Portfolio Update

MERRILL LYNCH LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 30 November 2007 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       -5.8%   15.0%     52.5%     49.5%   165.8%   464.7%   
                                                                                
Share price          -11.5%    9.2%     43.9%     38.4%   209.8%   547.9%   
                                                                               
MSCI EM Latin         -4.7%   16.5%     55.6%     52.2%   222.5%   501.5% 
American                                                                       
                                                                               
US Dollars:                                                                    
                                                                               
Net asset value       -6.7%   17.3%     80.8%     56.3%   186.2%   646.7%   
                                                                               
MSCI EM Latin         -5.7%   18.8%     84.4%     59.1%   246.9%   694.9% 
American                                                                       
                                                                               
Sources: BlackRock MLIM, Standard & Poor's Micropal.                           
                                                                               
*Date which BlackRock MLIM took over the investment management of the Company. 

At month end                                            
                                                        
Net asset value - capital only:                 538.31p 
                                                        
Net asset value* - cum income:                  542.96p 
                                                        
Share price:                                    491.00p 
                                                        
Total assets:                                   £257.3m 
                                                        
Discount (capital only):                           8.8% 
                                                        
Gearing:                                              - 
                                                        
Net yield:                                         0.9% 
                                                        
Ordinary shares in issue:                    47,789,753 
                                                        
*Includes 11 months net revenue equal to 4.65p (after   
payment of 1.23p (2.5c) interim dividend).              

Geographical Regional Exposure                                   % Total Assets
                                                                               
Brazil                                                                     71.3
                                                                               
Mexico                                                                     20.5
                                                                               
Chile                                                                       4.4
                                                                               
Argentina                                                                   3.6
                                                                               
Colombia                                                                    0.7
                                                                               
Panama                                                                      0.4
                                                                               
Net current liabilities                                                    (0.9)
                                                                               
                                                                          -----
                                                                               
Total                                                                     100.0
                                                                          -----

Ten Largest Equity Investments (in alphabetical order)                         
                                                                               
Company                                       Country of Risk                  
                                                                               
All America Latina Logistica                  Brazil                           
                                                                               
AmBev Cia De Bebidas                          Brazil                           
                                                                               
America Movil                                 Mexico                           
                                                                               
Banco Bradesco                                Brazil                           
                                                                               
Banco Itau                                    Brazil                           
                                                                               
Cia Vale do Rio Doce                          Brazil                           
                                                                               
Petroleo Brasileiro                           Brazil                           
                                                                               
Tenaris                                       Argentina                        
                                                                               
Unibanco Uniao                                Brazil                           
                                                                               
Usiminas                                      Brazil                           

Performance

For the month of November 2007, the Merrill Lynch Latin American Investment
Trust posted a -6.7% NAV return while the share price declined 12.4% (all in
USD).

The Company's performance during November was negatively affected by the
portfolio's overweight position in Mexican homebuilders and in Tenaris in
Argentina, as well as the underweight positions in Petrobras and overweight
some small capitalization stocks in Brazil. These were partially offset by the
fund's overweight positions in outperforming Brazilian steels and zero weight
in Peru.

Transactions/Gearing

During the month, we did not make significant changes to our absolute weights
at the country level - changes to the benchmark caused our overweight in Brazil
to be reduced slightly as the country's weighting increased in the benchmark,
at the cost of a larger relative underweight in Chile and Peru. There was some
intra-country rotation, especially within Brazil, leaving the overall country
weights relatively unchanged in absolute terms. We finished the month with cash
close to a zero balance and maintained gearing at zero.

Positioning

As we look towards 2008, our investment thesis remains relatively unchanged.
Domestic themes continue to dominate our investments in both Brazil and in
Chile, while in Mexico we are more cautious given the slow down of the US
economy. Under the basic premise that the US slowdown will not be enough to
cause a significant slow down in the global economy, demand for commodities
should remain strong, therefore benefiting Latin American economies. In Brazil,
while not expecting significant help from the Central Bank in the early part of
the year, domestic growth should continue to be strong, with the banking,
retail, and housing sectors being direct (but not the sole) beneficiaries of
this continued strength in domestic demand. In Chile, despite short-term
concerns with inflation, high copper prices should also result in resilient
economic growth. Mexico is the Latin American country most closely correlated
with US economic activity. However, high oil prices and growing infrastructure
investment should limit the impact of the US slowdown on Mexican economic
growth. Overall, barring a lasting recession in the US, we expect that Latin
America is poised to continue on its positive path in 2008 given attractive
valuation levels and resilient, domestic led economic growth.

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).

20 December 2007