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

                      THE LATIN AMERICA EQUITY FUND, INC.

          TO PURCHASE FOR CASH 1,312,576 OF ITS ISSUED AND OUTSTANDING
                 SHARES AT 95% OF THE NET ASSET VALUE PER SHARE

TO BROKERS, DEALERS, COMMERCIAL BANKS,
  TRUST COMPANIES AND OTHER NOMINEES:

    Pursuant to your request, we are enclosing the material listed below
relating to the offer by The Latin America Equity Fund, Inc. (the "Fund") to
purchase 1,312,576 of its issued and outstanding shares of common stock, par
value $0.001 per share (the "Shares"), for cash at a price equal to 95% of their
net asset value ("NAV") determined as of the close of the regular trading
session of the New York Stock Exchange ("NYSE") on November 21, 2001 upon the
terms and subject to the conditions set forth in the Offer to Purchase dated
October 24, 2001 and the related Letter of Transmittal (which together with any
amendments or supplements thereto collectively constitute the "Offer"). THE
OFFER EXPIRES AT 5:00 P.M. EASTERN TIME ON NOVEMBER 21, 2001, UNLESS EXTENDED
(THE "EXPIRATION DATE"). If the Offer is extended beyond November 21, 2001, the
purchase price for Shares will be 95% of their NAV determined as of the close of
the regular trading session of the NYSE on the new Expiration Date, as extended.

    The following documents are enclosed:

     1. Offer to Purchase dated October 24, 2001;

     2. Letter of Transmittal to be used to tender all Shares;

     3. Notice of Guaranteed Delivery; and

     4. Form of Letter to Clients, which may be sent upon request for
        information by your clients for whose account you hold shares registered
        in your name (or in the name of your nominee).

    No fees or commissions will be payable to brokers, dealers or other persons
for soliciting tenders of Shares pursuant to the Offer. The Fund will pay all
transfer taxes on its purchase of Shares, subject to Instruction 7 of the Letter
of Transmittal. Backup withholding tax at a 30.5% rate may be required unless an
exemption is proved or unless the required taxpayer identification information
is or has previously been provided to the Fund or the Depositary. Certain
withholdings may also apply with respect to payments to non-U.S. shareholders.
See Instruction 12 of the Letter of Transmittal.

    The Offer is not being made to (nor will tenders be accepted from or on
behalf of) shareholders in any jurisdiction in which the making of the Offer or
the acceptance thereof would not be in compliance with the laws of such
jurisdiction. In any jurisdiction where the securities, blue sky or other laws
require the Offer to be made by a licensed broker or dealer, the Offer shall be
deemed to be made on behalf of the Fund by one or more registered brokers or
dealers licensed under the laws of that jurisdiction.

    Additional copies of the enclosed material may be obtained from Georgeson
Shareholder Communications Inc., the Information Agent, in the manner indicated
in the Offer to Purchase. Any questions you have with respect to the Offer
should also be directed to the Information Agent.

                                          Very truly yours,

                                          The Latin America Equity Fund, Inc.

NOTHING CONTAINED HEREIN 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 TO MAKE ANY STATEMENTS WITH RESPECT TO THE OFFER, OTHER
THAN THE STATEMENTS SPECIFICALLY SET FORTH IN THE OFFER TO PURCHASE AND THE
LETTER OF TRANSMITTAL, OR TO DISTRIBUTE ANY MATERIAL WITH RESPECT TO THE OFFER
OTHER THAN AS SPECIFICALLY AUTHORIZED HEREIN.