Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 August 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^         10.6%   15.3%    19.3%    -4.4%    27.7%     87.6%
Share price               6.2%    8.8%    20.9%    -8.4%    16.6%     73.8%
MSCI EM Latin America     9.8%   14.8%    15.8%    -2.4%    27.4%     99.9%
US Dollars:              
Net asset value^          8.8%   14.2%    28.3%    -2.3%    30.2%     79.9%
Share price               4.5%    7.7%    29.9%    -6.4%    18.9%     66.6%
MSCI EM Latin America     8.0%   13.6%    24.4%    -0.4%    29.8%     91.4%

^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:                552.78p
Net asset value - cum income:                  566.47p
Share price:                                   496.00p
Total Assets#:                                 £223.6m
Discount(share price to cum income NAV):         12.4%
Average discount* over the month - cum income:   11.7%
Gearing at month end**:                            1.1%
Gearing range (as a % of net assets):            0-25%
Net yield##:                                      3.6%
Ordinary shares in issue***:                39,369,620
Ongoing charges****:                              1.1%
 
#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.
**** Calculated as a percentage of average net assets and using expenses,
excluding performance fees and interest costs for the year ended 31 December
2013.

                                            % of      % of               
                                           Total    Equity    MSCI EM Latin
Geographic Exposure                       Assets Portfolio*  American Index
                                                                           
Brazil                                      64.4      63.9             59.4
Mexico                                      26.6      26.4             26.3
Peru                                         6.4       6.4              2.2
Chile                                        1.8       1.8              7.0
Colombia                                     1.6       1.5              5.1
Net current liabilities (inc.Fixed                                         
interest)                                   -0.8       0.0              0.0
                                           -----     -----            -----
Total                                      100.0     100.0            100.0
                                           -----     -----            -----

 *excluding net current assets & fixed interest 

Sector                                   % of Total Assets    % of Benchmark

Materials                                10.7                 14.6
Consumer Discretionary                   11.1                  6.7
Consumer Staples                         19.3                 16.9
Financials                               34.3                 29.6
Health Care                               0.0                  0.7
Industrials                               7.2                  6.0
Information Technology                    0.0                  1.8
Energy                                   13.5                 11.7
Telecommunication Services                3.1                  6.6
Utilities                                 1.6                  5.4
Fixed Income                              0.4                  0.0
Net current liabilities                  -1.2                  0.0
                                        -----                -----
Total                                   100.0                100.0
                                        -----                -----

Ten Largest Equity Investments (in percentage order)                                                
                                                                                                    
Company                  Country of Risk  % of Equity Portfolio   % of Benchmark
                                                                                                    
Petrobras                Brazil                             9.4              8.6
Itau Unibanco            Brazil                             9.2              7.7
Banco Bradesco           Brazil                             6.5              5.9
AmBev                    Brazil                             4.6              4.0
BB Seguridade            Brazil                             4.5              1.3   
Kroton Educacional       Brazil                             3.9              1.2   
BRF                      Brazil                             3.5              2.1   
Credicorp                Peru                               3.3              1.2   
Vale                     Brazil                             3.2              4.6   
America Movil            Mexico                             3.1              4.9
                                                                                                    
Commenting on the markets, Will Landers, representing the investment
Manager noted;

Performance

For the month of August 2014, the Company's NAV increased by 10.6% and the
share price increased by 6.2%, while the Company's benchmark, the MSCI EM Latin
America Free Index, increased by 9.8% (all in sterling terms with net income
reinvested). 

Positive contributions to performance stemmed primarily from stock selection in
Brazil.  Chile and Colombia, where we have lower exposure than the benchmark,
together with good stock selection in Mexico also contributed positively.  In
Brazil, the largest positive contributions came from Cosan and Itau Unibanco as
well as our lower than market weighting to Vale.  Weighing on performance were
our holdings in Peru, especially Grana y Montero.  Petrobras and Mills also
weighed on performance for the month.

Transactions/Gearing

During the month we added to our position in Petrobras as we feel they stand to
benefit most from the changing political landscape.  We also added to Brazilian
banks via Bradesco as we remain positive on the sector overall.  We initiated a
position in Corpbanca in Chile.  We reduced exposure to Vale (weak iron ore
prices and potentially tougher environmental regulations under a Marina Silva
government) and exited YPF (due to Argentina's prolonged negotiations post
default) and Mills (weakening fundamentals). 

Net gearing was approximately 1.1% at the end of August.

Positioning

The Brazilian political landscape shifted dramatically in August as a result of
the tragic and untimely death of presidential candidate Eduardo Campos.  His
replacement, Marina Silva, has seen a meteoric rise to the top of the polls and
appears to be the likely challenger if the elections go into a second round. 
Exposure to Brazil remains higher than that of the benchmark and we continue to
be positioned for an opposition win on 5 October 2014.  We expect some near
term volatility as election day approaches.  While Mexico stands to benefit in
the short term from improving economic figures in the US, we remain in line
with the benchmark weighting as the recovery has been slow to materialize. 
Elsewhere in the region Peru is still our preferred country in the Andean
region.

15 September 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.