Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 30 June 2012 and unaudited.

Performance at month end with net income reinvested

                           One    Three     One    Three   ^^Since     Five
                         month   months    year    years  31.03.06    years
Sterling:
Net asset value^          1.4%   -13.6%  -23.8%     37.2%    69.9%    24.5%
Share price              -0.8%   -17.6%  -23.1%     30.6%    62.0%    18.6%
MSCI EM Latin America     1.9%   -11.5%  -16.2%     36.5%    90.3%    39.7%
US Dollars:
Net asset value^          3.3%   -15.2%  -25.5%     31.7%    53.6%    -2.6%
MSCI EM Latin America     3.9%   -13.1%  -18.1%     30.0%    72.1%     9.2%

^cum income - bond at par
^^Date which BlackRock took over the investment management of the Company.

Sources: BlackRock, Standard & Poor's Micropal

At month end:
Net asset value - capital only:               539.97p
Net asset value - cum income:                 549.92p
Net asset value - capital only and with
                      bond at fair value:     536.07p
Net asset value - cum income and with
                      bond at fair value:     546.02p
Net asset value - capital with bond
                               converted:     539.97p
Net asset value - cum income and with
                          bond converted:     549.92p
Share price:                                  500.00p
Total Assets*:                               £279.27m
Discount(share price to cum income NAV
              with bond at fair value***):       8.4%
Average discount** over the month - cum income:  5.6%
Gearing**:                                      11.2%
Net yield:                                       3.8%
Ordinary shares in issue~:                 41,574,247

*Total assets include current year revenue.
**Gearing is calculated using debt at par, less cash and cash equivalents and
fixed interest investments as a percentage of net assets.
***To the extent that the US dollar Net Asset Value on a capital only with bond
at par 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 cum income 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 cum income Net Asset Value with bond at fair value.
~Excluding 2,267,065 shares held in treasury.

Geographic Regional Exposure            % Total Assets

Brazil                                        60.3
Mexico                                        18.7
Chile                                          4.7
Colombia                                       2.3
Peru                                           2.1
Panama                                         1.4
Argentina                                      0.7
Net current assets (inc.Fixed interest)        9.8
                                             -----
Total                                        100.0
                                             -----

Ten Largest Equity Investments (in percentage order)
Company                          Country of Risk  % of Company

Vale                                    Brazil        10.9
América Móvil                           Mexico         8.9
Petrobrás                               Brazil         7.2
Fomento Economico Mexicano              Mexico         5.0
Banco Bradesco                          Brazil         4.9
Itau Unibanco                           Brazil         3.3
CCR                                     Brazil         3.0
AmBev                                   Brazil         3.0
Groupo Televisa                         Mexico         2.4
Natura Cosmésticos                      Brazil         2.1

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

Performance

For the month of June 2012, the Company posted a 1.4% (undiluted NAV) or 1.9%
(NAV at Fair Value) increase in its NAV while the shares fell by 0.8% (all in
sterling) while the Company's benchmark, the MSCI EM Latin America Index
returned 1.9%. 

Positive contributions to performance during the month stemmed primarily from
an underweight position in Colombia and the gearing.  The largest individual
positive contributors for the month included Mexican beverage name Femsa,
Mexican telecom giant America Movil, and not owning Colombian oil & gas
producer Ecopetrol.  Weighing on performance for the month were stock selection
and an overweight position in Brazil and an off-benchmark position in Colombia
via Pacific Rubiales.  Individual negative contributions to performance for the
month came from Brazilian oil & gas producers OGX and Queiroz Galvao and
Brazilian regional jet manufacturer Embraer.

Transactions/Gearing

During the month we added to telecoms in Brazil, Petrobras, Brazilian credit
card acquirer Cielo and Brazilian fuel distributor Ultrapar.   These moves were
funded by reducing exposure to Ambev, America Movil, Vale and Itau.  In
addition we exited Brazilian oil & gas producer OGX given concerns around
production disappointments.  

Positioning

We continue to expect Latin America to be one of the first markets to recover
once the market and company specific fundamentals begin to drive markets once
again.  Despite recent disappointments at both the macro growth level as well
as with certain leading companies, Brazil remains our largest overweight
representing over 60% of assets.  Over the year, we have moved our Brazilian
exposure to a combination of sectors that tend to be more domestically
oriented, balanced by increased exposure to exporters that benefit from a
weaker currency.  We expect the Brazilian Central Bank to finish the current
easing cycle at 7-7.5% range, with the impact of the easing cycle starting to
boost economic growth during the second half of the year. In Mexico, the
outcome of the recent Presidential election was widely expected, the narrower
margin of victory by the PRI means that progress on the reform agenda will
require some level of negotiating with the outgoing PAN.  Mexico accounts for
approximately 23% of assets, representing a slight underweight.  The Andean
region remains at a large underweight due to a combination of low liquidity and
challenging valuation levels.

13 July 2012

ENDS

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