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The Mexico Equity And Income Fund, Inc. Announces Earnings For The Nine Month Period Ended April 30, 2010.

The Mexico Equity and Income Fund, Inc. (the “Fund”) (NYSE: MXE) (NYSE: MXEPR), today announced unaudited results for the nine month period ended April 30, 2010.

On April 30, 2010, total net assets of the Fund were $81,073,588 and the net asset value (“NAV”) for the common and preferred stock was $10.79 per share, based on 7,434,004 and 82,773 shares outstanding, respectively. The Fund’s common stock closed on the New York Stock Exchange on that date at $9.68.

For the nine month period ended April 30, 2010, the Fund’s net realized and unrealized gains totaled $26,092,679 and the Fund’s net investment loss was $(54,995).

On April 30, 2010, the Fund’s investments in equity and fixed income securities of Mexican companies totaled $80,709,317 (or 99.56% of the Fund’s net assets), while cash and cash equivalents (excluding foreign currency) totaled $3,413,618 (or 4.20% of the Fund’s net assets) and other liabilities in excess of assets totaled $(3,051,857) (or (3.76)% of the Fund’s net assets).

As of April 30, 2010, the Fund’s 10 largest equity investments represented 69.0% of the Fund’s net assets and are listed below in descending order:

1.   America Movil, S.A. de C.V. – Class – L   17.2%
2. Genomma Lab Internacional S.A. 13.4%
3. Grupo Mexico, S.A. – Series B 8.4%
4. Grupe, S.A. de C.V. 5.8%
5. Wal-Mart de Mexico 4.9%
6. Promotora y Operadora de Infraestructura, S.A. de C.V. 4.9%
7. Alfa, S.A. – Class A 4.1%
8. Grupo Financiero Banorte, S.A. de C.V. – Class O 3.7%
9. Impulsora del Desarrollo y el Empleo en America Latina, S.A. de C.V. 3.5%
10. Fomento Economico Mexicano, S.A.B. de C.V. 3.1%

The Fund is a closed-end management investment company that seeks high total return through capital appreciation and current income by investing primarily in equity and convertible debt securities issued by Mexican companies and debt securities of Mexican issuers. Pichardo Asset Management, S.A. de C.V. is the investment adviser to the Fund. The Fund’s common and preferred stocks are traded on the New York Stock Exchange under the trading symbol “MXE” and “MXEPR”, respectively.

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