Correction : Portfolio Update

Announcement corrected to reflect a change to the dividend yield figure. Figure should read 2.5%. All other information remains the same. BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC All information is at 31 August 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 -5.3% -10.1% -1.8% 27.0% 96.1% 116.0% Share price -1.9% -8.8% -3.8% 23.9% 89.7% 107.5% MSCI EM Latin America -4.6% -7.9% -0.4% 25.6% 104.8% 122.8% US Dollars: Net asset value -6.1% -11.1% 4.0% 13.3% 84.0% 84.8% MSCI EM Latin America -5.4% -8.9% 5.5% 12.1% 92.2% 90.7% 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: 636.69p Net asset value** - cum income: 649.79p Net asset value - capital only and with bond at fair value: 613.32p Net asset value** - cum income and with bond at fair value: 626.42p Net asset value** - cum income and with bond converted: 632.46p Share price: 600.00p Total assets^: £333.57m Discount (share price to capital with bond converted NAV): 3.5% Average discount over the month - capital: 4.9% Average discount over the month – cum income: 6.6% Gearing~: 12.3% Net yield: 2.5% Ordinary shares in issue: 43,841,312 **Includes 8 months net revenue equal to 13.10p after payment of the first interim of 3.13p. ^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 73.2 Mexico 16.2 Chile 4.3 Peru 1.7 Colombia 1.4 Panama 1.3 Argentina 0.4 Net current assets 1.5 ----- Total 100.0 ----- Ten Largest Equity Investments (in alphabetical order) Company Country of Risk % of Company Vale Brazil 11.7 Itaú Unibanco Brazil 9.5 Petrobrás Brazil 8.5 América Móvil Mexico 7.2 Banco Bradesco Brazil 5.9 AmBev Brazil 5.0 Fomento Economico Mexicano Mexico 2.9 Lojas Renner Brazil 2.5 OGX Petroleoegas Brazil 2.3 Grupo Televisa Brazil 2.3 Commenting on the markets, Will Landers, representing the investment Manager noted; Performance For the month of August 2011, the Company posted a 5.3% decline in its NAV while the shares fell by 1.9% (all in sterling terms). This trailed the -4.6% return posted by the Company's benchmark, the MSCI EM Latin America Index. The Company benefited primarily from stock selection in Brazil, Chile and Mexico and an overweight position in Panama via Copa Airlines. The largest individual positive contributors for the month included an underweight position in Petrobras, overweight positions in Ambev and Copa Airlines and not owning Cemex. Offsetting some of the underperformance relative to the benchmark for the month was an off-benchmark position in Colombia via Pacific Rubiales and an underweight to Colombia. Individual negative contributions to performance for the month came from iron ore giant Vale and overweights to Itau, Pacific Rubiales and Profarma. Transactions/Gearing During the month in Brazil, we added to financials on weakness, reintroduced credit card acquirers, added to utilities while we reduced and diversified our exposure to oil & gas by reducing Petrobras, OGX and Pacific Rubiales and adding HRT. In addition, we increased exposure to Peru. Other sources of funding for these changes during the month included reducing exposure to Brazilian petrochemicals and consumers, Mexican banks and construction and Panamanian airlines. Positioning Brazil is at the forefront in terms of starting to cut rates to ensure that its economy does not suffer as big a slowdown as that which is expected from the US and Europe. Unfortunately, the correlation among markets remains high, so as long as the European situation is in question, it may lead to continued volatility in Latin America. However, the fundamentals are good, the new government in Brazil is working well, and valuations are very cheap - all of which makes for an attractive entry point into the region. Brazil continues to be an overweight while Mexico, Chile, Colombia and Peru remain underweights. 23 September 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.
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