The Mexico Equity and Income Fund, Inc. (the “Fund”) (NYSE: MXE)(NYSE: MXEPR) today announced the results of the Annual Meeting of Stockholders of the Fund, which was held on December 7, 2011. At the Annual Meeting, the stockholders elected Phillip Goldstein and Maria Eugenia Pichardo to serve until the 2014 Annual Meeting of Stockholders. The stockholders also approved the change to the performance-based advisory fee between Pichardo Asset Management, S.A. de C.V. (the “Investment Adviser”) and the Fund.

The Fund today also announced financial results for the three months ended October 31, 2011.

On October 31, 2011, total net assets of the Fund were $77,381,175 and the net asset value (“NAV”) for common and preferred stock was $11.50 per share, based on 6,673,224 and 57,639 shares outstanding, respectively. The Fund’s common stock closed at $10.47 per share on the New York Stock Exchange on October 31, 2011. The Fund’s preferred stock did not trade on October 31, 2011. The mean of the bid and ask price was $10.64.

For the three month period ended October 31, 2011, the Fund’s net realized and unrealized losses totaled $(11,804,524) and the Fund’s net investment loss was $(190,742).

On October 31, 2011, the Fund’s investments in equity and fixed income securities of Mexican companies totaled $79,770,049 or 103.09% of the Fund’s net assets, while cash and cash equivalents (excluding foreign currency) totaled $134,224 or 0.17% of the Fund’s net assets and other liabilities in excess of assets totaled $(2,523,098) or (3.26)% of the Fund’s net assets.

As of October 31, 2011, the Fund’s 10 largest equity investments represented 67.0% of the Fund’s net assets were:
1.   America Movil, S.A. de C.V. – Class – L   11.9%
2. Mexichem S.A.B. de C.V. 10.9%
3. El Puerto de Liverpool S.A.B. de C.V. 8.4%
4. Wal-Mart de Mexico S.A.B. de C.V. 8.3%
5. Genomma Lab Internacional SA 5.2%
6. Emboteladoras Arca, S.A. 4.8%
7. Telefonosde Mexico S.A.B. de C.V 4.8%
8. Fibra Uno Administracion S.A. de C.V. 4.3%
9. Qualita Compania de Seguros S.A. de C.V. 4.3%
10. Banregio Grupo Financiero S.A. de C.V 4.1%

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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