Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 May 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^         -8.9%   -18.3%  -23.2%     31.5%    67.5%    23.6%
Share price             -10.8%   -16.7%  -21.5%     24.1%    63.3%    19.3%
MSCI EM Latin America    -8.3%   -15.9%  -16.0%     28.2%    86.7%    38.7%
US Dollars:
Net asset value^        -13.6%   -21.2%  -28.2%     25.5%    48.7%    -3.8%
MSCI EM Latin America   -13.1%   -19.0%  -21.5%     22.3%    65.7%     8.0%

^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:               532.94p
Net asset value - cum income:                 542.40p
Net asset value - capital only and with
                      bond at fair value:     526.14p
Net asset value - cum income and with
                      bond at fair value:     535.59p
Net asset value - capital with bond
                               converted:     532.94p
Net asset value - cum income and with
                          bond converted:     542.40p
Share price:                                  504.00p
Total Assets*:                               £277.09m
Discount (share price to cum income NAV
              with bond at fair value***):       7.1%
Average discount** over the month - cum income:  4.5%
Gearing**:                                      11.3%
Net yield:                                       3.9%
Ordinary shares in issue~:                 41,574,247

*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 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.
~Excluding 2,192,065 shares held in treasury.

Geographic Regional Exposure            % Total Assets

Brazil                                        62.2
Mexico                                        17.3
Chile                                          3.7
Colombia                                       2.7
Peru                                           2.1
Panama                                         1.4
Argentina                                      0.7
Net current assets (inc.Fixed interest)        9.9
                                             -----
Total                                        100.0
                                             -----

Ten Largest Equity Investments (in percentage order)

Company                                 Country of Risk
                                                % of Company

Vale                                    Brazil     10.8
América Móvil                           Mexico      8.7
Petrobrás                               Brazil      6.6
Banco Bradesco                          Brazil      5.0
Formento Economico Mexicano             Mexico      4.5
AmBev                                   Brazil      4.5
Itau Unibanco                           Brazil      3.5
CCR                                     Brazil      3.0
Groupo Televisa                         Mexico      2.1
Natura Cosmésticos                      Brazil      2.0

Commenting on the markets, Will Landers, representing the investment
Manager noted;

Performance

For the month of May 2012, the Company posted a 8.9% (NAV at par) decrease in
its NAV while the shares fell by 10.8% (all in sterling terms) and the
Company's benchmark, the MSCI EM Latin America Index returned 8.3%. 

Positive contributions to performance during the month stemmed primarily from
stock selection in Brazil and Mexico, an overweight in Panama as well as
Brazilian and Mexican bonds.  The largest individual positive contributors for
the month included Mexican beverage name Femsa, Copa Airlines in Panama,
Brazilian toll road operator CCR and not owning Mexican retailer Grupo
Elektra.  Weighing on performance for the month was the gearing and an
underweight to Colombia.  Individual negative contributions to performance for
the month came from Brazilian utility Cemig, Brazilian oil & gas producers OGX
and Quieroz Galvao and Brazilian homebuilder PDG.

Transactions/Gearing

During the month we added to telecom in Mexico (America Movil) and Brazil
(Tim), retailers in Chile via Falabella, metals & mining in Peru (Southern
Copper) and Brazil (Vale), media in Mexico via Televisa, and Bradesco and
Bancolombia on the banking side.   These moves were funded by reducing exposure
to Itau, Buenaventura, Ambev, Walmex and Chilean utility E-CL. 

Positioning

The health of the global economy, especially Europe, continues to be a major
risk for investors.  Brazil is still seen as a high risk market, so in general
investors tend to stay away from the market in periods of "risk-off", as we are
currently living through.  In the past, these have proven to be buying
opportunities, once the uncertainties diminish.  We remain positive on the
prospects for Brazilian equities in the second half of 2012 and as such we
continue to be overweight Brazil. We currently favour a barbell strategy
focused on consumers stocks that stand to benefit from the growth in the middle
class as well as exporters that benefit from a weaker currency.  Our
expectation is for lower interest rates in Brazil which are already at
historically low levels.  There has been increasing noise around the
forthcoming Presidential election in Mexico and we continue to monitor the
situation closely.  We remain underweight Mexico, especially given recent
disappointing data out of the US.  Liquidity and valuation continue to weigh on
opportunities in the Andean region despite attractive growth rates.

20 June 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.