Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 October 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^         -0.3%     1.0%   -6.1%      6.2%     7.8%    74.5%
Net asset value^^        -0.1%     1.6%   -5.1%      9.9%     8.0%    74.7%
Share price               1.4%    -1.1%   -9.4%     -1.0%     2.2%    66.3%
MSCI EM Latin America    -0.2%     0.1%   -3.6%      9.3%    18.4%    93.3%
US Dollars:
Net asset value^         -0.5%     3.9%   -6.2%      3.8%   -16.3%    62.2%
Net asset value^^        -0.3%     4.5%   -5.2%      7.5%   -16.2%    62.3%
MSCI EM Latin America    -0.4%     2.9%   -3.8%      6.9%    -8.2%    79.5%

^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:               551.58p
Net asset value - cum income:                 561.95p
Net asset value - capital only and with
                      bond at fair value:     550.85p
Net asset value - cum income and with
                      bond at fair value:     561.23p
Net asset value - capital with bond
                               Converted^:    550.85p
Net asset value - cum income and with
                          bond converted^:    561.23p
Share price:                                  510.00p
Total Assets*:                               £282.45m
Discount (share price to cum income NAV
              with bond at fair value***):       9.1%
Average discount** over the month - cum income:  9.4%
Gearing**:                                       8.5%
Net yield:                                       3.7%
Ordinary shares in issue~:                 41,483,247

*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 an income inclusive with
bond at fair value basis exceeds the current conversion price of $9.83 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 an income inclusive with bond at fair 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 2,358,065 shares held in treasury.
^In the event that the US dollar net asset value on an income inclusive with
bond at fair value basis exceeds the current conversion price of $9.83 for the
convertible bond a fully diluted assuming bond conversion NAV is presented. 
When this is not the case the NAVs with bond converted will be the same as the
NAVs with bond at fair value.

Geographic Regional Exposure            % Total Assets

Brazil                                        58.1
Mexico                                        21.5
Chile                                          4.5
Colombia                                       1.7
Peru                                           1.7
Panama                                         1.5
Argentina                                      0.7
Net current assets (inc.Fixed interest)       10.3
                                             -----
Total                                        100.0
                                             ----- 

Ten Largest Equity Investments (in percentage order)

Company                            Country of Risk  % of Company

Vale                                    Brazil         8.7
Petrobrás                               Brazil         7.4
América Móvil                           Mexico         7.0
Banco Bradesco                          Brazil         5.0
Itau Unibanco                           Brazil         4.4
Fomento Economico Mexicano              Mexico         3.7
Groupo Televisa                         Mexico         3.4
CCR                                     Brazil         3.1
AmBev                                   Brazil         3.1
Brasil Foods                            Brazil         2.1
 
Commenting on the markets, Will Landers, representing the investment
Manager noted;

Performance

For the month of October 2012, the Company posted a -0.3% (undiluted NAV) or
-0.1% (NAV at Fair Value) decrease in its NAV while the shares appreciated by
1.4% (all in sterling) while the Company's benchmark, the MSCI EM Latin America
Free Index returned -0.2%. 

Positive contributions to performance during the month stemmed primarily from
an off-benchmark position in Panama via Copa Airlines and an underweight and
stock selection in Peru.  The largest individual positive contributors for the
month included overweights in Vale and Klabin, an underweight in Petrobras and
not owning OGX.  Weighing on performance was stock selection in Chile and an
underweight to Colombia.  The largest individual detractors included Banco
Santander Chile, Banco do Brasil, Time4Fun as well as not owning Cemex. 

Transactions

During the month we rotated exposure within Mexico from beverages and telecom
into consumers and industrials.  We also reduced exposure to fuel distributor
Ultrapar and steel name Gerdau. 

Positioning

Brazil remains the top overweight country in the portfolio.  The Brazilian
equity market is struggling to digest the positives of the economic recovery
underway as a result of the historic 525 bps easing cycle that brought Brazil's
nominal interest rates to 7.25% and all of the different stimuli implemented by
the administration.  We acknowledge the risks of further government
intervention in the private sector and as such we continue to prefer stocks
that will benefit from the domestic recovery, headlined by retailers and
banks.  Mexico today stands at the highest level we have had in the Portfolio. 
Valuations continue to look close to fair value, but expectations for economic
growth and success in the reform agenda for the incoming Pena Nieto
administration should be supportive for Mexican equities.  We continue to be
underweight the Andean countries given lower liquidity and rich valuations.

19 November 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.