Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 30 November 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^         -1.0%  -11.3%     2.8%    -6.5%    -9.2%     66.3%
Share price              -1.8%  -10.2%     1.6%    -6.9%   -13.9%     56.0%
MSCI EM Latin America    -2.5%  -12.4%    -1.2%    -9.5%    -9.1%     75.1%
US Dollars:               
Net asset value^         -3.1%  -16.4%    -1.7%    -6.7%   -13.3%     50.4%
Share price              -3.8%  -15.4%    -2.8%    -7.2%   -17.7%     41.0%
MSCI EM Latin America    -4.6%  -17.4%    -5.5%    -9.9%   -13.2%     58.1%

^cum income
^^Date which BlackRock took over the investment management of the Company.
Sources: BlackRock, BNY Mellon

At month end
Net asset value - capital only:                485.10p
Net asset value - cum income:                  494.21p
Share price:                                   437.25p
Total Assets#:                                 £195.6m
Discount(share price to cum income NAV):         11.5%
Average discount* over the month - cum income:   10.3%
Net cash at month end**:                          1.1%
Gearing range (as a % of net assets):            0-25%
Net yield##:                                      4.1%
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                       55.6              56.5              55.0  
Mexico                       32.6              33.1              29.4  
Peru                          6.3               6.4               2.6  
Colombia                      2.5               2.6               4.8  
Chile                         1.4               1.4               8.2  
Net current assets 
(inc.Fixed interest)          1.6               0.0               0.0 
                            -----             -----             -----  
Total                       100.0             100.0             100.0  
                            -----             -----             -----  
                                                                      
 *excluding net current assets & fixed interest
                                                           
Sector                    % of Total Assets        % of Benchmark
                                               
Materials                         9.1                    14.3
Consumer Discretionary           11.4                     7.5
Consumer Staples                 21.9                    18.5
Financials                       39.0                    30.0
Health Care                       0.0                     0.7
Industrials                       6.7                     6.2
Information Technology            1.7                     2.0
Energy                            3.1                     7.9
Telecommunication Services        3.9                     7.6
Utilities                         1.6                     5.3
Fixed Income                      1.0                     0.0
Net current assets                0.6                     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                        10.5              6.0
Banco Bradesco                    Brazil                         8.2              6.0
BB Seguridade                     Brazil                         5.1              1.3
AmBev                             Brazil                         5.1              4.4
Kroton Educacional                Brazil                         5.0              1.4   
Cemex SAB                         Mexico                         4.7              2.2   
BRF                               Brazil                         4.3              2.4   
Credicorp                           Peru                         4.0              1.6
America Movil                     Mexico                         3.9              5.7
FEMSA                             Mexico                         3.5              2.7

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

Performance

For the month of November 2014, the Company’s NAV fell by 1.0% and the share price fell 
by 1.8%, while our benchmark, the MSCI EM Latin America Free Index, fell by 2.5% (all in 
sterling terms).  

Positive contributions to performance stemmed primarily from stock selection in Brazil.  
In Brazil, higher than market exposure to Itau Unibanco and Banco Bradesco and a below 
benchmark exposure to Petrobras were the largest contributors. Stock selection in Mexico, 
especially Cemex and an underweight to Colombia, via a lack of exposure to Ecopetrol, 
also contributed positively.  Weighing on performance was our lower than benchmark 
exposure to Chile.  The largest individual detractor was Alfa in Mexico, which 
underperformed due to the announcement of a $450m follow-on offering as well as the 
negative impact of oil prices on its investment in Pacific Rubiales.
	
Transactions/Gearing

During November we exited Petrobras given the expected negative impact of the ongoing 
corruption investigation on the company’s operations, investments and future growth.  
We also exited Vale as a result of the ongoing weakness in iron ore pricing.  We added 
to Mexico primarily through Banorte on attractive valuation parameters and confirmation 
of management changes.  We also added to our positions in Femsa and America Movil.  In 
Brazil, we added to banks Itau Unibanco and Banco Bradesco given our expectations of 
good performance from private sector banks going forward despite the current economic 
environment. 

Net cash was approximately 1.1% at the end of November.

Positioning

We enter the last month of the year with one of the smallest absolute and relative 
positions we have ever had in Brazil since we became the Company’s Manager.  We 
continue to find attractive stock specific stories in Brazil, making up for the 
large lack of exposure to Petrobras and Vale.  In addition, positive appointments 
to President Rousseff's economic team, as well as earlier than expected rate hikes 
by the Central Bank, have increased the expectations of much needed fiscal adjustments 
that could eventually set Brazil’s economy on a better growth path post 2015.  
Meanwhile, Mexico continues to post a slow economic recovery, with renewed security 
concerns and falling oil prices raising questions regarding the first round for energy 
auctions expected to start in the first half of 2015.   In the Andean region, we 
continue to favour Peru, and are watching closely the potential for higher taxation in 
Colombia

12 December 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.