Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 30 April 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       11.2%   15.1%     68.0%     39.3%     176.0%    413.1%   
                                                                               
Share price           8.5%    16.8%     66.0%     34.8%     230.4%    553.0%   
                                                                               
MSCI EM Latin         10.2%   15.9%     77.3%     47.4%       242.4%    485.9% 
American                                                                       
                                                                               
US Dollars:                                                                    
                                                                               
Net asset value       10.8%   14.7%     91.9%     38.0%     186.2%    535.9%   
                                                                               
MSCI EM Latin         9.9%    15.5%     102.4%    46.0%       255.0%    626.1% 
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:                 591.46p 
                                                        
Net asset value* - cum income:                  594.63p 
                                                        
Share price:                                    563.00p 
                                                        
Total assets:                                  £283.74m 
                                                        
Discount: (share price to capital                  4.8% 
only NAV):                                              
                                                        
Gearing:                                            Nil 
                                                        
Net yield:                                        0.85% 
                                                        
Ordinary shares in issue:                    47,789,753 
                                                        
*Includes 4 months net revenue equal to 3.17p           

Geographical Regional Exposure                                   % Total Assets
                                                                               
Brazil                                                                     72.4
                                                                               
Mexico                                                                     18.2
                                                                               
Argentina                                                                   4.0
                                                                               
Chile                                                                       3.5
                                                                               
Colombia                                                                    0.9
                                                                               
Peru                                                                        0.7
                                                                               
Panama                                                                      0.4
                                                                               
Net current liabilities                                                   (0.1)
                                                                               
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 April 2008, the Company posted a 10.8% appreciation in its NAV
while the shares increased by 8.1% (all in US dollar terms). This compares with
the 9.9% return posted by the Company's benchmark, the MSCI EM Latin America
Free Index.

During the month, the Company benefited from its overweight position in Brazil
and underweight positions in Chile, Peru and Mexico. At the stock level, the
largest contributors to performance included being overweight in Brazilian
banks and steelmaker Usiminas, and being underweight in Mexican wireline telcos
and Chilean materials stocks, while the overweight position in American Movil
in Mexico and the underweight position in steelmaker CSN in Brazil were the
largest detractors from performance.

Transactions/Gearing

During the month, we increased our position in Argentina via Ternium, a
pan-regional steel producer with significant production cost advantages (the
stock was over penalized by the market as it works to sell its Venezuelan
operations to the Venezuelan government). We also reintroduced Peru to the
portfolio for the first time in a long while - the local economy is booming
with the strength in commodity prices and we purchased a position in Credicorp,
the country's largest bank. These were mostly funded by increasing our
underweight positions in Chile and Mexico, taking profits in some outperforming
stocks given recent market strength. In Brazil, the relative position remained
unchanged, with some intra-country rotation within financials and building
materials. Gearing remained at 0% during the month.

Positioning

Our major position continues to be our overweight position in Brazil, which now
represents approximately 72% of assets. The earlier than expected investment
grade upgrade (30th April) was an added bonus to our positive view on the
Brazilian equity market. The current interest rate hiking cycle by Brazil's
Central Bank should be short-lived, resulting in 150-200 basis points increase
to the Selic rate, enough to reduce inflation expectations to below the 4.50%
target, but not enough to reduce significantly the expected growth in Brazil's
economy. Mexico is starting to show early signs of the US economic slowdown
having a negative impact on its economy - consumer confidence fell to the
lowest level since November 2004. The stock market seems fairly valued given a
scenario of weaker economic growth in the quarters to come. Chile remains an
underweight position given high valuations as well as concerns regarding the
state of the economy - GDP in 2008 should see its slowest growth in five years
while inflation will be at its highest.

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).

14 May 2008