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FORM OF LETTER TO CLIENTS OF BROKERS, DEALERS,
COMMERCIAL BANKS, TRUST COMPANIES AND OTHER NOMINEES
REGARDING THE OFFER BY
THE LATIN AMERICA EQUITY FUND, INC.
TO PURCHASE FOR CASH 1,312,576 OF ITS ISSUED AND OUTSTANDING
SHARES AT 95% OF NET ASSET VALUE PER SHARE
To Our Clients:
Pursuant to your request, enclosed for your consideration are the Offer to
Purchase dated October 24, 2001 of The Latin America Equity Fund, Inc. (the
"Fund") and the related Letter of Transmittal pursuant to which the Fund is
offering to purchase 1,312,576 shares of its issued and outstanding common
stock, par value $0.001 per share (the "Shares"), for cash at a price equal to
95% of their net asset value ("NAV") determined as of the close of the regular
trading session of the New York Stock Exchange ("NYSE") on November 21, 2001,
upon the terms and subject to the conditions set forth in the Offer to Purchase
dated October 24, 2001 and the related Letter of Transmittal (which together
with any amendments or supplements thereto collectively constitute the "Offer").
THE OFFER EXPIRES AT 5:00 P.M. EASTERN TIME ON NOVEMBER 21, 2001, UNLESS
EXTENDED (THE "EXPIRATION DATE"). If the Offer is extended beyond November 21,
2001, the purchase price for Shares will be 95% of their NAV determined as of
the close of the regular trading session of the NYSE on the new Expiration Date,
as extended.
The Offer to Purchase and the Letter of Transmittal are being forwarded to
you as the beneficial owner of Shares held by us for your account but not
registered in your name. We are sending you the Letter of Transmittal for your
information only; you cannot use it to tender Shares we hold for your account. A
tender of such Shares can be made only by us as the holder of record and only
pursuant to your instructions.
Your attention is called to the following:
1. Unless extended, the Offer and withdrawal rights expire at 5:00 P.M.
Eastern Time on November 21, 2001.
2. The Offer is subject to certain conditions set forth in the Offer to
Purchase. Under certain circumstances, the Fund will not be required to
accept for payment, purchase or pay for any Shares tendered, and the
Fund may also amend, extend or terminate the Offer.
3. If more than 1,312,576 Shares are duly tendered (and not timely
withdrawn), the Fund will purchase Shares from tendering shareholders,
in accordance with the terms and subject to the conditions specified in
the Offer to Purchase, on a pro rata basis (disregarding fractions) in
accordance with the number of Shares duly tendered by each shareholder
during the period the Offer is open and not timely withdrawn), unless
the Fund determines not to purchase any Shares.
IF YOU WISH TO HAVE US TENDER YOUR SHARES, PLEASE SO INSTRUCT US BY
COMPLETING, EXECUTING AND RETURNING TO US THE INSTRUCTION FORM ON THE REVERSE
SIDE HEREOF. YOUR INSTRUCTIONS SHOULD BE FORWARDED TO US IN AMPLE TIME TO PERMIT
US TO SUBMIT A TENDER ON YOUR BEHALF ON OR BEFORE THE EXPIRATION OF THE OFFER.
THE OFFER EXPIRES AT 5:00 P.M. EASTERN TIME ON NOVEMBER 21, 2001, UNLESS
EXTENDED.
The Offer is not being made to (nor will tenders be accepted from or on
behalf of) holders of Shares in any jurisdiction in which the Offer or its
acceptance would violate the laws of such jurisdiction. In any jurisdiction
where the securities, blue sky or other laws require the Offer to be made by a
licensed broker or dealer, the Offer shall be deemed to be made on behalf of the
Fund by one or more registered brokers or dealers licensed under the laws of
that jurisdiction.
Very truly yours,
The Latin America Equity Fund, Inc.
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INSTRUCTIONS REGARDING THE OFFER BY
THE LATIN AMERICA EQUITY FUND, INC.
TO PURCHASE FOR CASH 1,312,576 OF ITS ISSUED AND OUTSTANDING
SHARES AT 95% OF THE NET ASSET VALUE PER SHARE
THIS FORM IS NOT TO BE USED TO TENDER SHARES DIRECTLY TO THE DEPOSITARY. IT
SHOULD BE SENT TO YOUR BROKER, DEALER, COMMERCIAL BANK, TRUST COMPANY OR OTHER
NOMINEE IF THAT FIRM IS THE HOLDER OF RECORD OF YOUR SHARES AND WILL BE
EFFECTING THE TENDER ON YOUR BEHALF.
DO NOT COMPLETE THIS FORM IF YOU HAVE DECIDED NOT TO TENDER YOUR SHARES.
The undersigned acknowledge(s) receipt of your letter and the accompanying
Offer to Purchase dated October 24, 2001 and the related Letter of Transmittal
(which together with any amendments or supplements thereto collectively
constitute the "Offer") in connection with the Offer by The Latin America Equity
Fund, Inc. (the "Fund") to purchase 1,312,576 shares of its issued and
outstanding common stock, par value $0.001 per share (the "Shares"), at 95% of
the net asset value per Share as of the close of the regular trading session of
the New York Stock Exchange on the Expiration Date (as defined in the Offer to
Purchase), on the terms and subject to the conditions of the Offer.
The undersigned hereby instructs you to tender to the Fund all Shares that
are held by you for the account of the undersigned, including all uncertificated
Shares that may be held for the account of the undersigned by the Fund's
transfer agent pursuant to the Fund's Dividend Reinvestment Plan, upon the terms
and subject to the conditions of the Offer.
The undersigned hereby represents and warrants that: (i) the undersigned has
a "net long position" in all Shares being tendered pursuant to the offer within
the meaning of Rule 14e-4 promulgated under the Securities Exchange Act of 1934,
as amended; and (ii) the tender of such Shares complies with Rule 14e-4.
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(Please Print Except for Signature(s)):
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Account Number:
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Name(s) and Tax Identification or Social Security Number(s) of Beneficial
Owner(s):
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Address:
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Telephone Number(s) including Area Code(s):
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(Signature of beneficial owner)
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(Signature of additional beneficial owner, if any)
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