Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 30 April 2011 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         -2.4%     2.3%     10.3%     33.2%     123.7%   120.3%   
Share price              0.6%     0.4%     12.4%     33.4%     121.5%   116.2%   
MSCI EM Latin America   -3.4%     1.9%      5.6%     27.1%     125.3%   118.7% 

US Dollars:                                                                    
Net asset value          1.6%     6.5%      20.1%     12.1%    115.1%   102.2%   
MSCI EM Latin America    0.5%     6.2%      15.0%      7.0%    116.7%   100.7%   

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:                                  738.52p       
Net asset value** - cum income:                                  745.03p       
Net asset value - capital only and with bond at fair value:      699.23p       
Net asset value** - cum income and with bond at fair value:      705.73p       
Net asset value** - cum income and with bond converted:          709.86p       
Share price:                                                     704.50p       
Total assets^:                                                  £374.12m       
Discount (share price to cum income with bond converted NAV):       0.8%       
Average discount over the month:                                    1.2%       
Gearing~:                                                          12.2%       
Net yield:                                                          1.6%       
Ordinary shares in issue:                                     43,841,312       

**Includes 4 months net revenue equal to 6.51p.
^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                                                                     74.7
Mexico                                                                     16.7
Chile                                                                       3.7
Peru                                                                        2.6
Panama                                                                      1.4
Colombia                                                                    1.2
Argentina                                                                   0.5
Net current liabilities                                                    -0.8
                                                                          -----
Total                                                                     100.0
                                                                          -----


Ten Largest Equity Investments (in alphabetical order)

Company                                Country of Risk                         
                                                                               
AmBev                                  Brazil                                  
América Móvil                          Mexico                                  
Banco Bradesco                         Brazil                                  
Fomento Economico Mexicano             Mexico                                  
Grupo Televisa                         Mexico                                  
Itaú Unibanco                          Brazil                                  
Lojas Renner                           Brazil                                  
OGX Petroleoegas                       Brazil                                  
Petrobrás                              Brazil                                  
Vale                                   Brazil                                  

Commenting on the markets, Will Landers, representing the investment

Manager noted;

Performance

For the month of April 2011, the Company posted a 2.4% loss in its NAV while
the shares appreciated by 0.6% (all in sterling terms). This outperformed the
-3.4% return posted by the Company's benchmark, the MSCI EM Latin America
Index.

The outperformance versus the benchmark during the month stemmed primarily from
stock selection in Brazil, as well as off-benchmark positions in Colombia via
Pacific Rubiales and Panama via Copa. Individual names that were the largest
positive contributors for the month included an underweight position in
Petrobras and an overweight to beverage company Ambev. The outperformance was
partially offset by underweight positions in Chile and Colombia and stock
selection in Mexico. Individual negative contributions to performance for the
month came from OGX and Anhanguera.

Transactions/Gearing

During the month we increased exposure to the Brazilian consumer through some
names already in the portfolio (Natura and Localiza) and two IPO's (Time 4 Fun
and Magazine Luiza) in Brazil. We reduced exposure to Peru given the first
round election results and will keep a close eye on that situation as we
approach the second round in early June. We exited positions in Brazilian
wireless over competitive concerns and have been adding to Vale as the CEO
transition is complete.

Positioning

The Company continues to be positioned with a large overweight in Brazil and
underweight positions in almost every other market in the region. The Brazilian
Central Bank's tightening cycle continued in April with a 25 bps increase to
12% and we expect up to two final adjustments of 25 bps each bringing the SELIC
to 12.5% by July 2011. At this stage, we anticipate that most inflation
indicators will have peaked or be close to their peaks, beginning a slow
decline in the second half of 2011 and into 2012. We expect this realization
that the monetary policy is working will be positive for Brazilian equities.
Mexico remains an underweight given our concerns regarding the sustainability
of the recovery in the US and its impact on Mexico as macro numbers from the US
continue to soften. Chile remains expensive from a valuation perspective and
therefore an underweight. We are keeping a close eye on Peru as the second
round of the Presidential elections begins in early June.

17 May 2011

ENDS

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). Neither the contents of the Manager's website nor the contents of
any website accessible from hyperlinks on the Manager's website (or any other
website) is incorporated into, or forms part of, this announcement.