REG-BlackRock Latin Am: Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 May 2009 and unaudited.

Performance at month end is calculated with net income reinvested

One Three One *Since Three Five
Month Months Year 31.03.06 Years Years
Sterling:
Net asset value 12.3% 48.7% -31.5% 27.4% 51.3% 216.6%
Share price 15.7% 52.1% -30.8% 31.6% 54.9% 303.4%
MSCI EM Latin American 10.9% 39.0% -25.1% 45.7% 69.0% 292.7%

US Dollars:
Net asset value 22.3% 68.3% -44.1% 18.5% 30.4% 178.5%
MSCI EM Latin American 20.7% 57.3% -38.8% 35.4% 45.6% 245.4%

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: 436.87p
Net asset value** - cum income: 439.95p
Share price: 435.00p
Total assets^: £192.86m
Discount (share price to capital only NAV): 0.4%
Gearing: Nil
Net yield: 1.84%
Ordinary shares in issue^^: 43,835,522

**Includes 5 months net revenue equal to 3.08p.
^Total assets include current year revenue.
^^Excluding 3,954,231 shares held in treasury.

Geographical Regional Exposure % Total Assets

Brazil 75.6
Mexico 17.9
Chile 2.4
Peru 2.4
Argentina 1.5
Panama 0.4
Net current liabilities (0.2)
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Total 100.0
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Ten Largest Equity Investments(in alphabetical order)

Company Country of Risk

AmBev Brazil
America Movil Mexico
Banco Bradesco Brazil
Banco Itau Brazil
Creditcorp Peru
CVRD Brazil
Grupo Televisa Mexico
Petrobras Brazil
Redecard Brazil
Usinas Brazil

Commenting on the markets, Will Landers, representing the investment

Manager noted;

Performance

For the month of May 2009, the Company posted a 12.3% appreciation in its NAV
while the shares increased by 15.7% (all in sterling terms). This compares
favourably with the 10.9% return posted by the Company's benchmark, the MSCI EM
Latin America Index. Year-to-date, NAV has appreciated 38.7% while the shares
are up 50.9% versus the benchmark's 32.6% appreciation.

During the month, the Company benefited from its overweight positions in
Brazil, especially among domestic-focused names, and off benchmark investment
in steel maker Ternium. Stock selection in Mexico was also a positive, with the
overweight position in homebuilders and financials and underweight position in
wireline telecom companies and retailers being the largest alpha generators.
The underweight position in oil giant Petrobras was the largest detractor from
performance.

Transactions/Gearing

During the month, our activities were limited to taking profits in some strong
performing stocks such as copper miner Antofagasta and Brazilian financial
Banco Itau, redeploying such funds into Brazilian utilities and Peruvian
financials. Gearing remained at 0% during the month.

Positioning

The portfolio continues to be positioned to benefit from any improvement in
global macro scenario. Latin America proved its resiliency during what we hope
will prove to be the worst period of the recent crisis. Brazil continues to be
one of the most attractive investment opportunities. Valuation parameters are
around the middle of the range within Emerging Markets despite superior
fundamentals. The move by the Central Bank to cut the Selic rate to single
digit nominal interest rates for the first time in decades should continue to
fuel a domestic economy that was among the least affected in the world in terms
of first quarter 2009 GDP performance. Brazil represents around 74% of assets.
Mexico's economic performance in the first quarter showed the continued
challenges from the slowdown in the US, and we therefore maintain a cautious
underweight position in the market, with approximately 19% invested in the
country. Other markets in the region have higher valuations and continue to
offer few investable opportunities - we currently have approximately 7% of
assets outside of Brazil and Mexico.

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).

26 June 2009

END