BEXIL CORPORATION 11 Hanover Square New York, NY 10005 -- IMPORTANT -- -- TIME IS SHORT -- PLEASE VOTE NOW TO HELP REDUCE THE EXPENSES ASSOCIATED WITH FURTHER SOLICITATION FOR THE SPECIAL MEETING. March 18, 2004 Dear Fellow Stockholder: We previously mailed to you proxy materials relating to the Special Meeting of Stockholders of Bexil Corporation to be held on Wednesday, March 24, 2004. According to our latest records, we have not received your vote for this important meeting. Regardless of the number of shares you own, it is important that they are represented and voted at the meeting. PLEASE VOTE NOW BY CALLING THE TOLL FREE NUMBER LISTED IN THE ACCOMPANYING MATERIAL SUPPLIED BY YOUR BANK, BROKER, FINANCIAL ADVISOR OR CALL 1-866-794-2200 for assistance with voting your shares. Your Board of Directors unanimously recommends that you vote "FOR" the proposal on the meeting agenda for the reasons set forth in the Proxy Statement. Thank you for your cooperation and continued support. Sincerely, /s/ Thomas B. Winmill Thomas B. Winmill President