Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 30 September 2009 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          13.1%   34.3%     38.9%     79.1%     66.2%     210.1%   
Share price               9.6%   31.6%     46.3%     76.2%     63.3%     283.0%   
MSCI EM Latin American   14.2%   28.5%     33.5%     89.9%     79.2%     293.7% 
                                                                               
US Dollars:                                                                    
Net asset value          10.9%   31.4%     24.6%     52.6%     53.2%     174.1%   
MSCI EM Latin American   12.0%   24.8%     19.8%     62.6%     65.2%     248.0% 

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:                                       567.50p  
Net asset value** - cum income:                                       572.11p  
Net asset value - capital only and with bond at fair value:           553.93p  
Net asset value - cum income and with bond at fair value:             558.15p  
Net asset value - cum income and with bond converted:                 569.02p  
Share price:                                                          538.00p  
Total assets^:                                                       £300.14m  
Discount (share price to capital only NAV):                              5.2%  
Gearing:                                                                16.4%  
Net yield:                                                              1.52%  
Ordinary shares in issue^^:                                        43,835,522  
                                                                               
**Includes 9 months net revenue equal to 4.61p (after deducting interim        
dividend).                                                                     
^Total assets include current year revenue.                                    
^^Excluding 3,554,231 shares held in treasury.                                 

Convertible Bond

The Company published a circular dated 18 August 2009 which was sent to
shareholders with the Notice of Meeting to be held on 11 September 2009 to
consider the proposals for a Convertible Bond Issue. The proposals were
approved by shareholders and 800 bonds of $100,000 each were issued on 15
September 2009. The bonds are convertible into the ordinary shares of the
Company at any time prior to the tenth business day prior to 15 September 2015
at the following prices:-

$8.98 if converted before 15 September 2012

$9.83 if converted before 1 September 2015

The interest rate payable on the bonds is 3.5% per annum payable semi annually
in March and September of each year.

Geographical Regional Exposure                                   % Total Assets
                                                                               
Brazil                                                                     76.9
Mexico                                                                     15.7
Peru                                                                        2.5
Chile                                                                       1.8
Argentina                                                                   1.1
Panama                                                                      1.0
Net current assets                                                          1.0
                                                                          -----
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                                  
Credicorp                              Peru                                    
Formento Economico                     Mexico                                  
Grupo Televisa                         Mexico                                  
Petrobras                              Brazil                                  
Vale                                   Brazil                                  
Redecard                               Brazil                                  

Commenting on the markets, Will Landers, representing the investment

Manager noted;

Performance

For the month of September 2009, the Company posted a 10.9% appreciation in its
NAV while the shares appreciated by 7.5% (all in US dollar terms, sterling
equivalents were 13.1% and 9.6%, respectively). These returns compare
unfavourably with the 12.0% increase posted by the Company's benchmark (14.2%
in sterling terms), the MSCI EM Latin America Free Index. In the Company's
financial year-to-date, the NAV is up by 101.2% and the share price 108.3%,
well ahead of the 81.5% return for the benchmark (80.9%, 87.2%, and 63.1%,
respectively, in sterling terms).

Despite strong absolute returns, the Trust underperformed its benchmark during
the period. The underperformance was mostly due to negative stock selection in
Brazil and Peru, where materials and oil and gas stocks outperformed while the
fund was underweight. On the positive side, being overweight Brazilian
financials was the largest contributor.

Transactions/Gearing

The biggest transaction during the month was the successful placement of our
US$80 million convertible bond, essentially moving the Company to a structural
geared position. Following funding, we deployed approximately 50% of the funds
into the equity markets, increasing our overweight in Brazil by reducing our
underweight in Petrobras and Vale (the latter via mandatory convertible bonds,
which provides most of the stock's upside, plus income), increasing our weights
in the housing sector, utilities and credit card processors; we also reduced
our underweight in Mexico increasing our weights in broadcasting and staples,
and added to financials in Chile and Peru. Most of the remainder of the
proceeds were invested in Brazilian short-dated fixed income instruments that
yield in excess of 8.5% annual interest (bringing our total Brazilian exposure,
equities plus fixed income securities, to over 91% of net assets. As a result,
we finished the month with 16.4% net gearing.

Positioning

After outperforming most markets in the world, we believe that Latin American
markets continue to offer attractive upside potential, and we are positioned to
benefit from the re-rating process continuing. Brazil, our largest overweight,
continues to trade at a discount to most global markets on a forward P/E basis,
albeit at a smaller discount than before. Given its resilience during the
global financial crisis, strong economic growth forecast for 2010, record low
interest rates that should continue to drive domestic consumption, the recent
upgrade to investment grade by Moody's, and valuations that are at a discount
to other emerging markets, Brazil remains our favoured market and accounts for
almost 75% of assets. Mexico, with its much slower economic recovery, fiscal
imbalance that will result in higher taxation for several sectors, and
significant dependence on a US recovery, remains an underweight - we are not
ready to close that underweight at this stage. Valuations in Chile remain too
rich for our liking, while Peru is close to a neutral weighting - not higher
due to lack of investable stocks. Our overall positive views on markets,
especially Brazil, were an overriding factor is us pursuing the structural
levered position.

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).

30 October 2009