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The Latin America Investment Fund, Inc.
The Latin America Equity Fund, Inc.
The Emerging Markets Infrastructure Fund, Inc.
The Emerging Markets Telecommunications Fund, Inc.
466 Lexington Avenue
New York, New York 10019
Results of Shareholder Meetings; Extension of LAM Tender Offer Period
For Immediate Release
October 11 , 2000
Contact: Investor Relations
Credit Suisse Asset Management, LLC
1-800-293-1232
New York, New York. The Latin America Investment Fund, Inc. (NYSE:LAM) and
The Latin America Equity Fund, Inc. (NYSE:LAQ) announced today that their
respective shareholders, at Special Meetings of Shareholders held yesterday,
have approved the previously-announced proposed merger of LAQ with and into LAM.
Concurrently with the merger, LAM, the surviving fund, will change its name to
The Latin America Equity Fund, Inc. and, as approved by LAM's shareholders,
adopt the same investment objective and policies currently followed by LAQ.
A Special and an Annual Meeting of Shareholders of The Emerging Markets
Infrastructure Fund, Inc. (NYSE:EMG) and The Emerging Markets Telecommunications
Fund, Inc. (NYSE:ETF), respectively, were also held yesterday to consider the
proposed merger of those two funds. As previously announced, ETF is to merge
with and into EMG and, concurrently with the merger, EMG, the surviving fund,
will change its name to The Emerging Markets Telecommunications Fund, Inc. and
adopt the same investment objective and policies currently followed by ETF. The
shareholders of EMG approved the merger and the change in its investment
objective and policies effective upon the consummation of the merger. However,
as the percentage of outstanding shares of ETF voting in favor of the merger
(46.4%) was slightly less than the required majority, the ETF shareholder
meeting was adjourned, with respect to that proposal only, to Monday, October
16, 2000 at 3 p.m. New York time at the offices of Credit Suisse Asset
Management, LLC, 466 Lexington Avenue, 16th Floor, New York, New York in order
to allow for further solicitation of proxies.
The previously announced cash self-tenders being conducted by LAM and EMG
are conditioned upon shareholder approval of the mergers and the satisfaction or
waiver
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of all of the other conditions to the closings of the mergers. One of the
conditions to the merger of LAM and LAQ is the receipt of an exemptive order
from the Securities and Exchange Commission pursuant to Section 17(b) of the
Investment Company Act of 1940, as amended. It is currently anticipated that
such exemptive order will be issued in late October. Accordingly, LAM is
extending its self-tender offer, which originally had been scheduled to expire
on October 20, 2000, to 5:00 p.m., Eastern time, on Monday, October 30, 2000. At
the close of business on October 10, 2000, approximately 2,470,006 shares of LAM
had been validly tendered into the offer.
Assuming ETF has received the requisite approval of its shareholders at the
adjourned shareholders' meeting, the delay in the shareholder approval of the
Merger will have no impact upon its self-tender offer which is still scheduled
to expire on October 20, 2000, at 5:00 p.m., Eastern time.
The shareholders of LAM and EMG also approved new investment advisory
agreements with Credit Suisse Asset Management, LLC (CSAM), and the LAM
shareholders approved a new sub-advisory agreement with its Chilean sub-advisor,
that will become effective upon the consummation of the mergers. These
agreements incorporate existing voluntary fee waivers, implemented July 1, 2000,
pursuant to which the advisory and sub-advisory fees are calculated based upon
the lower of each fund's net asset value or share price. ETF's shareholders also
elected management's two nominees to the Board of Directors, William W. Priest
Jr. and James J. Cattano, and ratified the selection of PricewaterhouseCoopers
LLP as ETF's auditors for the current fiscal year.
CSAM is the investment adviser to each of the Funds. CSAM is a diversified
asset manager, handling equity, fixed income, international and derivative based
accounts. As of August 31, 2000, CSAM-Americas managed approximately $71 billion
in assets.
