Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 28 February 2014 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^          1.3%   -10.4%  -28.2%   -33.4%    69.3%     45.0%
Share price               3.0%    -9.4%  -25.5%   -33.9%    60.6%     39.0%
MSCI EM Latin America    -0.1%   -12.0%  -28.1%   -29.8%    48.8%     55.9%
US Dollars:              
Net asset value^          3.3%    -8.3%  -20.7%   -31.4%    99.2%     40.2%
MSCI EM Latin America     1.9%   -10.0%  -20.6%   -27.6%    75.0%     50.6%

^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:               435.27p
Net asset value - cum income:                 446.37p
Share price:                                  405.63p
Total Assets#:                                £177.8m
Discount(share price to cum income NAV):         9.1%
Average discount* over the month - cum income:   8.4%
Gearing at month end**:                           0.5%
Gearing range (as a % of net assets):           0-25%
Net yield##:                                     4.4%
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 2013 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                                               
                                                                       
                                               %      % of                 
                                           Total    Equity     MSCI EM Latin
                                          Assets Portfolio*   American Index
                                                                           
Brazil                                      61.0      61.4             55.9
Mexico                                      27.8      28.0             27.6
Peru                                         5.6       5.7              2.4
Chile                                        2.7       2.7              8.7
Colombia                                     1.7       1.7              5.4
Panama                                       0.5       0.5              0.0
Net current assets (inc.Fixed interest)      0.7       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                             8.3              5.0
Vale                                 Brazil                             7.6              6.3
AmBev                                Brazil                             5.7              5.1
Banco Bradesco                       Brazil                             4.6              4.9
CEMEX Latam                          Mexico                             4.3              2.4   
Grupo Televisa                       Mexico                             4.2              2.3
BB Seguridade                        Brazil                             3.9              0.9
Petrobras                            Brazil                             3.7              6.1
America Movil                        Mexico                             3.2              5.2
Credicorp                            Peru                               3.1              1.3

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

Performance

For the month of February 2014, the Company's NAV increased by 1.3% (undiluted
NAV) and the share price increased by 3.0% (all in sterling terms) whilst the
Company's benchmark, the MSCI EM Latin America Free Index, decreased by 0.1%. 

Positive contributions to performance stemmed primarily from stock selection in
Brazil and Mexico.  An overweight to Brazil also contributed positively.  At
the stock level, Itau performed strongly ahead of the Brazilian Central Bank's
decision to raise the SELIC rate (the Bank's overnight rate) and after
reporting strong 4Q13 results.   An underweight to Petrobras helped performance
as they reported weak 4Q13 results and their recently announced capex program
was not well received by the market.  An underweight to America Movil
contributed positively as regulatory uncertainty weighed on the stock. 
Weighing on performance was an underweight to Chile and stock selection in
Peru.  The largest individual detractors included overweights to Peruvian
construction company Grana y Montero and Mexican exchange Bolsa Mexicana.

Transactions/Gearing

During the month we increased exposure to consumers by adding to Brazilian
drugstore chain Drogasil and Brazilian retailer CBD, both due to attractive
valuation levels.  We also added to our position in Marcopolo which would be a
beneficiary of potential new contracts for public and school transportation in
Brazil.  We reduced exposure to Mexico by reducing Cemex and Femsa.  In Brazil,
we reduced education by selling Anhanguera.  We also sold Brazilian energy name
Queiroz Galvao due to delays in its exploration program.

Net gearing was approximately 0.5% at the end of February.

Positioning

We enter March with overweights to Brazil and Peru, underweights to Chile and
Colombia, and a neutral position in Mexico.  Brazil continues to offer the most
attractive valuation levels in the region - the Central Bank, after its most
recent 25 bps interest rate increase, looks close to the end of the tightening
cycle, and any improvement in sentiment towards Brazil could lead to a rerating
of the market.  Meanwhile, Mexico continues to struggle to show signs of an
economic recovery while its market valuations remain among the highest in the
emerging world.  Our exposure to the Andean region remains focused on specific
stocks, with the economy in Chile remaining clouded by the incoming Bachelet
administration and expected changes in fiscal policy.

14 March 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.