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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000894189-04-001624.txt : 20040827
<SEC-HEADER>0000894189-04-001624.hdr.sgml : 20040827
<ACCEPTANCE-DATETIME>20040827113140
ACCESSION NUMBER:		0000894189-04-001624
CONFORMED SUBMISSION TYPE:	N-PX
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040630
FILED AS OF DATE:		20040827
DATE AS OF CHANGE:		20040827
EFFECTIVENESS DATE:		20040827

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MEXICO EQUITY & INCOME FUND INC
		CENTRAL INDEX KEY:			0000863900
		IRS NUMBER:				133576061
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		N-PX
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06111
		FILM NUMBER:		041001149

	BUSINESS ADDRESS:	
		STREET 1:		U.S. BANCORP FUND SERVICES, LLC
		STREET 2:		615 EAST MICHIGAN STREET, LC-2
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202
		BUSINESS PHONE:		4147655307

	MAIL ADDRESS:	
		STREET 1:		U.S. BANCORP FUND SERVICES, LLC
		STREET 2:		615 EAST MICHIGAN STREET, LC-2
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MEXICO CONVERTIBLE ADVANTAGE FUND INC
		DATE OF NAME CHANGE:	19900807

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MEXICO ADVANTAGE FUND INC
		DATE OF NAME CHANGE:	19900805
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-PX
<SEQUENCE>1
<FILENAME>mexicoequity.htm
<DESCRIPTION>MEXICO EQUITY
<TEXT>
<HTML><HEAD><TITLE>Mexico Equity</TITLE><!-- Licensed to: US Bancorp Fund Services--><!-- Document Created using EDGARIZER HTML --><!-- Copyright 2004 EDGARfilings, Ltd., an IEC company.--><!-- All rights reserved EDGARfilings.com -->
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<DIV>
<DIV><BR>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">UNITED STATES</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">SECURITIES AND EXCHANGE COMMISSION</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Washington, DC 20549</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman, serif"><STRONG>FORM N-PX</STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman, serif"><STRONG>ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT INVESTMENT COMPANY</STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Investment Company Act file number</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><STRONG> 811-06111</STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman, serif"><STRONG><U>THE MEXICO EQUITY AND INCOME FUND, INC.</U></STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><STRONG>615 EAST MICHIGAN STREET</STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><STRONG><U>MILWAUKEE, WI 53202</U></STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(Address of principal executive offices) (Zip code)</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><STRONG>MR. GERALD HELLERMAN</STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><STRONG>C/O U.S. BANCORP FUND SERVICES, LLC</STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><STRONG>615 EAST MICHIGAN STREET</STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><STRONG><U>MILWAUKEE, WI 53202</U></STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(Name and address of agent for service)</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><STRONG><U>(866) 700-6104</U></STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Registrant's telephone number, including area code</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Date of fiscal year end: </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><U>July 31</U></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Date of reporting period: </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><U>June 30, 2004</U></FONT></DIV><BR>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp; </TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="34%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
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</FONT></TD></TR></TABLE>
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<TR>
<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE><BR>
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<P><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Name of Fund:</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(1)</FONT></DIV></TD>
<TD vAlign=top align=left width="22%" colSpan=2>
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">The Mexico Equity and Income Fund</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Period:</FONT></DIV></TD>
<TD vAlign=top align=left width="22%" colSpan=2>
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">July 1, 2003 - June 30, 2004</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Company Name</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Meeting Date</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Shares Voted</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">CUSIP</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Ticker </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">HYLSAMEX SA DE CV</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">25-Jun-04</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">532,900</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MX01HY000013</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Vote </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(3)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MRV </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(4)</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposal </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(5)</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposed by Issuer or Security Holder </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(6)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1A. Approve the National Banking and</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Securities Commission, to increase the</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">minimum fixed stock capital subject to first </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">paragraph of article 14.3.II Securities Market</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">law, by issuing a new L series up to 180 </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">million of free currency limited vote registered</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">and unsubscribed shares without par value</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">convertible into common shares with full vote</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">rights of the B series, currently outstanding, </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">after 1 year as from the date of the first</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">quoutation in the stock market</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1B Aprove that the new L shares can be</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">subscribed in American Dollaras and to</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">be fully paid in the moment of the subscription</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">and the payment could be made in national</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">currency, in the amount equivalent in Mexican</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">pesos</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1C. Authorize ghe Chariman of the Board of</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Directors to i) established after the meeting the</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">price of subscription per share, which will be </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">disclosed as appropiate and privided by Lay</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">including concerning the exercise of the </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">respective prefered rights and ii) establish the</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">respective amount per share related to the</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">increase of the stock capital of Hylsamex, and</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">the respective amounto of additional premium</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">per subscription of sahres to increase the</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">accountable stock of Hylsamex. </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1D. Approve, if the increase of capital is not fully </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">subscribed within 90 days after the first </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">quotation in the stock exchange, the stock and</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">accountable capital of Hylsamex should only</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">be increased in the amount of subscriptions </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">paid, and the unsubscribed shares should be</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">cancelled iposo facto. </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2.- Ameen the Company Bylaws to reflect </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">the meeting resulutions, giving power to the </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Administrative council:i) to insert in Bylaws No7</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">the final total of the company capital and the </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">number of series "L" shares ii) once the</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">series "L shares have converted into series "B"</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">shares, insert into Bylaw No 7 a clause to reflect</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">the consolidation of the company shares into </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">only series "B" shares. </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">3.- Approve the minutes of the meeting</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Name of Fund:</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(1)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">The Mexico Equity and Income Fund</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Period:</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">July 1, 2003 - June 30, 2004</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Company Name</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Meeting Date</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Shares Voted</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">CUSIP</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Ticker </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Grupo Embotelladoras Unidas S.A de C.V</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">13-May-04</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">538,300</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MXP471341042</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Vote </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(3)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MRV </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(4)</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposal </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(5)</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposed by Issuer or Security Holder </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(6)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1.- Approve the acquisition fo the stock shares of</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Grupo Embotelladora Bretm S,A. de C,V</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2.- Approve the increase in capital through the</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">issue of new shares; Shares that are not subscribed</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">during the preferred shareholders period will be</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">offered to shareholders of Embotelladora Bret, </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">contingent on the approval of agenda Resolution 1</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">3.-Elect the Administrative Council and Commissioners</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">4.- Elect the meeting delegates. </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Name of Fund:</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(1)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">The Mexico Equity and Income Fund</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Period:</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">July 1, 2003 - June 30, 2004</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Company Name</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Meeting Date</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Shares Voted</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">CUSIP</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Ticker </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Grupo Mexico S.A. de C.V</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">30-apr-04</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">694,700</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MXP370841019</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Vote </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(3)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MRV </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(4)</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposal </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(5)</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposed by Issuer or Security Holder </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(6)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1.- Approve the Company documents concerning</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">operations during FY2003</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2.- Approve the Auditors report</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">3.- Approve the allocation of profits</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">4.- Elect the Board of directors, the Controllers, </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">the Executive Committee, the Audit Committee and the</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Compensation Committee</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">5.- Approve to determine the Board's and the Controllers</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">remuneration.</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">6.- Approve to designate special delegates. </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
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<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Name of Fund:</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(1)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">The Mexico Equity and Income Fund</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Period:</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">July 1, 2003 - June 30, 2004</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Company Name</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Meeting Date</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Shares Voted</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">CUSIP</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Ticker </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Alsea S.A. de C.V</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">21-apr-04</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">463,900</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MXP001391012</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Vote </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(3)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MRV </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(4)</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposal </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(5)</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposed by Issuer or Security Holder </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(6)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1.- Approve the annual report in compliance with </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Article 172 of the Commercial Companies Las</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">concerning the transactions executed in th course of</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">FY between 01 Jan and 31 Dec 2003</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2.- Declare a cash dividend</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">3.- Approve the reports of the Planning and Finance </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Committee, Auditing Committee , and the Evaluation</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">and Compensation Committee. </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">4.- Approve the naming of the Members of the </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Administrative Council, Commissioners, and other</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">officers</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">5.- Approve the salary of the Administrative Council and</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">the Commissioners</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">6.- Approve the report of the Administrative Council </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">concerning the purchase of own shares.</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">7.- Approve the report of the Administrative Council </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">concerning the Employee Stock Purchase Program</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">8.- Approve the designation of the meeting delegates. </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Name of Fund:</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(1)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">The Mexico Equity and Income Fund</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Period:</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">July 1, 2003 - June 30, 2004</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Company Name</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Meeting Date</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Shares Voted</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">CUSIP</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Ticker </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Gruma SA de CV</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">30-apr-04</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">98,200</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MXP4948K1056</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Vote </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(3)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MRV </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(4)</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposal </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(5)</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposed by Issuer or Security Holder </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(6)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1.- Approve the Boards report in concordance with </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Article 172 of the law for the FYE on 31 DEC 2003</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">including the comissioners report.</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2.- Receive the auditing report for the FYE on 31 Dec 2003</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">in concordance of the Art 14 Bis 3 of the market value</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">law and Article 16 of the Company' By laws.</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">3.- Approve the allocation of profits and proposal of the</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">dividend payment</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">4.- Approve to set the maximum amount to acquiere own</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">shares. </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">5.- Elect the members of the Board, Commissioners and</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">their alternates, to set their compensation </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">6.- Approve to designate the members of the Auditing </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Committee and establish their remuneration </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">7.- Approve to designate the specials delegate to carry out </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">the metting' resolutions.</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">8.- Approve the meeting' minute</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Name of Fund:</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(1)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">The Mexico Equity and Income Fund</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Period:</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">July 1, 2003 - June 30, 2004</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Company Name</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Meeting Date</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Shares Voted</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">CUSIP</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Ticker </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Grupo Cementos de Chihuahua SA de CV</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">19-apr-04</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">821,000</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MX01GC2M0006</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Vote </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(3)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MRV </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(4)</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposal </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(5)</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposed by Issuer or Security Holder </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(6)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1.- Receive the Board of Directors' report</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2.- Receive the Commissioners' repor</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">3.- Approve the reporto fo the Board of Directors for the</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">FY between 01 JAN and 31 DEC 2003</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">4.- Approve the activities of the Board of Directors and</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">respective Company's employees for the same year</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">5.- Approve the earnings for the FY between 01 Jan 2003</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">and 31 DEC 2003 and the payment of a dividend up to</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">the net amounto of MXN 0.25528, national currency per </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">share.</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">6.- Approve the maximum amounto of resources that may </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">be used to purchase own shares. </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">7.- Grant the destination to the members to compose</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">the Auditors Committee for the Board of Directors</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">8.- Approve the designate the members to compose the </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Board of Directors and the Company's Commissioners</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">and to set their respective compensation. </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">9.- Approve the minute of the meeting</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Name of Fund:</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(1)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">The Mexico Equity and Income Fund</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Period:</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">July 1, 2003 - June 30, 2004</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Company Name</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Meeting Date</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Shares Voted</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">CUSIP</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Ticker </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Grupo Financiero Banorte S.A de C.V</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">21-apr-04</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">267,200</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MXP370711014</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Vote </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(3)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MRV </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(4)</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposal </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(5)</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposed by Issuer or Security Holder </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(6)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1.-Approve to incorporate the Generali Mexico Cia</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">de Seguros and a limited liability financial Company,</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">as a financially controlled Companies, amend the </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Article 02 of the Company Bylaws and grant authorization</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">to subscribe the single agreement of liabilities. </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2.- Elect the delegate or delegates to execute and </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">formalize the resolutions adopted by the meeting </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">3.- Approve the minutes of the meeting</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Name of Fund:</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(1)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">The Mexico Equity and Income Fund</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Period:</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">July 1, 2003 - June 30, 2004</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Company Name</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Meeting Date</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Shares Voted</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">CUSIP</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Ticker </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Grupo Financiero Banorte S.A de C.V</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">21-apr-04</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">267,200</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MXP370711014</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Vote </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(3)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MRV </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(4)</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposal </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(5)</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposed by Issuer or Security Holder </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(6)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1.- Receiv the Board of Directors' report in compliance</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">with Article 172 of the Commercial Companies Law</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">for the FYE on 31 DEC 2003, Commissioners' report</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">and the Auditors Committee' report</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2.- Approve how to apply the earnings.</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">3.- Elect the members to compose the Board of Directors</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">and Company' Commissioners</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">4.- Approve the compensation for the Directors and</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Company's Commissioners</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">5.- Receive the Board of Directors' report concerning</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">the transactions executed with own shares for the</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">FY 2003 and set the maximum amount of resources</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">that may be used to purchase own shares of the FY2004</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">6.- Elect the delegate or delegates to, where, appropriate</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">execute and formalize the resolutions adopted by the</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">meeting</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">7.- Approve the minutes of the meeting</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Name of Fund:</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(1)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">The Mexico Equity and Income Fund</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Period:</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">July 1, 2003 - June 30, 2004</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Company Name</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Meeting Date</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Shares Voted</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">CUSIP</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Ticker </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Embotelladoras Arca SA de CV</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">19-apr-04</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">133,000</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MX10AR2E0007</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Vote </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(3)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MRV </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(4)</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposal </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(5)</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposed by Issuer or Security Holder </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(6)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1.- Approve the Board of Directors report, including the</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">financial statements for the FY2003, in compliance with</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">the resolutions provided by the Article 172 of the </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Commercial Companies Law</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2.- Declare a cash dividend of MXN 0.70 per share</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">3.- Approve the establishment of a maximum amount</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">to acquiere own shares. </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">4.- Approve the designation of the Members of the Board </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">of Directors, the controllers and theri wages </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">5.- Approve to designate the auditing, assessment, </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">compensation, planning and finance Committees</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">6.- Approve to designate the delegates.</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">7.- Approve the minutes of the metting.</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Name of Fund:</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(1)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">The Mexico Equity and Income Fund</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Period:</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">July 1, 2003 - June 30, 2004</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Company Name</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Meeting Date</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Shares Voted</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">CUSIP</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Ticker </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Sare Holdings S.A de CV</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">28-apr-04</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">3,451,100</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MX01SA030007</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Vote </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(3)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MRV </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(4)</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposal </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(5)</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposed by Issuer or Security Holder </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(6)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1.- Receive the Board's report in concordance with </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Art 172 of the Law including financial statements and</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Commissioners report for FYE 31 DEC 2003</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2.- Approve the allocation of profits.</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">3.- Approve to establish the maximum amount to </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">acquire own shares. </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">4.- Receive the Auditing Committee report</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">5.- Ratify the Members of the Board's, Secretary,</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Commissioners and Alternates</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">6.- Approve to designate or ratify the Member of the</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Company' Committee.</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">7.- Approve to establish the Boards, Commissioners </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">and thier Alternates compensation</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">8.- Authorized the delegates to carry out meeting</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">resolutions. </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Name of Fund:</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(1)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">The Mexico Equity and Income Fund</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Period:</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">July 1, 2003 - June 30, 2004</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Company Name</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Meeting Date</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Shares Voted</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">CUSIP</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Ticker </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Grupo Industrial Saltillo SA</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">30-apr-04</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">32,500</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MX01GI000006</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Vote </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(3)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MRV </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(4)</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposal </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(5)</FONT></DIV></TD>
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<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposed by Issuer or Security Holder </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(6)</FONT></DIV></TD></TR>
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<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1.- Receive and approve the Board of Directors report</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">concerning all transactions executed by the Company</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">for the FYE on 31 DEC 2003</FONT></DIV></TD>
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<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2.- Approve the allocation of profits</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">3.- Approve the cash dividend payment of MXN 0.72</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">per share. </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">4.- Approve the report concerning the policies that rules</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">the Company and all transactions executed by the</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Company and to establish MXN 250,000,000.00</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">as the maximum amount of resources that designated</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">to acquire own shares. </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">5.- Elect the Members of the Board of Directors, </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Auditors Committee, Commissioner and the persons</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">that will take the office as Chairman and Secretary </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">for said bodies. </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">6.- Approve the remuneration for the Members of the</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Board of Directors, Auditors Committee and the</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Commissioner.</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">7.- Elect the delegates to execute and formalise the </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">resolutions adopted by the meeting </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">8.- Amend the several Articles of the Company Bylaws</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">9.- Elect delegates to execute and formalise the </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">resolutions adopted by the meeting</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Name of Fund:</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(1)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">The Mexico Equity and Income Fund</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Period:</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">July 1, 2003 - June 30, 2004</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Company Name</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Meeting Date</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Shares Voted</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">CUSIP</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Ticker </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">TV Azteca SA de CV</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">08-apr-04</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1,380,200</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MXP740471117</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Vote </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(3)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MRV </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(4)</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposal </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(5)</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposed by Issuer or Security Holder </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(6)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1.- Approve the Company documents kept concerning</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">operations held in FY 2003</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2.- Receive the presentation by the Company </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Commissioners concerning FY2003</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">3.- Approve the financial statements and general ledger</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">for FY2003</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">4.- Approve the allocation of profits from FY2003</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">5.- Approve the payment of a dividend of MXN 0.00707</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">per "DA" share held and a dividend of MXN 0.00707</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">per "DL" share held</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">6.- Approve to reduce the Company capital by way of a </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">cash reimbursement to shareholders. </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">7.- Approve the Company policy concerning the buying</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">of own shares, and the determination of the maximum</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">amount of money to be usee to purchase own shares. </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">8.- Elect the members of the Administrative Council, </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">as well the Secretary, and Commissioners</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">9.- Approve to determine the wages for the Counselors, </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Secretary, and Commissioners of the Company</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">10.- Other matters.</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">11.- Aprove the designation of the delegates of the</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">meeting</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Name of Fund:</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(1)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">The Mexico Equity and Income Fund</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Period:</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">July 1, 2003 - June 30, 2004</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Company Name</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Meeting Date</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Shares Voted</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">CUSIP</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Ticker </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Corporacion GEO SA de CV</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">21-apr-04</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">186,800</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MXP3142C1177</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Vote </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(3)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MRV </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(4)</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposal </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(5)</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposed by Issuer or Security Holder </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(6)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1.- Receive the Boards report and the auditing</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">committe report for the FYE 31 DEC 2003</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2.- Approve and modify the Company's financial </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">statements</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">3.- Ratify the Boards performance.</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">4.- Approve the allocation of profits</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">5.- Ratify the Members of the Board, the secretary,</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">and the Commissioners.</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">6.- Approve the settlement of the Boards, Secretary </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">and Commissioners remuneration.</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">7.- Approve the maximum amount to acquire own shares</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">8.- Approve the designation of special delegates to </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">carry out the meetings resolutions</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">9.- Approve the minutes of the meeting</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Name of Fund:</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(1)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">The Mexico Equity and Income Fund</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Period:</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">July 1, 2003 - June 30, 2004</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Company Name</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Meeting Date</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Shares Voted</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">CUSIP</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Ticker </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Grupo Modelo</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">19-apr-04</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">499,400</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MXP4833F1044</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Vote </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(3)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MRV </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(4)</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposal </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(5)</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposed by Issuer or Security Holder </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(6)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1.- Amend the By-laws of the entities to comply with</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">the current legislation</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2.- Approve to inform of the Adminstration Board as of</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">31 DEC 2003 including the financial statements, the</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">commissar's statement and the Auditor's Committee </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">report.</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">3.- Approve the application of earnings</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">4.- Approve the compensation of the Memebers of the</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Board and others Officials.</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">5.- Approve the naming or ratification of the Members</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">of the board as well as the other Officials.</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">6.- Approve the designation of the Memebers of the </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Executive Committee</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">7.- Approve the desgination of the Delegates. </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Name of Fund:</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(1)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">The Mexico Equity and Income Fund</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Period:</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">July 1, 2003 - June 30, 2004</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Company Name</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Meeting Date</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Shares Voted</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">CUSIP</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Ticker </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Telefonos de Mexico S.A. de C.V</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">29-apr-04</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">234,800</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MXP904131325</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Vote </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(3)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MRV </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(4)</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposal </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(5)</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposed by Issuer or Security Holder </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(6)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1.- Elect the Counselors for shares type "L"</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2.- Elect the Special Delegates to carry out the </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">meeting resolutions. </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Name of Fund:</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(1)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">The Mexico Equity and Income Fund</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Period:</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">July 1, 2003 - June 30, 2004</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Company Name</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Meeting Date</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Shares Voted</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">CUSIP</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Ticker </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Industrias ICH</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">30-apr-04</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">184,800</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MXP524131127</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Vote </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(3)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MRV </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(4)</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposal </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(5)</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposed by Issuer or Security Holder </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(6)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1.- Approve the Boards of Directors' report for the FYE</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">31 DEC 2003, the Commissioner's report, de Auditors</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Committee's report and the related resolutions of the </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Board's performance.</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2.- Approve to apply the earnings and set the amount of </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">resources to acquire own shares. </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">3.- Approve to desginate the Members of the Boards, </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Controllers, Executive Committee and the Auditing</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Committee and set their compensations. </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">4.- Authorized the designates to execute and formalized</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">the resolutions adopted by the meeting</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Name of Fund:</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(1)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">The Mexico Equity and Income Fund</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Period:</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">July 1, 2003 - June 30, 2004</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Company Name</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Meeting Date</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Shares Voted</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">CUSIP</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Ticker </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Telefonos de Mexico S.A de C.V</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">21-apr-04</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">234,800</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MXP904131325</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Vote </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(3)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MRV </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(4)</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposal </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(5)</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposed by Issuer or Security Holder </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(6)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1.- Approve the administration Board including the</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Commissar and the financial statements of the entity</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">as of 31 DEC 2003</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2.- Approve the application of earnings and declare a cash</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">dividend for MXN 0.68 per share paid in 4 equal exhibitions</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">of MXN 0.17 per share and the payment dates are:</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">18 Jun 2004; 17 Sep 2004; 16 Dec 2004 and 17 Mar 2003</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">3.- Ratify the exercise of activities carried out by the</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Administration Board as a result of one of the resolutions</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">approved in the meeting held on 12 NOV 2003</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">4.- Approve the designation and ratification of the </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Members of the Board as well as other officials </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">5.- Approve the designation of special delegates. </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Name of Fund:</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(1)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">The Mexico Equity and Income Fund</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Period:</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">July 1, 2003 - June 30, 2004</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Company Name</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Meeting Date</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Shares Voted</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">CUSIP</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Ticker </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Grupo Televisa S.A</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">16-apr-04</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">612,300</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MXP4987V1378</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Vote </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(3)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MRV </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(4)</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposal </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(5)</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposed by Issuer or Security Holder </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(6)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1.- Approve the Administration Board's inform for the</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">year 2003 and the financial statements of the Entity</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">as of 31 DEC 2003 and the presentation of the </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Commissar.</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2.- Approve the presentation of the Auditor's Committee</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">3.- Approve the application of earnings and declare a </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">dividend of MXN 3,850,000,000.00 for all outstanding</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">shares.</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">4.- Approve to determine the maximum amount to be </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">used to repurchase shares.</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">5.- Receive the presentation on the policies and </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">procedures followed on the repurchase of shares.</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">6.- Receive the presentation on the long term retention</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">plan.</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">7.- Ratify the Members of the Board as well as other</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Officials.</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">8.- Ratify the Members of the Executive Board</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">9.- Ratify the Members of the Auditing Committee. </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">10.- Approve to determine the compensation of the </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">officials elected in the previous points</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">11.- Approve the designation of the delegates. </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Name of Fund:</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(1)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">The Mexico Equity and Income Fund</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Period:</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">July 1, 2003 - June 30, 2004</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Company Name</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Meeting Date</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Shares Voted</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">CUSIP</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Ticker </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Telefonos de Mexico S.A de C.V</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">20-Feb-04</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">869,900</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MXP904131325</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Vote </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(3)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MRV </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(4)</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposal </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(5)</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposed by Issuer or Security Holder </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(6)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1.- Approve the proposal to increase the reserver</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">to repurchase shares by MXN 12,000 million </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2.- Approve the designation of special delegates. </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Name of Fund:</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(1)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">The Mexico Equity and Income Fund</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Period:</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">July 1, 2003 - June 30, 2004</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Company Name</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Meeting Date</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Shares Voted</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">CUSIP</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Ticker </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Consorcio ARA SA de CV</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">22-Apr-04</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">288,100</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MXP001161019</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Vote </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(3)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MRV </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(4)</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposal </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(5)</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposed by Issuer or Security Holder </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(6)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1.- Receive the annual inform of the Board, the financial</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">statement as of 31 DEC 2003 and the Commissioner's </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">inform</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2.- Approve the resolution on application of results</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">3.- Approve the Auditors annual report</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">4.- Ratify or designate the Members of the Board </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">including Advisors and other officials from other </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Committees. </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">5.- Approve the resolution on the amount that can be</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">designated to repurchase shares according to current</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">legislation. </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">6.- Approve the desgination of special delegates. </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Name of Fund:</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(1)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">The Mexico Equity and Income Fund</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Period:</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">July 1, 2003 - June 30, 2004</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Company Name</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Meeting Date</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Shares Voted</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">CUSIP</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Ticker </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">America Telecom S,A. de C,V</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">27-Apr-04</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">761,800</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MX01AM060000</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Vote </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(3)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MRV </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(4)</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposal </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(5)</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposed by Issuer or Security Holder </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(6)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1.- Approve the Board of Director's report for the FYE</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">31 DEC 2003, in compliance with ART 172 of the </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Commercial Companies Law, including the financial</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">statements and gthe Commissioner's report and the</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Auditors Committee's report, and the report concerning</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">the Company's subsidiares, including the application </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">of the earnings </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2.- Approve to the Management of the Board of Directors</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">for the FY2003 and to designate members to compose</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">the Board of Directors, and to designate the Company's</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Commissioners, senior and respective alternate and to </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">set their respective compensation.</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">3.- Approve to designate the memebers to compose </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">the Company's Committees, and to set their respective</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">compensation.</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">4.- Approve the maximum amount of resources used to</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">purchase own shares for the FY2004 and the general</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">resolutions related to the purchase of own shares. </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">5.- Approve to designate delegates to execute the </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">resolutions adopted by the meeting and to formalized</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">resolutions. </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Name of Fund:</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(1)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">The Mexico Equity and Income Fund</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Period:</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">July 1, 2003 - June 30, 2004</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Company Name</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Meeting Date</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Shares Voted</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">CUSIP</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Ticker </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Industrias Penoles S.A de C.V</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">14-Apr-04</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">56,400</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MXP554091415</FONT></DIV></TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Vote </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(3)</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">MRV </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(4)</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposal </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(5)</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposed by Issuer or Security Holder </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(6)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1.- Approve and modify the Company's report for FYE</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">on 31 DEC 2003 in concordance with Art 172 of the law</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">including financial statements and Audited report.</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2.- Approve the allocation of the profits</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">3.- Elect the members of the Board, the Executive </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Commitee and also set their remunaration </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">4.- Approve to designate the Controllers and set their</FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">compensation. </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="8%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">5.- Apprvoe to desginate the delegates. </FONT></DIV></TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Issuer</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="22%">&nbsp;</TD>
<TD vAlign=top align=left width="8%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="17%">&nbsp;</TD>
<TD vAlign=top align=left width="6%">&nbsp;</TD></TR></TABLE></P>
<DIV></DIV>
<DIV>
<HR align=center width="100%" noShade SIZE=5>
</DIV>
<P>&nbsp;</P>
<DIV>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp;</TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="34%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=top>
<TD style="PAGE-BREAK-AFTER: always" width="100%" colSpan=3><FONT size=1>
<HR noShade SIZE=2>
</FONT></TD></TR></TABLE></DIV>
<DIV>
<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE></DIV>
<DIV><BR>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><STRONG>SIGNATURES</STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Pursuant to the requirements of the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>THE MEXICO EQUITY AND INCOME FUND, INC.</STRONG></FONT></DIV></FONT>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">By (Signature and Title)* <U>Gerald Hellerman, President</U>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV></FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Date <U>8/26/04</U></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT size=2></FONT>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">* Print the name and title of each signing officer under his or her signature.</FONT></DIV>
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