Portfolio Update

MERRILL LYNCH LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 October 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       8.7%    17.6%     61.8%     64.4%     196.3%    518.1%   
                                                                               
Share price           6.0%    16.6%     62.7%     65.4%     268.6%    700.0%   
                                                                               
MSCI EM Latin         9.8%    19.6%     63.3%     63.9%     252.2%    557.5% 
American                                                                       
                                                                               
US Dollars:                                                                    
                                                                               
Net asset value       10.8%   20.2%     93.8%     79.0%     235.9%    720.7%   
                                                                               
MSCI EM Latin         12.0%   22.3%     95.6%     78.5%     299.3%    773.1% 
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 - capital only:                 572.95p 
                                                        
Net asset value* - cum income:                  576.19p 
                                                        
Share price:                                    555.00p 
                                                        
Total assets:                                   £273.8m 
                                                        
Discount (capital only):                           3.1% 
                                                        
Gearing:                                              - 
                                                        
Net yield:                                         0.8% 
                                                        
Ordinary shares in issue:                    47,789,753 
                                                        
*Includes 10 months net revenue equal to 3.24p (after   
payment of 1.23p (2.5c) interim dividend).              

Geographical Regional Exposure                                   % Total Assets
                                                                               
Brazil                                                                     69.8
                                                                               
Mexico                                                                     21.2
                                                                               
Chile                                                                       4.4
                                                                               
Argentina                                                                   3.9
                                                                               
Colombia                                                                    0.6
                                                                               
Panama                                                                      0.4
                                                                               
Net current liabilities                                                   (0.3)
                                                                               
                                                                          -----
                                                                               
Total                                                                     100.0
                                                                          -----

Ten Largest Equity Investments (in alphabetical order)                         
                                                                               
Company                                       Country of Risk                  
                                                                               
All America Latina Logistica                  Brazil                           
                                                                               
AmBev Cia De Bebidas                          Brazil                           
                                                                               
America Movil                                 Mexico                           
                                                                               
Banco Bradesco                                Brazil                           
                                                                               
Cia Vale do Rio Doce                          Brazil                           
                                                                               
Grupo Mexico                                  Mexico                           
                                                                               
Petroleo Brasileiro                           Brazil                           
                                                                               
Tenaris                                       Argentina                        
                                                                               
Unibanco Uniao                                Brazil                           
                                                                               
Usiminas                                      Brazil                           

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

Performance

For the month of October 2007, the Merrill Lynch Latin American Investment
Trust posted a 10.8% NAV appreciation while the share price appreciated by 8.0%
(all in USD terms), finishing the period with a 3.1% share price discount to
NAV. This compares with the 12.0% appreciation posted by the Company's
benchmark, the MSCI EM Latin America Free Index.

The Company's underperformance during the month was caused mainly by its higher
weighting in small and mid-capitalization stocks, while the large-cap sector of
the market (which dominates the benchmark) outperformed. The largest detractor
from performance was due to the underweight position in Petrobras, which had a
strong performance and has historically been a source of funding for many of
our off benchmark positions in Brazilian small cap stocks. Our continued
overweight in Mexican homebuilders also detracted from performance. Positive
contributors included our underweight positions in Mexican cement giant Cemex
and Brazilian wireline TNE.

Transactions/Gearing

During the month, we increased our overweight in Argentina, adding to Tenaris
given our expectations of strong results in 2008/09 from new rigs coming on
stream. We also increased our weighting in Mexico by adding Grupo Mexico to the
Company's holding given its attractive discount to operating subsidiary PCU and
continued positive prospects for copper. Finally, we increased our exposure to
Brazilian homebuilders, healthcare and logistics. These were funded by taking
profits in Brazilian mining and retail stocks and reducing further our
weighting in Chile. We finished the month with cash close to a zero balance and
maintained gearing at zero.

Positioning

The Company's portfolio continues to be positioned with a large overweight in
Brazil and large underweight positions in Chile and Mexico. We have now moved
to an overweight in Argentina as Tenaris has become a top 10 stock in absolute
terms and a top 3 stock in relative terms (relative to its benchmark weight).
Brazil continues to offer the best combination of top down and bottom up
drivers, liquidity remains strong, and local investors are becoming more
involved with the market. Mexico remains a concern due to less interesting
valuation levels and a strong reliance on US economic growth. Finally, Chile
remains expensive and lacking new investment opportunities. Notwithstanding the
recent volatility stemming from the US subprime crisis, we believe that Latin
America remains in a strong position to withstand this market movement and
expect that earnings growth will be strong for the remainder of 2007 and in
2008, allowing for the asset class to continue outperforming other markets 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).

30 November 2007