Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 30 April 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^          3.7%     1.0%   -6.9%   -19.0%   -26.6%     48.9%
Share price               4.3%     1.8%   -9.9%   -22.8%   -28.3%     41.3%
MSCI EM Latin America     6.6%     4.0%   -6.4%   -20.5%   -24.1%     61.9%
US Dollars:               
Net asset value^          7.3%     3.4%  -15.3%   -23.3%   -26.2%     32.1%
Share price               7.9%     4.1%  -18.1%   -26.9%   -28.0%     25.3%
MSCI EM Latin America    10.3%     6.4%  -14.9%   -24.7%   -23.8%     43.5%

^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:                425.69p
Net asset value - cum income:                  431.82p
Share price:                                   385.25p
Total Assets#:                                 £170.0m
Discount (share price to cum income NAV):        10.8%
Average discount* over the month - cum income:   10.7%
Net cash at month end**:                           2.4%
Gearing range (as a % of net assets):            0-25%
Net yield##:                                      5.0%
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                                      50.3      51.5             53.5
Mexico                                      35.4      38.3             29.7
Peru                                         7.5       5.6              2.9
Chile                                        2.9       3.0              9.3
Colombia                                     1.5       1.6              4.6
Net current assets (inc.Fixed interest)      2.4       0.0              0.0
                                           -----     -----            -----
Total                                      100.0     100.0            100.0
                                           -----     -----            -----
                                                                           
 *excluding net current assets & fixed interest                            

                                   % of      % of
Sector                     Total Assets Benchmark
                                                           
Materials                          13.0      14.0
Consumer Discretionary              7.5       7.4
Consumer Staples                   21.7      19.6
Financials                         34.2      29.2
Health Care                         1.5       0.5
Industrials                         6.0       5.9
Information Technology              1.9       2.3
Energy                              3.8       8.3
Telecommunication Services          5.3       7.2
Utilities                           2.7       5.6
Fixed Income                        1.0       0.0
Net current assets                  1.4       0.0
                                  -----     -----
Total                             100.0     100.0
                                  -----     -----

Ten Largest Equity Investments (in percentage order)                                            
                                                                                                
Company                                                    % of          % of         
                              Country of Risk  Equity Portfolio     Benchmark
                                                                                          
Itau Unibanco                          Brazil               8.8           5.7
Banco Bradesco                         Brazil               6.8           5.6
AmBev                                  Brazil               5.6           4.8
Cemex SAB                              Mexico               4.8           2.0
BB Seguridade                          Brazil               4.7           1.3
FEMSA                                  Mexico               4.5           2.8
Credicorp                                Peru               3.9           1.7   
BRF                                    Brazil               3.8           2.3   
America Movil                          Mexico               3.8           5.6   
Grupo Televisa                         Mexico               3.3           3.0   

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

Performance

For the month of April 2015, the Company's NAV increased by 3.7% and the share
price rose by 4.3%, while the Company's benchmark, the MSCI EM Latin America
Free Index, rose by 6.6%. (All performance figures are in sterling terms.)  

Our lower than index exposure to Chile contributed positively to performance
following weak economic growth and political uncertainty.  America Movil was
the largest positive contributor as the shares performed well leading up to the
company's first quarter results.  The Brazilian market benefited from a number
of factors in April including Finance Minister Levy gaining some support for
his fiscal agenda, political tension appearing to ease and the release of
audited financials from Petrobras and S&P maintaining the country's investment
grade rating with a stable outlook.  As a result, financials were one of the
best performing sectors this month, with Bradesco being one of the largest
contributors to performance. 

Weighing on performance, however, was stock selection in Brazil.  The lack of
exposure to Petrobras and Vale, which both performed well over the month, were
the main detractors from performance.  Both names benefited from the
significant rally in oil and iron ore prices, the release of Petrobras' audited
financials and a reduction in political noise.  We believe that this relief
rally will be short lived and feel the names are overvalued at this point.  An
overweight to Mexico also weighed on returns.

Transactions/Gearing

During the month we continued to add to Southern Copper given the resilience in
copper prices.  We also added to high quality Brazilian industrial Weg which
stands to benefit from currency weakness.  We participated in the secondary
offering for Telefonica Brasil given an attractive valuation post-merger with
Global Village Telecom and initiated a position in Endesa in Chile based on an
attractive valuation and improving hydrology.  These moves were funded by
reducing exposure to Kroton given the continued pressure in the Brazilian
education sector and concerns about budget cuts.  In addition, we exited
Localiza as we believe that the stock is fairly valued.

Net cash was approximately 2.4% at the end of April.

Positioning

We continue to be positioned with a defensive portfolio in Brazil, underweight
relative to the benchmark, preferring financials and staples over energy and
commodities.  Mexico is our largest overweight relative to the benchmark, given
that we continue to see a gradual improvement in the domestic economy.  A
recent trip to Peru and Colombia reiterated our preference for Peru over
Colombia.  Chile remains the largest country underweight due to weak economic
growth and political uncertainty.

15 May 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.