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THE EMERGING MARKETS INFRASTRUCTURE FUND, INC.
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(Name of Registrant as Specified In Its Charter)
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EMERGING MARKETS INFRASTRUCTURE FUND
MODIFIES SELF TENDER
New York, May 18, 1999 -- The Emerging Markets Infrastructure Fund, Inc.
(NYSE:EMG) announced modifications to its previously disclosed self-tender
offer. The Fund will repurchase up to 20% of its outstanding shares at 95% of
net asset value as determined on the closing date of the tender offer,
instead of 25% at 90.1% of net asset value, as initially announced. The
revised proposal reduces the maximum number of shares that may be tendered
and increases the price to be paid for shares tendered as a percentage of net
asset value. In making these changes, the Board determined to offer
shareholders a more attractive price at which they could sell their shares,
while protecting the interests of shareholders desiring to maintain their
Fund holdings. When compared to the initial proposal, the revised proposal is
expected to result in the Fund's retaining approximately $6 million more in
assets available for investment in infrastructure companies in emerging
markets. The revised offer also results in some accretive benefit to the
Fund's net asset value.
The Fund expects to commence the self-tender-offer within five business days
and says that it would remain open for 20 business days, unless extended. The
Fund is suspending repurchases of shares under the Share Repurchase Program
effective immediately and will reassess whether to reinstate the Program,
and if so, on what terms, after evaluating the results of the self tender.
This announcement is not an offer to purchase or solicitation of an offer to
sell shares of the Fund. The offer is made only by the Offer to Purchase and
the related Letter of Transmittal. The offer is not being made to, nor will
offers be accepted from or on behalf of, holders of shares in any
jurisdiction in which making or accepting the offer would violate that
jurisdiction's laws.
The Emerging Markets Infrastructure Fund is a closed-end non-diversified
management investment company that seeks long-term capital appreciation
through investing primarily in equity securities of infrastructure companies
in emerging countries. Contact: Investor Relations, Credit Suisse Asset
Management (formerly BEA Associates), 1-800-293-1232.
