Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 July 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         -7.8%    -6.3%     14.4%     57.5%    106.9%    334.6%   
Share price             -8.5%    -5.0%     13.0%     57.8%    156.7%    455.0%   
MSCI EM Latin American  -8.2%    -7.7%     19.9%     63.7%    143.0%    390.8% 
                                                                               
US Dollars:                                                                    
Net asset value         -8.2%    -6.2%     11.5%     79.9%    132.8%    435.6%   
MSCI EM Latin American  -8.6%    -7.7%     16.9%     86.9%    173.4%    504.8% 

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:                                  552.81p  
                                                                          
Net asset value** - cum income:                                  557.42p  
                                                                          
Share price:                                                     535.00p  
                                                                          
Total assets^:                                                   £266.6m  
                                                                          
Discount (share price to capital only NAV):                         3.2%  
                                                                          
Gearing:                                                            0.1%  
                                                                          
Net yield:                                                          0.9%  
                                                                          
Ordinary shares in issue:                                     47,789,753  
                                                                          
**Includes 7 months net revenue equal to 4.61p.                           
^Total assets include current year revenue.                               

Geographical Regional Exposure                                   % Total Assets
                                                                               
Brazil                                                                     75.1
                                                                               
Mexico                                                                     16.8
                                                                               
Argentina                                                                   4.2
                                                                               
Chile                                                                       2.4
                                                                               
Peru                                                                        1.5
                                                                               
Colombia                                                                    0.9
                                                                               
Net current liabilities                                                    (0.9)
                                                                               
                                                                          -----
                                                                               
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 July 2008, the BlackRock Latin American Investment Trust
posted an 8.2% decline in its NAV while the shares fell 9.0% (all in USD,
sterling equivalents were -7.8% and -8.5%, respectively). This compares with
the 8.6% decline posted by the Trust's benchmark (-8.2% in sterling), the MSCI
EM Latin America Index.

In this second month of negative returns for Latin American markets, the Trust
posted an NAV decline that was slightly better than its benchmark. Positive
attribution was attained mostly at the stock level in Brazil, through the
underweight position in Petrobras and the overweight position in Banco
Bradesco, while the overweight position in oil services leader Tenaris was the
largest detractor from performance.

Transactions/Gearing

During the month, we increased our overweight in the Brazilian market by
approximate 200 basis points, with Brazil now accounting for approximately 74%
of assets. We increased our holdings in consumer and energy stocks. These were
financed by reducing our exposure in Mexico as we sold our holdings in Grupo
Mexico, due to issues at its Mexican operations, and further reduced our
exposure to Mexican consumer stocks. Gearing remained at zero.

Positioning

The overall themes in the portfolio remain unchanged. Our largest overweight
sectors are related to domestic economic growth, especially in Brazil. These
include consumer discretionary, financials, and industrial sectors. While we
have reduced our position in materials (copper and steel), we remain positive
regarding the medium-term prospects for commodity prices to stay at attractive
levels. We maintain overweight positions in selective stocks within the
materials sector, including iron ore, steel and oil services, while keeping
underweight positions in pulp and paper as well as petrochemicals. At the
country level, Brazil continues to offer the best combination of top down and
bottom up. If the recent fall in inflation expectations reported by the
Brazilian Central Bank is confirmed as the peak for Brazilian inflation, we
expect this to be very positive for Brazilian equities over the medium-term.

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).

27 August 2008