Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 August 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         0.0%    5.4%      35.9%     50.6%     99.6%     185.8%   
Share price             0.4%    3.9%      32.3%     49.5%     97.1%     212.9%   
MSCI EM Latin America  -0.3%    0.0%      31.0%     54.0%    105.6%     195.4% 
US Dollars:                                                                    
Net asset value        -1.9%   11.5%      28.1%     14.7%     76.9%     144.2%   
MSCI EM Latin America  -2.2%    5.8%      23.6%     17.4%     82.2%     152.4%   

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:                                   665.62p       
Net asset value** - cum income:                                   675.63p xd    
Net asset value - capital only and with bond at fair value        639.35p       
Net asset value** - cum income and with bond at fair value        649.36p xd    
Net asset value** - cum income and with bond converted:           659.60p xd    
Share price:                                                      638.00p       
Total assets^:                                                   £347.65m       
Discount (share price to capital only NAV):                          4.1%       
Gearing~:                                                            9.9%       
Net yield:                                                           1.8%       
Ordinary shares in issue:                                      43,835,522       

**Includes 8 months net revenue equal to 10.01p.
^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                                                                     68.5
Mexico                                                                     16.3
Peru                                                                        4.7
Chile                                                                       3.0
Colombia                                                                    1.3
Panama                                                                      1.1
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                                  
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 August 2010, the Company was flat posting a 0.0% appreciation
in its NAV while the shares appreciated by 0.4% (all in sterling terms). This
compares favourably with the -0.3% return posted by the Company's benchmark,
the MSCI EM Latin America Free Index. Year-to-date, NAV is up 4.4% while the
shares are up 1.1% versus the benchmark which is up 3.0%.

The month's outperformance stemmed primarily from stock selection in Brazil and
an overweight position in Peru. At the stock level, the largest contributors to
performance were the underweight position in Brazilian oil giant Petrobras and
insurance company Odontoprev as well as the overweight position in Peruvian
financial institution Credicorp. There were partially offset by an underweight
position in Chile whilst at the stock level the largest detractors from
performance were the overweight positions in Brazilian homebuilder Cyrela and
Mexican wireless company America Movil.

Transactions/Gearing

Absolute and relative weights were mostly unchanged during the month. We
increased exposure to Brazilian toll roads, Mexican beverages and Chilean
consumers. This was funded primarily from profit taking in Chilean airlines,
Brazilian insurance, Brazilian homebuilders, Brazilian consumers and Brazilian
telecommunications. Net gearing remained relatively unchanged at just under
20%, including approximately 5% invested in local Brazilian bonds.

Positioning

Fundamentals in the region continue to be strong, and valuations continue to
look attractive, with Brazil trading around 10x forward earnings during the
last month. The portfolio continues to be positioned with a large overweight
position in Brazil. Brazil's Central Bank finished this year's tightening cycle
with the last increase in July raising rates a total of 200 bps this year. We
feel they were able to do less tightening than many expected by having started
as early as they did. Recent inflation figures have shown that inflation has
moderated back towards the target of 4.5%. Overall, this reinforces our
positive views on the domestic sector of Brazil, including banks and
homebuilders. Valuations in Mexico and Chile continue to look expensive to us.
Peru, which is the second largest overweight after Brazil, remains our
favourite of the smaller markets in 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 September 2010