THE LATIN AMERICA INVESTMENT FUND, INC.

466 Lexington Avenue
New York, New York 10019

                    THE LATIN AMERICA INVESTMENT FUND, INC.
                             INITIATES TENDER OFFER

For Immediate Release

        SEPTEMBER 8, 2000

CONTACT: INVESTOR RELATIONS
       CREDIT SUISSE ASSET MANAGEMENT, LLC
       1-800-293-1232

NEW YORK -- September 8, 2000 -- The Latin America Investment Fund, Inc.
(NYSE: LAM) (the "Fund") initiated today a cash tender offer for up to 50% of
the outstanding shares of the Fund at a price equal to 95% of the net asset
value ("NAV") per share determined as of the close of the regular trading
session of the New York Stock Exchange, on October 20, 2000, the day the offer
expires. The consummation of the tender offer is subject, among other
conditions, to the approval by the Fund's shareholders and the shareholders of
The Latin America Equity Fund, Inc. ("LAQ") of the merger of LAQ with and into
the Fund and the satisfaction or waiver of all of the other conditions to that
merger. After the merger, the Fund, which will technically be the surviving
corporation in the merger, will change its name to "The Latin America Equity
Fund, Inc." and will adopt LAQ's investment objective and policies. The tender
offer and the merger reflect the most current efforts of the Board of Directors
and management of the Fund to reduce the discount between its net asset value
per share and the market price at which its shares trade.

The Latin America Investment Fund is a non-diversified, closed-end mutual fund
whose investment objective seeks long-term capital appreciation. The Fund
pursues its objective by investing primarily in Latin American equity and debt
securities. As of September 5, 2000, the Fund's net asset value per share was
$18.66 and its market price was $15.8125 per share, which is a discount to NAV
of 15.26%.

Credit Suisse Asset Management, LLC (CSAM) is the investment adviser to the Fund
and LAQ. CSAM is a diversified asset manager, handling equity, fixed income,
international and derivative based accounts. As of June 30, 2000, CSAM-Americas
managed approximately $70 billion in assets.

This announcement is not an offer to purchase or the solicitation of an offer to
sell shares of the Fund. The Fund's tender offer will be made only by the Fund's
Offer to Purchase and the related Letter of Transmittal, and the merger proposal
with respect to LAQ is being made only by means of the Fund's proxy
statement/prospectus, dated September 1, 2000. Shareholders should read these
documents carefully because they contain important information. These and other
documents are available to investors for free at the Web site of the Securities
and Exchange Commission. Neither the offer to purchase shares will be made to,
nor will tenders pursuant to the Offer to Purchaser be accepted from or on
behalf of, holders of shares in any jurisdiction in which making the offer to
purchase would violate that jurisdiction's laws.