Portfolio Update

MERRILL LYNCH LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 30 April 2007 and unaudited.

Performance at month end is calculated with net income reinvested

                      One     Three     *Since    One       Three     Five     
                      Month   Months    31.03.06  Year      Years     Years    
                                                                               
Sterling:                                                                      
                                                                               
Net asset value       2.5%    6.2%      20.6%     18.7%     183.7%    157.3%   
                                                                               
Share price           3.3%    9.0%      23.2%     20.3%     234.8%    223.5%   
                                                                               
MSCI EM Latin         3.4%    7.6%      20.3%     16.8%     211.7%    210.1%   
American                                                                       
                                                                               
US Dollars:                                                                    
                                                                               
Net asset value       4.5%    8.5%      39.0%     30.6%     220.0%    253.1%   
                                                                               
MSCI EM Latin         5.4%    9.9%      38.7%     28.5%     251.5%    325.5% 
American                                                                       
                                                                               

Sources: BlackRock MLIM, Standard & Poor's Micropal.                           
                                                                               
*Date which BlackRock MLIM took over the investment management of the Company. 


At month end                                                                   
                                                                               
Net asset value*:            430.55p                                           
                                                                               
Share price:                 421.50p                                           
                                                                               
Total assets:                £204.6m                                           
                                                                               
Discount:                    -2.1%                                             
                                                                               
Gearing:                     -                                                 
                                                                               
Net yield:                   1.1%                                              
                                                                               
Ordinary shares in issue:    47,789,753                                        
                                                                               
*includes 2 months net revenue equal to 2.40p.                                 



Geographical Regional Exposure                                % of Total Assets

                                                                               
Brazil                                                                     63.2
                                                                               
Mexico                                                                     26.8
                                                                               
Chile                                                                       6.3
                                                                               
Argentina                                                                   2.8
                                                                               
Panama                                                                      0.7
                                                                               
Colombia                                                                    0.2
                                                                               
                                                                          -----
                                                                               
Total                                                                     100.0
                                                                          -----


Ten Largest Equity Investments (in alphabetical order)                    
Company                                       Country of Risk                  
                                                                               

AmBev                                         Brazil                           
                                                                               
America Movil                                 Mexico                           
                                                                               
Banco Bradesco                                Brazil                           
                                                                               
CVRD                                          Brazil                           
                                                                               
Grupo Televisa                                Mexico                           
                                                                               
Petrobras                                     Brazil                           
                                                                               
Tenaris                                       Argentina                        
                                                                               
Unibanco                                      Brazil                           
                                                                               
Usiminas                                      Brazil                           
                                                                               
Walmart de México (Walmex)                    Mexico
                           

Commenting on the markets, Will Landers, representing the Investment Manager   
noted:                                                                         
                                                                               

Performance                                                                    

For the month of April 2007, the Company posted a 4.5% appreciation in its NAV 
while the shares appreciated 5.3% (all in USD). This compares with the 5.4%    
increase posted by the Company's benchmark, the MSCI EM Latin America Free     
Index.                                                                         
                                                                               
The Company's slight underperformance during the month was mostly caused by the
negative allocation effect from the underweight position in Chile and          
zero-weight in Peru, partially offset by positive stock selection in Brazil. At
the stock level, largest detractors from performance were overweight positions 
in Brazil's Usiminas and Mexico's Televisa, while largest contributors were    
underweight positions in Brazil's Petrobras and Mexico's Banorte and Cemex.    
                                                                               
Transactions/Gearing                                                           
                                                                               
During the month, we increased our overweight position in Brazil by            
approximately 75 basis points, adding three new holdings via IPOs in the       
homebuilding, industrials and financial services sector. We also increased our 
exposure to oil services in Argentina and financial services in Mexico,        
reducing our overall exposure to the Mexican market slightly as valuations     
continued to reach higher levels. Gearing remained at 0% during the month.     
                                                                               
Positioning                                                                    
                                                                               
The portfolio continues to be positioned to benefit from the overall positive  
momentum surrounding Latin American markets. A continuation (and even an       
acceleration) of Brazil's interest rate easing cycle continues to filter       
through the economy, resulting in faster domestic economic growth. This        
resurgence of Brazil's middle class is a phenomenon that we believe will last  
for a long time, changing the make up of Brazil's market and its sources for   
growth.                                                                        
                                                                               
While closer to fair value, and therefore underweighted in our portfolio, both 
Chile and Mexico continue to offer interesting areas for investment, mostly in 
the consumer sector (and in Mexico's case, also in financial services, housing 
and infrastructure). Overall, the consumer sector is our largest overweight in 
the portfolio, followed by financials and industrials.                         
  

                                                                             
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 May 2007