Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 January 2011 and unaudited.

Performance at month end is calculated with income reinvested

                          One    Three       One     Three     *Since     Five     
                        Month   Months      Year     Years   31.03.06    Years    
Sterling:                                                                      
Net asset value         -8.8%    -4.3%     28.2%     49.9%     118.8%   123.5%   
Share price             -6.9%    -2.3%     28.5%     55.1%     120.5%   140.8%   
MSCI EM Latin America   -6.6%    -2.0%     20.5%     44.5%     121.0%   123.3% 
US Dollars:                                                                    
Net asset value         -6.7%    -4.1%     28.1%     20.8%     102.0%    101.4%   
MSCI EM Latin America   -4.4%    -1.8%     20.5%     16.5%     104.1%    101.2%   

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:                                  724.48p       
Net asset value** - cum income:                                  740.38p       
Net asset value - capital only and with bond at fair value:      677.75p       
Net asset value** - cum income and with bond at fair value:      693.66p       
Net asset value** - cum income and with bond converted:          709.30p       
Share price:                                                     713.50p       
Total assets^:                                                  £374.00m       
Discount (share price to capital only NAV):                         1.5%       
Gearing~:                                                          11.5%       
Net yield:                                                          1.6%       
Ordinary shares in issue:                                     43,839,085       

**Includes 13 months net revenue equal to 15.90p after provision for interim
dividend.
^Total assets include current year revenue.
~Gearing is calculated using debt at par, less cash and cash equivalents as a
percentage of gross assets.

Geographical Regional Exposure                                   % Total Assets
                                                                               
Brazil                                                                     71.5
Mexico                                                                     17.2
Chile                                                                       4.1
Peru                                                                        3.3
Colombia                                                                    1.8
Argentina                                                                   1.5
Panama                                                                      1.4
Net current assets (including Treasury bills)                              -0.8
                                                                          -----
Total                                                                     100.0
                                                                          -----

Ten Largest Equity Investments (in alphabetical order)

Company                                Country of Risk                         
                                                                               
AmBev                                  Brazil                                  
América Móvil                          Mexico                                  
Banco Bradesco                         Brazil                                  
Cyrela Brazil Realty                   Brazil                                  
Formento Economico Mexicano            Mexico                                  
Itaú Unibanco                          Brazil                                  
OGX Petroleoegas                       Brazil                                  
PDG Realty                             Brazil                                  
Petrobrás                              Brazil                                  
Vale                                   Brazil                                  

Commenting on the markets, Will Landers, representing the investment
Manager noted;

Performance

For the month of January 2011, the Company posted a 8.8% fall in its NAV while
the shares fell by 6.9% (all in sterling terms). This trailed the -6.6% return
posted by the Company's benchmark, the MSCI EM Latin America Index.

The underperformance versus the benchmark during the month stemmed primarily
from stock selection in Brazil. Overweight positions in beverage name Ambev,
Banco Itau and an underweight position in Petrobras detracted from performance.
OGX suffered from timing disappointments around a potential farm-out in their
Campos basin and Cyrela, along with the homebuilding sector, has been penalized
because of the interest rate hiking cycle. The underperformance was partially
offset by an underweight in Chile, an off-benchmark position in Colombia and
stock selection in Mexico.

Transactions/Gearing

During the month, we added to utility exposure in Chile; financials, energy and
homebuilders in Brazil; and off-benchmark Argentina. These moves were funded by
reducing exposure to Mexican mining; financials and mining in Peru; and
Brazilian mining and utilities.

Positioning

The first month of 2011 saw volatility from a few sources. The region
suffered in early January from fears and concerns around strengthening
currencies. Later in the month there was some volatility around the new
interest rate hiking cycle in Brazil. At the end of the month, unrest in Egypt
was creating volatility in emerging markets. We remain positive on the
prospects for Brazil in 2011. Chile remains underweight, Mexico remains a
neutral weight due to the gearing and we continue to be overweight
off-benchmark countries. We are using the current volatility as a buying
opportunity as we believe inflation concerns are overblown. Overall, the
fundamentals for the region remain strong, valuations remain compelling and
earnings growth ranks among the best in the world.

11 February 2011

ENDS

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). Neither the contents of the Manager's website nor the contents of
any website accessible from hyperlinks on the Manager's website (or any other
website) is incorporated into, or forms part of, this announcement.