THE EMERGING MARKETS TELECOMMUNICATIONS FUND, INC. (NYSE: ETF)
THE LATIN AMERICA EQUITY FUND, INC. (NYSE: LAQ)

OCTOBER 24, 2001

FOR IMMEDIATE RELEASE
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Contact:     Investor Relations
             Credit Suisse Asset Management, LLC
             1-800-293-1232

       NYSE-LISTED CLOSED-END EQUITY FUNDS MANAGED BY CREDIT SUISSE ASSET
                        MANAGEMENT COMMENCE TENDER OFFERS

     New York, October 24, 2001 -- The Emerging Markets Telecommunications Fund,
Inc. (NYSE: ETF) and The Latin America Equity Fund, Inc. (NYSE: LAQ) each
commenced today a tender offer to acquire up to fifteen percent (15%) of its
outstanding shares of common stock at a per share cash purchase price equal to
ninety-five percent (95%) of net asset value per share as of November 21, 2001,
the day the offers expire. In the event that shares tendered exceed 15% of the
shares outstanding, the amount of shares tendered will be pro-rated in
accordance with the number of shares tendered by each shareholder. The tender
offers will be accretive to the net asset value of each fund.

     The tender offers by ETF and LAQ are being made in furtherance of the
self-tender programs announced in June 2000 by the funds, whereby: (i) each fund
will make a tender offer to acquire at least 15% of its outstanding shares
during each calendar year of its program; and (ii) the per share purchase price
will be at least 95% of the fund's net asset value per share.

     Credit Suisse Asset Management, LLC ("CSAM"), the institutional asset
management and mutual fund arm of Credit Suisse Group, is a diversified asset
manager, handling equity, fixed income, international and derivative based
accounts through its offices in 14 countries.

     This announcement is not an offer to purchase or the solicitation of an
offer to sell shares of either fund. The tender offers will be made only by the
Offer to Purchase and the related Letter of Transmittal. Shareholders should
read these documents carefully when they are available to investors for free
both at the Web site of the Securities and Exchange Commission (www.sec.gov) and
of each participating fund (www.cefsource.com). Neither the offer to purchase
shares will be made to, nor will tenders pursuant to the Offer to Purchase be
accepted from or on behalf of, holders of shares in any jurisdiction in which
making or accepting the offer to purchase would violate that jurisdiction's
laws.