Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 December 2012 and unaudited.

Performance at month end with net income reinvested

                           One    Three     One    Three    Five  ^^^Since    
                         month   months    year    years   years  31.03.06    
Sterling:
Net asset value^          6.4%     5.3%    5.1%     -3.5%   17.1%    84.4%
Net asset value^^         6.4%     5.6%    6.3%      2.0%   17.3%    84.6%
Share price               7.1%     5.4%    1.5%    -11.4%    8.4%    72.8%
MSCI EM Latin America     5.0%     3.7%    4.1%      0.5%   23.2%   100.7%
US Dollars:
Net asset value^          7.9%     6.0%    10.0%    -2.9%   -4.3%    72.9%
Net asset value^^         7.9%     6.3%    11.2%     2.7%   -4.2%    73.1%
MSCI EM Latin America     6.5%     4.4%    8.9%      1.2%    0.6%    88.1%

^cum income - bond at par
^^cum income - bond at fair value since 15 September 2009
^^^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 and
                  with bond at par value~:    580.61p
Net asset value - cum income and
                  with bond at par value~:    593.74p
Net asset value - capital only and with
                      bond at fair value~~:   579.92p
Net asset value - cum income and with
                      bond at fair value~~:   593.06p
Net asset value - capital with bond
                               converted~~~:  579.92p
Net asset value - cum income and with
                          bond converted~~~:  593.06p
Share price:                                  530.00p
Total Assets#:                               £285.11m
Discount(share price to cum income NAV
              with bond at fair value*):        10.6%
Average discount* over the month - cum income:  11.3%
Gearing**:                                       8.8%
Net yield:                                       3.5%
Ordinary shares in issue***:               41,433,247
 
~Par value refers to the par-value of the convertible bond which is also the
amount repayable to holders on the maturity of the bond.
~~Fair value refers to the price at which the bond is currently traded in the
market. The variance in the NAV performance using these different methods to
value the bond is to illustrate the effects of dilution should the bond be
converted.
~~~Where the current Net Asset Value (including income) in US dollar terms with
bond at fair value exceeds the conversion price of US$9.83 for the convertible
bond, the Net Asset Value is shown on a fully diluted basis, reflecting the
impact of converting the bond at a lower value.  Where the current Net Asset
Value (including income) in US dollar terms with bond at fair value does not
exceed the conversion price, the Net Asset Value will be the same as that
without the conversion of the bond.
#Total assets include current year revenue.
*The Discount is calculated based on the methodology for calculation of the Net
Asset Value (expressed in sterling terms) as set out in the preceding statement
**Gearing is calculated using debt at par, less cash and cash equivalents and
fixed interest investments as a percentage of net assets.
***Excluding 2,408,065 shares held in treasury.

Geographic Regional Exposure            % Total Assets

Brazil                                        60.2
Mexico                                        23.6
Chile                                          4.5
Peru                                           1.8
Colombia                                       1.7
Panama                                         1.3
Argentina                                      0.8
Net current assets (inc.Fixed interest)        6.1
                                             -----
Total                                        100.0
                                             -----
 
Ten Largest Equity Investments (in percentage order)

Company                                 Country of Risk

                                                % of Company

Vale                                    Brazil     10.8
Banco Bradesco                          Brazil      5.7
América Móvil                           Mexico      5.6
Petrobrás                               Brazil      4.9
Fomento Economico Mexicano              Mexico      3.8
Groupo Televisa                         Mexico      3.8
Itau Unibanco                           Brazil      3.6
CCR                                     Brazil      3.2
AmBev                                   Brazil      3.0
Brasil Foods                            Brazil      2.7
 
Commenting on the markets, Will Landers, representing the investment
Manager noted;

Performance

For the month of December 2012, the Company posted a 6.4% increase in its NAV
while the shares appreciated by 7.1% (all in sterling). The Company's
benchmark, the MSCI EM Latin America Index returned 5.0%. 

Positive contributions to performance stemmed primarily from stock selection in
Brazil and Mexico as well as the gearing.  In Brazil, individual contributors
included an overweight to Brazilian iron ore giant Vale, food producer Brasil
Foods and Banco do Brasil.  In Mexico, overweights to Televisa and Santander
Mexico also contributed positively to performance. Weighing on performance was
our fixed income exposure.  The largest individual detractors included
Brazilian and Mexican bonds as well as Brazilian entertainment name Time4Fun on
the equity side.

Transactions/Gearing

During the month we increased exposure to iron ore via Vale, to consumers via
Walmart de Mexico, Lojas Renner and CBD and to industrials via the addition of
Mexican REIT name Macquarie.  These moves were funded by reducing exposure to
banks in both Mexico and Brazil, to Petrobras and America Movil and exiting
Brazilian homebuilder Cyrela.  Net gearing was 8.8% at the end of December
(including bonds as cash).

Positioning

We enter 2013 with a portfolio that is positioned to benefit from the improving
environment in Latin America, especially in Brazil.  With a domestic recovery
underway, Brazilian equities seem poised to recover in 2013.  Mexico's positive
momentum shows no signs of slowing down with positive news on the budget and
reform front during December increasing expectations for further reforms in
2013.  Brazil continues to be our largest overweight while Mexico has moved to
a small overweight - with the prospects of both markets posting positive
returns in 2013, we expect a virtuous competition for performance during 2013. 
We continue to favour domestic-related sectors, especially retail and
infrastructure plays.  Within materials we prefer iron ore miners and pulp &
paper producers over copper miners and steel producers, and are underweight oil
and gas.  While there are interesting stories in the Andean region, such as
infrastructure investments in Peru, growing energy and mining investments in
Colombia, and Chile's stable economy, these smaller markets continue to present
a not so attractive combination of high valuations and lower liquidity. 

Overall, Latin America continues to offer one of the most attractive equity
investment opportunities given the solid top-down story as well as the
attractive and diversified array of companies looking at the market from a
bottom-up perspective.  At the end of the day, we feel 2013 returns will be
determined by Brazil's ability to grow again and Mexico's ability to move
forward with its reform agenda.

17 January 2013

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.