Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 May 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         -2.5%    0.2%      15.2%     17.3%      118.2%      159.1%   
Share price             -6.1%   -1.2%       9.6%      9.3%      107.9%      144.7%   
MSCI EM Latin America   -1.4%    0.1%       8.1%     14.4%      122.3%      157.9% 
US Dollars:                                                                    
Net asset value         -3.8%    1.3%      30.5%     -2.3%      107.0%      127.8%   
MSCI EM Latin America   -2.7%    1.3%      22.5%     -4.7%      110.9%      126.9%   

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:                                  716.34p       
Net asset value** - cum income:                                  726.67p       
Net asset value - capital only and with bond at fair value:      676.54p       
Net asset value** - cum income and with bond at fair value:      686.87p       
Net asset value** - cum income and with bond converted:          696.12p       
Share price:                                                     661.50p       
Total assets^:                                                  £367.18m       
Discount (share price to cum income with bond converted NAV):       5.0%       
Average discount over the month:                                    2.4%       
Gearing~:                                                          13.2%       
Net yield:                                                          1.7%       
Ordinary shares in issue:                                     43,841,312       

**Includes 5 months net revenue equal to 10.33p.
^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                                                     75.4
Mexico                                                     15.7
Chile                                                       3.8
Peru                                                        2.6
Panama                                                      1.3
Colombia                                                    1.2
Argentina                                                   0.5
Net current liabilities                                    -0.5
                                                          -----
Total                                                     100.0
                                                          -----

Ten Largest Equity Investments (in alphabetical order)

Company                            Country of Risk             % of Company   
                                                                              
Vale                                        Brazil                     12.4   
Itaú Unibanco                               Brazil                     10.5   
Petrobrás                                   Brazil                     10.1   
América Móvil                               Mexico                      6.9   
Banco Bradesco                              Brazil                      5.6   
AmBev                                       Brazil                      3.9   
OGX Petroleoegas                            Brazil                      3.1   
Fomento Economico Mexicano                  Mexico                      2.3   
Grupo Televisa                              Mexico                      2.1   
Lojas Renner                                Brazil                      2.0   

Commenting on the markets, Will Landers, representing the investment

Manager noted;

Performance

For the month of May 2011, the Company posted a 2.5% loss in its NAV while the
shares fell by 6.1% (all in sterling terms). This underperformed the -1.4% return 
posted by the Company's benchmark, the MSCI EM Latin America Index.

The underperformance versus the benchmark during the month stemmed primarily
from stock selection in Mexico and Brazil, as well as an underweight position
in Colombia. Individual names that were the largest negative contributors for
the month included Hypermarcas, America Movil and Quieroz Galvao. The
underperformance was partially offset by an overweight position in Panama and
stock selection in Chile. Individual positive contributions to performance for
the month came from Petrobras, Copa Airlines, E-Cl and PDG Realty.

Transactions/Gearing

During the month we increased exposure to Brazil and reduced exposure to
Mexico. In Brazil we increased exposure by adding to consumer names such as
Hypermarcas, Natura and Localiza. We also added to oil giant Petrobras, iron
ore giant Vale, property name BR Malls and Mexican financial name Banorte.
These moves were funded by reductions to wireless name America Movil, Grupo
Mexico, Wal-Mex as well as Ambev and Itausa.

Positioning

The Company continues to be positioned with an overweight position in Brazil
and underweight positions in almost every other market in the region. Inflation
indicators in Brazil appear to be close to their peaks and should soon begin a
slow decline in the second half of 2011 and into 2012, which leaves us very
positive on the prospects for Brazilian equities, especially in the second half
of 2011. Brazilian valuations remain among the lowest in Latin America, with
strong earnings growth and the prospect of falling inflation representing the
catalysts for improved performance. Several macro statistics in the US have
rolled over, reinforcing our concerns with the sustainability of the economic
recovery in Mexico. Valuation levels in Mexico are at the high end of Latin
America, leading us to continue to be underweight in Mexican equities. Chile
and Colombia also remain underweight based on expensive valuations. Finally,
the results of the Presidential election in Peru leave us concerned about the
prospects for that country and we continue to reduce our exposure to Peruvian
equities. Overall, we remain confident that a recovery in the performance of
the Brazilian equity market should translate into positive returns for Latin
American equities during 2011.

16 June 2011

ENDS

Latest information is available by typing www.blackrock.co.uk/brla 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.