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.
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