<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 240.14a12

THE EMERGING MARKETS TELECOMMUNICATIONS 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 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 21, 2002
-----------------

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

NOTICE IS HEREBY GIVEN that the Annual Meeting of Shareholders (the
"Meeting") 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 21,
2002 commencing at 3:00 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 two (2) directors of the Fund.

The close of business on February 28, 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 4, 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 4, 2002
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 21, 2002
-----------------

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 21, 2002 (commencing at 3:00 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 $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 4, 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 November 30, 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 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.

The Fund has one class of shares of capital stock, par value $0.001 per
share (the "Shares"). On the record date, February 28, 2002, there were
10,781,436 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 3:00 p.m. on March 21, 2002.

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 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.

William W. Priest, Jr. and Martin M. Torino, directors whose current terms
expire on the date of this Meeting, have been nominated for a three-year term to
expire at the 2005 Annual Meeting of Shareholders. Messrs. Priest and Torino
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 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 2004 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 1993; current term ends at President, Primary 4
55 Old Field Point Road the 2004 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 1993; 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).

Martin M. Torino .................. Director Since 1993; current term ends at Chief Executive 3
c/o CSAM the 2002 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. (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.
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 East 49th Street 2002 annual meeting. Steinberg Priest
12th Floor Capital Management
New York, NY 10017 (3/01-present);
Age: 60 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, Since 1995; current term ends at Managing Director of 5
c/o CSAM President the 2003 annual meeting. CSAM (7/96-present).
466 Lexington Avenue and Chief
New York, NY 10017 Investment
Age: 43 Officer

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

INTERESTED DIRECTORS
William W. Priest, Jr.* ........... --
12 East 49th Street
12th Floor
New York, NY 10017
Age: 60
Richard W. Watt* .................. --
c/o CSAM
466 Lexington Avenue
New York, NY 10017
Age: 43
</Table>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND
POSITION(S) TERM OF OFFICE PRINCIPAL COMPLEX
HELD WITH AND LENGTH OF OCCUPATION(S) DURING OVERSEEN BY
OFFICERS: FUNDS TIME SERVED PAST 5 YEARS DIRECTOR
- --------- ------------ -------------------------------- -------------------- -----------------

Hal Liebes ........................ Senior Vice Senior Vice President since 1997 Managing Director --
c/o CSAM President and General Counsel
466 Lexington Avenue of CSAM
New York, NY 10017 (12/99-present);
Age: 37 Director and General
Counsel of CSAM
(3/97-12/99); Vice
President and
Counsel of Lehman
Brothers, Inc.
(6/96-3/97).

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

Rocco Del Guercio ................. Vice Presi- Vice President since 1997 Vice President of --
c/o CSAM dent CSAM (1/01-present);
466 Lexington Avenue Assistant Vice
New York, NY 10017 President of CSAM
Age: 38 (1/99-12/00);
Administrative
Officer of CSAM
(6/96-12/98).

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

OTHER
DIRECTORSHIPS
HELD BY
OFFICERS: DIRECTOR
- --------- -----------------

Hal Liebes ........................ --
c/o CSAM
466 Lexington Avenue
New York, NY 10017
Age: 37
Michael A. Pignataro .............. --
c/o CSAM
466 Lexington Avenue
New York, NY 10017
Age: 42
Rocco Del Guercio ................. --
c/o CSAM
466 Lexington Avenue
New York, NY 10017
Age: 38
Robert M. Rizza ................... --
c/o CSAM
466 Lexington Avenue
New York, NY 10017
Age: 36
</Table>

4
<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
OFFICERS: FUNDS TIME SERVED PAST 5 YEARS DIRECTOR
- --------- ------------ -------------------------------- -------------------- -----------------

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

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

OTHER
DIRECTORSHIPS
HELD BY
OFFICERS: DIRECTOR
- --------- -----------------

Emily Alejos ...................... --
c/o CSAM
466 Lexington Avenue
New York, NY 10017
Age: 38
Yaroslaw Aranowicz ................ --
c/o CSAM
466 Lexington Avenue
New York, NY 10017
Age: 38
</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 owned by each Director.

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

Enrique R. Arzac ............. C E
James J. Cattano ............. B C
George W. Landau ............. B B
William W. Priest, Jr. ....... A A
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
16a-1(a)(2) of the 1934 Act.

(2) "Family of Investment Companies" means any two or more registered investment
companies that share the same investment adviser and hold themselves out to
investors as related companies for purposes of investment and investor
services.

(3) Less than 1%.

All shares were valued as of December 31, 2001.

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 November 30, 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 November 30, 2001 to
all such unaffiliated directors was $36,500.

5
<Page>
Since December 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 November 30, 2001, the Board convened eight
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.

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 twice during the fiscal
year ended November 30, 2001. 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, 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 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 independent
public 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
November 30, 2001. The Audit Committee has also met with the Fund's independent
public 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 public accountants and the Fund and the
impact that any such relationships may have on the objectivity and independence
of the independent public 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 public
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 period ended November 30, 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
Martin M. Torino

INDEPENDENT PUBLIC 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
PricewaterhouseCoopers LLP for the fiscal year ending November 30, 2002. 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, 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 November 30, 2001.

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

Audit Fees $ 45,800 $ 0
Financial Information Systems
Design and Implementation
Fees $ 0 $ 0
All Other Fees $ 8,200 $ 437,000
</Table>

7
<Page>
COMPENSATION

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

Enrique R. Arzac. ............ $9,500 0 0 $85,165
James J. Cattano ............. $9,000 0 0 $32,000
George W. Landau. ............ $9,500 0 0 $37,000
James P. McCaughan* .......... $ 0 0 0 $ 0
William W. Priest, Jr. ....... $ 0 0 0 $ 0
Martin M. Torino. ............ $8,500 0 0 $21,750
Richard W. Watt .............. $ 0 0 0 $ 0
</Table>

- ----------------
* Subsequent to November 30, 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 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
- ---------------- ------------------ ------------

Lazard Freres & Co. LLC* ................................... 1,623,118 15.0%
30 Rockefeller Plaza
New York, NY 10020
</Table>

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

* As stated in Schedule 13G filed with the Securities and Exchange Commission
on February 28, 2002.

8
<Page>
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 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, 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 4, 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 Emerging Markets Telecommunications 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

9
<Page>
anniversary of the preceding year's annual meeting, notice by such 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 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 EMERGING MARKETS
TELECOMMUNICATIONS
FUND, INC.

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

MARCH 21, 2002

3018-PS-02
<Page>

THE EMERGING MARKETS
TELECOMMUNICATIONS FUND, INC.

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 Emerging
Markets Telecommunications Fund, Inc. (the "Fund") that the undersigned is
entitled to vote at the annual meeting of shareholders on Thursday, March 21,
2002, and at any adjournments thereof.

SEE REVERSE SEE REVERSE
SIDE CONTINUED AND TO BE SIGNED ON 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) William W. Priest, Jr. (three year term) MARK HERE
(2) Martin M. Torino (three year term) FOR ADDRESS / /
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:
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