Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 30 June 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^          2.4%    6.1%    -1.6%   -25.3%    34.5%     66.5%
Share price              -0.4%    7.5%     2.0%   -24.5%    28.2%     59.0%
MSCI EM Latin America     2.2%    4.3%    -3.0%   -21.7%    27.6%     77.9%
US Dollars:              
Net asset value^          4.4%    8.8%    11.0%   -20.3%    41.0%     64.4%
Share price               1.5%   10.3%    15.1%   -19.5%    33.3%     57.0%
MSCI EM Latin America     4.2%    7.0%     9.3%   -16.6%    32.5%     75.4%

^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:                492.87p
Net asset value - cum income:                  502.79p
Share price:                                   454.00p
Total Assets#:                                 £202.0m
Discount(share price to cum income NAV):          9.7%
Average discount* over the month - cum income:   10.1%
Gearing at month end**:                           1.8%
Gearing range (as a % of net assets):            0-25%
Net yield##:                                      3.9%
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                                      61.3      61.5             57.3
Mexico                                      28.2      28.3             27.0
Peru                                         6.0       6.0              2.3
Chile                                        2.0       2.0              8.0
Colombia                                     1.7       1.7              5.4
Argentina                                    0.5       0.5              0.0
Net current assets (inc.Fixed interest)      0.3       0.0              0.0
                                           -----     -----            -----
Total                                      100.0     100.0            100.0
                                           -----     -----            -----
                                                                           
 *excluding net current assets & fixed interest                            

                                          % of      % of
Sector                            Total Assets Benchmark
                                                                                    
Materials                                 11.5      15.6
Consumer Discretionary                    13.8       7.0
Consumer Staples                          20.0      17.8
Financials                                31.6      28.1
Health Care                                0.0       0.7
Industrials                                7.8       6.2
Information Technology                     0.0       2.2
Energy                                    11.3      10.3
Telecommunication Services                 2.2       6.5
Utilities                                  1.5       5.6
Fixed Income                               0.3       0.0
Net current assets                         0.0       0.0
                                         -----     -----
Total                                    100.0     100.0
                                         -----     -----

Ten Largest Equity Investments (in percentage order)                                                      
                                                                                                          
Company               Country of Risk     % of equity portfolio   % of benchmark
                                                                                                          
Itau Unibanco             Brazil                   8.3                 5.1
Petrobras                 Brazil                   7.0                 7.0
AmBev                     Brazil                   4.8                 4.3
Banco Bradesco            Brazil                   4.6                 5.1
BB Seguridade             Brazil                   4.5                 1.3   
Vale                      Brazil                   4.2                 5.1   
Kroton Educacional        Brazil                   4.2                 0.8
Grupo Televisa            Mexico                   4.1                 2.3
Creditcorp                Peru                     3.6                 1.4
BRF                       Brazil                   3.5                 2.0
                                                                                                          
Commenting on the markets, Will Landers, representing the investment
Manager noted;

Performance

For the month of June 2014, the Company's NAV increased by 2.4% (undiluted NAV)
and the share price fell by -0.4% (all in sterling terms with net income reinvested) 
whilst the Company's benchmark, the MSCI EM Latin America Free Index, increased 
by 2.2%. 

Positive contributions to performance stemmed primarily from our lower than
benchmark exposure to Chile.  Chile lagged as a result of disappointing
economic growth data.  The largest individual contributors to performance
included our higher than benchmark positions BB Seguridade and Kroton
Educacional, both in Brazil.  Stock selection in Brazil, however, in aggregate
detracted from performance with Itau performing poorly.  Credicorp in Peru also
weighed on performance.

Transactions/Gearing

During the month we continued to reduce exposure to materials by cutting
exposure to Vale.  Conversely, we initiated a position in YPF as a result of
attractive valuations and what we feel is reduced risk for the sector given
changes in the regulatory framework in Argentina (our first investment in the
country in several years).  We also added to Brasil Foods and have started to
add to Mexico via Fibra Uno (Mexico's largest publicly traded Real Estate
Investment Trust), Alsea (franchisee for several global brands) and Arca (2nd
largest Coca-Cola bottler in Latin America).

Net gearing was approximately 2.5% at the end of June.

Positioning

We enter the second half of 2014 with a higher than benchmark exposure to
Brazil given the growing prospects of an opposition victory in Brazil's
presidential elections in October.  As the campaign moves into high gear in
August, we will be following polling closely and make adjustments to our
Brazilian holdings as needed.  We have also started selectively to add to
Mexico on the expectation of better economic performance during the second half
of 2014 - overall market valuations for Mexican equities, however, continue to
look challenging to us.  Uncertainties around the proposed fiscal reforms in
Chile keep the country as our largest underweight, while Peru remains our
favoured Andean market for the second half of 2014.

16 July 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.