FORM OF LETTER TO BROKERS, DEALERS,
             COMMERCIAL BANKS, TRUST COMPANIES AND OTHER NOMINEES
                       REGARDING THE REPURCHASE OFFER BY

                             THE MEXICO FUND, INC.

            TO REPURCHASE UP TO 100% OF ITS ISSUED AND OUTSTANDING
                 SHARES AT 98% OF NET ASSET VALUE PER SHARE IN
                 EXCHANGE FOR PORTFOLIO SECURITIES OF THE FUND

To Brokers, Dealers, Commercial Banks,
Trust Companies and Other Nominees:

   We are enclosing the material listed below relating to the offer by The
Mexico Fund, Inc. (the "Fund"), a Maryland corporation registered under the
Investment Company Act of 1940, as amended, as a closed-end, non-diversified
management investment company, to its shareholders to repurchase up to 100% of
the Fund's issued and outstanding shares of common stock, par value $1.00 per
share (the "Shares") at 98% of the Fund's per share net asset value at the
close of business on the Expiration Date (as defined below) in exchange for
Portfolio Securities (the "Repurchase Offer"), Portfolio Securities are a
pro-rata portion of each of the securities (other than short-term fixed income
securities with maturities of less than one year, securities with transfer
restrictions and certain illiquid securities), subject to adjustments for
fractional shares and odd lots, and any cash held in the Fund's investment
portfolio at the close of business on the Expiration Date (as defined below).
The Repurchase Price is equal to 98% of the Fund's per share net asset value
("NAV") determined as of the close of the regular trading session of the New
York Stock Exchange ("NYSE") on the Expiration Date, subject to the terms and
conditions set forth in the Repurchase Offer Statement dated May 8, 2002 and
the related Letter of Transmittal. THE REPURCHASE OFFER EXPIRES AT 5:00 P.M.,
NEW YORK CITY TIME, ON JUNE 7, 2002, UNLESS EXTENDED (THE "EXPIRATION DATE").

   The following documents are enclosed:

   (1) SUMMARY TERM SHEET;

   (2) REPURCHASE OFFER STATEMENT DATED MAY 8, 2002;

   (3) LETTER OF TRANSMITTAL TO BE USED TO PRESENT SHARES FOR REDEMPTION;

   (4) AUTHORIZATION INSTRUCTIONS FORM;

   (5) DTC DELIVERY ELECTION FORM;

   (6) GUIDELINES FOR CERTIFICATION OF TAXPAYER IDENTIFICATION NUMBER;

   (7) NOTICE OF GUARANTEED DELIVERY; AND

   (8) LETTER TO CLIENTS, WHICH MAY BE SENT UPON ANY REQUEST FOR INFORMATION BY
       YOUR CLIENTS FOR WHOSE ACCOUNT YOU HOLD SHARES REGISTERED IN YOUR NAME
       (OR IN THE NAME OF YOUR NOMINEE) WITH SPACE PROVIDED FOR OBTAINING SUCH
       CLIENTS' INSTRUCTIONS WITH REGARD TO THE REPURCHASE OFFER.

   PLEASE NOTE THE EXPIRATION DATE AND THE WITHDRAWAL DEADLINE IS 5:00 P.M.,
NEW YORK CITY TIME, ON JUNE 7, 2002, UNLESS EXTENDED.

   Please be advised that participation in the Repurchase Offer requires
submission of the Authorization Instructions Form and DTC Delivery Election
Form regarding account information with a Mexican broker or custodian, in
addition to other documentation submitted electronically. All brokers, dealers,
commercial banks, trust companies and other nominees are requested to submit
account information for a single Mexican brokerage or custodial account on
behalf of their clients who choose to participate in the Repurchase Offer.



   No fees or commissions will be payable to brokers, dealers or other persons
under the terms of the Repurchase Offer, although redeeming Shareholders may be
obligated to pay a processing fee to their broker for assistance in
transmitting a redemption request. A repurchase request will be deemed invalid
unless an exemption is proved or unless the required taxpayer identification
information is or has previously been provided regarding backup tax
withholding. Certain documents also have to be submitted as apply to
withholdings potentially affecting payments to non-U.S. Shareholders, See
Instruction 11 of the Letter of Transmittal.

   The Repurchase Offer is not being made to (nor will redemption requests be
accepted from or on behalf of) Shareholders residing in any jurisdiction in
which the making of the Repurchase Offer or its acceptance would not be in
compliance with the laws of such jurisdiction. To the extent that the
securities laws of any jurisdiction would require the Repurchase Offer to be
made by a licensed broker or dealer, the Repurchase Offer shall be deemed to be
made on the Fund's behalf by one or more registered brokers or dealers licensed
under the laws of such jurisdiction.

   If a client instructs you by telephone to present your Shares for
redemption, please record the telephone conversation (in accordance with
applicable law).

   NONE OF THE FUND, ITS BOARD OF DIRECTORS NOR THE INVESTMENT ADVISER TO THE
FUND IS MAKING ANY RECOMMENDATION TO ANY SHAREHOLDER WHETHER TO SUBMIT FOR
REDEMPTION OR TO REFRAIN FROM SUBMITTING FOR REDEMPTION SHARES. THE FUND HAS
BEEN ADVISED THAT NO DIRECTOR OR OFFICER OF THE FUND NOR THE FUND'S INVESTMENT
ADVISER WILL PARTICIPATE IN THE REPURCHASE OFFER.

   Additional copies of the enclosed material may be obtained from Morrow &
Co., Inc., the Information Agent, at appropriate addresses and telephone
numbers set forth in the Repurchase Offer Statement. Any questions you have
with respect to the Repurchase Offer should be directed to the Information
Agent at 800-
 654-2468.

                                          Very truly yours,

                                          THE MEXICO FUND, INC.

   NOTHING CONTAINED IN THIS LETTER OR IN THE ENCLOSED DOCUMENTS SHALL
CONSTITUTE YOU OR ANY OTHER PERSON AS THE AGENT OF EITHER THE FUND OR THE
DEPOSITARY OR AUTHORIZE YOU OR ANY OTHER PERSON (A) TO MAKE ANY STATEMENTS WITH
RESPECT TO THE REPURCHASE OFFER, OTHER THAN THE STATEMENTS SPECIFICALLY SET
FORTH IN THE REPURCHASE OFFER STATEMENT AND THE LETTER OF TRANSMITTAL, OR (B)
TO DISTRIBUTE ANY MATERIAL WITH RESPECT TO THE REPURCHASE OFFER OTHER THAN AS
SPECIFICALLY AUTHORIZED.

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