Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 December 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         5.0%     8.6%     25.5%     52.4%     140.0%    175.6%   
Share price             5.5%    10.4%     21.4%     48.5%     136.8%    193.6%   
MSCI EM Latin America   5.8%     6.8%     18.5%     45.3%     136.6%    170.9% 
                                                                            
US Dollars:                                                                    
Net asset value         5.5%     7.9%     21.7%     19.9%     116.6%    152.3%   
MSCI EM Latin America   6.4%     6.1%     14.9%     14.3%     113.6%    147.1%   

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:                                  796.39p       
Net asset value** - cum income:                                  812.02p       
Net asset value - capital only and with bond at fair value:      748.57p       
Net asset value** - cum income and with bond at fair value:      764.20p       
Net asset value** - cum income and with bond converted:          770.69p       
Share price:                                                     766.50p       
Total assets^:                                                  £406.54m       
Discount (share price to capital only NAV):                         3.8%       
Gearing~:                                                          10.2%       
Net yield:                                                          2.3%       
Ordinary shares in issue:                                     43,839,085       

**Includes 12 months net revenue equal to 15.63p 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                                                69.7
Mexico                                                16.8
Peru                                                   4.5
Chile                                                  3.4
Colombia                                               1.6
Panama                                                 1.4
Argentina                                              1.1
Net current assets (including Treasury bills)          1.5
                                                     -----
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 December 2010, the Company posted a 5.0% appreciation in its
NAV while the share price rose by 5.5% (all in sterling terms). This trailed
the 5.8% return posted by the Company's benchmark, the MSCI EM Latin America
Index. Year-to-date the NAV is up 25.5% whilst the share price is up 21.4%
versus the benchmark at 18.5%.

The largest contribution to performance came in the form of the structural
gearing from the convertible bonds issued in 2009, which was about 15% during
the period. Positive contributions to performance versus the benchmark during
the month also came from an underweight position and stock selection in Chile
and off-benchmark positions in Colombia and Argentina. Weighing on performance
was stock selection in Brazil and Mexico.

Transactions/Gearing

During the month, absolute and relative weights remained mostly unchanged with
the exception of Mexico moving to a neutral weight versus the benchmark. We
initiated a position in Brazilian pulp & paper and an oil & gas name in
off-benchmark Argentina. We added to Brazilian oil & gas and consumers and
Chilean telecom. This was funded from profit taking in Brazilian banks and
insurance, Mexican wireless telecom and reducing Brazilian utilities.

Positioning

We enter 2011 with a portfolio that continues to be positioned with a large
overweight in Brazil, a small overweight in Peru, overweight non-benchmark
countries, underweight positions in Chile and Colombia and a neutral position
in Mexico. Brazil's underperformance during 2010 was not enough to cause us to
loose faith in our overweight position. We expect the domestic side of the
equation, led by a still growing middle class that should continue to have
access to affordable credit, to be one of the main drivers for growth along
with commodity companies enjoying strong pricing. Mexico is a neutral position
entering 2011 as valuations are, in our opinion, close to fair value. Mexico's
dependency on the performance of the US market, security concerns and our
expectation of continued political gridlock are sources of concern for us.
Despite our view that President Piñiera should succeed in growing Chile's
economy by 6% per annum during his presidency, valuations in Chile remain
challenging. Peru continues to represent a higher weight in the portfolio than
Chile as we feel valuations are more attractive. We expect Peru to lead the
region in terms of economic growth. Despite feeling positive regarding
President Santos' policies, valuations are not compelling enough to warrant an
overweight in Colombia at this stage. Overall, we expect Latin American equity
markets to continue to perform strongly in 2011 as the global economy continues
to stabilize.

18 January 2011

ENDS

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website) is incorporated into, or forms part of, this announcement.