The Latin America Equity Fund, Inc. Announces Performance Data and Portfolio Composition

PHILADELPHIA, Nov. 2 /PRNewswire-FirstCall/ -- The Latin America Equity Fund, Inc. (the "Fund") (NYSE AMEX: LAQ), a closed-end equity fund, announced today its performance data and portfolio composition as of September 30, 2009.

The Fund's total returns for various periods through September 30, 2009 are provided below. (All figures are based on distributions reinvested at the dividend reinvestment price and are stated net-of-fees):

    Period                NAV Total Return %      Market Price Total Return %
                      Cumulative    Annualized    Cumulative       Annualized

    Since inception      782.5          12.9         645.7             11.9
    (October 1991)
    10-years             465.6          18.9         603.4             21.5
    5-years              244.6          28.1         270.9             30.0
    3-years               59.2          16.8          58.0             16.5
    1-year                       19.2                           20.2

On September 30, 2009, the Fund's net assets amounted to US$238.9 million and the Fund's NAV per share was $38.85.

As of September 30, 2009, the portfolio was invested as follows:

    Portfolio Composition        Percent of Net Assets
    Basic Materials                        19.8
    Financials                             18.9
    Energy                                 16.9
    Communications                         12.3
    Consumer, Non-Cyclical                 11.3
    Consumer, Cyclical                      5.0
    Utilities                               5.0
    Industrials                             4.2
    Other                                   4.1
    Diversified                             2.5

The Fund's ten largest equity holdings as of September 30, 2009, representing 48.4% of net assets, were:

    Stock                                   Percent of Net Assets
    Petroleo Brasileiro SA Petrobas                  16.9
    Vala SA                                           8.9
    America Movil SAB de CV                           5.4
    Banco Bradesco SA                                 3.2
    Vale SA                                           2.9
    Itau Unibanco Holding SA                          2.6
    Fomento Economico Mexicano SAB de CV              2.2
    Itau Unibanco Banco                               2.2
    Gerdau SA                                         2.1
    Investimentos Itau SA                             2.0

Important Information
Aberdeen Asset Management Inc. has prepared this report based on information sources believed to be accurate and reliable. However, the figures are unaudited and neither the Fund, Aberdeen Asset Management Investment Services Limited (the Investment Adviser), nor any other person guarantees their accuracy. Investors should seek their own professional advice and should consider the investment objectives, risks, charges and expenses before acting on this information. Aberdeen is a U.S. registered service mark of Aberdeen Asset Management PLC.

Total return figures with distributions reinvested at the dividend reinvestment price are stated net-of-fees and represents past performance. Past performance is not indicative of future results, current performance may be higher or lower. Holdings are subject to change and are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities shown. Inception date October 30, 1991.

If you wish to receive this information electronically, please contact: InvestorRelations@aberdeen-asset.com