Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 October 2010 and unaudited.

Performance at month end is calculated with income reinvested

                         One    Three       One     Three     *Since      Five     
                       Month   Months      Year     Years   31.03.06     Years    
Sterling:                                                                      
Net asset value         3.4%    14.5%     39.1%     41.3%     128.6%    195.3%   
Share price             5.1%    14.8%     34.2%     38.6%     125.6%    217.1%   
MSCI EM Latin America   1.7%     9.3%     27.6%     38.1%     125.5%    190.9% 
                                                                               
US Dollars:                                                                    
Net asset value         4.9%    16.9%     34.9%      8.7%     110.7%    166.7%   
MSCI EM Latin America   3.2%    11.6%     23.7%      6.3%     107.9%    162.7%   

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:                                  761.15p       
Net asset value** - cum income:                                  773.66p       
Net asset value - capital only and with bond at fair value:      722.82p       
Net asset value** - cum income and with bond at fair value:      735.32p       
Net asset value** - cum income and with bond converted:          736.20p       
Share price:                                                     730.00p       
Total assets^:                                                  £388.65m       
Discount (share price to capital only NAV):                         4.1%       
Gearing~:                                                          10.2%       
Net yield:                                                          1.6%       
Ordinary shares in issue:                                     43,835,522       

**Includes 10 months net revenue equal to 12.51p after provision for interim
dividend.
^Total assets include current year revenue.
~Gearing is calculated using debt at par, less cash and cash equivalents as a
percentage of gross assets.

Geographical Regional Exposure                                   % Total Assets
                                                                               
Brazil                                                                     69.1
Mexico                                                                     17.3
Peru                                                                        4.6
Chile                                                                       3.3
Colombia                                                                    1.6
Panama                                                                      1.2
Argentina                                                                   0.6
Net current assets (including Treasury bills)                               2.3
                                                                          -----
Total                                                                     100.0
                                                                          -----

Ten Largest Equity Investments (in alphabetical order)

Company                                Country of Risk                         
                                                                               
AmBev                                  Brazil                                  
América Móvil                          Mexico                                  
Banco Bradesco                         Brazil                                  
Cyrela Brazil Realty                   Brazil                                  
Formento Economico Mexicano            Mexico                                  
Grupo Televisa                         Mexico                                  
Itaú Unibanco                          Brazil                                  
OGX Petroleoegas                       Brazil                                  
Petrobrás                              Brazil                                  
Vale                                   Brazil                                  

Commenting on the markets, Will Landers, representing the investment

Manager noted;

Performance

For the month of October 2010, the Company posted a 3.4% appreciation in its
NAV while the shares appreciated by 5.1% (all in sterling terms). This compares
favourably with the 1.7% return posted by the Company's benchmark, the MSCI EM
Latin America Index. Year-to-date, the Company's NAV is up 39.1% while the
shares are up 34.2% while the benchmark is up 27.6%.

The month's outperformance versus the benchmark stemmed primarily from stock
selection in Brazil, benefiting from an underweight position in Petrobras, an
overweight position in industrial name Iochpe-Maxion and not owning credit card
acquirer Redecard. The Company also benefited from stock selection in Mexico
(specifically overweight positions in Televisa and America Movil), an
overweight position in Peru (Buenaventura on the gold side) and from an
off-benchmark position in Colombia through Pacific Rubiales. These were
partially offset by an underweight position in Colombia, an overweight position
in Panama and stock selection in financials.

Transactions/Gearing

During the month, absolute weights remained mostly unchanged. Relative weights
in Brazil and Mexico were impacted by moves in the benchmark weights for those
countries (overweights to Brazil increased and underweights to Mexico
increased). In Brazil, we reduced our underweight position in Petrobras, added
retailer Marisa and increased exposure to Brazilian real estate by adding
homebuilder MRV and real estate broker Lopes to the portfolio. This was funded
from profit taking in consumers and financials and by reducing our utility
exposure; in addition, we reduced our exposure to Brazilian government bonds,
deploying such funds into equities. Net gearing stood at 10.2% at the end of
the month.

Positioning

As we move further into the fourth quarter, we maintain our positive view for
Latin American equities - valuations are still compelling, earnings growth is
coming through and the macro outlook for the region continues to be positive.
The portfolio remains positioned to benefit from domestic growth, especially in
Brazil. Our major overweights are in the financial and consumer areas, with
homebuilders continuing to represent an important overweight. With the
presidential elections behind us we are left with a market that continues to
trade at attractive multiples relative to other Emerging Markets.
Alternatively, Mexico's headwinds continue to be strong, with subpar growth in
the US, valuations at a premium to the Emerging Markets average, and security
concerns ever more apparent. Chile continues to trade at a significant premium
to most markets in the world, and we continue to selectively maintain positions
in the smaller markets of 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).

15 November 2010