Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 May 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         -6.6%    -0.2%     48.7%     39.7%     89.4%     177.6%   
Share price             -3.7%     0.8%     44.1%     38.5%     89.7%     241.0%   
MSCI EM Latin America   -3.7%     2.2%     41.1%     52.8%    105.6%     253.0% 
US Dollars:                                                                    
Net asset value        -11.4%    -4.8%     33.9%      2.6%     58.7%     121.3%   
MSCI EM Latin America   -8.6%    -2.5%     27.2%     12.2%     72.2%     181.4%   

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:                                         633.37p
Net asset value** - cum income:                                         644.19p
Net asset value - capital only and with bond at fair value:             604.25p
Net asset value** - cum income and with bond at fair value:             615.07p
Net asset value** - cum income and with bond converted:                 637.32p
Share price:                                                            617.00p
Total assets^:                                                         £336.81m
Discount (share price to capital only NAV):                                2.6%
Gearing~:                                                                 11.2%
Net yield:                                                                 1.6%
Ordinary shares in issue:                                            43,835,522

**Includes 5 months net revenue equal to 10.82p.
^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                                                                     69.3
Mexico                                                                     16.5
Peru                                                                        4.5
Chile                                                                       2.8
Panama                                                                      1.3
Argentina                                                                   0.7
Net current assets (including Treasury bills)                               4.9
                                                                          -----
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                                  
Lojas Renner                           Brazil                                  
Ogx Petroleoegas Participaçóes         Brazil                                  
Petrobrás                              Brazil                                  
Vale                                   Brazil                                  

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

Performance

For the month of May 2010, the Company's NAV fell by 6.6%, while the shares
fell by 3.7% (all in sterling terms). This compares unfavourably with the the
Company's benchmark, the MSCI EM Latin America Index, which fell by 3.7%.

Year-to-date in sterling terms, the NAV has fallen by 0.9% while the shares are
down 2.8% versus the benchmark which is up 2.9%.

The month's underperformance was partially caused by the fact that local Latin
American markets rallied on 31 May 2010, while the US market (and all ADR
trading) was closed due to a holiday. At the stock level, largest contributors
to performance were the overweight position in Brazil's exchange BM&F Bovespa
as well as the overweight in Peruvian financial institution Credicorp, while
the largest detractors from performance were the overweight positions in steel
maker Usiminas and Banco Itau.

Transactions/Gearing

During the month, we shifted approximately 150 basis points of assets from
Brazil to Peru, increasing our exposure to gold and copper in Peru while
closing our position in Brazilian steel and reducing our exposure to pulp and
paper and oil. In addition, we took advantage of the Itau offering, increasing
our position at an attractive price having reduced it earlier at a higher
price. We also added opportunistically to Brazilian retail, financials and
homebuilders during the month. Net gearing stood at 11.2% at the end of the
month.

Positioning

The portfolio continues to be positioned to benefit from an improving global
macro scenario. Latin American markets have been hurt by overall global risk
aversion and increased volatility. Fundamentals in the region continue to be
strong and valuations continue to look attractive, with Brazil periodically
trading below 11x forward earnings during the last month. In Brazil, we have
increased our exposure to domestic names, increasing our overweight position in
financials, homebuilders and retailers - reducing exposure to cyclicals in
steel and pulp. The domestic economy continues to post strong growth,
unemployment figures are at record low levels, and banks continue to look for
ways to grow their loan book at an accelerated pace. In Chile, valuations have
reached levels that are beginning to look attractive, and we are looking for
ways to increase exposure. In Peru, now the second largest overweight after
Brazil, we decided to increase exposure to gold given expected weakness in
major developed world currencies, while at the same time increasing exposure to
copper (along with iron ore, attractive commodities with limited supply growth
and continued strong demand). Mexico continues to look expensive to us, and we
remain sceptical about growth in the second half of the year.

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).

24 June 2010