Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 December 2011 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          -1.3%     8.1%  -26.9%     91.0%    75.5%    57.8%
Share price^              1.6%     4.8%  -28.1%     95.1%    70.2%    51.6%
MSCI EM Latin America    -0.4%     9.1%  -18.5%     75.5%    92.7%    75.3%

US Dollars:
Net asset value^         -2.5%     7.8%  -27.4%    106.4%    57.2%    25.3%
MSCI EM Latin America    -1.6%     8.8%  -19.1%     89.7%    72.7%    39.2%

^undiluted with 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:             561.91p
Net asset value - cum income:               581.37p
Net asset value - capital only and with
                      bond at fair value:   555.11p
Net asset value - cum income and with
                      bond at fair value:   574.57p
Net asset value - capital with bond
                               converted:   564.92p
Net asset value - cum income and with
                          bond converted:   581.20p
Share price:                                538.50p
Total Assets^:                             £305.93m
Discount(share price to cum income NAV
              with bond at fair value):        6.3%
Average discount* over the month - cum income: 8.1%
Gearing~:                                     15.1%
Net yield:                                     2.8%
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 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 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 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.

Geographic Regional Exposure            % Total Assets

Brazil                                        65.5
Mexico                                        16.6
Chile                                          4.3
Peru                                           1.8
Colombia                                       1.2
Panama                                         0.9
Pan Regional                                   0.5
Net current assets (inc.Fixed interest)        9.2
                                             -----
Total                                        100.0
                                             =====

Ten Largest Equity Investments (in percentage order)

Company                                 Country of Risk
                                                % of Company

Itau Unibanco                           Brazil      8.9
Vale                                    Brazil      8.9
Petrobrás                               Brazil      7.7
América Móvil                           Mexico      6.9
Banco Bradesco                          Brazil      6.1
AmBev                                   Brazil      4.2
Fomento Economico Mexicano              Mexico      3.5
OGX Petroleoegas                        Brazil      2.7
Grupo Televisa                          Mexico      2.5
CCR                                     Brazil      2.3
 
Commenting on the markets, Will Landers, representing the investment
Manager noted;

Performance

For the month of December 2011, the Company posted a 1.3% decrease in its NAV
while the shares appreciated by 1.6% (all in sterling).  The performance in NAV
terms trailed the -0.4% return posted by the Company's benchmark, the MSCI EM
Latin America Index, while the share price performance outperformed the
benchmark. 

Positive contributions to performance during the month stemmed primarily from
stock selection in Brazil and Chile as well as from the addition of local
Brazilian and Mexican bonds.  The largest individual positive contributors for
the month included Itau, Vale, Petrobras and Bradesco.   Weighing on
performance for the month was an off-benchmark position in Colombia, an
underweight position in Colombia, stock selection in Mexico and the gearing. 
Individual negative contributions to performance for the month came from
Pacific Rubiales, homebuilder PDG and Brazilian consumer names Time 4 Fun and
Magazine Luiza. 

Transactions/Gearing

During the month we added to financials in Brazil and Chile as well as
Brazilian real estate broker LPS.  We also purchased some local Brazilian and
Mexican bonds which account for just under 6% of the portfolio.  These moves
were partially funded by reducing materials, especially steel and mining, given
our views on global growth.  We also reduced Bradesco and Petrobras and exited
Brookfield.  Gearing was 15.1% at the end of December.

Positioning

We enter 2012 with a portfolio that continues to be positioned with a large
overweight in Brazil and underweights almost everywhere else.  Brazil's
underperformance during 2011 was not enough to cause us to lose faith in our
overweight position.  We remain positive on Brazilian equities for 2012 based
on strong fundamentals, attractive valuations and a robust domestic economy
driven by the continued growth in its middle class.  Mexico, though
underweight, could provide a positive surprise this year with a Presidential
election over the summer bringing the potential for much awaited reforms on the
fiscal and energy policy fronts.  We continue to look for stocks that may
benefit from these reforms in Mexico as well as to selectively maintain
positions in the smaller markets of the region.

24 January 2012

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.