Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 December 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^         -9.0%   -8.7%    -3.7%   -13.7%   -20.8%     51.4%
Share price              -8.4%  -10.2%    -4.0%   -16.1%   -26.8%     42.9%
MSCI EM Latin America    -8.7%   -9.9%    -6.6%   -17.1%   -20.0%     59.8%
US Dollars:               
Net asset value^         -9.4%  -12.2%    -9.3%   -13.3%   -23.4%     36.3%
Share price              -8.8%  -13.6%    -9.6%   -15.7%   -29.2%     28.6%
MSCI EM Latin America    -9.1%  -13.4%   -12.0%   -16.8%   -22.7%     43.7%

^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:                439.71p
Net asset value - cum income:                  449.83p
Share price:                                   400.50p
Total Assets#:                                 £177.9m
Discount(share price to cum income NAV):         11.0%
Average discount* over the month - cum income:   11.2%
Net cash at month end**:                          1.7%
Gearing range (as a % of net assets):            0-25%
Net yield##:                                      4.5%
Ordinary shares in issue***:                39,369,620
Ongoing charges****:                              1.1%
 
#Total assets include current year revenue.
## calculated using total dividends declared in the last 12 months as at the
date of this announcement as a percentage of month end share price.
*The discount is calculated using the cum income NAV (expressed in sterling
terms).
**Net cash/net 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.

Geographic Exposure            
        
                                     % of Total     % of Equity         MSCI EM Latin
                                         Assets       Portfolio*       American Index
                                                                  
Brazil                                     53.7            54.9                  53.8
Mexico                                     33.3            34.0                  29.9
Peru                                        6.5             6.6                   2.8
Colombia                                    2.5             2.6                   4.9
Chile                                       1.8             1.9                   8.6
Net current assets (inc.Fixed interest)     2.2             0.0                   0.0     
                                          -----           -----                 -----
Total                                     100.0           100.0                 100.0
                                          -----           -----                 -----
                                               
*excluding net current assets & fixed interest        
                            
Sector                      % of Total Assets    % of Benchmark
   
Materials                                 9.9              14.3
Consumer Discretionary                   10.2               7.6
Consumer Staples                         23.2              19.1
Financials                               36.9              29.6
Health Care                               1.3               0.7
Industrials                               5.9               6.3
Information Technology                    1.7               2.0
Energy                                    3.1               7.1
Telecommunication Services                4.0               7.7
Utilities                                 1.6               5.6
Fixed Income                              1.1               0.0
Net current assets                        1.1               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                9.5                 5.7
Banco Bradesco              Brazil                7.3                 5.7
AmBev                       Brazil                5.4                 4.6
BB Seguridade               Brazil                4.9                 1.3
Cemex                       Mexico                4.8                 2.0
FEMSA                       Mexico                4.4                 2.8
BRF                         Brazil                4.3                 2.5
America Movil               Mexico                4.1                 6.0
Credicorp                   Peru                  4.0                 1.7
Kroton Educacional          Brazil                3.6                 1.3

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

Performance

For the month of December 2014, the Company's NAV fell by 9.0% and the share
price fell by 8.4% while the Company's benchmark, the MSCI EM Latin America
Free Index, fell by 8.7% (all in sterling terms). 

Positive contributions to performance stemmed primarily from stock selection in
Brazil and our above benchmark exposure to Peru.  In Brazil, the fact that we
had sold our entire holding in Petrobras made the largest individual
contribution to relative performance. Petrobras continues to be negatively
impacted by falling oil prices and the ongoing corruption scandal investigation
that the company is involved in.  Weighing on performance was stock selection
in Mexico and our below benchmark exposure to Chile.  The largest individual
detractor was Cemex in Mexico which underperformed as a result of ongoing
commodity price weakness.  Other detractors included Kroton Educacional which
fell on concerns regarding changes to government financed student loans; and
Itau Unibanco which suffered given concerns regarding the impact of the
economic slowdown on asset quality.

Transactions/Gearing

During December we reduced our holding in the Brazilian education company
Kroton Educacional due to the previously mentioned concerns.  We increased our
Mexican exposure by adding to consumer conglomerate Femsa and to Cemex given
attractive valuation levels. We also added to our position in pulp producer
Fibria in Brazil as a way to increase our exposure to companies that benefit
from a weaker Real.  We purchased new holdings in Qualicorp and Odontoprev: -
both are Brazilian healthcare stocks that we feel should post strong results in
2015 regardless of GDP performance.  This was partially funded by exiting Bolsa
Mexicana due to what we feel is an unattractive valuation. 

Net cash was approximately 1.7% at the end of December.

Positioning

We enter 2015 with the lowest absolute weighting (and exposure relative to the
benchmark) in Brazil since BlackRock were appointed as managers in 2006.
Brazil's prospects for 2015 are uncertain - growth was weak in 2014 and fiscal
adjustments being implemented by the new economic team should provide further
headwinds to growth.  In addition, the corruption investigation around
Petrobras and many of the country's largest infrastructure companies should
also be a headwind for growth.  Mexico is a recent high in terms of both
absolute and relative weights as the slow economic recovery continues and the
country should finally start to experience some of the positive aspects of the
reform process as oil field auctions begin in the second quarter of the year. 
Peru remains favoured given the prospects of improving economic growth
throughout 2015.  Exposure to Chile and Colombia remains below that of the
benchmark given the impact of lower commodity prices on their economies along
with the prospect of higher taxation for companies and individuals.

15 January 2015

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.