Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 30 April 2010 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         -0.8%     18.9%     78.9%     68.3%     102.9%   233.3%   
Share price             -3.3%     14.9%     73.2%     59.9%      97.1%   292.1%   
MSCI EM Latin America   -1.2%     16.4%     62.5%     77.4%     113.5%   312.2% 
US Dollars:                                                                    
Net asset value          0.1%     13.6%     84.8%     28.8%      79.1%   167.1%   
MSCI EM Latin America   -0.3%     11.2%     67.9%     35.8%      88.4%   230.4%   

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:                                         681.72p
Net asset value** - cum income:                                         689.97p
Net asset value - capital only and with bond at fair value:             652.87p
Net asset value - cum income and with bond at fair value:               661.12p
Net asset value - cum income and with bond converted:                   670.15p
Share price:                                                             641.0p
Total assets^:                                                         £354.11m
Discount (share price to capital only NAV):                                6.0%
Gearing~:                                                                 10.8%
Net yield:                                                                 1.5%
Ordinary shares in issue:                                            43,835,522

**Includes 4 months net revenue equal to 8.25p.
^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                                                                     72.2
Mexico                                                                     16.3
Peru                                                                        3.1
Chile                                                                       2.6
Panama                                                                      1.3
Argentina                                                                   0.7
Net current assets (including Treasury bills)                               3.8
                                                                          -----
Total                                                                     100.0
                                                                          -----

Ten Largest Equity Investments (in alphabetical order)

Company                                Country of Risk                         
                                                                               
América Móvil                          Mexico                                  
Banco Bradesco                         Brazil                                  
Cyrela Brazil Realty                   Brazil                                  
Formento Economico Mexicano            Mexico                                  
Grupo Televisa                         Mexico                                  
Itaú Unibanco                          Brazil                                  
Ogx Petroleoegas Participaçóes         Brazil                                  
Petrobrás                              Brazil                                  
Usiminas                               Brazil                                  
Vale                                   Brazil                                  

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

Performance

For the month of April 2010, the Company posted a 0.8% decline in its NAV while
the shares fell 3.3% (all in sterling terms with income reinvested). The NAV
performance was just above the 1.2% decline posted by the Company's benchmark,
the MSCI EM Latin America Index. Year-to-date the NAV has appreciated 6.1%
versus 6.9% for the benchmark.

The slight outperformance during the month stemmed from positive stock
selection in Brazil, partially offset by negative allocation effect overall. In
Brazil, overweight positions in consumer goods, real estate as well as the
zero-coupon government bond were the largest contributors to performance.
Largest detractors included the zero-weight in outperformer Cemex as well as
the overweight position in Panamanian airlines.

Transactions/Gearing

We were active on the investment front during the month, looking to take
advantage of recent underperformance from stocks which we believe look
attractive, and reducing positions in stocks that had outperformed our
expectations and/or have more limited upside. We added to our holdings in
Brazil's largest private banks Itau and Bradesco, closing our positions in
credit card acquirers due to a tougher competitive landscape in forthcoming
quarters. We also added to consumer related stocks in Brazil, especially
consumer goods, retailers and homebuilders, reducing our exposure to
agribusiness and consumer staples. Overall, the Brazilian overweight increased
during the month by approximately 0.5%. In Mexico, we reduced our exposure to
retail and financials due to expensive valuation levels, deploying such funds
into beverages and telecommunications - the underweight in Mexico was increased
slightly during the month. We also reduced our exposure to off benchmark
positions in Argentina, deploying such funds into mining in Peru and bringing
Peru to a slight overweight as a result. Net gearing remained at approximately
10.8%, with 4% deployed in Brazilian zero-coupon bonds.

Positioning

Based on fundamentals, the outlook for Latin America, especially Brazil,
continues to look attractive. The Brazilian economy is growing fast, the
Central Bank has showed that it will do what it takes so that inflation remains
under control and domestic demand for everything from personal credit to new
homes continues to be strong. Latin American valuations continue to compare
favourably, with the Brazilian market currently trading at close to 10 times
2010 earnings following the correction in early May. The Mexican market,
trading in the low teens, looks less attractive to us, with questions regarding
the sustainability of the recovery seen so far, given its high dependency on
the US economy. We maintain Chile at a neutral weight due to high valuations
and have moved Peru to an overweight as we increased our mining exposure.

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).

20 May 2010