Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 August 2008 and unaudited.

Performance at month end is calculated with net income reinvested

                      One     Three     One       *Since    Three     Five     
                      Month   Months    Year      31.03.06  Years     Years    
Sterling:                                                                      
Net asset value       -2.0%   -17.0%    16.5%     54.4%     121.1%    297.1%   
Share price           -3.0%   -19.6%    16.1%     53.0%     142.9%    400.1%   
MSCI EM Latin         -0.4%   -16.1%    22.1%     63.0%     134.2%    362.1% 
American                                                                       
                                                                               
US Dollars:                                                                    
Net asset value       -9.7%   -23.4%    5.3%      62.4%     124.2%    357.9%   
MSCI EM Latin         -8.3%   -22.6%    10.4%     71.4%     137.5%    432.8% 
American                                                                       
                                                                               
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:                                  540.86p  
Net asset value** - cum income:                                  545.12p  
Share price:                                                     517.50p  
Total assets^:                                                  £272.75m  
Discount (share price to capital only NAV):                         4.3%  
Gearing:                                                            5.3%  
Net yield:                                                         0.94%  
Ordinary shares in issue^^:                                   47,389,753  
                                                                          
**Includes 8 months net revenue equal to 4.26p after provision for the    
interim dividend of 2.5 cents per share.                                  
^Total assets include current year revenue.                               
^^Excluding 400,000 shares held in treasury.                              

Geographical Regional Exposure                                   % Total Assets
                                                                               
Brazil                                                                     72.9
Mexico                                                                     16.6
Argentina                                                                   5.3
Chile                                                                       3.2
Peru                                                                        1.7
Colombia                                                                    1.0
Net current liabilities                                                    (0.7)
                                                                          -----
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                           
CVRD                                          Brazil                           
Grupo Financiero Banorte                      Mexico                           
Petrobras                                     Brazil                           
Tenaris                                       Argentina                        
Unibanco                                      Brazil                           
Usiminas                                      Brazil                           

Commenting on the markets, Will Landers, representing the investment

Manager noted;

Performance

For the month of August 2008, the Company posted a 9.7% decline in its NAV
while the shares fell 10.7% (in US dollar terms, equivalent to -2.0% and -3.0%,
respectively in sterling terms). This compares with the 8.3% decline posted by
the Company's benchmark (-0.4% in sterling terms), the MSCI EM Latin America
Free Index.

In this third month of negative returns for Latin American markets, the Company
posted a NAV decline that underperformed its benchmark mostly due to the
overweight position in the Brazilian market. Positive attribution was attained
mostly at the stock level in Mexico, with the overweight in America Movil and
underweight in Mexican material stocks. The underperformance in Brazil stemmed
from the overweight position in steel giant Usiminas and leading private sector
bank Banco Bradesco.

Transactions/Gearing

During the month, as the markets continue to fall, we introduced approximately
5% gearing (the first time gearing has been deployed since late 2006). We
utilised such funding to increase our exposure in Brazil by approximately 300
basis points, increasing our exposure to domestic names in the consumer and
financial areas. The remainder was deployed in oil services in Argentina and to
increase our exposure to the banking sector in Peru.

Positioning

Following several trips to the region and dozens of company meetings by team
members over the past several weeks, we continue to struggle with the wide
disconnect between regional economic releases, actual earnings performance and
the performance of stocks. The market is discounting a much more negative
scenario than we are expecting and companies and government officials are
seeing. As such, we continue to maintain a portfolio that is geared to benefit
from a continuation of strong earnings from commodity companies as well as a
continued expansion of the region's middle class, especially in Brazil. We will
continue to increase tactically our leverage during September as markets
continue to sell off levels we find difficult to justify. Our concerns remain
centered among Mexican domestic corporates which should continue to see results
affected by the ongoing slow down in US economic activity and Chilean domestic
names that need to deal with falling consumer confidence caused by inflation
rates that have gone much higher than the Chilean Central Bank's goals. We
believe valuations have reached very attractive levels for the region overall
and for several large corporations specifically, and where possible are looking
to take advantage of these market opportunities.

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).

23 September 2008


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