Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 October 2011 and unaudited.

Performance at month end with income reinvested

                           One    Three     One    Three   **Since     Five
                         month   months    year    years   31.03.06   years
Sterling:
Net asset value          14.4%   -10.3%  -18.7%    117.5%    85.8%    88.7%
Share price              13.0%    -5.0%  -18.6%    134.3%    83.6%    86.6%
MSCI EM Latin America    13.4%    -6.6%  -11.1%     98.0%   100.4%   101.2%

US Dollars:
Net asset value          18.6%   -11.8%  -18.0%    117.2%    72.8%    59.6%
MSCI EM Latin America    17.5%    -8.2%  -10.3%     97.8%    86.5%    70.2%

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:               599.74p
Net asset value - cum income:                 615.55p
Net asset value - capital only and with
                      bond at fair value:     593.15p
Net asset value - cum income and with
                      bond at fair value:     608.96p
Net asset value - capital with bond
                               converted:     592.28p
Net asset value - cum income and with
                          bond converted:     605.38p
Share price:                                  580.75p
Total Assets^:                               £318.99m
Discount* (share price to cum income
              NAV with bond converted):          4.1%
Average discount* over the month - cum income:   6.2%
Gearing~:                                        8.7%
Net yield:                                       2.6%
Ordinary shares in issue:                  43,841,312

^Total assets include current year revenue.
~Gearing is calculated using debt at par, less cash and cash equivalents as a
percentage of net assets.
*To the extent that the US dollar Net Asset Value on a capital only with bond
at fair value basis exceeds the current conversion price of $8.98 for the
convertible bond, the discount is calculated using the share price as a
percentage of the fully diluted capital only Net Asset Value in sterling
terms.  Where the Net Asset Value on a capital only with bond at par value
basis does not exceed the conversion price, the discount is calculated using
the share price as a percentage of the capital only Net Asset Value with bond
at fair value.

Geographic Regional Exposure            % Total Assets

Brazil                                        68.7
Mexico                                        16.2
Chile                                          4.0
Peru                                           1.7
Colombia                                       1.4
Panama                                         1.0
Argentina                                      0.5
Pan Regional                                   0.4
Net current assets                             6.1
                                             -----
Total                                        100.0
                                             ----- 

Ten Largest Equity Investments (in percentage order)

Company                        Country of Risk  % of Company

Vale                                    Brazil          10.3
Petrobrás                               Brazil           8.9
Itau Unibanco                           Brazil           8.7
América Móvil                           Mexico           7.3
Banco Bradesco                          Brazil           7.1
AmBev                                   Brazil           4.0
Fomento Economico Mexicano              Mexico           3.2
OGX Petroleoegas                        Brazil           2.9
BM&F Bovespa                            Brazil           2.5
Grupo Televisa                          Mexico           2.4

Commenting on the markets, Will Landers, representing the investment
Manager noted;

Performance

For the month of October 2011, the Company posted a 14.4% (undiluted NAV) or
16.6% (NAV at Fair Value) increase in its NAV while the shares appreciated by
13.0% (all in sterling).  This outperformed the 13.4% return posted by the
Company's benchmark, the MSCI EM Latin America Index. 

Positive contributions to performance during the month came from stock
selection and an overweight position in Brazil, an underweight to Colombia and
the gearing.  The largest individual positive contributors for the month
included overweight positions in oil & gas name OGX, Banco Itau, Banco Bradesco
and homebuilder PDG.  Weighing on performance during the month was stock
selection in Chile and an off-benchmark position in Colombia.  Individual
negative contributions to performance for the month came from beverage name
Femsa, toll road operator CCR and telecom names Entel and NII Holdings. 

Transactions/Gearing

During the month we added to our telecom exposure by adding pan-regional
telecom name NII Holdings.  We also reintroduced Brazilian steel into the
portfolio after being out of the industry for almost a year and a half and
added to our gold exposure via Buenaventura.  We initiated a position in
Mexican cement name Cemex, added to consumers in Mexico, Brazilian banks and
toll road operators as well as rotated exposure to within Brazilian chemicals. 
These moves were funded by reducing exposure to copper, iron ore, Chilean
telecom and Brazilian consumers.  In addition, we reduced gearing during the
month.

Positioning

While Greece and the overall European debt crisis continue to dominate
short-term trading, we have positioned the portfolio to benefit from an
eventual acceptable solution that allows markets to trade on their own merits. 
In our opinion, Latin American fundamentals remain intact, and the
underperformance YTD creates an opportunity for outperformance similar to that
seen in 2008/2009.  Slower global growth should help to abate inflation
concerns in Brazil - the Central Bank's early move on interest rates should
help to reduce the slowdown in the local economy - and continued strength in
employment figures and wage growth should be supportive for the domestic side
of the equation.  Brazil remains our only country overweight at close to 72% of
assets.

15 November 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.