Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 30 September 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       10.7%    21.8%     33.0%     48.5%     121.0%    171.5%   
Share price            8.9%    13.3%     31.4%     39.8%     114.6%    195.1%   
MSCI EM Latin America  7.8%    14.9%     23.7%     49.1%     121.7%    170.7% 
US Dollars:                                                                    
Net asset value       13.5%    28.3%     31.0%     14.8%     100.8%    142.3%   
MSCI EM Latin America 10.5%    21.0%     21.9%     15.3%     101.4%    141.1%   

Sources: BlackRock and Standard & Poor's Micropal
*Date which BlackRock took over the investment management of the Company.

At month end                                                                   
Net asset value - capital only:                                  737.02p       
Net asset value** - cum income:                                  747.99p       
Net asset value - capital only and with bond at fair value:      706.21p       
Net asset value** - cum income and with bond at fair value:      717.18p       
Net asset value** - cum income and with bond converted:          715.92p       
Share price:                                                     694.50p       
Total assets^:                                                  £378.11m       
Discount (share price to capital only NAV):                         5.8%       
Gearing~:                                                          10.1%       
Net yield:                                                          1.7%       
Ordinary shares in issue:                                     43,835,522       

**Includes 9 months net revenue equal to 10.97p 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                                                     68.4
Mexico                                                     16.5
Peru                                                        4.6
Chile                                                       3.5
Colombia                                                    1.4
Panama                                                      1.3
Argentina                                                   0.6
Net current assets (including Treasury bills)               3.7
                                                          -----
Total                                                     100.0
                                                          -----

Ten Largest Equity Investments (in alphabetical order)

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

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

Performance

For the month of September 2010, the Company posted a 10.7% appreciation in its
NAV while the shares appreciated by 8.9% (all in sterling terms). This compares
favourably with the 7.8% return posted by the Company's benchmark, the MSCI EM
Latin America Index. Year-to-date, the NAV is up 15.6% while the share price
has increased 10.0% versus the benchmark which is up 11.0%.

September's outperformance stemmed primarily from stock selection in Brazil, an
off benchmark position in Colombia and an underweight position in the same
region. From a stock level perspective, the largest contributors to performance
were the underweight position in Brazilian oil giant Petrobras, the overweight
positions in Brazilian banks Itau and Bradesco and an overweight position in
Mexican wireless company America Movil. This was partially offset by stock
selection in Mexico and an off benchmark position in Argentina. The largest
detractors from performance were the overweight positions in Brazilian property
company BR Malls and consumer company Pao de Acucar.

Transactions/Gearing

Absolute and relative weights were mostly unchanged during the month except for
a 165 bps reduction in Brazil's relative weight due to the increase in the
benchmark. We increased exposure to Chilean telecommunications, Mexican
financials, Brazilian wireless operators and Chilean and Brazilian retailers.
This was funded primarily from profit taking in Brazilian utilities, oil & gas
and consumers as well as from exiting Brazilian pulp and paper. Net gearing
stood at 10.1% at the end of the month.

Positioning

We enter the fourth quarter with a portfolio that continues to be positioned to
benefit from domestic growth, especially in Brazil. Our major overweight
holdings are in the financials and consumer areas, with homebuilders continuing
to represent an important overweight. Despite presidential elections going into
a second round, we see this last potential headwind for the Brazilian market
dissipating (following the pricing of the mega Petrobras offering and the
Central Bank holding rates at a lower level than many had expected), and we are
left with a market that continues to trade at attractive multiples relative to
other emerging markets. On the other hand, Mexico's headwinds continue to be
strong, with subpar growth in the US, valuations at a premium to the Emerging
Markets average, and security concerns ever more apparent. Chile's recent
outperformance has placed it back at a significant premium to most markets in
the world, and we continue to selectively maintain positions in the smaller
markets of the region.

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).

14 October 2010