Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 28 February 2015 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^          1.0%   -10.5%    2.6%   -27.4%   -21.6%     48.8%
Share price              -0.3%   -11.3%   -0.4%   -29.4%   -26.5%     38.4%
MSCI EM Latin America     1.3%    -9.9%    1.2%   -29.0%   -21.6%     57.7%

US Dollars:   
Net asset value^          3.9%   -11.7%   -5.3%   -29.6%   -20.3%     32.8%
Share price               2.6%   -12.4%   -8.2%   -31.6%   -25.3%     23.4%
MSCI EM Latin America     4.2%   -11.1%   -6.7%   -31.3%   -20.4%     40.5%

^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:                430.15p
Net asset value - cum income:                  442.28p
Share price:                                   388.00p
Total Assets#:                                 £174.9m
Discount (share price to cum income NAV):        12.3%
Average discount* over the month - cum income:   12.3%
Net cash at month end**:                          3.3%
Gearing range (as a % of net assets):            0-25%
Net yield##:                                      4.7%
Ordinary shares in issue***:                39,369,620
Ongoing charges****:                              1.2%

#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
2014.

Geographic Exposure                                                        
                                            % of      % of                
                                           Total    Equity    MSCI EM Latin
                                          Assets Portfolio*  American Index
                                                                           
Brazil                                      50.6      52.6             52.8
Mexico                                      35.9      37.3             31.0
Peru                                         6.3       6.5              2.8
Chile                                        2.0       2.0              9.0
Colombia                                     1.5       1.6              4.4
Net current assets (inc.Fixed interest)      3.7       0.0              0.0
                                           -----     -----            -----
Total                                      100.0     100.0            100.0
                                           -----     -----            -----

 *excluding net current assets & fixed interest                            

Sector                      % of Total Assets  % of Benchmark
                                                                                     
Materials                                12.5            14.2
Consumer Discretionary                    8.1             7.1
Consumer Staples                         23.2            20.1
Financials                               34.5            29.5
Health Care                               1.6             0.6
Industrials                               5.7             6.3
Information Technology                    1.8             2.1
Energy                                    3.3             6.9
Telecommunication Services                4.0             7.7
Utilities                                 1.7             5.5
Fixed Income                              1.0             0.0
Net current assets                        2.6             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                   9.2                  5.8
Banco Bradesco         Brazil                   7.1                  5.9
AmBev                  Brazil                   5.7                  4.9
Cemex SAB              Mexico                   5.0                  2.0
FEMSA                  Mexico                   4.9                  3.0
BB Seguridade          Brazil                   4.6                  1.3
BRF                    Brazil                   4.3                  2.4   
America Movil          Mexico                   4.1                  5.9   
Credicorp              Peru                     3.8                  1.6
Wal-Mart de Mexico     Mexico                   3.4                  2.1

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

Performance

For the month of February 2015, the Company's NAV rose by 1.0% and the shares
fell by 0.3% (all in sterling terms), while the Company's benchmark, the MSCI
EM Latin America Free Index rose by 1.3%. 

Positive contributions to performance stemmed primarily from stock selection in
Mexico and an underweight to Colombia.  The negative impact of lower oil prices
continues to be digested by the Colombian economy.  The largest individual
contributors were Cemex SAB and Wal-Mart de Mexico.  Cemex SAB was positively
impacted by the company's announcement that they will divest assets and
continue to lower debt levels.  Wal-Mart de Mexico led a rally in consumer
staples as domestic consumption appears to be improving. 

Weighing on performance was stock selection in Brazil and cash which averaged
3.6%.  The largest detractors were education stock Kroton Educacional and a lack
of exposure to Petrobras.  Uncertainty around changes to government-financed
student loans weighed on the Brazilian education sector, especially Kroton
Educacional.  Despite the Moody's downgrade to Petrobras the stock rose by over
10% as oil advanced by more than 3% during February.  
 
Transactions/Gearing

During the month we increased Mexico and reduced Brazil.  In Mexico, we
initiated a position in Grupo Mexico given attractive valuations and advances
in the proposed listing of the company's logistics assets.  This move reduced
our underweight to materials.  We initiated a position in Mexico's premier
low-cost airline Volaris, which we feel is well positioned to benefit from
falling jet fuel prices and a more rational competitive environment in the
Mexican airline market.  We also added to Brazilian healthcare stock
Qualicorp.  These moves were partially funded by selling Grupo Aval in Colombia
and reducing exposure to Brazil via lowering our weights in Kroton
Educacional and Itau Unibanco and exiting Ser Educacional.  In addition, we
exited Kimberly Clark de Mexico due to margin pressure from the weaker Peso and
reduced exposure to Alfa given the lack of visibility regarding its energy
investments.
 
Net cash was approximately 3.3% at the end of February.

Positioning

We currently hold one of the highest overweights and absolute weights in Mexico
in recent history.  The Mexican economy is finally showing signs of a domestic
recovery and the energy auction process is moving forward.  In addition, Mexico
is a direct beneficiary of the strengthening US economy.  Conversely, the
Company's current absolute weight in Brazil is at its lowest level since
assuming the mandate in 2006.  The headwinds from the fiscal adjustment
process, the Petrobras corruption investigation, and the potential electricity
rationing combine to pressure earnings forecasts and reduce the attractiveness
of the region's largest market.  We continue to find few attractive investment
opportunities in the Andean region, favouring Peru over Chile and Colombia. 
 
13 March 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.