Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 28 February 2009 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         -5.3%    3.2%   -46.3%    -14.3%    -14.7%     86.6%    
Share price             -7.4%    6.6%   -48.8%    -13.5%     -9.9%    136.5%   
MSCI EM Latin American  -4.1%    5.1%   -37.0%      4.8%      3.3%    157.9% 
                                                                               
US Dollars:                                                                    
Net asset value         -6.4%   -4.1%   -61.5%    -29.6%    -30.6%     43.9%    
MSCI EM Latin American  -5.2%   -2.4%   -54.9%    -13.9%    -15.9%     98.1%  
                                                                               
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:                                  295.26p  
Net asset value** - cum income:                                  295.78p  
Share price:                                                     286.00p  
Total assets^:                                                   £149.2m  
Discount (share price to capital only NAV):                         3.1%  
Gearing:                                                            5.2%  
Net yield:                                                         1.70%  
Ordinary shares in issue^^:                                   47,389,753  
                                                                          
**Includes 2 months net revenue equal to 0.52p.                           
^Total assets include current year revenue.                               
^^Excluding 400,000 shares held in treasury.                              

Geographical Regional Exposure                                   % Total Assets
                                                                               
Brazil                                                                     75.1
Mexico                                                                     17.9
Chile                                                                       3.4
Peru                                                                        2.5
Argentina                                                                   0.9
Panama                                                                      0.5
Net current liabilities                                                    (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                                  
Grupo Televisa                         Mexico                                  
Net Servicos                           Brazil                                  
Petrobras                              Brazil                                  
Unibanco                               Brazil                                  
Usiminas                               Brazil                                  

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

Performance

For the month of February 2009, the Company posted a 6.4% decline in its NAV
and a 8.4% decline in its share price (all in US dollar terms -5.3% and -7.4%,
in Sterling). During the same period, the Company's benchmark, the MSCI EM
Latin America Index, posted a -5.2% decline (in US dollar terms).

The underperformance during February was mostly caused by our underweight
position in oil giant Petrobras, which posted a 3.3% positive return whilst
averaging over 18% of the benchmark (beyond our regulatory maximum 15%) as well
as our overweight positions in Mexican homebuilder Homex and pan-regional
wireless provider America Movil.

Transactions/Gearing

During the month, we did not make significant changes at the country level,
limiting trading to intra-country rotations. In Brazil, we increased our
holdings in consumer staples and railroads, with some rotation within the
financials area. In Mexico, we reduced our exposure to consumer staples,
redeploying such funds into homebuilders and cement, sectors that in our
opinion have been overly penalised.

Positioning

While the outlook for Latin America remains positive, the short term trading
direction for Latin American markets is being dictated by global markets. In
periods of relative calm in global markets, Latin American markets have tended
to outperform given the region's strong liquidity position, low leverage
levels, and attractive equity valuations. Brazil remains our largest
overweight. We expect that the Central Bank will continue to reduce interest
rates aggressively, finishing the year below 10%, which should provide a strong
boost to the local economy and allow Brazil to return to an overall GDP growth
closer to 4% during 2010. Mexico remains more challenged in our view given the
economic slowdown associated with its dependency on US growth and budget
concerns for 2010 given the current oil prices. Chile remains expensive,
especially following its recent outperformance, and we continue to find
selective opportunities in other countries in the region.

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 March 2009