing on personal
attacks. While these distinguished individuals are dedicated to YOUR best
interests, Laxey is only dedicated to ITS OWN interests. We urge you to entrust
your investment in your Fund to your Board, which is devoted to YOUR interests.
Laxey's statements regarding three of your directors are irresponsible and
misleading. As an example, Laxey states that Robert Knauss has been involved in
"past financial mishaps" because he was a director of Enron. Mr. Knauss was a
director of Houston Natural Gas Corporation from 1975 to 1985 - a period that
ended almost 17 years ago! Following a merger, that company changed its name to
Enron. Mr. Knauss has not had any association with Enron since 1985, or with
Enron's current "financial mishaps." Mr. Knauss is a former law school dean who
serves you with distinction as an independent director on your Board. Laxey
should stop its destructive actions which are intended to harm your Fund and
your investment. We hope Laxey will direct some of its energy instead to issuing
an apology to your directors.
As careless and deceptive as these characterizations are, so too are Laxey's
proposals for your Fund. Laxey's share repurchase proposal demonstrates a
frightening lack of knowledge about the Mexican securities market. But that's
understandable. Laxey has owned Fund shares for barely a year. Neither Laxey nor
its director nominees have investment experience in Mexico. Laxey doesn't
realize how much its proposal could harm your investment in the Fund. All Laxey
knows is that it has already made a very good, short-term return on its
investment in Fund shares, and it would like to squeeze the Fund for more - even
if it is at your expense.
Don't be misled. Laxey doesn't want to change your Fund - it wants to destroy
it. Stay with experience. Stay with commitment. Stay the course. Vote the WHITE
PROXY CARD. You'll be glad you did.
Thank you for your support,
Your Board of Directors
Support your Board of Directors and its plan to return value to you.
Vote YES for Proposals 1, 2, 3
Vote NO for Proposal 4
- and be sure to vote only the WHITE PROXY CARD.