Portfolio Update

MERRILL LYNCH LATIN AMERICAN INVESTMENT TRUST PLC
All information is at 29 February 2008 and unaudited.

Performance at month end is calculated with income reinvested

                         One    Three    *Since       One      Three     Five     
                       Month   Months   31.03.06     Year      Years     Years    
Sterling:                                                                      
Net asset value         9.3%    4.6%       59.6%    44.4%     140.3%    543.3%   
Share price            19.0%   17.5%       69.1%    54.0%     210.1%    767.0%   
MSCI EM Latin American  8.8%    6.9%       66.3%    53.0%     189.2%    575.2% 
                                                                              
US Dollars:                                                                    
Net asset value         9.4%    1.2%       83.0%    46.6%     148.2%    712.6%   
MSCI EM Latin American  8.8%    3.4%       90.7%    55.3%     198.8%    752.7% 
                                                                               
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:                 563.68p                                                         
Net asset value* - cum income:                  564.73p                                                         
Share price:                                    573.50p                                                         
Total assets:                                   £269.4m 
Premium (share price to capital only NAV):         1.7% 
Gearing:                                              - 
Net yield:                                         0.8% 
Ordinary shares in issue:                    47,789,753 
                                                        
*Includes 2 months net revenue equal to 1.05p           

Geographical Regional Exposure          % Total Assets
Brazil                                            72.1
Mexico                                            20.0
Chile                                              4.3
Argentina                                          3.6
Colombia                                           0.7
Panama                                             0.4
Net current liabilities                           (1.1)
                                                 -----
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 Financiero Banorte                      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 February 2008, the Company posted a 9.4% appreciation in its
NAV and an 19.0% appreciation for its shares (all in US dollar terms). This
compared positively with the 8.8% return posted by the Company's benchmark, the
MSCI EM Latin America Free Index.

The outperformance during February was due to positive stock selection in
Mexico, where underweight positions in Telmex and Cemex were the largest
contributors and positive country allocation across the fund. Detractors to
performance related to underweight positions in certain Brazilian steel stocks
as well as Southern Copper in Peru.

Transactions/Gearing

During the month, we did not make significant changes at the country level,
limiting trading to intra-country rotations. In Brazil, we increased our
overweight positions in Banco Bradesco and Banco Itaú, taking profits in
Unibanco and railroad operator ALL. In Mexico, we reduced our exposure to
consumer sensitive stocks (beverages and media), reducing our underweight
positions in Cemex due to attractive valuation. Finally, in Colombia, we
rotated our holdings into recently listed Ecopetrol, reducing our underweight
positions in oil given that we hold Petrobrás at its maximum weight. Gearing
remained at 0% during the month.

Positioning

Our outlook for Latin America remains positive. Earnings for the fourth quarter
were in line to better in most cases, earnings forecasts have been revised
upwards in Brazil (although these may be a bit high still in Mexico), and
valuation levels continue to be attractive and towards the bottom of emerging
markets. We continue to have exposure to both a continuation of the commodity
cycle, with overweight positions in iron ore and steel, as well as being
overweight consumer-related stocks in Brazil, where the domestic economy
remains strong. We maintain an underweight position in Mexico given concerns
regarding growth and in Chile due to still unattractive valuation levels.

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).

9 April 2008