Interim Management Statement

Interim Management Statement - 3 months to 30 September 2009

To the members of BlackRock Latin American Investment Trust plc.

This interim management statement has been produced solely to provide
additional information to shareholders as a body to meet the relevant
requirements of the UK Listing Authority's Disclosure & Transparency Rules. It
should not be relied on by any other party for any other reason.

This interim management statement relates to the period from 1 July 2009 to 30
September 2009, and contains information that covers this period, and up to the
date of publication of this interim management statement. Please note more
detailed performance information is available on the Investment Manager's
website-www.blackrock.co.uk/its.

The Company's objective is to secure long term capital growth primarily through
investing in quoted securities in Latin America. The Company is managed by Will
Landers of BlackRock Investment Management.

Stock Performance

Cumulative Performance(%):
                                            One      Three        One      Five
                                          Month     Months       Year     Years
Net Asset Value                           10.9%      31.4%      24.6%    174.1%
Share Price                                7.5%      27.8%      31.3%    239.9%
MSCI EM Latin America Index               12.0%      24.8%      19.8%    248.0%

All performance figures are in $ on a total return basis.

Ten Largest Equity Holdings at 30 September 2009

Ambev
America Movil
Banco Bradesco
Banco Itau
Credicorp
Formento Economico
Grupo Televisa
Petrobras
Vale
Redecard

Financial position and performance as at 30 September 2009

Gross Assets (£m)                         300.14
Short term borrowings (£m)                   n/a
Convertible Bond                            50.0
Net asset value-Capital only             567.50p
Net asset value-Total return             572.11p
Net asset value-Capital only with
bond at fair value                       553.93p               
Net asset value-Total return with
bond at fair value                       558.15p               
Net asset value- Total return with
bond fully converted                     569.02p              
Share Price*                             538.00p
Ordinary Shares in Issue              43,835,522
Actual Gearing                             16.7%
Discount to NAV*                            5.2%
Average discount to NAV for 3
months to 30 September 2009                 3.4%                   

*1.5992-USD Exchange Rate Used

Interim Dividend

An interim dividend of 2.5 cents per share was declared on 4 August 2009,
payable on 25 September 2009 to shareholders on the register on 14 August 2009.

Convertible Bond Issue

The Company published a circular dated 18 August 2009 which was sent to
shareholders with the Notice of Meeting to be held on 11 September 2009 to
consider the proposals for a Convertible Bond Issue. The proposals were
approved by shareholders and 800 bonds of $100,000 each were issued on 15
September 2009. The bonds are convertible into the ordinary shares of the
Company at any time prior to the tenth business day prior to 15 September 2015
at the following prices:-

$8.98 if converted before 15 September 2012

$9.83 if converted before 1 September 2015

The interest rate payable on the bonds is 3.5% per annum payable semi annually
in March and September of each year.

Half Yearly Financial Report

The Company announced its half yearly financial results for the period ended 
30 June 2009 on 4 August 2009.

Change in directorate

The Board announced on 17 November 2009 the appointment of Doctor Mahrukh
Doctor as an additional non-executive director of the Company with effect from
17 November 2009. Dr Doctor will also serve as a member of the Company's Audit
Committee and Nomination and Management Engagement Committee.

Dr Doctor is a lecturer in political economy at the University of Hull
specialising in Latin America. She is also the Brazil expert on the Oxford
Analytica International Conference Latin America panel (2002-present). Her
research expertise lies in industrial and trade policy (automotive sector in
Brazil; EU-Mercosur trade negotiations), infrastructure (ports), and
business-state relations in Latin America. Her research also involves in-depth
interviews with policy-makers, business associations and leaders, as well as
corporate managers. Other current posts include Visiting Adjunct Professor at
the John Hopkins University Bologna Center (SAIS) and Research Associate at
the Programme for Brazilian Studies, University of Oxford. Past experience
includes a couple of years as an economist at the World Bank.

The Board also announced that Mr Mailson da Nobrega would be retiring as a
director of the Company at the Company's Annual General Meeting in 2010 which 
is currently scheduled for 11 May.

Material Events and transactions

There were no other material events or transactions, except as disclosed,
during the three months to 30 September 2009, nor was the Company involved in
any other material transactions during the period except the purchase and sale
of securities undertaken in the normal course of its business.

The Board is not aware of any material events or transactions, except as
disclosed herein, occurring between 30 June 2009 and the date of publication of
this interim management statement which would have a material impact on the
financial position of the Company.

Latest information is available by typing, www.blackrock.co.uk/its on the
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal).

Contact details:

Barbara Powley
Company Secretary
Tel: [phone]

17 November 2009