Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 30 September 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^          4.0%    -3.4%   -6.6%   -26.0%    36.6%     63.5%
Net asset value^^         3.8%    -2.8%   -6.8%   -23.1%    36.2%     63.0%
Share price               8.3%    -0.2%   -5.1%   -27.5%    39.4%     55.6%
MSCI EM Latin America     3.7%    -2.5%   -7.5%   -19.2%    33.4%     79.0%
US Dollars:
Net asset value^          9.0%     3.2%   -6.3%   -23.9%    24.2%     52.8%
Net asset value^^        11.4%     3.8%   -6.5%   -20.9%    23.9%     52.4%
MSCI EM Latin America     8.6%     4.1%   -7.3%   -17.0%    21.2%     67.1%

^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~:    500.33p
Net asset value - cum income and
                  with bond at par value~:    503.30p
Net asset value - capital only and with
                      bond at fair value~~:   497.47p
Net asset value - cum income and with
                      bond at fair value~~:   500.45p
Net asset value - capital with bond
                               converted~~~:  497.47p
Net asset value - cum income and with
                          bond converted~~~:  500.45p
Share price:                                  454.00p
Total Assets#:                                £217.4m
Discount(share price to cum income NAV
              with bond at fair value*):         9.3%
Average discount* over the month - cum income:  10.1%
Gearing at month end**:                          8.4%
Gearing range (as a % of net assets):           0-25%
Net yield:                                       5.7%
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                         60.6           62.0                 57.9
Mexico                         26.4           27.0                 25.5
Chile                           3.9            4.0                  8.5
Colombia                        2.6            2.7                  6.0
Panama                          1.5            1.5                  0.0
Peru                            2.7            2.8                  2.1
Net current assets                                                     
(inc.Fixed interest)            2.3            0.0                  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                          7.0             4.8
Petrobras                          Brazil                          6.2             7.7
Vale                               Brazil                          4.8             6.3
FEMSA                              Mexico                          4.1             2.5
Cemex                              Mexico                          3.5             1.7
CCR                                Brazil                          3.4             0.9
Groupo Televisa                    Mexico                          3.4             1.9
BB Seguridade                      Brazil                          3.3             0.8
Ambev                              Brazil                          3.1             4.3
BRF Sponsore                       Brazil                          3.1             2.1

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

Summary of Performance over the period

For September 2013, the Company's NAV rose by 3.8% (NAV at Fair Value) while
the shares rose by 8.3% (all in sterling terms).  The Company's benchmark, the
MSCI EM Latin America Free Index rose by 3.7%. 

Fund Manager's Commentary

Positive contributions to performance stemmed from our lower than benchmark
weighting in  Colombia.  Individual positive contributions to performance came
from BB Seguridade, Banco Itau and Hypermarcas, where we had above benchmark
weightings. Stock selection in, and our exposure to, Mexico detracted from
performance this month. Stock selection in Brazil also weighed on performance
but was somewhat offset by our above benchmark exposure to the market.  The
largest individual detractors were overweights to Fibra Hotelera and Cemex and
an underweight to Banco Bradesco. 

During the month we increased exposure to Petrobras, Vale and Kroton
Educacional.   These moves were funded by reducing exposure to Gerdau, Televisa
and Brasil Foods and selling our holdings in Brazilian and Mexican bonds.

Despite continuing to underperform global markets and a lack of positive policy
changes from Brasilia, Brazil remains our top overweight.  Our long term
confidence in the market is based on the country's  growing middle class and
the  attractive valuations available (currently trading at a forward profit to
earnings ratio for 2014 of approximately 9 times the valuation).  We expect GDP
(gross domestic product) growth for 2013 to be around 2.5%, which will
represent faster growth than each of the last two years.  Mexico remains an
overweight. President Pena Nieto's energy reform has the potential to be
transformational for Mexican growth, but the details of its final form are
still unclear; meanwhile, valuations are among the highest in global equities,
requiring positive news on the reform agenda for them to be sustainable.  We
continue to find small pockets of opportunity in the Andean region despite
liquidity constraints and/or high valuations.

Convertible Unsecured Bonds

It was announced on 10 September 2013 that convertible bonds (Bonds) with a
nominal amount of US$47,003,000 had been tendered and would be cancelled with
effect from 15 September 2013. The tender price was US$998.78 per US$1,000
nominal amount of the Bonds (the aggregate nominal amount of the Bonds of the
relevant holders of Bonds accepted for purchase, less the pro rata costs of the
Offer (rounded down to the nearest cent)) and was paid on 16 September 2013.

An Optional Conversion Notice was issued on 23 September 2013 whereby the
holding of Bonds of each Bondholder would be automatically converted at the
conversion price applicable on the Optional Conversion Date. However each
Bondholder also had the right, by giving written notice to the Company 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 announced on 10 October 2013 that it had received redemption requests
in respect of 16,918 Bonds with a nominal value of S$16,918,000. Settlement in
respect of the Bonds which are to be redeemed is expected to take place on 
16 October 2013.

The remaining 79 Bonds with a nominal value of US$79,000 will be converted into
Ordinary Shares on 16 October 2013 at the conversion price of US$9.83.

The payment of interest in respect of the Bonds for the period up to (but
excluding 16 October 2013) will be made separately on 16 October 2013.

Following the repurchase, redemption and conversion of the Bonds the Company
will have net gearing of approximately 9%.

15 October 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.