Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 January 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^         -2.6%   -12.3%    2.9%   -24.5%   -13.7%     47.4%
Share price              -2.9%   -12.6%    2.8%   -26.2%   -19.1%     38.8%
MSCI EM Latin America    -2.6%   -13.3%   -0.3%   -27.2%   -15.1%     55.7%
US Dollars:   
Net asset value^         -6.2%   -17.7%   -5.9%   -28.0%   -19.0%     27.8%
Share price              -6.4%   -18.0%   -6.0%   -29.6%   -24.1%     20.3%
MSCI EM Latin America    -6.2%   -18.6%   -8.9%   -30.7%   -20.4%     34.8%

^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:                426.70p
Net asset value - cum income:                  437.92p
Share price:                                   388.99p
Total Assets#:                                 £173.2m
Discount (share price to cum income NAV):        11.2%
Average discount* over the month - cum income:   11.9%
Net cash at month end**:                          2.2%
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 Equity        MSCI EM Latin    
                         Total Assets         Portfolio*      American Index  

Brazil                           53.8              55.1                 53.6  
Mexico                           32.7              33.9                 30.0  
Peru                              6.6               6.7                  2.8  
Colombia                          2.4               2.4                  4.7
Chile                             1.9               1.9                  8.9 
Net current assets 
(inc.Fixed interest)              2.6               0.0                  0.0 
                                -----             -----                -----  
Total                           100.0             100.0                100.0  
                                -----             -----                -----  

 *excluding net current assets & fixed interest

                                                 
Sector Assets              % of Total Sector               % of Benchmark

Materials                               10.3                         13.6
Consumer Discretionary                   9.5                          7.3
Consumer Staples                        23.5                         20.1
Financials                              35.9                         29.7
Health Care                              1.4                          0.7
Industrials                              5.8                          6.4
Information Technology                   1.8                          2.1
Energy                                   3.4                          6.6
Telecommunication Services               4.1                          8.0
Utilities                                1.7                          5.5
Fixed Income                             0.5                          0.0
Net current assets                       2.1                          0.0
                                       -----                        -----
Total                                  100.0                        100.0
                                       -----                        -----

Ten Largest Equity Investments (in percentage order)                                              
                                                                                                  
                                                                             % of                 
Company                                        Country of Risk   Equity Portfolio   % of Benchmark
                                                                                                  
Itau Unibanco                                  Brazil                         9.2              5.8
Banco Bradesco                                 Brazil                         7.1              5.8
AmBev                                          Brazil                         6.1              5.3
BB Seguridade Participações                    Brazil                         4.7              1.3
BRF                                            Brazil                         4.6              2.7   
Cemex                                          Mexico                         4.5              1.8
FEMSA                                          Mexico                         4.5              2.8   
America Movil                                  Mexico                         4.2              6.1   
Credicorp                                      Peru                           3.9              1.7
Kroton Educacional                             Brazil                         3.2              1.1

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

Performance

For the month of January 2015, the Company's NAV fell by 2.6% and the share
price fell by 2.9% while the Company's benchmark, the MSCI EM Latin America
Free Index, fell by 2.6%. 

Positive contributions to performance stemmed primarily from stock selection in
Brazil.  The largest individual contributors were the result of a lack of
exposure to Petrobras and Vale.  Of the names we held, Peruvian gold-miner
Buenaventura benefited as gold rose by over 8% during the month, and BRF
benefited as defensive sectors such as consumer staples were some of the best
performers in January.

Weighing on performance was stock selection in Mexico where the largest
detractor was Cemex, which continued to be negatively impacted by concerns
regarding the prospects for its operations in the US and Mexico.  Also weighing
on performance were Brazilian education stocks Ser and Kroton, which are under
pressure as a result of recent changes in government-financed student loans. 

Transactions/Gearing

During the month we rotated some of our Brazilian exposures.  We reduced Banco
Bradesco and Ultrapar Participações and exited BR Properties.  These sales
partially funded increases to Cosan and CCR.  The overall exposure to Brazil
was reduced during the month given the growing potential of electricity
rationing adding to the headwinds in the region's largest economy.  For the
time being, we increased cash levels, looking to deploy such funds
opportunistically.  

Net cash was approximately 2.2% at the end of January.

Positioning

We finished the first month of 2015 with one of the highest cash levels we have
held since assuming the mandate.  We continue to be defensive in Brazil, where
the combination of fiscal adjustments being implemented along with the
Petrobras investigation and potential for electricity rationing have weighed
heavily on forecasts for economic growth - but we don't believe have been fully
assimilated by consensus earnings forecasts.  The Mexican and Colombian
economies have been hit by the fall in oil prices - the first announcing a cut
to spending and the latter increasing taxes to offset lost oil revenues.  We
remain overweight in Mexico as, despite the fall in oil prices, we continue to
see slow but steady signs of economic recovery and remain underweight in
Colombia due to a much heavier immediate impact of falling oil prices on the
Andean economy.  Meanwhile, we maintain a large overweight in Peru due to
better growth prospects than all its peers, and a large underweight in Chile
given market unfriendly reforms in the process of being implemented by the
current administration.

19 February 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.