Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 October 2008 and unaudited.

Performance at month end is calculated with net income reinvested

                           One     Three       One    *Since     Three       Five     
                         Month    Months      Year  31.03.06     Years      Years    
Sterling:                                                                      
Net asset value         -28.6%    -45.8%    -47.2%    -14.6%     10.3%     110.1%   
Share price             -29.8%    -50.3%    -51.8%    -21.6%     10.2%     144.3%   
MSCI EM Latin American  -24.5%    -38.1%    -38.0%      1.2%     30.6%     176.8% 
                                                                               
US Dollars:                                                                    
Net asset value         -35.3%    -55.8%    -58.9%    -20.4%      0.7%     100.0%   
MSCI EM Latin American  -31.6%    -49.5%    -51.8%     -5.7%     19.2%     163.6% 
                                                                               
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:                                  295.65p  
Net asset value** - cum income:                                  301.53p  
Share price:                                                     265.00p  
Total assets^:                                                  £156.83m  
Discount (share price to capital only NAV):                        10.4%  
Gearing:                                                            6.0%  
Net yield:                                                         1.83%  
Ordinary shares in issue^^:                                   47,389,753  
                                                                          
**Includes 10 months net revenue equal to 5.88p (after payment of 1.4212p 
(2.5c) interim dividend).                                                 
^Total assets include current year revenue.                               
^^Excluding 400,000 shares held in treasury.                              

Geographical Regional Exposure                                   % Total Assets
                                                                               
Brazil                                                                     70.8
Mexico                                                                     17.6
Chile                                                                       5.0
Argentina                                                                   3.2
Peru                                                                        1.9
Colombia                                                                    1.2
Net current assets                                                          0.3
                                                                          -----
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                           
Petrobras                                     Brazil                           
Tenaris                                       Argentina                        
Unibanco                                      Brazil                           
Usiminas                                      Brazil                           
Walmart                                       Mexico                           

Commenting on the markets, Will Landers, representing the investment
Manager noted;

Performance

For the month of October 2008, the Company posted a 28.6% decline in its NAV
while the share price fell 29.8% (all in sterling terms). This compares with
the 24.5% decline posted by the Company's benchmark, the MSCI EM Latin America
Index.

Following difficult market conditions in the third quarter of 2008, the month
of October proved to be even more challenging and volatile. The Company's
underperformance during the quarter stemmed from our overweight position in
Brazil as well as in Argentina, where overweights in certain Brazilian small
capitalization stocks as well as in Tenaris in Argentina were the largest
detractors from performance; positive contributors were underweight positions
in Mexican cement and overweight positions in Brazilian banks and consumer
stocks.

Transactions/Gearing

During the month, we maintained Brazil as our largest overweight, taking some
profits in outperforming AmBev and increasing positions slightly in electricity
and insurance. We reduced our underweight in Mexico, adding to consumer stocks
and banking, while reducing exposure to America Movil due to concerns regarding
profitability in upcoming quarters. Finally, we continued to reduce our
position in Tenaris due to weak oil prices as well as its upcoming deletion
from the Latin American benchmark, deploying such funds into UK/Chilean copper
producer Antofagasta, one of the world's lowest cash cost producers of copper
which is trading at a significant discount to net asset value. Gearing was
decreased in absolute terms, but given the fall in markets maintained around 6%
of assets during the month.

Positioning

Following one of the most difficult months for all global markets in several
decades, we continue to be positioned to benefit from an eventual rebound in
markets. While Latin America continues to be penalized for its historical high
beta correlation with developed markets, the region is proving its resilience
from a macro-economic standpoint, and should be a strong outperformer once
markets stabilize and fundamentals become a focal point again. Brazil remains
to us one of the most attractive markets in the world. Valuations are back to
2003/04 levels despite a deeper equity market, its upgrade to investment grade,
strong corporations, and a banking system whose health was questioned during
the month but, in our opinion, proved its health and ability to adapt. Mexico
continues to be challenged by the US recession and implications for its economy
and several companies are suffering from liquidity issues due to derivatives
exposure; however, several companies look attractive and should prove to be
attractive investments in this market.

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).

26 November 2008