Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 30 June 2009 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         -2.9%   29.1%     -27.5%    23.8%     40.6%      184.7%   
Share price             -5.7%   30.6%     -28.1%    24.1%     41.2%      266.9%   
MSCI EM Latin American  -4.3%   20.6%     -21.7%    39.5%     53.4%      259.7% 
                                                                               
US Dollars:                                                                    
Net asset value         -1.6%   47.1%     -40.5%    16.6%     24.2%      156.5%   
MSCI EM Latin American  -2.2%   38.6%     -35.2%    32.4%     36.6%      226.6% 
                                                                       
                                                                               
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:                                  424.00p  
Net asset value** - cum income:                                  427.40p  
Share price:                                                     410.00p  
Total assets^:                                                  £187.37m  
Discount (share price to capital only NAV):                         3.3%  
Gearing:                                                             Nil  
Net yield:                                                         1.95%  
Ordinary shares in issue^^:                                   43,835,522  
                                                                          
**Includes 6 months net revenue equal to 3.40p.                           
^Total assets include current year revenue.                               
^^Excluding 3,954,231 shares held in treasury.                            

Geographical Regional Exposure                                   % Total Assets
                                                                               
Brazil                                                                     74.3
Mexico                                                                     19.0
Chile                                                                       2.6
Peru                                                                        2.2
Argentina                                                                   1.3
Panama                                                                      0.5
Net current assets                                                          0.1
                                                                          -----
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 Televisa                         Mexico                                  
Petrobras                              Brazil                                  
Redecard                               Brazil                                  
Usinas                                 Brazil                                  
Wal-Mart                               Mexico                                  

Commenting on the markets, Will Landers, representing the investment

Manager noted;

Performance

For the month ended June 2009, the Company posted a 1.6% decline in its NAV
while the share price fell by 3.7% (all in US dollar terms; the sterling
equivalent was -2.9% and -5.7%, respectively). This compares with the 2.2%
decline posted by the Company's benchmark, the MSCI EM Latin America Index
(-4.3% in sterling terms),

In a month that saw Latin American markets taking a breather after strong
returns during April and May, the Company posted an NAV decline that was
slightly better than its benchmark. Positive attribution was attained mostly at
the stock level in Brazil, where the underweight positions in large
capitalisation bellwether stocks Petrobras and Vale along with overweight
positions in several small cap consumer related stocks provided positive alpha
versus the benchmark.

Transactions/Gearing

During the month, we took profits in some outperforming stocks in Brazil,
especially in the financial and mining sectors, reducing our overweight
position in the country by approximately 75 basis points to around 6.5%. A
majority of these funds were deployed in reducing our underweight position in
Mexico, where we increased our holdings in wireless operators and retailers,
sectors that we expect to be defensive as the country continues to deal with
recession, and whose stocks have been overly penalised. Gearing remained at
zero.

Positioning

Despite the trades mentioned above, the Company continues to be positioned to
benefit from an upward trending Latin American equity market. The region in
general, and Brazil specifically, showed strong resilience during the worst
periods (we hope) of this financial crisis and many areas of the economy are
showing signs of recovery. The domestic growth story remains intact, and the
fact that Brazil is enjoying historic low interest rates, with room for rates
to fall further, strengthens our positive view of the Brazilian equity market
further. Mexico's economic situation is not as bright, and President Calderon
suffered a political loss in the recently completed mid-term elections, but
some stocks in the country look very attractive on a valuation basis, and the
economy seems poised to recover some in the next 12-18 months - we have
therefore reduced our underweight position in the country. Peru is close to a
neutral weighting at over 2% of assets, while valuations in Chile keep us with
a large underweight position in this market.

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).

16 July 2009