Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC
 
All information is at 31 July 2011 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         -7.1%    -7.4%     3.7%      31.5%     107.1%      129.1%   
Share price             -8.2%   -12.7%    -1.6%      22.5%      93.3%      116.1%   
MSCI EM Latin America   -5.5%    -4.8%     4.0%      31.1%     114.6%      131.5% 
                                                                               
US Dollars:                                                                    
Net asset value         -5.0%    -8.9%     8.7%       9.0%      96.0%      101.4%   
MSCI EM Latin America   -3.4%    -6.3%     9.0%       8.7%     103.1%      103.5%   

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:                                  678.39p       
Net asset value** - cum income:                                  689.70p       
Net asset value - capital only and with bond at fair value:      639.64p       
Net asset value** - cum income and with bond at fair value:      650.94p       
Net asset value** - cum income and with bond converted:          666.19p       
Share price:                                                     615.00p       
Total assets^:                                                  £350.66m       
Discount (share price to ex income with bond converted NAV):        6.3%       
Average discount over the month:                                    4.3%       
Gearing~:                                                          12.2%       
Net yield:                                                          2.4%       
Ordinary shares in issue:                                     43,841,312       

**Includes 7 months net revenue equal to 11.31p.
^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                                                      73.9
Mexico                                                      16.1
Chile                                                        4.0
Colombia                                                     2.0
Peru                                                         1.5
Panama                                                       1.4
Argentina                                                    0.5
Net current assets                                           0.6
                                                           -----
Total                                                      100.0
                                                           -----


Ten Largest Equity Investments (in alphabetical order)

Company                            Country of Risk             % of Company   
                                                                              
Vale                                        Brazil                     13.1   
Petrobrás                                   Brazil                     10.1   
Itaú Unibanco                               Brazil                     10.1   
América Móvil                               Mexico                      6.8   
Banco Bradesco                              Brazil                      6.0   
AmBev                                       Brazil                      3.9   
Fomento Economico Mexicano                  Mexico                      2.9   
OGX Petroleoegas                            Brazil                      2.7   
Grupo Televisa                              Brazil                      2.1   
BM&F Bovespa                                Brazil                      2.0   

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

Performance

For the month of July 2011, the Company posted a -7.1% decline in its NAV while
the share price fell by 8.2% (all in sterling terms based on a cum income NAV
with debt at par). This trailed the -5.5% return posted by the Company's
benchmark, the MSCI EM Latin America Index.

The underperformance versus the benchmark during the month stemmed primarily
from stock selection in Brazil and Mexico. The largest individual negative
contributors for the month included an overweight position in Brazilian bank
Itau, not owning Brasil Foods and an overweight in beverage name Ambev.
Offsetting some of the underperformance for the month was an off-benchmark
position in Colombia via Pacific Rubiales, as well as stock selection and an
underweight to Chile. Individual positive contributions to performance for the
month came from Mexican beverage name Femsa as well as not owning Cemex or
Brazilian steel.

Transactions/Gearing

During the month in Brazil, we added to financials on weakness, slightly
increased exposure to utilities, reduced exposure to retailers and
petrochemicals and continued to rotate some exposure within Brazilian
homebuilders. Elsewhere during the month we increased exposure to Colombia as
well as Peru and reduced exposure to America Movil and consumer goods name
Genomma Labs in Mexico.

Positioning

Regarding Brazil, GDP forecasts have come down to around 4% as expected given
the tightening cycle and the focus on bringing inflation back to target. There
have been some earnings misses, which along with uncertainties regarding growth
in Europe and the US due to their respective debt issues have caused investors
to reduce risk in their portfolios. Overall, we see the market over reacting in
many cases. Given cheap valuations, we continue to believe and expect a market
rebound in the second half. Further market deterioration is possible given
uncertainties in the US and Europe, but our base case is that both will resolve
their issues to the point of allowing local stronger fundamentals in Latin
America, especially South America, to be the drivers of equity market
performance. Brazil continues to be an overweight while Mexico, Chile, Colombia
and Peru remain underweights.

15 August 2011

ENDS

Latest information is available by typing www.blackrock.co.uk/brla on the
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal). Neither the contents of the Manager's website nor the contents of
any website accessible from hyperlinks on the Manager's website (or any other
website) is incorporated into, or forms part of, this announcement.