Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 December 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^         -2.9%    -3.9%  -14.8%   -34.5%    71.0%     57.1%
Share price              -3.0%    -4.4%  -13.9%   -37.2%    70.6%     48.8%
MSCI EM Latin America    -3.5%    -4.4%  -14.8%   -27.7%    55.7%     71.0%

US Dollars:
Net asset value^         -1.8%    -1.7%  -13.1%   -30.7%    97.2%     50.2%
MSCI EM Latin America    -2.4%    -2.3%  -13.2%   -23.5%    79.4%     63.3%

^cum income
^^^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:               477.53p
Net asset value - cum income:                 483.68p
Share price:                                  434.25p
Total Assets#:                                £195.5m
Discount(share price to cum income NAV):        10.2%
Average discount* over the month - cum income:  10.6%
Gearing at month end**:                          1.9%
Gearing range (as a % of net assets):           0-25%
Net yield##:                                     4.5%
Ordinary shares in issue***:               39,369,620

#Total assets include current year revenue.
## calculated using total dividends declared for the financial year ended 31
December 2012 as a percentage of month end share price.
*The discount is calculated using the cum income NAV (expressed in sterling
terms).
**Gearing is calculated using debt at par, less cash and cash equivalents and
fixed interest investments as a percentage of net assets.
***Excluding 2,071,662 shares held in treasury.

Geographic Regional Exposure                                           
                                                                       
                            % Total    % of Equity        MSCI EM Latin
                             Assets    Portfolio *       American Index
                                                                       
Brazil                         59.7           60.3                 56.0
Mexico                         29.9           30.1                 28.2
Chile                           2.7            2.7                  8.2
Colombia                        1.5            1.5                  5.4
Panama                          1.2            1.2                  0.0
Peru                            4.2            4.2                  2.2
Argentina                       0.0            0.0                  0.0
Net current assets                                                     
(inc.Fixed interest)            0.8            0.0                  0.0
                              -----          -----                -----
Total                         100.0          100.0                100.0
                              -----          -----                -----
                                                                       
*excluding net current assets & fixed interest                        

Ten Largest Equity Investments (in percentage order)                     
                                                                         
                                                            % of         
                                                          equity         
Company                            Country of Risk     portfolio  % of BM
                                                                         
Vale                                   Brazil                7.9      6.3
Itau Unibanco                          Brazil                7.8      4.6
Petrobras                              Brazil                4.8      7.0
Banco Bradesco                         Brazil                4.5      4.8
Cemex                                  Mexico                4.0      1.8
GroupoTelevisa                         Mexico                4.0      2.1
BB Seguridade                          Brazil                3.7      0.9
America Movil                          Mexico                3.5      5.7
FEMSA                                  Mexico                3.4      2.6
Kroton                                 Brazil                3.4      0.4
 
Commenting on the markets, Will Landers, representing the investment
Manager noted;

Summary of Performance over the period

For December 2013, the Company's NAV fell by 2.9% while the shares fell by
3.0% (all in sterling terms with income reinvested) and the Company's
benchmark, the MSCI EM Latin America Free Index fell by 3.5%. 

Fund Manager's Commentary

Positive contributions to performance stemmed primarily from stock selection in
Brazil and overweights and stock selection in Mexico and Peru.  In Brazil, the
largest individual contributors included underweights to Petrobras and Bradesco
and an overweight to Usiminas.  In Mexico, the largest individual contribution
came from an overweight to Cemex.  An overweight to Grana Y Montero in Peru
also contributed positively.  The overweight to Brazil weighed on performance
and somewhat offset the strong stock selection for the month.  The gearing also
weighed on performance.  The largest individual detractors included not owning
Grupo Mexico, Grupo Inbursa and CSN.  Overweights to BB Seguridade and Brasil
Foods also detracted from performance.

Net gearing was 1.9% at the end of December.

During the month we reduced our underweight to materials by adding to Vale,
Suzano and Cemex.  We also added to Bradesco and Vesta. These moves were
partially funded by exiting Pacific Rubiales and Iochpe-Maxion as well as
reducing exposure to Brasil Foods, Petrobras and Banorte.

We enter 2014 positioned to benefit from a market that should reward stock
picking over global themes.  As a result of the bottom-up stock picking we have
maintained our overweight to Brazil, remain slightly overweight Mexico, have
some exposure to Peru and Colombia and a large underweight in Chile.  In
Brazil, cheap valuations, the end of the interest rate tightening cycle, recent
successes in infrastructure auctions and a market with low expectations
regarding growth lead us to expect a better year than in 2013.  Mexico had a
successful year on the reform front during 2013, but growth was below
expectations and a pick-up in activity has been slow to develop - expensive
valuations limit our exposure to the country.  In the Andean region, as always,
we continue to search for interesting ideas with attractive valuations and
adequate liquidity - not an easy combination to find in that part of our
market.

17 January 2014

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.