<Page>

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934 (Amendment No. )

Filed by the Registrant /X/
Filed by a Party other than the Registrant / /

Check the appropriate box:

/ / Preliminary Proxy Statement
/ / Confidential, for Use of the Commission Only (as permitted by Rule
14a6(e)(2))
/X/ Definitive Proxy Statement
/ / Definitive Additional Materials
/ / Soliciting Material Pursuant to Section 240.14a12

THE LATIN AMERICA EQUITY FUND, INC.
- --------------------------------------------------------------------------------
(Name of Registrant as Specified In Its Charter)

- --------------------------------------------------------------------------------
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

/X/ No fee required.
/ / Fee computed on table below per Exchange Act Rules 14a6(i)(1) and 0-11.

(1) Title of each class of securities to which transaction applies:
(2) Aggregate number of securities to which transaction applies:
(3) Per unit price or other underlying value of transaction
computed pursuant to Exchange Act Rule 0-11 (set forth the
amount on which the filing fee is calculated and state how it
was determined):

(4) Proposed maximum aggregate value of transaction:
(5) Total fee paid:

/ / Fee paid previously with preliminary materials.
/ / Check box if any part of the fee is offset as provided by Exchange
Act Rule 0-11(a)(2) and identify the filing for which the offsetting
fee was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.

(1) Amount Previously Paid:
(2) Form, Schedule or Registration Statement No.:
(3) Filing Party:
(4) Date Filed:

<Page>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------

THE LATIN AMERICA EQUITY FUND, INC.
466 LEXINGTON AVENUE
16TH FLOOR
NEW YORK, NEW YORK 10017
-------------------

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD ON THURSDAY, APRIL 25, 2002
-----------------

TO THE SHAREHOLDERS OF
THE LATIN AMERICA EQUITY FUND, INC.:

NOTICE IS HEREBY GIVEN that the Annual Meeting of Shareholders (the
"Meeting") of The Latin America Equity Fund, Inc. (the "Fund") will be held at
the offices of Credit Suisse Asset Management, LLC, 466 Lexington Avenue, 16th
Floor, New York, New York 10017, on Thursday, April 25, 2002 commencing at
2:00 p.m., New York time.

The purpose of the Meeting is to consider and act upon the following
proposal and to consider and act upon such other matters as may properly come
before the meeting or any adjournments thereof:

(1) To elect two (2) directors of the Fund.

The close of business on March 4, 2002 has been fixed as the record date for
the determination of the shareholders entitled to notice of, and to vote at, the
Meeting.

This notice and related proxy material are first being mailed on or about
March 25, 2002.

By order of the Board of Directors,

/s/ Michael A. Pignataro

MICHAEL A. PIGNATARO
SECRETARY

WHETHER OR NOT YOU PLAN TO ATTEND THE MEETING IN PERSON, IT IS IMPORTANT THAT
YOUR SHARES BE REPRESENTED AND VOTED AT THE MEETING. ACCORDINGLY, PLEASE DATE,
SIGN AND RETURN THE ENCLOSED PROXY CARD PROMPTLY. NO POSTAGE IS REQUIRED IF
MAILED IN THE UNITED STATES. IT IS IMPORTANT THAT YOUR PROXY CARD BE RETURNED
PROMPTLY IN ORDER TO AVOID THE ADDITIONAL EXPENSE OF FURTHER SOLICITATION.

Dated: March 25, 2002
New York, New York
<Page>
THE LATIN AMERICA EQUITY FUND, INC.
466 LEXINGTON AVENUE
16TH FLOOR
NEW YORK, NEW YORK 10017

-------------------

PROXY STATEMENT FOR THE
ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD ON THURSDAY, APRIL 25, 2002
-----------------

This proxy statement (the "Proxy Statement") is furnished in connection with
a solicitation of proxies by the Board of Directors (the "Board") of the Fund
for use at the Annual Meeting of Shareholders to be held at the offices of
Credit Suisse Asset Management, LLC ("CSAM"), 466 Lexington Avenue, 16th Floor,
New York, New York 10017 on Thursday, April 25, 2002 (commencing at 2:00 p.m.
New York time) and at any adjournments thereof (collectively, the "Meeting"). A
Notice of Annual Meeting of Shareholders and a proxy card (the "Proxy")
accompany this Proxy Statement. Proxy solicitations will be made primarily by
mail, but solicitations may also be made by telephone, telegraph or personal
interviews conducted by officers or employees of the Fund, CSAM, the investment
adviser to the Fund, Bear Stearns Funds Management Inc., the administrator of
the Fund (the "Administrator"), or Georgeson Shareholder Communications, Inc.
("Georgeson"), a proxy solicitation firm that has been retained by the Fund and
which will receive a fee of approximately $3,500 and will be reimbursed for its
reasonable expenses. All costs of solicitation, including (a) printing and
mailing of this Proxy Statement and accompanying material, (b) the reimbursement
of brokerage firms and others for their expenses in forwarding solicitation
material to the beneficial owners of the Fund's shares, (c) payment of Georgeson
for its services in soliciting Proxies and (d) supplementary solicitations to
submit Proxies, will be borne by the Fund. This Proxy Statement is expected to
be mailed to shareholders on or about March 25, 2002.

The principal executive office of CSAM is 466 Lexington Avenue, 16th Floor,
New York, New York 10017. The Administrator has its principal executive office
at 383 Madison Avenue, 23rd Floor, New York, New York 10179.

The Fund's Annual Report containing audited financial statements for the
fiscal year ended December 31, 2001 has been previously furnished to all
shareholders of the Fund. It is not to be regarded as proxy-soliciting material.

If the enclosed Proxy is properly executed and returned in time to be voted
at the Meeting, the shares represented thereby will be voted in accordance with
the instructions marked on the Proxy. If no instructions are marked on the
Proxy, the Proxy will be voted FOR election of the Fund's nominees for director
and in accordance with the judgment of the persons named in the proxy on any
other matters that may properly come before the Meeting and that are deemed
appropriate. Any shareholder giving a Proxy has the right to attend the Meeting
to vote his or her shares in person (thereby revoking any prior Proxy) and also
the right to revoke the Proxy at any time by written notice received by the Fund
prior to the time it is voted.

1
<Page>
A quorum of shareholders is constituted by the presence in person or by
proxy of the holders of a majority of the outstanding shares of the Fund
entitled to vote at the Meeting. In the event that a quorum is not present at
the Meeting, the holders of a majority of the shares present in person or by
proxy will have the power to adjourn the Meeting, without notice other than an
announcement at the Meeting, until the requisite number of shares entitled to
vote at such Meeting is present. In the event that a quorum is present at the
Meeting but sufficient votes to approve any of the proposals are not received,
the persons named as proxies may propose one or more adjournments of the Meeting
to permit further solicitation of Proxies. Any such adjournment will require the
affirmative vote of a majority of those shares represented at the Meeting in
person or by Proxy and the persons named as proxies will vote those proxies that
they are entitled to vote "FOR" or "AGAINST" any such proposal in their
discretion. Absent the establishment of a subsequent record date and the giving
of notice to the holders of record thereon, the adjourned Meeting must take
place not more than 120 days after the record date. At such adjourned Meeting,
any business may be transacted which might have been transacted at the original
Meeting. If a quorum is present, a shareholder vote may be taken on one or more
of the proposals in the Proxy Statement prior to any adjournment if sufficient
votes have been received and it is otherwise appropriate. For purposes of
determining the presence of a quorum for transacting business at the Meeting,
abstentions and broker "non-votes" (that is, proxies from brokers or nominees
indicating that such persons have not received instructions from the beneficial
owner or other persons entitled to vote shares on a particular matter with
respect to which the brokers or nominees do not have discretionary power) will
be treated as shares that are present but which have not been voted.

The Fund has one class of shares of capital stock, par value $0.001 per
share (the "Shares"). On the record date, March 4, 2002, there were 7,437,929
Shares outstanding. Each Share is entitled to one vote at the Meeting, and
fractional Shares are entitled to proportionate shares of one vote.

In order that your Shares may be represented at the Meeting, you are
requested to:
--indicate your instructions on the Proxy;
--date and sign the Proxy;
--mail the Proxy promptly in the enclosed envelope;
--allow sufficient time for the Proxy to be received and processed on or
before the commencement of the Meeting at 2:00 p.m. on April 25, 2002 or any
subsequent date to which the Meeting is adjourned.

PROPOSAL 1: ELECTION OF DIRECTORS

The only proposal to be submitted at the Meeting by the Fund will be the
election of two (2) directors of the Fund, each to hold office for the term set
forth below and until his successor is elected and qualified.

The Board is divided into three classes, each class having a term of no more
than three years. Each year the term of office of one class expires and the
successor or successors elected to such class will serve for a three-year term.

James J. Cattano and Riordan Roett, directors whose current terms expire on
the date of the Meeting, have been nominated for a three-year term to expire at
the 2005 Annual Meeting of Shareholders. Messrs. Cattano and Roett currently
serve as directors of the Fund.

Each nominee has indicated an intention to continue to serve if elected and
has consented to being named in this Proxy Statement. Each director named below
who is deemed an "interested person" of the Fund, as defined in the Investment
Company Act of 1940 (the "1940 Act"), is indicated by an asterisk.
Messrs. Priest and Watt are interested persons of the Fund by virtue of their
current or former positions as directors and/or officers of CSAM.

2
<Page>
The following table sets forth certain information regarding the nominees
for election to the Board of the Fund, directors whose terms of office continue
beyond the 2002 annual meeting, and the officers of the Fund.
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND
POSITION(S) TERM OF OFFICE PRINCIPAL COMPLEX
HELD WITH AND LENGTH OF OCCUPATION(S) DURING OVERSEEN BY
NAME, ADDRESS AND AGE FUND TIME SERVED PAST 5 YEARS DIRECTOR
- ----------------------------------- ------------ -------------------------------- -------------------- -----------------

NON-INTERESTED DIRECTORS:

Enrique R. Arzac .................. Director Since 1996; current term ends at Professor of Finance 8
c/o CSAM the 2003 annual meeting. and Economics,
466 Lexington Avenue Graduate School of
New York, NY 10017 Business, Columbia
Age: 60 University
(1971-present).

James J. Cattano .................. Director Since 1990; current term ends at President, Primary 4
55 Old Field Point Road the 2002 annual meeting. Resource Inc. (an
Greenwich, CT 06830 international
Age: 58 trading and manu-
facturing company
specializing in the
sale of agricultural
commodities
throughout Latin
American markets)
(10/96-present).

George W. Landau .................. Director Since 1990; current term ends at Senior Advisor, 5
Two Grove Isle Drive the 2003 annual meeting. Latin America Group,
Coconut Grove, FL 33133 The Coca- Cola
Age: 82 Company (1988-pre-
sent).

Riordan Roett ..................... Director Since 1999; current term ends at Sarita and Don 1
The Johns Hopkins University the 2002 annual meeting. Johnston Professor
1740 Massachusetts Avenue, N.W. of Political Sci-
Washington, D.C. 20036 ence, The Johns
Age: 63 Hopkins University
(1973 -- present).

Martin M. Torino .................. Director Since 1990; current term ends at Chief Executive 3
c/o CSAM the 2004 annual meeting. Officer and Director
466 Lexington Avenue of Celsur Logistica
New York, NY 10017 S.A. (Logistics)
Age: 52 (1/02 -- present);
Chairman of the
Board of Ingenio y
Refineria San Martin
Del Tabacal S.A.
(sugar refinery)
(8/96-2000).

OTHER
DIRECTORSHIPS
HELD BY
NAME, ADDRESS AND AGE DIRECTOR
- ----------------------------------- -----------------

NON-INTERESTED DIRECTORS:
Enrique R. Arzac .................. Director of The
c/o CSAM Adams Express
466 Lexington Avenue Company (a
New York, NY 10017 closed-end
Age: 60 investment
company);
Director of
Petroleum and
Resources
Corporation (a
closed-end
investment
company).
James J. Cattano .................. --
55 Old Field Point Road
Greenwich, CT 06830
Age: 58
George W. Landau .................. Director of
Two Grove Isle Drive Emigrant Sav-
Coconut Grove, FL 33133 ings Bank;
Age: 82 Director of GAM
Funds, Inc.
Riordan Roett ..................... Director of 10
The Johns Hopkins University investment
1740 Massachusetts Avenue, N.W. companies advised
Washington, D.C. 20036 by Smith Barney
Age: 63 Asset Man-
agement.
Martin M. Torino .................. --
c/o CSAM
466 Lexington Avenue
New York, NY 10017
Age: 52
</Table>

3
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND
POSITION(S) TERM OF OFFICE PRINCIPAL COMPLEX
HELD WITH AND LENGTH OF OCCUPATION(S) DURING OVERSEEN BY
NAME, ADDRESS AND AGE FUND TIME SERVED PAST 5 YEARS DIRECTOR
- ----------------------------------- ------------ -------------------------------- -------------------- -----------------

INTERESTED DIRECTORS:

William W. Priest, Jr.* ........... Director Since 1997; current term ends at Senior Partner of 66
12 E. 49th Street the 2004 annual meeting. Steinberg Priest
New York, NY 10017 Capital Management
Age: 60 (3/01-present);
Chairman and
Managing Director of
CSAM (5/00-2/01);
Chief Executive
Officer and Managing
Director of CSAM
(11/89-5/00).

Richard W. Watt* .................. Director and Since 1997; current term ends at Managing Director of 5
c/o CSAM President the 2003 annual meeting. CSAM (7/96-present).
466 Lexington Avenue
New York, NY 10017
Age: 43

OTHER
DIRECTORSHIPS
HELD BY
NAME, ADDRESS AND AGE DIRECTOR
- ----------------------------------- -----------------

INTERESTED DIRECTORS:
William W. Priest, Jr.* ........... --
12 E. 49th Street
New York, NY 10017
Age: 60
Richard W. Watt* .................. --
c/o CSAM
466 Lexington Avenue
New York, NY 10017
Age: 43
</Table>

<Table>
<Caption>
POSITION(S) TERM OF OFFICE PRINCIPAL
HELD WITH AND LENGTH OF OCCUPATION(S) DURING
NAME, ADDRESS AND AGE FUND TIME SERVED PAST 5 YEARS
- ----------------------------------- ------------ -------------------------------- --------------------------------

OFFICERS:

Hal Liebes ........................ Senior Vice Since 1997; current term ends Managing Director and General
c/o CSAM President May 2002. Counsel of CSAM (12/99-present);
466 Lexington Avenue Director and General Counsel of
New York, NY 10017 CSAM (3/97-12/99).
Age: 37

Emily Alejos ...................... Chief Since 1999; current term ends Director of CSAM (1/99-present);
c/o CSAM Investment May 2002. Vice President of CSAM
466 Lexington Avenue Officer (4/97-1/99); Vice President of
New York, NY 10017 Bankers Trust Co. (8/93-3/97).
Age: 38

Michael A. Pignataro .............. Chief Since 1993; current term ends Director of CSAM (1/01-present);
c/o CSAM Financial May 2002. Vice President of CSAM
466 Lexington Avenue Officer and (12/95-12/00).
New York, NY 10017 Secretary
Age: 42

Rocco Del Guercio ................. Vice Since 1997; current term ends Vice President of CSAM
c/o CSAM President May 2002. (1/01-present); Assistant Vice
466 Lexington Avenue President of CSAM (1/99-12/00);
New York, NY 10017 Administrative Officer of CSAM
Age: 38 (6/96-12/98).
</Table>

4
<Page>

Robert M. Rizza ................... Treasurer Since 1999; current term ends Assistant Vice President of CSAM
c/o CSAM May 2002. (1/01-present); Administrative
466 Lexington Avenue Officer of CSAM (3/98-12/00);
New York, NY 10017 Assistant Treasurer Bankers
Age: 36 Trust Co. (4/94-3/98).

Yaroslaw Aranowicz ................ Investment Since 1999; current term ends Vice President of CSAM
c/o CSAM Officer May 2002. (3/98-present); Director of
466 Lexington Avenue Research for Europe and the
New York, NY 10017 Middle East, Trans- National
Age: 38 Research Corporation
(12/95-3/98).
</Table>

Set forth in the table below is the dollar range of equity securities in the
Fund and the aggregate dollar range of equity securities in the CSAM Family of
Investment Companies (as defined below) beneficially owned by each Director.

<Table>
<Caption>
AGGREGATE DOLLAR RANGE OF EQUITY
SECURITIES IN ALL FUNDS OVERSEEN BY
DOLLAR RANGE OF EQUITY SECURITIES DIRECTOR IN CSAM FAMILY OF
NAME OF DIRECTOR IN THE FUND*(1)(2) INVESTMENT COMPANIES*(1)(3)
- ---------------- ------------------ ---------------------------

Enrique R. Arzac ............. C E
James J. Cattano ............. B C
George W. Landau ............. B B
William W. Priest, Jr. ....... A A
Riordan Roett ................ B B
Martin M. Torino ............. B C
Richard W. Watt .............. C E
</Table>

- ----------------

* Key to Dollar Ranges:

A. None

B. $1 -- $10,000

C. $10,001 -- $50,000

D. $50,001 -- $100,000

E. over $100,000

(1) This information has been furnished by each director as of December 31,
2001. "Beneficial Ownership" is determined in accordance with Rule
16a-1(a)(2) promulgated under the Securities Exchange Act of 1934 (the "1934
Act").

(2) The Fund's directors and officers, in the aggregate, own less than 1% of the
Fund's outstanding equity securities.

(3) "CSAM Family of Investment Companies" means those registered investment
companies that share CSAM as the investment adviser and that hold themselves
out to investors as related companies for purposes of investment and
investor services.

As of December 31, 2001, none of the non-interested nominees for election to
the Board of the Fund, the non-interested directors or their immediate family
members owned beneficially or of record any class of securities in CSAM or in a
person (other than a registered investment company) directly or indirectly
controlling, controlled by or under common control with CSAM.

During the fiscal year ended December 31, 2001, each director who was not a
director, officer, partner, co-partner or employee of CSAM, the Administrator,
or any affiliate thereof, received an annual fee of $5,000 and $500 for each
meeting of the Board attended by him and was reimbursed for expenses incurred in
connection with his attendance at the Board meetings. The total remuneration
paid or accrued by the Fund during the fiscal year ended December 31, 2001 to
all such unaffiliated directors was $40,000.

5
<Page>
Since July 1, 2000, each director entitled to a fee from the Fund receives fifty
percent of his annual fee in the form of Fund shares purchased by the Fund's
transfer agent in the open market on his behalf.

During the fiscal year ended December 31, 2001, the Board convened seven
times. Each director, except William W. Priest, Jr., attended at least
seventy-five percent of the aggregate number of meetings of the Board and any
committee on which he served held during the period for which he was a Director.

Messrs. Arzac, Cattano, Landau, Roett and Torino constitute the Fund's Audit
Committee, which is composed of directors who are not interested persons of the
Fund and who are independent (as such term is defined by the New York Stock
Exchange's listing standards). The Audit Committee met twice during the fiscal
year ended December 31, 2001. Messrs. Arzac, Cattano, Landau, Roett and Torino
also constitute the Fund's Nominating Committee, which is composed of directors
who are not interested persons of the Fund. The Nominating Committee did not
meet during the fiscal year ended December 31, 2001. The Nominating Committee
selects and nominates new non-interested directors. The Nominating Committee
will consider nominees recommended by shareholders should a vacancy arise.
Recommendations should be submitted to the Nominating Committee in care of the
Secretary of the Fund. The Fund does not have a compensation committee.

AUDIT COMMITTEE REPORT

The Board has an Audit Committee. Pursuant to the Audit Committee Charter
adopted by the Fund's Board, the Audit Committee is responsible for conferring
with the Fund's independent accountants, reviewing annual financial statements
and recommending the selection of the Fund's independent accountants. The Audit
Committee advises the full Board with respect to accounting, auditing and
financial matters affecting the Fund. The independent accountants are
responsible for planning and carrying out the proper audits and reviews of the
Fund's financial statements and expressing an opinion as to their conformity
with accounting principles generally accepted in the United States of America.

The Audit Committee has met with Fund management to discuss, among other
things, the Fund's audited financial statements for the fiscal year ended
December 31, 2001. The Audit Committee has also met with the Fund's independent
accountants, PricewaterhouseCoopers LLP ("PwC"), and discussed with them certain
matters required by Statement of Auditing Standards No. 61, COMMUNICATIONS WITH
AUDIT COMMITTEES, as currently modified or supplemented, including, but not
limited to, the scope of the Fund's audit, the Fund's financial statements and
the Fund's accounting controls. The Audit Committee has received the written
disclosures and the letter from PwC required by the Securities and Exchange
Commission's (the "SEC") independence rules delineating relationships between
the independent accountants and the Fund and the impact that any such
relationships may have on the objectivity and independence of the independent
accountants. The Audit Committee has discussed with PwC their independence and
has considered whether the provision of services by PwC to the Fund and to CSAM,
as more fully described below, was compatible with maintaining PwC's
independence.

The members of the Audit Committee are not professionally engaged in the
practice of auditing or accounting and are not employed by the Fund for
accounting, financial management or internal control. Moreover, the Audit
Committee relies on and makes no independent verification of the facts presented
to it or representations made by management or the independent accountants.
Accordingly, the Audit Committee's oversight does not provide an independent
basis to determine that management has maintained appropriate accounting and
financial reporting principles and policies, or internal controls and
procedures, designed to assure compliance with accounting standards and
applicable laws and regulations.

6
<Page>
Furthermore, the Audit Committee's considerations and discussions referred to
above do not provide assurance that the audit of the Fund's financial statements
has been carried out in accordance with generally accepted accounting standards
or that the financial statements are presented in accordance with generally
accepted accounting principles.

Based upon these reviews and discussions, the Audit Committee recommended to
the Board that the Fund's audited financial statements be included in the Fund's
2001 Annual Report to Shareholders for the year ended December 31, 2001 and be
mailed to Shareholders and filed with the SEC.

SUBMITTED BY THE AUDIT COMMITTEE OF THE FUND'S BOARD OF DIRECTORS

Enrique R. Arzac
James J. Cattano
George W. Landau
Riordan Roett
Martin M. Torino

INDEPENDENT ACCOUNTANTS

At a meeting held on February 13, 2002, the Board, including those directors
who are not "interested persons" of the Fund, approved the selection of PwC for
the fiscal year ending December 31, 2002. PwC has been the Fund's independent
accountants since the Fund commenced operations in 1991, and has informed the
Fund that it has no material direct or indirect financial interest in the Fund.
A representative of PwC will be available by telephone at the Meeting and will
have the opportunity to make a statement if the representative so desires and
will be available to respond to appropriate questions.

The following table shows the aggregate fees PwC billed to the Fund, to CSAM
and to any entity controlling, controlled by or under common control with CSAM
that provides services to the Fund for their professional services rendered for
the fiscal year ended December 31, 2001.

<Table>
<Caption>
CSAM AND
FUND CERTAIN AFFILIATES
----------- ------------------

Audit Fees $ 47,400 $ 0
Financial Information Systems
Design and Implementation
Fees 0 0
All Other Fees 8,200 460,000
</Table>

7
<Page>
COMPENSATION

The following table shows certain compensation information for the directors
of the Fund for the fiscal year ended December 31, 2001. All officers of the
Fund are employees of and are compensated by CSAM. None of the Fund's executive
officers or directors who are also officers or directors of CSAM received any
compensation from the Fund for such period. The Fund has no bonus, profit
sharing, pension or retirement plans.

<Table>
<Caption>
PENSION OR
RETIREMENT TOTAL
BENEFITS ESTIMATED COMPENSATION FROM
ACCRUED AS ANNUAL FUND AND
AGGREGATE PART OF BENEFITS FUND COMPLEX
COMPENSATION FUND UPON PAID TO
NAME OF DIRECTOR FROM FUND EXPENSES RETIREMENT DIRECTORS
- ---------------- ------------ ---------- ---------- -----------------

Dr. Enrique R. Arzac ......... $8,000 $ 0 $ 0 $72,792
James J. Cattano ............. 8,000 0 0 32,000
George W. Landau ............. 8,000 0 0 37,000
James P. McCaughan* .......... 0 0 0 0
William W. Priest, Jr. ....... 0 0 0 0
Riordan Roett ................ 8,000 0 0 8,000
Martin M. Torino ............. 8,000 0 0 23,000
Richard W. Watt .............. 0 0 0 0
</Table>

- ----------------
* Subsequent to December 31, 2001, Mr. McCaughan resigned as a director.

REQUIRED VOTE

Proposal 1 requires for approval the affirmative vote of a plurality of the
votes cast at the Meeting in person or by Proxy. Because abstentions and broker
non-votes are not treated as shares voted, any abstentions and broker non-votes
would have no impact on Proposal 1.

THE BOARD OF DIRECTORS, INCLUDING THE "NON-INTERESTED" DIRECTORS, RECOMMENDS
THAT THE SHAREHOLDERS VOTE "FOR" THE FUND'S NOMINEES FOR DIRECTOR.

ADDITIONAL INFORMATION

BENEFICIAL OWNERS

The following table shows certain information concerning persons who may be
deemed beneficial owners of 5% or more of the Shares of the Fund because they
possessed or shared voting or investment power with respect to the shares:

<Table>
<Caption>
NUMBER OF SHARES PERCENT
NAME AND ADDRESS BENEFICIALLY OWNED OF SHARES
- ---------------- ------------------ ------------

President and Fellows of Harvard College* .................. 1,599,011 18.3%
c/o Harvard Management Company, Inc.
600 Atlantic Avenue
Boston, MA 02210
</Table>

- --------------

* As stated in Schedule 13G filed with the SEC on February 14, 2002.

8
<Page>
SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

Section 16(a) of the 1934 Act and Section 30(f) of the 1940 Act require the
Fund's officers and directors, officers and directors of the investment adviser,
affiliated persons of the investment adviser, and persons who beneficially own
more than ten percent of the Fund's Shares to file reports of ownership with the
SEC, the New York Stock Exchange and the Fund. Based solely upon its review of
the copies of such forms received by it and written representations from such
persons, the Fund believes that, for the fiscal year ended December 31, 2001,
all filing requirements applicable to such persons were complied with.

REPORTS TO SHAREHOLDERS

The Fund sends unaudited semi-annual and audited annual reports to its
shareholders, including a list of investments held. THE FUND WILL FURNISH,
WITHOUT CHARGE, A COPY OF ITS MOST RECENT ANNUAL AND SEMI-ANNUAL REPORTS, UPON
REQUEST TO THE FUND C/O CREDIT SUISSE ASSET MANAGEMENT, LLC AT 466 LEXINGTON
AVENUE, 16TH FLOOR, NEW YORK, NEW YORK 10017, TELEPHONE (1-800-293-1232) OR AT
THE FUND'S WEBSITE AT www.cefsource.com. THESE REQUESTS WILL BE HONORED WITHIN
THREE BUSINESS DAYS OF RECEIPT.

OTHER MATTERS WHICH MAY COME BEFORE THE MEETING;
SHAREHOLDER PROPOSALS

The Board is not aware of any other matters that will come before the
Meeting. Should any other matter properly come before the Meeting, it is the
intention of the persons named in the accompanying Proxy to vote the Proxy in
accordance with their judgment on such matters.

Notice is hereby given that for a shareholder proposal to be considered for
inclusion in the Fund's proxy material relating to its 2003 annual meeting of
shareholders, the shareholder proposal must be received by the Fund no later
than November 26, 2002. The shareholder proposal, including any accompanying
supporting statement, may not exceed 500 words. A shareholder desiring to submit
a proposal must be a record or beneficial owner of Shares with a market value of
$2,000 and must have held such Shares for at least one year. Further, the
shareholder must continue to hold such Shares through the date on which the
meeting is held. Documentary support regarding the foregoing must be provided
along with the proposal. There are additional requirements regarding proposals
of shareholders, and a shareholder contemplating submission of a proposal is
referred to Rule 14a-8 promulgated under the 1934 Act. The timely submission of
a proposal does not guarantee its inclusion in the Fund's proxy materials.

Pursuant to the By-laws of the Fund, at any annual meeting of the
shareholders, only such business will be conducted as has been properly brought
before the annual meeting. To be properly brought before the annual meeting, the
business must be (i) specified in the notice of meeting (or any supplement
thereto) given by or at the direction of the Board, (ii) otherwise properly
brought before the meeting by or at the direction of the Board, or
(iii) otherwise properly brought before the meeting by a shareholder.

For business to be properly brought before the annual meeting by a
shareholder, the shareholder must have given timely notice thereof in writing to
the Secretary of the Fund. To be timely, any such notice must be delivered to or
mailed and received at The Latin America Equity Fund, Inc. c/o Credit Suisse
Asset Management, LLC, 466 Lexington Avenue, 16th Floor, New York, NY 10017 not
later than 45 days before the date in the then current year corresponding to the
date on which the Fund first mailed its notice and proxy materials for the
annual meeting held in the prior year; provided, however, that in the event that
the date of the annual meeting is advanced or delayed by more than 30 days from
the first anniversary of the preceding year's annual meeting, notice by such
shareholder to be timely must be so received not later than

9
<Page>
the close of business on the 10th day following the day on which notice or
public announcement of the date of such meeting was given or made. In no event
shall the public announcement of an adjournment of an annual meeting commence a
new time period for the giving of a shareholder's notice as described above.

Any such notice by a shareholder shall set forth as to each matter the
shareholder proposes to bring before the annual meeting: (i) a brief description
of the business desired to be brought before the annual meeting and the reasons
for conducting such business at the annual meeting, (ii) the name and address,
as they appear on the Fund's books, of the shareholder proposing such business,
(iii) the class and number of Shares of the capital stock of the Fund which are
beneficially owned by the shareholder, (iv) a representation that the
shareholder is a holder of record of shares of the Fund entitled to vote at such
meeting and intends to appear in person or by proxy at the meeting to present
such business, (v) whether the shareholder intends or is part of a group which
intends to solicit proxies from other shareholders in support of such business
and (vi) any material interest of the shareholder in such business.

The Fund may exercise discretionary voting authority with respect to any
shareholder proposals for the 2003 annual meeting of shareholders not included
in the proxy statement and form of proxy which are not submitted to the Fund
within the time-frame indicated above. Even if timely notice is received, the
Fund may exercise discretionary voting authority in certain other circumstances.
Discretionary voting authority is the ability to vote proxies that shareholders
have executed and returned to the Fund on matters not specifically reflected on
the form of proxy.

SHAREHOLDERS WHO DO NOT EXPECT TO BE PRESENT AT THE MEETING AND WHO WISH TO
HAVE THEIR SHARES VOTED ARE REQUESTED TO DATE AND SIGN THE ENCLOSED PROXY AND
RETURN IT IN THE ENCLOSED ENVELOPE. NO POSTAGE IS REQUIRED IF MAILED IN THE
UNITED STATES.

10
<Page>
THE LATIN AMERICA EQUITY FUND, INC.

---------------------------------------------------------------

APRIL 25, 2002

3019-PS-02
<Page>

THE LATIN AMERICA EQUITY
FUND, INC.

466 Lexington Avenue
16th Floor
New York, New York 10017

PROXY

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS

The undersigned hereby appoints Messrs. Hal Liebes and Michael A.
Pignataro as Proxies, each with the power to appoint his substitute, and hereby
authorizes them to represent and to vote, as designated on the reverse side and
in accordance with their judgment on such other matters as may properly come
before the meeting or any adjournments thereof, all shares of The Latin America
Equity Fund, Inc. that the undersigned is entitled to vote at the annual
meeting of shareholders on Thursday, April 25, 2002, and at any
adjournments thereof.

SEE REVERSE CONTINUED AND TO BE SIGNED ON REVERSE SIDE SEE REVERSE
SIDE SIDE

<Page>

/X/ Please mark
votes as in
this example

THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY
THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THE PROXY WILL BE VOTED
"FOR" PROPOSAL 1.

THE BOARD OF DIRECTORS RECOMMENDS A VOTE "FOR" THE NOMINEES IN PROPOSAL 1.

1--ELECTION OF THE FOLLOWING NOMINEES AS DIRECTORS:

Nominees: (1) James J. Cattano (three-year term) MARK HERE
(2) Riordan Roett (three-year term) FOR ADDRESS / /
CHANGE AND
NOTE AT LEFT

/ / FOR all nominees listed above (except as marked to the contrary above)
/ / WITHHOLD AUTHORITY to vote for all nominees listed above
(Instruction: To withhold authority for any individual nominee, strike a line
through such individual's name above.)

PLEASE MARK, SIGN, DATE AND RETURN
THIS PROXY CARD PROMPTLY USING THE
ENCLOSED ENVELOPE.

Please sign exactly as name appears at left. When
shares are held by joint tenants, both should sign.
When signing as attorney, executor, administrator,
trustee or guardian, please give full title as such. If
a corporation, please sign in full corporate name by
president or other authorized officer. If a
partnership, please sign in partnership name by
authorized person.

Signature: Date:
------------------------- ---------