Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 30 November 2009 and unaudited.

Performance at month end with net income reinvested

                         One      Three      One     Three       *Since     Five
                       month     months     year     years      31.03.06    years
Sterling:
Net asset value        11.5%      24.7%   120.8%     79.6%         83.2%    219.3%
Share price             7.8%       21.5%  123.1%     74.1%         81.1%    289.7%
MSCI EM Latin American  8.9%       22.7%   93.1%     88.4%         92.5%    299.1%
US Dollars:
Net asset value        11.0%       25.5%  136.1%     49.8%         73.4%    174.4%
MSCI EM Latin American  8.4%       23.5%  106.5%     57.2%         82.2%    242.7%

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 and with bond at fair value: 599.67p
Net asset value** - cum income and with bond at fair value: 605.44p
Net asset value** - cum income and with bond converted      614.08p
Share price:                                                596.50p
Total Assets^:                                             £324.55m
Discount (share price to capital only NAV):                    4.5%
Gearing:                                                      17.4%
Net yield:                                                    1.37%
Ordinary shares in issue^^:                              43,835,522

**Includes 11 months net revenue equal to 6.14p (after deducting interim
dividend)
^Total assets include current year revenue.
^^Excluding 3,554,231 shares held in treasury.

Geographic Regional Exposure          % Total Assets
Brazil                                          71.7
Mexico                                          15.0
Peru                                             2.2
Chile                                            2.0
Argentina                                        1.7
Panama                                           1.0
Net Current Assets                               6.4
                                               -----
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
BM&F Bovespa           Brazil
Cyrela Brazil Realty   Brazil
Grupo Televisa         Mexico
Petrobras              Brazil
Vale                   Brazil
Walmart                Mexico

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

Performance

For the month of October 2009, the BlackRock Latin American Investment Trust
posted an 11.0% appreciation in its NAV while the shares appreciated by 7.3%
(all in USD (sterling equivalent were 11.5% and 7.8%, respectively). The NAV
returns compare favorably with the 8.4% increase posted by the Company's
benchmark (8.9% in sterling), the MSCI EM Latin America Free Index.
Year-to-date, the NAV is up 127.6% and the share price 137.0%, well ahead of
the 100.1% return for the benchmark (99.4%, 107.6%, and 75.3%, respectively, in
sterling).

The outperformance during the month was mainly as a result of positive stock
selection in Brazil, especially stemming from overweight positions in
industrials and financials. At the stock level, overweight in railroad operator
ALL and Banco Itau were the top contributors to performance, while education
provider Anhanguera and the underweight in mining giant Vale were the top
detractors.

Transactions/Leverage

The month was relatively quiet on the trading front. We increased positions in
Brazilian retailers, Argentine oil services and Chilean retailers, rotating
holdings within Brazilian financials and taking profits in Brazilian small caps
in technology and health care sectors and in Mexican staples. Net leverage
currently stands at approximately 19.5%, with approximately 7.5% invested in
Brazilian fixed income securities.

Positioning

As we enter the final month of 2009, we are maintaining a bias towards domestic
growth throughout the region, a bias towards Brazil vs other countries in the
region, and a bias towards having a portfolio that will continue to outperform
in a constructive market environment. Given the more than doubling so far
year-to-date, valuations clearly are not as cheap as they were one year ago.
However, Latin American valuations are still trading at a discount to global
valuations and to the overall valuation of Emerging Markets. The resilience
during the crisis and the on-going recovery ahead of most regions in the world
warrant that the region should continue to enjoy forward multiple appreciation.
In addition, earnings revisions should also be positive and supportive for
Latin American equity markets as we enter 2010.

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).

22 December 2009