Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 28 February 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         11.2%     3.6%   121.7%    71.8%      89.9%     185.9%   
Share price              9.7%     3.9%   117.5%    71.4%      88.2%     245.1%   
MSCI EM Latin American   9.7%     4.5%    92.0%    85.1%     101.1%     249.8% 
                                                                               
US Dollars:                                                                    
Net asset value          5.7%    -3.9%   136.7%    33.5%      66.7%     126.0%   
MSCI EM Latin American   4.2%    -3.1%   105.1%    43.8%      76.5%     176.5% 

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:                                       642.67p  
Net asset value** - cum income:                                       653.63p  
Net asset value - capital only and with bond at fair value:           617.81p  
Net asset value - cum income and with bond at fair value:             628.77p  
Net asset value - cum income and with bond converted:                 640.39p  
Share price:                                                          620.00p  
Total assets^:                                                       £338.44m  
Discount (share price to capital only NAV):                              3.5%  
Gearing~:                                                                8.6%  
Net yield:                                                               1.3%  
Ordinary shares in issue^^:                                        43,835,522  
                                                                               
**Includes 2 months net revenue equal to 2.75p (after deducting interim        
dividend) plus the second interim dividend in respect of the year ended 
31 December 2009 of 8.21p which is due to be paid to shareholders on 
14 April 2010.                                                                          
^Total assets include current year revenue.                                    
^^Excluding 3,554,231 shares held in treasury.                                 
~Gearing is calculated using debt at par, less cash and cash equivalents as a
percentage of gross assets.                                                    

Geographical Regional Exposure                 % Total Assets
                                                             
Brazil                                                   71.1
Mexico                                                   14.5
Chile                                                     2.3
Peru                                                      2.3
Argentina                                                 1.9
Panama                                                    0.9
Net current assets                                        7.0
                                                        -----
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                                  
Grupo Televisa                         Mexico                                  
Itaú Unibanco                          Brazil                                  
Petrobrás                              Brazil                                  
Vale                                   Brazil                                  
Walmart de México                      Mexico                                  

Commenting on the markets, Will Landers, representing the investment

Manager noted;

Performance

For the month of February 2010, the Company posted a 5.7% appreciation in its
NAV and 4.3% for its shares (all in US dollar terms, 11.2% and 9.7%,
respectively, in Sterling terms). During the same period, the Company's
benchmark, the MSCI EM Latin America Index, posted a 4.2% rise in US dollar
terms (9.7% in Sterling terms).

The strong outperformance during the month was as a result of the Company being
geared, coupled with an overweight position in Brazil and underweight positions
in Mexico and Chile relative to the benchmark index. At the stock level, the
largest contributors to performance during the month were small cap stocks in
both Brazil and Mexico, especially in consumer products and health care.
Principal detractors from performance were overweight positions in oil services
giant Tenaris and Mexican broadcaster Televisa.

Transactions/Gearing

During the month we did not make significant changes at the country level,
limiting trading to intra-country rotations. In Brazil, we increased our
positions in homebuilders and energy given recent underperformance, reducing
our exposure to auto insurance and taking profits in financials. In addition,
we added to America Movil (Mexico stock - pan-regional mobile telephony
provider) and to Chilean airlines, exiting the Mexican housing sector. Net
gearing stood at close to 8.6% at the end of the month, with 6.9% of assets
deployed in short term Brazilian government bonds.

Positioning

Short term performance in Latin America continues to be driven mostly by
external factors and overall investor risk appetite. While the region proved
its resilience during the height of the financial crisis, it will most
certainly continue to be affected as other stresses hit global market. Overall,
valuations in Latin America continue to look attractive versus other regions in
the world, with Brazil continuing to provide the best combination of top down
and bottom up fundamentals. We continue to have overweight holdings in Brazil,
with a larger tilt towards domestic oriented stocks. Mexico and Chile continue
to look expensive, with Mexico's growth prospects closely tied to the US and
Chile's focus shifting from potential reforms under recently elected President
Piniera to infrastructure rebuild following the recent earthquake.

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).

18 March 2010