Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 30 June 2010 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        -4.2%     -11.3%    46.5%      33.0%        81.4%    150.1%
Share price            -0.2%      -7.1%    52.6%      38.6%        89.4%    222.2%
MSCI EM Latin America  -6.1%     -10.7%    38.4%      41.6%        93.0%    211.1%

US Dollars:
Net asset value        -1.4%     -12.5%    34.2%      -0.8%        56.5%    108.8%
MSCI EM Latin America  -3.3%     -11.9%    25.7%       5.6%        66.4%    159.6%

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:                             605.98p
Net asset value** - cum income:                             616.89p
Net asset value - capital only and with bond at fair value: 577.73p
Net asset value** - cum income and with bond at fair value: 588.64p
Net asset value** - cum income and with bond converted:     611.73p
Share price:                                                616.00p
Total Assets^:                                             £323.29m
Premium (share price to capital only NAV):                     1.7%
Gearing~:                                                     11.8%
Net yield:                                                     1.6%
Ordinary shares in issue:                                43,835,522

**Includes 6 months net revenue equal to 10.91p
^Total assets include current year revenue.
~Gearing is calculated using debt at par, less cash and cash equivalents as a percentage of gross assets.

Geographic Regional Exposure      % Total Assets
Brazil                                      68.4
Mexico                                      17.4
Peru                                         4.6
Chile                                        2.9
Panama                                       1.2
Argentina                                    0.6
Net current assets (incl. Treasury bills)    4.9
                                           -----
Total                                      100.0

Ten Largest Equity Investments(in alphabetical order)
Company                               Country of Risk
América Móvil                                  Mexico
Banco Bradesco                                 Brazil
Cyrela Brazil Realty                           Brazil
Fomento Economico Mexicano                     Mexico
Grupo Televisa                                 Mexico
Itaú Unibanco                                  Brazil
Lojas Renner                                   Brazil
OGX Petroleoegas                               Brazil
Petrobrás                                      Brazil
Vale                                           Brazil

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

Performance

For the month of June 2010, the Company posted a decrease of 4.2% on its NAV
while the shares fell by 0.2% (all in sterling terms). This compares favourably
with the 6.1% decrease posted by the Company's benchmark, the MSCI EM Latin
America Index. Year-to-date, NAV has fallen by 5.1% while the shares are down
2.9% versus the benchmark, which is down 3.4%.

The month's outperformance was mainly due to positive security selection in
Brazil, where overweight positions in retailers Lojas Renner and CBD as well as
the Brazilian fixed income security were the top contributors to performance.
This was partially offset by the underperformance in off benchmark airline Copa
and the overweight position in Mexican media giant Televisa.

Transactions/Gearing

During the month, we raised cash by approximately 400 basis points, reducing
exposure to Brazilian oil giant Petrobras given the on going discussions
regarding its capitalisation and equity offering as well as taking profits in
some outperforming consumer and utility stocks in Brazil. Some of these funds
were redeployed in Brazil late in the month, with most of the remaining cash
invested in early July. Given the increase in cash levels during the month, net
leverage was closer to 13% at the end of the month, with an additional 4.4%
invested in Brazilian fixed income securities.

Positioning

The Company continues to be positioned to benefit from an improving global
macroeconomic scenario. The fundamentals remain strong and valuations
attractive for the region despite increased volatility and investor risk
aversion over the first half of the year, and especially in the second quarter.
Brazil's domestic demand story remains intact posting strong growth,
unemployment figures that are at record low levels and banks continue to look
for ways to grow their loan book at an accelerated pace. We do not anticipate
that the current interest rate tightening cycle will derail the strong domestic
economy. The Central Bank has shown that it will do whatever it takes in order
to keep inflation under control. We do not believe that rates need to go higher
than 12% from their current level of 10.25%. The portfolio continues to be
positioned with an overweight position in Brazil, with the major focus
continuing to be on domestic sectors, especially banks, homebuilders and
retailers. These sectors continue to benefit from the growing middle class
(today, over 2/3 of Brazil's population is "C" class or better), greater credit
availability and affordability, record low unemployment, and increasing
purchasing power. Commodity stocks remain an important part of Brazil's
investment story, although for the time being we maintain underweight positions
in both steel and energy. In addition, we do not expect any major economic
policy changes as a result of the presidential elections in October from either
of the leading candidates.

Mexico continues to look expensive to us and remains an underweight in the
Company as we expect growth in the second half of 2010 to decelerate.
Valuations in Chile are beginning to look more attractive to us and we have
begun to look for ways to increase exposure there. Peru remains an overweight
given interesting opportunities domestically and within its mining sector.

Overall, we expect Latin American equity markets to post positive returns
during the second half of 2010 given positive earnings growth and attractive
valuation levels versus other regions in the world.

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).

21 July 2010