Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 July 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         10.1%    -1.6%     46.0%     45.1%     99.7%   162.3%   
Share price              3.7%    -0.3%     46.5%     40.7%     96.4%   219.6%   
MSCI EM Latin America    6.9%    -3.4%     36.6%     51.2%    106.3%   206.3% 
US Dollars:                                                                    
Net asset value         15.2%     0.7%     37.9%     11.8%     80.3%   133.3%   
MSCI EM Latin America   11.9%    -1.1%     29.0%     16.5%     86.3%   172.5%   

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:                                         668.14p
Net asset value** - cum income:                                         679.08p
Net asset value - capital only and with bond at fair value:             642.34p
Net asset value** - cum income and with bond at fair value:             653.28p
Net asset value** - cum income and with bond converted:                 660.29p
Share price:                                                            639.00p
Total assets^:                                                         £348.19m
Discount (share price to capital only NAV):                                4.4%
Gearing~:                                                                 10.5%
Net yield:                                                                 1.5%
Ordinary shares in issue:                                            43,835,522

**Includes 7 months net revenue equal to 10.94p.
^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                                                                     68.6
Mexico                                                                     16.5
Peru                                                                        4.4
Chile                                                                       2.9
Colombia                                                                    1.3
Panama                                                                      1.2
Argentina                                                                   0.6
Net current assets (including Treasury bills)                               4.5
                                                                          -----
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                                  
Fomento Economico Mexicano             Mexico                                  
Grupo Televisa                         Mexico                                  
Itaú Unibanco                          Brazil                                  
Lojas Renner                           Brazil                                  
Petrobrás                              Brazil                                  
Vale                                   Brazil                                  

Commenting on the markets, Will Landers, representing the investment

Manager noted;

Performance

For the month of July 2010, the Company posted a 10.1% return in its NAV while
the shares appreciated by 3.7% (all in sterling terms). This compares
favourably with the 6.9% return posted by the Company's benchmark, the MSCI EM
Latin America Index.

Positive contributions to performance during the month stemmed primarily from
stock selection in Brazil, with particular emphasis on the overweight positions
in Brazil's largest bank Itau and Brazilian homebuilders as well as the
underweight position in Brazilian oil giant Petrobras. These were partially
offset by the underperformance of overweights in Brazilian retailer Pão de
Açúcar and Mexican wireless operator America Movil.

Transactions/Gearing

During the month, we invested most of the cash we had raised in the previous
month. We introduced two new names to the portfolio, a retailer in Chile and a
Canadian-listed Colombian oil company. In Brazil we increased our exposure to
banks, reducing our exposure to telcos, utilities and pulp. Net gearing stood
at 10.5% at the end of the month.

Positioning

The Company continues to be positioned to benefit from an improving global
macroeconomic scenario. Brazil's Central Bank slowed the pace of its tightening
cycle during July which seems to indicate we are close to the end of this
cycle, the goal of which is to bring inflation back to the target of 4.5% for
next year. We remain confident that this tightening cycle will bring Brazil's
GDP growth rate back to trend (~5% in 2011 after an above-trend year in 2010)
and inflation back to target and that it will not derail the positive domestic
growth story we continue to see in the country. Brazil continues to be an
overweight position and we continue to favour domestic sectors such as banks,
homebuilders and retailers. We don't find valuations in Mexico to be as
attractive as Brazil and it remains close to a neutral weight - we are also
concerned about slower growth levels in the second half of 2010 causing
valuations to fall. In Chile, valuation levels are returning to unattractive
levels and we continue to pick our spots to find stories that we like at the
right price. Peru, our favourite of the smaller markets in the region, remains
an overweight. Our newest addition in Colombia provides us with exposure to the
active Colombian E&P market at attractive multiples relative to other E&P
companies in the region.

Overall, we expect Latin American equity markets to continue to post positive
returns during the second half of 2010 given positive earnings growth and
attractive valuation levels versus other regions in the world.

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 August 2010