Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 March 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^         -4.1%    12.0%  -14.2%    105.0%    96.6%    67.1%
Share price               0.4%    15.6%  -10.7%    107.0%    96.7%    64.9%
MSCI EM Latin America    -3.2%    11.6%   -7.8%     86.0%   115.0%    84.8%
US Dollars:
Net asset value^         -4.0%    15.2%  -14.5%    128.5%    81.1%    36.1%
MSCI EM Latin America    -3.2%    14.7%   -8.1%    107.3%    98.1%    50.6%

^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:               633.57p
Net asset value - cum income:                 636.45p
Net asset value - capital only and with
                      bond at fair value:     613.33p
Net asset value - cum income and with
                      bond at fair value:     616.21p
Net asset value - capital with bond
                               converted:     621.23p
Net asset value - cum income and with
                          bond converted:     623.53p
Share price:                                  607.00p
Total Assets~:                               £328.72m
Discount(share price to cum income NAV
                  with bond converted**):        2.7%
Average discount** over the month - cum income:  5.8%
Gearing^^:                                       7.9%
Net yield:                                       3.1%
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 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.

Geographic Regional Exposure            % Total Assets

Brazil                                        67.2
Mexico                                        15.0
Chile                                          4.0
Peru                                           2.2
Colombia                                       2.1
Panama                                         1.1
Argentina                                      0.7
Net current assets (inc.Fixed interest)        7.7
                                             -----
Total                                        100.0
                                             =====

Ten Largest Equity Investments (in percentage order)

Company                            Country of Risk  % of Company

Vale                                    Brazil      9.7
Itau Unibanco                           Brazil      8.1
Petrobrás                               Brazil      7.9
América Móvil                           Mexico      6.7
Banco Bradesco                          Brazil      5.5
AmBev                                   Brazil      4.6
Fomento Economico Mexicano              Mexico      3.9
Banco do Brasil                         Brazil      2.6
CCR                                     Brazil      2.6
OGX Petroleoegas                        Brazil      2.3
 
Commenting on the markets, Will Landers, representing the investment
Manager noted;

Performance

For the month of March 2012, the Company posted a -4.1% (undiluted NAV) or
-4.5% (NAV at Fair Value) decrease in its NAV while the shares appreciated by
0.4% (all in sterling) while the Company's benchmark, the MSCI EM Latin America
Index returned -3.2%. 

Positive contributions to performance during the month stemmed primarily from
off-benchmark positions in Panama and Colombia and stock selection in Brazil. 
The largest individual positive contributors for the month included Mexican
beverage name Femsa, Copa Airlines in Panama, pan-regional wireless giant
America Movil and an underweight to Petrobras.  Weighing on performance for the
month was the gearing and underweights in Mexico and Colombia.  Individual
negative contributions to performance for the month came from iron ore giant
Vale, Brazilian oil & gas producer OGX, Brazilian homebuilder PDG and Banco do
Brasil. 

Transactions/Gearing

During the month, we added to Brazil via industrials and homebuilders. Some of
these additions were to companies that export goods which would benefit from a
weaker currency in Brazil.  We rotated financial exposure within Brazil amongst
the banks, which was partially funded by exiting credit card acquirers.  In
addition, we reduced exposure to mining, retailers and financials in Mexico and
Brazilian oil & gas name OGX as well as reintroduced Argentina via a leading
global oil services provider. 

Positioning

The fundamentals for Latin America remain strong and valuations remain
compelling.  Brazil remains our largest overweight representing over 70% of
assets.  Most of this overweight is represented by sectors that tend to be more
domestically oriented.  We expect the Brazilian Central Bank to finish the
current easing cycle at 9%, with the impact of the entire cycle likely to be
felt starting in the middle of the year.  Valuations in Mexico are fair value
at best and we continue to closely monitor the upcoming Presidential election
as this could provide a positive surprise later in the year.  Other markets in
the region have some representation in the portfolio but suffer from a
combination of higher valuations and/or low liquidity.

19 April 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.