Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 30 November 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         0.0%      14.5%   24.8%    49.9%       128.6%    165.4%
Share price            -0.5%      13.9%   24.0%    56.0%       124.5%    184.0%
MSCI EM Latin America  -0.8%       8.7%   16.2%    43.8%       123.6%    160.8%

US Dollars:
Net asset value        -2.6%      16.0%   18.4%    13.5%       105.2%    138.9%
MSCI EM Latin America  -3.4%      10.2%   10.2%     8.9%       100.8%    134.7%

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:             759.53p
Net asset value** - cum income:             773.46p
Net asset value - capital only and with
                     bond at fair value:    705.58p
Net asset value** - cum income and with
                     bond at fair value:    719.51p
Net asset value** - cum income and with
                         bond converted:    738.83p
Share price:                                726.50p
Total Assets^:                             £389.90m
Discount(share price to capital only NAV):     4.3%
Gearing~:                                     10.8%
Net yield:                                     2.4%
Ordinary shares in issue:                43,839,085

**Includes 11 months net revenue equal to 13.93p 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.

Geographic Regional Exposure        % Total Assets

Brazil                                   69.2
Mexico                                   17.7
Peru                                      4.6
Chile                                     3.0
Colombia                                  1.6
Panama                                    1.4
Argentina                                 0.5
Net current assets (incl. Treasury bills) 2.0
                                        -----
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
Fomento 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 November 2010, the Company's NAV was flat while the shares
fell by 0.5% (all in sterling terms). This compares favourably with the -0.8%
return posted by the Company's benchmark, the MSCI EM Latin America Index.
Year-to-date, NAV is up 24.8% while the shares are up 24.0% versus the
benchmark being up 16.2%.

The outperformance versus the benchmark during the month stemmed primarily from
stock selection in Brazil, with education name Anhanguera and mall/property
names Multiplus and BR Properties and an underweight position in Petrobras
being the largest contributors. The fund also benefited from an underweight in
Colombia and an overweight position in Panama. These were partially offset by
an underweight to Chile.

Transactions
During the month, absolute and relative weights remained mostly unchanged. We
initiated a position in Mexican homebuilder Geo and added to our position in
Itau. This was funded from profit taking in Chilian airlines and a reduction in
Mexican beverages and Brazilian insurance.

Positioning
As we move closer to the end of the year Latin American equities continue to
look attractive. Brazil remains our favorite market as we continue to focus on
more domestically oriented sectors such as consumers, financials and
homebuilders. The Brazilian Central Bank recently removed excess liquidity by
increasing reserve requirements - while this may impact the banks in the short
term, we remain positive on the sector's growth prospects for 2011. Mexico
continues to be challenged by its close correlation with the US and what we
feel are unattractive valuations relative to emerging markets average
multiples. Chile also remains expensive from a valuation perspective relative
to most markets in the world, and we continue to selectively maintain positions
in the smaller markets of the Andean 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).

16 December 2010