Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 August 2013 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^         -6.7%   -16.5%   -8.6%   -21.3%     1.8%     57.2%
Net asset value^^        -6.0%   -15.9%   -8.6%   -18.2%     1.7%     57.1%
Share price              -7.3%   -19.9%  -12.0%   -27.1%    -6.1%     43.7%
MSCI EM Latin America    -5.1%   -14.5%   -8.9%   -16.1%     5.8%     72.6%
US Dollars:
Net asset value^         -4.9%   -14.8%  -11.0%   -20.7%   -13.6%     40.2%
Net asset value^^        -6.4%   -16.3%  -13.1%   -19.6%   -15.7%     36.8%
MSCI EM Latin America    -3.1%   -12.7%  -11.3%   -15.5%   -10.2%     53.9%

^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 and
                  with bond at par value~:    481.46p
Net asset value - cum income and
                  with bond at par value~:    493.20p
Net asset value - capital only and with
                      bond at fair value~~:   479.85p
Net asset value - cum income and with
                      bond at fair value~~:   491.58p
Net asset value - capital with bond
                               converted~~~:  479.85p
Net asset value - cum income and with
                          bond converted~~~:  491.58p
Share price:                                  428.50p
Total Assets#:                               £235.3m
Discount(share price to cum income NAV
              with bond at fair value*):        12.8%
Average discount* over the month - cum income:  10.9%
Gearing at month end**:                          9.5%
Gearing range (as a % of net assets):           0-25%
Net yield:                                       4.5%
Ordinary shares in issue***:               39,361,585
 
~Par value refers to the par-value of the convertible bond which is also the
amount repayable to holders on the maturity of the bond.

~~Fair value refers to the price at which the bond is currently traded in the
market. The variance in the NAV performance using these different methods to
value the bond is to illustrate the effects of dilution should the bond be
converted.

~~~Where the current Net Asset Value (including income) in US dollar terms with
bond at fair value exceeds the conversion price of US$9.83 for the convertible
bond, the Net Asset Value is shown on a fully diluted basis, reflecting the
impact of converting the bond at a lower value.  Where the current Net Asset
Value (including income) in US dollar terms with bond at fair value does not
exceed the conversion price, the Net Asset Value will be the same as that
without the conversion of the bond.

#Total assets include current year revenue.

*The Discount is calculated based on the methodology for calculation of the Net
Asset Value (expressed in sterling terms) as set out in the preceding statement

**Gearing is calculated using debt at par, less cash and cash equivalents and
fixed interest investments as a percentage of net assets.

***Excluding 2,212,662 shares held in treasury.

Geographic Regional Exposure                                           
                                                                       
                            % Total    % of Equity        MSCI EM Latin
                             Assets    Portfolio *       American Index
                                                                       
Brazil                         53.9           59.7                 55.7
Mexico                         26.5           29.3                 27.0
Chile                           3.3            3.7                  8.8
Colombia                        3.0            3.3                  6.3
Panama                          1.4            1.6                  0.0
Peru                            2.2            2.4                  2.2
Argentina                       0.0            0.0                  0.0
Net current assets                                                     
(inc.Fixed interest)            9.7            0.0                     
                              -----          -----                -----
Total                         100.0          100.0                100.0
                              -----          -----                -----
                                                                       
 *excluding net current assets & fixed interest                        
  
Ten Largest Equity Investments (in percentage order)                                        
                                                                                            
Company                            Country of Risk     % of equity portfolio  % of benchmark
                                                                                            
Itau Unibanco                          Brazil                            6.4             4.5
FEMSA                                  Mexico                            4.3             2.7
Groupo Televisa                        Mexico                            3.9             1.9
CCR                                    Brazil                            3.7             0.9
Cemex                                  Mexico                            3.7             1.9
BM & F Bovespa                         Brazil                            3.7             1.4
Petroleo Brasileiro                    Brazil                            3.6                
Vale                                   Brazil                            3.5             6.4
Ambev                                  Brazil                            3.2             4.2
America Movil                          Mexico                            3.1             5.4

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

Summary of Performance over the period

For August 2013, the Company's NAV fell by 6.0% (NAV at Fair Value) while the
shares fell by 7.3% (all in sterling terms) and the Company's benchmark, the
MSCI EM Latin America Free Index fell by 5.1%. 

Fund Manager's Commentary

Positive contributions to performance stemmed from our above benchmark exposure
to Brazil.  Individual positive contributions to performance came from our
holdings in Gerdau, Brasil Foods and Klabin. Performance however, was
adversely impacted by stock selection in Brazil and our above benchmark
exposure to Mexico.  The largest individual detractors from relative performance
were Vale and Petrobras which outperformed the benchmark and we had a below
benchmark weighting and overweight to CCR.  Grupo Mexico also weighed on
performance.

Net gearing was 10.9% at the end of August (including bonds as cash).

During the month we switched some exposure from Brazil to more market sensitive
Mexican stocks which we feel stand to benefit from energy reform.  In Brazil we
sold our holding in Energias do Brasil entirely and reduced exposure to
Bradesco and BM&F Bovespa while in Mexico we initiated a position in Grupo
Mexico given its potential to benefit from energy reform and added to Cemex
given improving business trends, especially in the US.  We reduced exposure to
Vale on strength, and added to Gerdau and Petrobras.  We also initiated a
position in Southern Copper given signs for demand stabilizing in China.

Brazil remains our top overweight, albeit at a lower level.  We continue to
find that the country offers the most attractive investment opportunities from
a bottom-up perspective, with the better than expected second quarter economic
growth along with in-line earnings results in the quarter strengthening
our preference.  Mexico is also an overweight, albeit at a much lower relative
level than Brazil - with the potential positive impact from the proposed energy
reform being somewhat offset by weaker current economic activity and less
attractive valuations than we find in Brazil.  A recent visit to the Andean
region reinforced our views that the region offers few investable
opportunities, in most cases at expensive valuation levels - we remain
underweight all three Andean countries.

Convertible Unsecured Bonds

It was announced on 10 September 2013 that convertible bonds (Bonds) with a
nominal amount of US$47,003,000 have been tendered and will be cancelled.

The purchase price pursuant to the Offer equals the aggregate nominal amount of
the Bonds of the relevant holders of Bonds (Bondholders) accepted for purchase
less the pro rata costs of the Offer (rounded down to the nearest cent)
(Purchase Price) The Purchase Price will be US$998.78 per US$1,000 in nominal
amount of Bonds.

The calculation date is 15 September 2013 and the Purchase Price will be paid
on 16 September 2013. The payment of interest for the six month period up to
(but excluding) 15 September 2013 will be made separately from the Purchase
Price.

Following cancellation the nominal amount of the Bonds outstanding will be
US$16,997,000 which is less than 25% in nominal amount of the Bonds originally
issued. This enables the Company on giving not less than 15 nor more than 45
days' notice in writing (an Optional Conversion Notice) to the Trustee and all
Bondholders, to convert, on the date (Optional Conversion Date) specified in
the Optional Conversion Notice, the whole (but not part only) of the Bonds into
ordinary shares at the conversion price applicable on the Optional Conversion
Date.

Once such an Optional Conversion Notice has been given the holding of Bonds of
each Bondholder shall be automatically converted at the conversion price
applicable on the Optional Conversion Date. However each Bondholder shall have
the right, by giving written notice to the Company within 15 days after the
service of an Optional Conversion Notice, to irrevocably require the Company,
in lieu of converting, to repay the whole or such part of their Bonds as may be
specified in such notice, at their nominal amount on the Optional Conversion
Date together with interest accrued up to but excluding the Optional Conversion
Date.

The Board intends to serve an Optional Conversion Notice as soon as
practicable.

It is expected that following the repurchase of the Bonds the Company will have
net gearing of approximately 10%.

16 September 2013

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.