Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 July 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        10.5%    20.6%     -13.1%     36.8%     51.3%     198.7%   
Share price             8.0%    17.8%     -15.0%     34.1%     49.9%     269.5%   
MSCI EM Latin Amercian  8.3%    15.0%      -7.7%     51.1%     62.9%     276.7% 
American                                                                       
                                                                               
US Dollars:                                                                    
Net asset value        12.1%    35.0%     -27.3%     30.8%     34.3%     172.4%   
MSCI EM Latin American  9.0%    28.7%     -22.7%     44.4%     44.7%     243.4% 
American                                                                       
                                                                               
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:                                  467.36p  
Net asset value** - cum income:                                  472.35p  
Share price:                                                     443.00p  
Total assets^:                                                  £207.07m  
Discount (share price to capital only NAV):                         5.2%  
Gearing:                                                             Nil  
Net yield:                                                         1.81%  
Ordinary shares in issue^^:                                   43,835,522  
                                                                          
**Includes 7 months net revenue equal to 4.99p.                           
^Total assets include current year revenue.                               
^^Excluding 3,954,231 shares held in treasury.                            

Geographical Regional Exposure                           % Total Assets
                                                                               
Brazil                                                             74.8
Mexico                                                             18.9
Peru                                                                2.3
Chile                                                               2.2
Argentina                                                           1.2
Panama                                                              0.4
Net current assets                                                  0.2
                                                                  -----
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                                  
Cyrela Crazil Realty                   Brazil                                  
Grupo Televisa                         Mexico                                  
Petrobras                              Brazil                                  
Usinas                                 Brazil                                  
Vale                                   Brazil                                  
Walmart                                Mexico                                  

Commenting on the markets, Will Landers, representing the investment

Manager noted;

Performance

For the month of July 2009, the Company posted a 12.1% appreciation in its NAV
while the shares appreciated by 9.0% (all in US dollar terms, the sterling
equivalents were 10.5% and 8.0% respectively). This compares with the 9.0%
increase posted by the Company's benchmark (8.3% in sterling terms), the MSCI
EM Latin America Index.

As markets around the globe continued their recovery phase, Latin America was
once again an outperformer. The Company's performance benefitted from positive
stock selection in both Brazil and Mexico, with the overweight in consumer
discretionary stocks (especially homebuilders and retailers) and the
underweight in energy (especially Petrobras) representing the top contributors
at the sector level.

Transactions/Gearing

During the month, we did not make significant changes to the portfolio at the
country level, maintaining a close to 700 bps overweight position in Brazil and
close to 200 bps underweight position in Mexico, with the two countries
combining for over 93% of assets (almost 75% in Brazil and 18% in Mexico). Most
of the activity consisted of intra-country trading, realizing recent profits in
Brazilian cable and steel and shifting such funds into consumer discretionary
as well as underperforming Petrobras and iron ore giant Vale, while in Mexico
we took profits in America Movil, increasing exposure to consumer discretionary
(broadcasting and beverages) as well as infrastructure. Gearing remained at
zero during the month.

Positioning

The portfolio continues to be positioned to benefit from global investors
increasing their risk appetite while local Latin American institutional
investors are forced into equities by record low fixed income rates across the
region. We maintain large overweight positions in Brazilian sectors tied to
domestic consumption given historic low interest rates, stabilizing job market,
and strengthening consumer confidence. However, we have also increased our
weighting to commodity stocks given improved stemming from strong Chinese
demand as described above. In Mexico, the economy continues to underperform
other large economies in the region given its high dependency on the
performance in the US. July Congressional elections weakened expectations of
significant reforms during the last three year's of President Calderon's
administration and valuations are close to fair value. The rest of the region
continues to suffer from a combination of low liquidity, and in many cases,
unattractive valuations.

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).

24 August 2009