Portfolio Update

MERRILL LYNCH LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 30 June 2008 and unaudited.

Performance at month end is calculated with net income reinvested

                        One    Three    *Since        One      Three      Five     
                      Month   Months  31.03.06       Year      Years     Years    
                                                                               
Sterling:                                                                      
                                                                               
Net asset value       -8.2%   13.1%      25.2%      70.8%     135.5%    411.6%   
                                                                               
Share price           -9.3%   12.7%      26.3%      72.5%     193.5%    560.4%   
                                                                               
MSCI EM Latin         -8.3%   10.8%      30.8%      78.2%     187.3%    475.4% 
American                                                                       
                                                                               
US Dollars:                                                                    
                                                                               
Net asset value       -7.5%   13.2%      24.2%      96.0%     161.5%    517.1%   
                                                                               
MSCI EM Latin         -7.7%   11.0%      29.7%     104.5%     219.0%    594.0% 
American                                                                       
                                                                               
Sources: BlackRock, Standard & Poor's Micropal                                 
                                                                               
*Date which BlackRock took over the investment management of the Company.      

At month end                                                              
                                                                          
Net asset value - capital only:                                  600.72p  
                                                                          
Net asset value** - cum income:                                  604.55p  
                                                                          
Share price:                                                     585.00p  
                                                                          
Total assets^:                                                   £288.9m  
                                                                          
Discount (share price to capital only NAV):                         2.6%  
                                                                          
Gearing:                                                             Nil  
                                                                          
Net yield:                                                          0.8%  
                                                                          
Ordinary shares in issue:                                     47,789,753  
                                                                          
*Includes 6 months net revenue equal to 3.83p.                            
^Total assets include current year revenue.                               

Geographical Regional Exposure                                   % Total Assets
                                                                               
Brazil                                                                     75.0
                                                                               
Mexico                                                                     16.8
                                                                               
Argentina                                                                   4.8
                                                                               
Chile                                                                       2.1
                                                                               
Peru                                                                        1.2
                                                                               
Colombia                                                                    0.8
                                                                               
Panama                                                                      0.3
                                                                               
Net current liabilities                                                    (1.0)
                                                                               
                                                                          -----
                                                                               
Total                                                                     100.0
                                                                          -----

Ten Largest Equity Investments (in alphabetical order)                         
                                                                               
Company                                       Country of Risk                  
                                                                               
AmBev                                         Brazil                           
                                                                               
America Movil                                 Mexico                           
                                                                               
Banco Bradesco                                Brazil                           
                                                                               
Banco Itau                                    Brazil                           
                                                                               
CVRD                                          Brazil                           
                                                                               
Grupo Financiero Banorte                      Mexico                           
                                                                               
Petrobras                                     Brazil                           
                                                                               
Tenaris                                       Argentina                        
                                                                               
Unibanco                                      Brazil                           
                                                                               
Usiminas                                      Brazil                           

Commenting on the markets, Will Landers, representing the investment

Manager noted;

Performance

For the month of June 2008, the Company posted a 7.5% decline in its NAV while
the shares fell 8.7% (all in USD terms). This compares with the 7.7% decline
posted by the Company's benchmark, the MSCI EM Latin America Free Index.

The monthly performance was in line with its benchmark's decline. Positive
contribution stemmed from being overweight in oil services giant Tenaris in
Argentina and Brazil overall. The regulatory underweight in Petrobras
represented the largest detractor from performance.

Transactions/Gearing

During the month, we added three new holdings to the portfolio via capital
markets transactions in Mexican healthcare, Brazilian oil and agriculture, as
well as initiating positions in Peru given strong economic performance. These
were mostly funded by selling out of Mexican cement and reducing exposure to
airlines throughout the region. Overall, country weightings did not change
significantly during the month, and gearing remained at zero.

Positioning

Overall, we remain with a large overweight in Brazil, with close to 75% of
assets invested in the region. We continue to have a positive view on energy
and commodities, leading to our positions in those sectors in Brazil. On the
domestic side, despite recent increases in inflation leading us to expect the
Central Bank to hike rates closer to 15% rather than the 13.5% to 14% that we
had envisioned, recent visits to the country by various members of our team
continue to indicate a strong domestic economy, still feeling the growing
demand from Brazil's emerging middle class. While volatility continues to be
high, it has been mostly driven by concerns regarding the US market and the
overall impact on global growth. The Brazil story itself remains solid and we
believe that recent falls in stock prices offer investors an interesting entry
point.

Our underweight position in Mexico continues to be caused by our concerns
regarding the impact of the US on the Mexican consumer economy, while in Chile
our underweight position is further encouraged by a weakening economy (despite
strength in copper prices). Peru is still underweight due to lack of
interesting stocks, but we have initiated positions there given the strength in
the local economy.

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).

25 July 2008