Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 30 September 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       -22.5%  -29.9%    -19.6%     19.7%     47.0%     212.8%   
Share price           -27.1%  -35.3%    -27.3%     11.6%     53.5%     263.6%   
MSCI EM Latin  
American              -17.7%  -24.7%     -9.8%     34.2%     63.9%     286.7%
                                                                               
US Dollars:                                                                    
                                                                               
Net asset value       -24.3%  -37.2%    -29.7%     23.0%     48.4%     235.6%   
MSCI EM Latin 
American              -19.6%  -32.6%    -21.1%     37.9%     65.1%     314.9%
                                                                 
                                                                               
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:                                  418.11p  
Net asset value** - cum income:                                  422.45p  
Share price:                                                     377.50p  
Total assets^:                                                  £212.84m  
Discount (share price to capital only NAV):                         9.7%  
Gearing:                                                            5.9%  
Net yield:                                                         1.29%  
Ordinary shares in issue^^:                                   47,389,753  
                                                                          
**Includes 9 months net revenue equal to 4.34p 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                                                                     72.3
Mexico                                                                     16.7
Argentina                                                                   5.8
Chile                                                                       3.5
Peru                                                                        2.0
Colombia                                                                    1.1
Net current liabilities                                                    (1.4)
                                                                          -----
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 September 2008, the Company posted a 24.3% decline in its NAV
while the share price fell 28.7% (all in US dollar terms, the sterling
equivalent was -22.5% and -27.1% respectively). This compares with a decline of
19.6% posted by the Company's benchmark the MSCI EM Latin America Index,
equivalent to -17.7% in sterling terms.

The third quarter of 2008 was the worst performing in the modern history of
Latin American equities (since 1988). The Company's underperformance during the
quarter stemmed from our overweight position in Brazil and Argentina, where
overweight holdings in Usiminas and Tenaris were the largest detractors to
performance; positive contributors were the overweight position in America
Movil and underweight in the rest of the steel space.

Transactions/Gearing

During the month, we continued to focus on where we believe fundamentals are
strongest and eventually will provide for the best opportunity to benefit from
markets rebounding. As such, we have increased our overweight position in
Brazil by approximately 250 basis points, mostly at the expense of Mexico. We
added to both commodity and domestic names in Brazil, reducing similar names in
Mexico. Gearing increased slightly to 6% of assets during the month, having
reduced some of the gearing during periods of significant market
outperformance.

Positioning

The portfolio is positioned to benefit from a market environment when
fundamentals begin to matter again. Latin America is in a strong position from
a liquidity (high reserves, strong banking systems with good asset quality) and
overall macroeconomic health (low debt levels, low exposure to FX, relatively
high interest rates). The Latin American stock market in general is again among
the least expensive in the world, with arguably some of the better earnings
visibility one can find around the world. Brazil continues to be treated as a
high risk, high Beta market despite a much improved risk profile, investment
grade rating, and an economy that is still expected to grow by around 3% in
2009. It continues to be one of the most attractive markets we find around the
Emerging Markets world. Mexico is a lot more inter-linked with the US and is
now at close to a historical high underweight in our portfolio.

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).

22 October 2008