August 18, 2000


Willkie Farr & Gallagher
787 Seventh Avenue
New York, NY  10019-6099

          Re:  THE LATIN AMERICA INVESTMENT FUND, INC.

Ladies and Gentlemen:

          We have acted as special Maryland counsel to The Latin America
Investment Fund, Inc., a Maryland corporation ("LAM"), in connection with its
proposed merger with The Latin America Equity Fund, Inc. ("LAQ"), a Maryland
corporation, in which outstanding shares of common stock, $.001 par value, of
LAQ (the "LAQ Shares") will be converted into shares of common stock, $.001 par
value, of LAM (the "LAM Shares") (the "Merger").

          We have examined the combined proxy statements and prospectus and
the Statement of Additional Information contained in LAM's Registration
Statement on Form N-14, Securities Act File No. 333-42752, with respect to
the Merger (the "Registration Statement"), substantially in the form in which
it is to become effective, LAM's Charter and Bylaws, and the Merger Agreement
and Plan of Reorganization between LAQ and LAM dated as of July 31, 2000 (the
"Agreement"). We have also examined and relied upon a certificate of the
Maryland State Department of Assessments and Taxation ("SDAT") to the effect
that LAM is duly incorporated and existing under the laws of the State of
Maryland and is in good standing and duly authorized to transact business in
the State of Maryland.

          We have also examined and relied upon such other corporate records of
LAM, including a certificate of the Secretary of LAM with respect to LAM Board
actions and certain other matters, and such other documents as we have deemed
necessary to render the opinion expressed herein. We have assumed, without
independent verification, the genuineness of all signatures on documents that we
have reviewed, the authenticity of all documents submitted to us as originals,
and the conformity with originals of all documents submitted to us as copies.

          We have also assumed that the terms of the Agreement are fair and
reasonable to LAM.




Willkie Farr & Gallagher
Page 2



          Based upon the foregoing and subject to the qualifications set forth
below, we are of the opinion that:

          1.        LAM is a corporation duly organized, validly existing and in
good standing under the laws of the State of Maryland.

          2.        When the Merger has been duly approved by the stockholders
of LAM, appropriate Articles of Merger with respect to the Merger have been
accepted for record by SDAT, and the LAQ Shares have been converted into LAM
Shares pursuant to the Agreement and the Articles of Merger and in the manner
described in the Registration Statement, the LAM Shares will be validly issued
shares, fully paid and nonassessable, under the laws of the State of Maryland.

          This letter expresses our opinion with respect to the Maryland General
Corporation Law governing matters such as the authorization and issuance of
stock. It does not extend to the securities or "blue sky" laws of Maryland, to
federal securities laws or to other laws.

          You may rely on our foregoing opinion in rendering your opinion to LAM
that is to be filed as an exhibit to the Registration Statement. We consent to
the filing of this opinion as an exhibit to the Registration Statement and to
the reference to us under "Legal Opinions" in the Registration Statement. We do
not thereby admit that we are "experts" as that term is used in the Securities
Act of 1933, as amended, and the regulations thereunder. This opinion may not be
relied upon by any other person or for any other purpose without our prior
written consent.

                                    Very truly yours,


                                    /s/ Venable, Baetjer and Howard, LLP