Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 May 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       10.7%    16.6%      86.1%    37.2%   172.6%    466.4%   
Share price           14.6%    12.5%      90.2%    38.9%   241.9%    619.6%   
MSCI EM Latin          9.6%    16.9%      94.3%    44.4%   233.7%    538.4% 

American US Dollars:                                                                    
                                                                               
Net asset value       10.5%    15.8%     112.0%    37.1%   195.6%    583.3%   
MSCI EM Latin
American               9.4%    16.1%     121.4%    44.3%   261.9%    670.0%
                                                                               
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:                             654.86p  
Net asset value** - cum income:                             658.46p  
Share price:                                                645.00p  
Total assets^:                                              £314.7m  
Discount: (share price to capital only NAV):                   1.5%  
Gearing:                                                        Nil  
Net yield:                                                     0.7%  
Ordinary shares in issue:                                47,789,753  
                                                                     
*Includes 5 months net revenue equal to 3.60p.                       
^Total assets include current year revenue.                          

Geographical Regional Exposure                                   % Total Assets
                                                                               
Brazil                                                                     73.0
Mexico                                                                     17.5
Argentina                                                                   4.2
Chile                                                                       2.7
Peru                                                                        1.0
Colombia                                                                    0.9
Panama                                                                      0.3
Net current assets                                                          0.4
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 May 2008, the Company posted a 10.5% appreciation in its NAV
while the shares increased by 14.3% (all in USD terms). This compares favorably
with the 9.4% 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 certain Argentine stocks and its underweight positions in Chile and Peru.
At the stock level, largest contributors to performance included being
overweight in Brazilian banks and steelmaker Usiminas, being overweight in
Argentine steel maker Ternium and oil services provider Tenaris and being
underweight select material stocks in Chile and Peru. The overweight position
in American Movil in Mexico and the underweight positions in steelmakers Gerdau
and CSN in Brazil were the largest detractors from performance.

Transactions/Gearing

During the month, portfolio activity was limited to further adding to our
position in Usiminas in Brazil, increasing our position in Brazilian exchanges,
completing our initial buy in Mexican airports, and reducing our exposure
further in airlines and global cement. Gearing remained at 0% during the month.

Positioning

Our major position continues to be our overweight in Brazil, which represented
over 73% of assets at month end. The S&P upgrade at the end of April was
followed up by a Fitch upgrade in May - over time this should allow further
investments to enter the Brazilian financial market. Inflation expectations
continue to rise in Brazil (as is the case with most of the world), and the
Central Bank's tightening cycle may last longer than originally envisioned -
all of our checks locally provide comfort that the economy should continue to
perform well even if the Selic interest rate closes the year closer to 14% than
our previously envisioned 13-13.5% estimate. Our concerns regarding Mexican
economic growth continue - still, higher oil prices are undoubtedly helping to
minimize the impact of the US slowdown on the Mexican economy. We believe that
a better entry point to a higher position in Mexico will present itself and
have therefore maintained an underweight in Mexico at just below 18% of assets.
Chile remains an underweight given high valuations as well as concerns
regarding 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).

25 June 2008