Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 August 2009 and unaudited.

Performance at month end is calculated with income reinvested

                            One    Three       One     *Since    Three      Five     
                          Month   Months      Year   31.03.06    Years     Years    
Sterling:                                                                      
Net asset value            7.4%    15.3%     -4.9%      46.9%    61.8%    200.0%   
Share price               11.2%    13.2%     -2.6%      49.1%    63.1%    276.8%   
MSCI EM Latin American     3.9%     7.8%     -3.7%      57.0%    70.8%    270.3% 
                                                                               
US Dollars:                                                                    
Net asset value            5.6%    16.6%    -14.9%      38.1%    38.7%    172.1%   
MSCI EM Latin American     2.1%     8.9%    -14.0%      47.5%    46.3%    235.5% 
                                                                               
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:                                  501.06p  
Net asset value** - cum income:                                  505.64p  
Share price:                                                     491.00p  
Total assets^:                                                  £220.55m  
Discount (share price to capital only NAV):                         2.0%  
Gearing:                                                            1.5%  
Net yield:                                                         1.67%  
Ordinary shares in issue^^:                                   43,835,522  
                                                                          
**Includes 8 months net revenue equal to 4.58p after provision for the    
interim dividend of 2.5 cents per share.                                  
^Total assets include current year revenue.                               
^^Excluding 3,554,231 shares held in treasury.                            

Geographical Regional Exposure                            % Total Assets
                                                                               
Brazil                                                              75.5
Mexico                                                              19.3
Peru                                                                 2.3
Chile                                                                2.0
Argentina                                                            1.2
Panama                                                               0.7
Net current liabilities                                             (1.0)
                                                                   -----
Total                                                              100.0
                                                                   -----
Ten Largest Equity Investments (in alphabetical order)                          

Company                                Country of Risk                         
                                                                               
Ambev                                  Brazil                                  
America Movil                          Mexico                                  
Banco Bradesco                         Brazil                                  
Banco Itau                             Brazil                                  
Cyrela Crazil Realty                   Brazil                                  
Formento Economico                     Mexico                                  
Grupo Televisa                         Mexico                                  
Petrobras                              Brazil                                  
Usinas                                 Brazil                                  
Vale                                   Brazil                                  

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

Performance

For the month of August 2009, the Company posted a 5.6% appreciation in its NAV
while the shares appreciated by 9.3% (all in US dollar terms, sterling
equivalent were 7.4% and 11.2%, respectively). These returns compare favourably
with the 2.1% increase posted by the Company's benchmark (3.9% in sterling
terms), the MSCI EM Latin America Index.

August saw a continuation of the market recovery experienced around the globe
since mid-March. The Company's outperformance during the month of August
stemmed from positive stock selection, especially in overweight Brazil, and to
a lesser extent in underweight Mexico. An underweight in the oil giant
Petrobras in Brazil and stock selection with consumer discretionary stocks in
both Brazil and Mexico were among the top contributors to the monthly
performance.

Transactions/Gearing

During the month, we took some profits from outperforming stocks in Brazil
while maintaining the country as our largest overweight at close to 850 bps,
reducing our underweight in Mexico slightly to approximately 115 bps, while
also increasing our off benchmark positions from close to 14% at the end of
July to almost 16% at the end of August. We added to Brazilian and Mexican
staples, Brazilian oil and Mexican cement, while taking profits in Mexican
financials and mining and Brazilian homebuilders, cable operators and wireless
telecom. We began to slowly reintroduce leverage to the portfolio during market
sell-offs, finishing the month with 1.5% gearing, deployed across the two main
countries in the portfolio.

Positioning

The portfolio continues to be positioned to benefit from an improving global
environment and recovery in domestic growth, especially in Brazil. Brazil
remains the largest country overweight as we continue to view the domestic
recovery favourably. The Central Bank has its reference interest rates (the
Selic rate) at a multi-decade record low at 8.75%, which we believe will
continue to have a positive impact on both consumer confidence, and therefore
consumer demand. The Brazilian government unveiled its proposal for regulating
Brazil's potentially vast oil reserves, and we believe it will be positive for
Petrobras. Overall, there are several positive themes which continue to attract
us to Brazilian equities. Mexico continues to be a more challenged story, with
its economy closely tied with the US economy and depending on its Northern
neighbours for export growth. Having said that, Mexico should benefit from any
sign of a US recovery and some economic indicators seem to have bottomed out
during the second quarter. Other countries continue to offer few investable
opportunities at this point, and jointly account for approximately 6% of
assets.

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).

29 September 2009