Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 30 November 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               -2.8%   -46.3%    -45.6%    -17.0%    -3.6%    97.6%    
Share price                    3.6%   -47.0%    -43.6%    -18.8%     2.7%   145.5%   
MSCI EM Latin American        -1.5%   -38.8%    -35.9%    -0.3%     16.3%   166.6% 
                                                                               
US Dollars:                                                                    
Net asset value               -7.7%   -54.8%    -59.4%    -26.6%   -14.5%    76.3%    
MSCI EM Latin American        -6.5%   -48.5%    -52.2%    -11.8%     3.1%   137.8% 
                                                                               
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:                                  286.61p  
Net asset value** - cum income:                                  292.94p  
Share price:                                                     274.50p  
Total assets^:                                                  £153.50m  
Discount (share price to capital only NAV):                         4.2%  
Gearing:                                                            3.2%  
Net yield:                                                         1.77%  
Ordinary shares in issue^^:                                   47,389,753  
                                                                          
**Includes 11 months net revenue equal to 6.33p after provision for the   
interim dividend of 2.5 cents (1.4212p) per share.                        
^Total assets include current year revenue.                               
^^Excluding 400,000 shares held in treasury.                              

Geographical Regional Exposure                                   % Total Assets
                                                                               
Brazil                                                                     68.9
Mexico                                                                     18.4
Chile                                                                       4.2
Peru                                                                        2.8
Argentina                                                                   1.3
Panama                                                                      0.5
Net current assets                                                          3.9
                                                                          -----
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                           
Formento Economico                            Mexico                           
Petrobras                                     Brazil                           
Unibanco                                      Brazil                           
Usiminas                                      Brazil                           
Walmart                                       Mexico                           

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

Performance

For the month of November 2008, the Company posted a 2.8% decline in its NAV
while the shares appreciated 3.6% (all in sterling terms). This compares with
the 1.5% decline posted by the Company's benchmark, the MSCI EM Latin America
Index.

Volatility and negative market performance continued into November 2008 around
the globe, and Latin America was not immune to it. The underperformance during
the month relative to the benchmark stemmed mostly from our large overweight
position in the Brazilian market, where the positive contribution from being
underweight in Petrobras was offset by our overweight position in Usiminas as
well as small negative contribution from several of our small cap stocks.

Transactions/Gearing

During the month, we reduced our overweight position in Tenaris given its
removal from our index as well as deteriorating fundamentals. We further
reduced our exposure to oil selling outperformer Ecopetrol in Colombia and
reducing Petrobras in Brazil. Brazil remained our largest overweight, and we
increased our exposure to banks, homebuilders and telecommunicators in the
country. We also reintroduced the airline sector in both Brazil and Panama,
taking profits in Mexican consumer stocks. Gearing was relatively unchanged
during the month in absolute terms, but given the fall in markets it increased
to around 7.0% of assets before ending the month at 3.2%.

Positioning

Our strategy did not change during the month, as we continue to believe that
Latin America is poised to be a strong outperformer in less volatile, more
constructive market conditions. Brazil continues to be our favoured market
given strong corporations, cheap valuations, and an overall macro picture that
looks strong to withstand the current global economic slowdown. We continue to
favour domestic names over commodity-related names, although some of the
commodity names look very attractive, even under a more stressed growth and
pricing scenario. Mexico continues to be challenged by the US recession and
implications for its economy; several names have acted defensively in recent
market drops, and we have reduced our exposure, shifting to stocks we believe
have reached attractive valuations and that we expect will outperform during an
eventual market rally.



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).

12 December 2008