<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
14a-6(e)(2))
/X/ Definitive Proxy Statement
/ / Definitive Additional Materials
/ / Soliciting Material Pursuant to Section 240.14a-12

- --------------------------------------------------------------------------------
(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 14a-6(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 EMERGING MARKETS TELECOMMUNICATIONS FUND, INC.
466 LEXINGTON AVENUE
16TH FLOOR
NEW YORK, NEW YORK 10017
-------------------

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD ON THURSDAY, MARCH 29, 2001
-----------------

TO THE SHAREHOLDERS OF
THE EMERGING MARKETS TELECOMMUNICATIONS FUND, INC.

NOTICE IS HEREBY GIVEN that the annual meeting of shareholders of The
Emerging Markets Telecommunications 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, March 29, 2001 commencing at
2:00 p.m., New York City 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 three (3) directors of the Fund.

The close of business on February 21, 2001 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 6, 2001.

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 6, 2001
New York, New York
<Page>
THE EMERGING MARKETS TELECOMMUNICATIONS 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, MARCH 29, 2001
-----------------

This Proxy Statement is furnished in connection with a solicitation of
proxies by the Board of Directors (the "Board") of The Emerging Markets
Telecommunications Fund, Inc. (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, March 29, 2001 (commencing at 2:00 p.m.) 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 $5,000 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 6, 2001.

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 575 Lexington Avenue, 9th Floor, New York, New York 10022.

The Fund's Annual Report containing audited financial statements for the
fiscal year ended November 30, 2000 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 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>
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. 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. 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. 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.

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 Fund has one class of shares of capital stock, par value $0.001 per
share (the "Shares"). On the record date, February 21, 2001, there were
12,684,535 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 2:00 p.m. on March 29, 2001.

PROPOSAL 1: ELECTION OF DIRECTORS

The only proposal to be submitted at the Meeting by the Fund will be the
election of three (3) directors of the Fund, each to hold office for such 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.

Dr. Enrique R. Arzac and James J. Cattano, directors whose current terms
expire on the date of this Meeting, have been nominated for a three-year term to
expire at the 2004 Annual Meeting of Shareholders. Messrs. Arzac and Cattano
currently serve as directors of the Fund. Dr. Arzac has been a member of the
Board of Directors since 1996, and Mr. Cattano has served as a director since
1993. James P. McCaughan was elected as a Director of the Fund at a meeting of
the Board of Directors held on February 9, 2001 for a one-year term to expire at
the 2002 Annual Meeting of Shareholders subject to his election by the
shareholders at this meeting.

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

2
<Page>
Fund, as defined in the 1940 Act, is indicated by an asterisk. Messrs.
McCaughan, Priest and Watt are interested persons of the Fund by virtue of their
current or former positions as directors and/or officers of CSAM.

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 2001 annual meeting, and the officers and directors of the Fund as a
group. Each of the nominees, directors and officers of the Fund has sole voting
and investment power with respect to the Shares shown. Each nominee, each
director and the officers and directors of the Fund as a group owns less than
one percent of the outstanding Shares of the Fund.

<Table>
<Caption>
MEMBERSHIPS ON
BOARDS OF OTHER
SHARES LENGTH OF SERVICE REGISTERED
BENEFICIALLY AS DIRECTOR AND INVESTMENT
OWNED ON CURRENT PRINCIPAL OCCUPATION TERM OF COMPANIES AND
FEBRUARY 21, AND PRINCIPAL EMPLOYMENT MEMBERSHIP ON PUBLICLY HELD
NAME (AGE) 2001 DURING THE PAST FIVE YEARS BOARD OF THE FUND COMPANIES
- ----------------------------------- ------------ -------------------------------- ----------------- ---------------

Dr. Enrique R. Arzac (59) 1,657 Professor of Finance and Since 1996; cur- Director of seven
Columbia University Economics, Graduate School of rent term ends at other CSAM-
Graduate School of Business, Columbia University the 2001 annual advised
Business (1971-present). meeting. investment
New York, NY 10027 companies; Direc-
tor of The Adams
Express Company;
Director of
Petroleum and
Resources Corpo-
ration.

James J. Cattano (57) ............. 758 President, Primary Resource Inc. Since 1993; cur- Director of three
55 Old Field Point Road (an international trading and rent term ends at other CSAM-
Greenwich, CT 06830 manufacturing company the 2001 annual advised
specializing in the sale of meeting. investment
agricultural commodities companies.
throughout Latin American
markets) (10/96-present);
President, Atlantic Fertilizer &
Chemical Company (an
international trading company
specializing in the sale of
agricultural commodities in
Latin American markets)
(10/91-10/96).

George W. Landau (81) ............. 3,272 Senior Advisor, Latin America Since 1993; cur- Director of four
Two Grove Isle Drive Group, The Coca-Cola Company rent term ends at other CSAM-
Coconut Grove, FL 33133 (1988-present). the 2003 annual advised invest-
meeting. ment companies;
Director of Emi-
grant Savings
Bank; Director of
GAM Funds, Inc.
</Table>

3
<Page>

James P. McCaughan* (47) 0 Chief Executive Officer, Since February 9, Director of six
466 Lexington Avenue Managing Director and Chairman 2001; current other CSAM-
New York, NY 10017 of the Management Committee of term ends at 2002 advised invest-
CSAM; President and Chief annual meeting. ment companies
Operating Officer of Oppenheimer
Capital from April 1998 to
December 1999; President and
Chief Executive Officer of UBS
Asset Management (New York) from
October 1996 to March 1998;
Functional Advisor,
Institutional Asset Management
of Union Bank of Switzerland,
Zurich from September 1994 to
October 1996.

William W. Priest, Jr.* (59) 500 Chairman and Managing Director Since 1997; cur- Director of
466 Lexington Avenue of CSAM (5/00-2/01); Chief rent term ends at fifty- six other
New York, NY 10017 Executive Officer and Managing 2002 annual CSAM- advised
Director of CSAM (12/90-5/00). meeting. investment
companies.

Martin M. Torino (51) ............. 0 Chairman of the Board of Ingenio Since 1993; cur- Director of two
Tau S.A. y Refineria San Martin Del rent term ends at other CSAM-
25 de Mayo 252 Tabacal S.A. (8/96-present). the 2002 annual advised invest-
1002 Buenos Aires, Argentina meeting. ment companies.

Richard W. Watt* (42) ............. 4,018+ Managing Director of CSAM Since 1995; cur- Director of four
466 Lexington Avenue (7/96-present); Senior Vice rent term ends at other CSAM-
New York, NY 10017 President of CSAM (8/95-7/96). the 2003 annual advised invest-
meeting. ment companies.

All directors and executive
officers (11 persons, including
the foregoing) as a group........ 10,526
</Table>

- ----------------
+Includes 1,860 shares held by members of Mr. Watt's family.

4
<Page>
During the fiscal year ended November 30, 2000, 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 November 30, 2000 to
all such unaffiliated directors was $39,000. For the fiscal year beginning
December 1, 2000, each director entitled to a fee from the Fund will receive
fifty percent of his annual fee in the form of Fund shares purchased in the open
market on his behalf.

During the fiscal year ended November 30, 2000, the Board convened nine
times. Each director 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.

The Board has an Audit Committee. Pursuant to the Audit Committee Charter
adopted by the Fund's Board (a copy of which is included in Appendix A), the
Audit Committee is responsible for conferring with the Fund's independent public
accountants, reviewing annual financial statements and recommending the
selection of the Fund's independent public accountants. The Audit Committee
advises the full Board with respect to accounting, auditing and financial
matters affecting the Fund. The Audit Committee has met with Fund management to
discuss, among other things, the Fund's audited financial statements for the
fiscal year ended November 30, 2000. The Audit Committee has also met with the
Fund's independent public accountants, PricewaterhouseCoopers LLP ("PwC"), and
discussed with them certain matters required under SAS 61 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 Independence Standards Board
Standard No. 1. 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. 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 2000 Annual Report to Shareholders for the period ended
November 30, 2000 and be mailed to Shareholders and filed with the Securities
and Exchange Commission (the "SEC").

Messrs. Arzac, Cattano, Landau 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 once during the fiscal
year ended November 30, 2000. Messrs. Arzac, Cattano, Landau 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 November 30, 2000. 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.

SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

Section 16(a) of the Securities Exchange Act of 1934 (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 Securities and Exchange
Commission, the New York Stock

5
<Page>
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 November 30, 2000, all filing requirements
applicable to such persons were complied with except that a Form 5 reporting the
issuance of shares of the Fund upon the merger of the Fund (formerly, The
Emerging Markets Infrastructure Fund, Inc.) with The Emerging Markets
Telecommunications Fund, Inc. was not timely filed by each of Dr. Arzac and
Messrs. Cattano, Landau, Priest and Watt.

The following table shows certain information about executive officers of
the Fund other than Messrs. McCaughan and Watt, who are described above. Mr.
McCaughan is Chairman of the Board of the Fund and was appointed to such
position on February 9, 2001. Mr. Watt is President and Chief Investment Officer
of the Fund. Mr. Watt was appointed to his positions on February 11, 1997,
having previously served as Executive Vice President and Investment Officer of
the Fund since August 15, 1995. Mr. Aranowicz was elected Investment Officer of
the Fund on November 9, 1999. Mr. Hrabchak was elected Investment Officer of the
Fund on November 4, 1997. Mr. Liebes was elected Senior Vice President of the
Fund on August 12, 1997. Mr. Pignataro has served in his position since the Fund
commenced operations in December 1993. Each officer of the Fund will hold office
until a successor has been elected by the Board.
<Table>
<Caption>
SHARES
BENEFICIALLY
OWNED ON
NAME AGE FEBRUARY 21, 2001 POSITION WITH FUND
---- ------------------- ----------------- ------------------

Yaroslaw Aranowicz ............ 37 0 Investment Officer
466 Lexington Avenue
New York, NY 10017

Robert B. Hrabchak ............ 37 0 Investment Officer
466 Lexington Avenue
New York, NY 10017

Hal Liebes .................... 36 321 Senior Vice President
466 Lexington Avenue
New York, NY 10017

Michael A. Pignataro .......... 41 0 Chief Financial Officer
466 Lexington Avenue and Secretary
New York, NY 10017

CURRENT PRINCIPAL OCCUPATION AND
PRINCIPAL EMPLOYMENT DURING THE PAST FIVE
NAME YEARS
---- -----------------------------------------

Yaroslaw Aranowicz ............ Vice President of CSAM (3/98-present);
466 Lexington Avenue Director of Research for Europe and the
New York, NY 10017 Middle East, Trans-National Research
Corporation (12/95-3/98); Analyst, John
Hancock Financial Services (5/92-6/95).
Robert B. Hrabchak ............ Director of CSAM (1/99-present); Vice
466 Lexington Avenue President of CSAM (6/97-1/99); Senior
New York, NY 10017 Portfolio Manager, Merrill Lynch Asset
Management, Hong-Kong (1/95-5/97).
Hal Liebes .................... Managing Director of CSAM
466 Lexington Avenue (12/99-present); General Counsel of CSAM
New York, NY 10017 (1/99-present); Senior Vice President and
General Counsel of CSAM (3/97-1/99); Vice
President and Counsel of Lehman Brothers,
Inc. (6/96-3/97); Vice President and
Legal Counsel for CSAM (6/95-6/96).
Michael A. Pignataro .......... Director of CSAM (1/01-present); Vice
466 Lexington Avenue President of CSAM (12/95-12/00).
New York, NY 10017
</Table>

The following table shows certain compensation information for the directors
of the Fund for the fiscal year ended November 30, 2000. 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

6
<Page>
received any compensation from the Fund for such period. The Fund has no bonus,
profit sharing, pension or retirement plans.

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

Dr. Enrique R. Arzac ......... $10,000 0 0 $74,500 8
James J. Cattano ............. $10,000 0 0 $26,500 4
George W. Landau ............. $ 9,500 0 0 $34,000 5
Martin M. Torino ............. $ 9,500 0 0 $16,500 3
</Table>

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

INDEPENDENT PUBLIC ACCOUNTANTS

At a meeting held on February 9, 2001, the Board, including those directors
who are not "interested persons" of the Fund, approved the selection of
PricewaterhouseCoopers LLP for the fiscal year ending November 30, 2001. PwC has
been the Fund's independent public accountants since the Fund commenced
operations in 1993, 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 PricewaterhouseCoopers LLP
billed to the Fund and to CSAM for its professional services rendered for the
fiscal year ended November 30, 2000.

<Table>
<Caption>
FUND CSAM
----------- -----------

Audit Fees $46,700 $ 0
Financial Information Systems
Design and Implementation
Fees $ 0 $ 0
All Other Fees $66,000 $2,190,000*
</Table>

- ----------------
* Includes $250,000 for attestation services in connection with the Association
of Investment Management and Research Performance Presentation Standards
("AIMR"); $35,000 for consulting related to the initial adoption of AIMR.

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 2002 annual meeting of
shareholders, the shareholder proposal must be received by the Fund no later
than November 3, 2001. The shareholder proposal, including any accompanying
supporting statement, may not exceed 500 words. A shareholder desiring to submit
a proposal must

7
<Page>
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 Emerging Markets Telecommunications Fund, Inc. c/o
Credit Suisse Asset Management, LLC, 466 Lexington Avenue, 16th Floor, New York,
NY 10017 not later than 60 days prior to the date of the meeting; provided,
however, that if less than 70 days' notice or prior public disclosure of the
date of the meeting is given or made to shareholders, any such notice by a
shareholder to be timely must be so received not later than the close of
business on the 10th day following the day on which notice of the date of the
annual meeting was given or such public disclosure was made.

Any such notice by a shareholder must 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, and (iv) any material interest of the
shareholder in such business.

The Fund may exercise discretionary voting authority with respect to any
shareholder proposals for the 2002 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.

8
<Page>
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
- ---------------- ------------------ ------------

Fidelity Management & Research Company* .................... 634,769 5.0%
82 Devonshire Street
Boston, MA 02109
</Table>

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

* As stated in Schedule 13G filed with the Securities and Exchange Commission
on February 15, 2001.

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 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.

9
<Page>
APPENDIX A
AUDIT COMMITTEE CHARTER
<Page>
AUDIT COMMITTEE CHARTER
CSAM CLOSED-END FUNDS

ORGANIZATION

The members of the Audit Committee of the Board of Directors ("Directors")
of each CSAM-advised closed-end registered investment company (each a "Fund" and
together, the "Funds") are selected by the full Board of Directors of the
relevant Fund. The members of the Audit Committee shall consist of not less than
three persons (except as otherwise provided below) all of whom are not
"interested persons" (as defined in Section 2(a)(19) of the Investment Company
Act of 1940, as amended) of the Fund and who are "independent" within the
meaning of the audit committee rules of any securities exchange on which the
Fund's shares are listed for trading. Each member of the Audit Committee shall
be financially literate, as such qualification is interpreted by the Board of
Directors in its business judgment, or must become financially literate within a
reasonable period of time after his or her appointment to the Audit Committee.
At least one member of the Audit Committee must have accounting or related
financial management expertise, as the Board of Directors interprets such
qualification in its business judgment. Any Fund that currently has less than
three members on its Audit Committee must have three members not later than
June 14, 2001. Thereafter, if the number of members on a Fund's Audit Committee
falls below three, such Fund shall fill any vacancies within 90 days.

STATEMENT OF POLICY

Each Fund's Audit Committee oversees the financial reporting process for
that Fund. A Fund's Board and its Audit Committee recognize that they are the
shareholders' representatives, that the auditors are ultimately accountable to
the Board of Directors and the Audit Committee and that the Board of Directors
and the Audit Committee have the authority and responsibility to select,
evaluate and, where appropriate, recommend to shareholders the selection or
replacement of the outside auditors.

Each Fund's Audit Committee shall monitor the process for the Funds'
valuation of portfolio assets. This is key to providing shareholders and
regulators adequate, meaningful information for decision making. Members of each
Fund's Audit Committee must have a general understanding regarding the
accounting process and the control structure in place for each Fund. Open
communication with management and the independent auditors is essential.

This Charter shall be reviewed annually by the Board of each Fund.

RESPONSIBILITIES OF THE AUDIT COMMITTEE

In order to provide reasonable flexibility, the following listed Committee
responsibilities are described in broad terms:

- The Audit Committee's role is clearly one of oversight and review and not
of direct management of the audit process. Each Fund's Board and Audit
Committee recognize that the outside auditors are ultimately accountable
to the Board and the Audit Committee.

- The Audit Committee members are responsible for a general understanding of
the subject Fund's accounting systems and controls.

A-1
<Page>
- Committee members shall periodically evaluate the independent audit firm's
performance and the costs of its services. The Audit Committee will make
recommendations to the full Board of Directors regarding the selection of
the independent audit firm. The Committee shall request from the
independent auditors periodically a formal written statement
(1) delineating all relationships between the auditors and the Fund, its
investment adviser and their corporate affiliates and including
disclosures regarding the auditors' independence required by Independence
Standards Board Standard No. 1, as may be modified or supplemented, and
(2) certifying that, in the view of the auditors, they are independent
public accountants with respect to the Fund within the meaning of the
Securities Act of 1933, as amended, and the applicable rules and
regulations thereunder. The Audit Committee is responsible for actively
engaging in a dialogue with the auditors with respect to any disclosed
relationships or services that may impact the objectivity and independence
of the auditors, and for recommending that the full Board take appropriate
steps, if any, in response to the auditors' response to satisfy itself of
the independence of the auditors.

- Each Fund's Audit Committee is responsible for reviewing the scope of the
audit proposed by the Fund's independent auditors.

- Each Fund's Audit Committee is responsible for recording minutes of its
meetings and reporting significant matters to the full Board of Directors.
The Audit Committee shall meet no less frequently than annually and
receive information (as necessary) from, among others, the general counsel
of Credit Suisse Asset Management, LLC and Fund counsel, in addition to
the auditors, in order to be informed about legal and accounting issues
having the possibility of impacting the financial reporting process. This
would include items of industry-wide importance and internal issues such
as litigation.

- Each Fund's Audit Committee is responsible for (i) reviewing and
discussing with management and the auditors the Fund's audited financial
statements; and (ii) discussing with the auditors the matters required to
be discussed by Statement on Auditing Standards No. 61, as may be modified
or supplemented. The Audit Committee shall confirm that the independent
auditors are satisfied with the disclosure and content of the Fund's
audited financial statements and shall advise the Board of Directors with
respect to its recommendation as to the inclusion of the Fund's audited
financial statements in its Annual Report to Shareholders.

- In reviewing the activities of the independent auditors, each Fund's Audit
Committee shall consider the auditors' comments with respect to the
appropriateness and adequacy of the Fund's accounting policies, procedures
and principles.

- The Audit Committee should take appropriate steps to keep apprised of
regulatory changes and new accounting pronouncements that affect net asset
value calculations and financial statement reporting requirements.

- The Audit Committee of each Fund shall review and reassess the adequacy of
this Charter on an annual basis.

A-2
<Page>
THE EMERGING MARKETS
TELECOMMUNICATIONS
FUND, INC.

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

3018-PS-01
<Page>

THE EMERGING MARKETS
TELECOMMUNICATIONS FUND, INC.

PROXY

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS
P
The undersigned hereby appoints Messrs. Hal Liebes and Michael A. Pignataro
R as Proxies, each with the power to appoint his substitute, and hereby
authorizes them to represent and to vote, as designated on the reverse
O side and in accordance with their judgment on such other matters as may
properly come before the meeting or any adjournments thereof, all shares
X of The Emerging Markets Telecommunications Fund, Inc. (the "Fund") that the
undersigned is entitled to vote at the annual meeting of shareholders on
Y Thursday, March 29, 2001, 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:

<Table>

Nominees: (1) Dr. Enrique R. Arzac (three year term) MARK HERE
(2) James J. Cattano (three year term) FOR ADDRESS / /
(3) James P. McCaughan (one year term) CHANGE AND
NOTE BELOW

/ / 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:_______________ Signature: _____________________________ Date:_______________
</Table>