Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC
All information is at 31 December 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^	-2.8		-0.8		-26.9	-40.0				-53.9	10.6
Share price	-5.2		2.2		-26.6	-39.3				-55.7	4.9
MSCI EM Latin America	-2.2		0.1		-26.8	-41.7				-50.6	17.0
US Dollars:
Net asset value^	-4.9		-3.5		-30.9	-45.5				-56.5	-5.9
Share price	-7.2		-0.5		-30.6	-44.9				-58.3	-10.8
MSCI EM Latin America	-4.2		-2.6		-30.8	-47.1				-53.5	-0.6
^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:							305.71p
Net asset value – cum income:							311.61p
Share price:							277.00p
Total Assets#:							£122.7m
Discount (share price to cum income NAV):							11.1%
Average discount* over the month – cum income:							12.4%
Net cash at month end**:							2.7%
Gearing range (as a % of net assets):							0-25%
Net yield##:							7.2%
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 Total Assets		% of Equity Portfolio*					MSCI EM Latin American Index
Brazil		44.2		45.4					46.1
Mexico		41.5		42.6					37.6
Peru		5.8		6.0					2.8
Chile		2.9		3.0					10.0
Argentina		1.5		1.6					0.0
Colombia		1.4		1.4					3.5
Net current assets (inc.Fixed interest)		2.7		0.0					0.0
		-----		-----					-----
Total		100.0		100.0					100.0
		-----		-----					-----

*excluding net current assets & fixed interest
Sector	% of Total Assets	% of Benchmark
Materials	13.3	12.8
Consumer Discretionary	5.1	7.1
Consumer Staples	24.5	23.4
Financials	31.6	28.1
Health Care	0.4	0.3
Industrials	6.9	7.3
Information Technology	2.2	2.2
Energy	4.7	6.1
Telecommunication Services	5.7	6.9
Utilities	2.9	5.8
Fixed Income	1.1	0.0
Net current assets	1.6	0.0
	-----	-----
Total	100.0	100.0
	-----	-----

Ten Largest Equity Investments (in percentage order)

Company	Country of Risk	% of Equity Portfolio		% of Benchmark
Femsa	Mexico	6.7		4.2
Itau Unibanco	Brazil	6.1		4.9
AmBev	Brazil	5.6		5.2
Grupo Financiero Banorte	Mexico	5.2		3.4
Walmart de Mexico	Mexico	4.4		3.2
Cemex SAB	Mexico	4.0		1.8
Banco Bradesco	Brazil	4.0		4.1
BB Seguridade Participacoes	Brazil	3.7		1.1
America Movil	Mexico	3.6		5.4
BRF	Brazil	3.4		2.2
Commenting on the markets, Will Landers, representing the Investment Manager noted; Performance For the month of December 2015, the Company’s NAV fell by 2.8% and the share price fell by 5.2% (all in sterling terms) while the Company’s benchmark, the MSCI EM Latin America Free Index, fell by 2.2%.  Stock selection in Mexico contributed positively to returns.  Mexican bank Banorte was one of the largest contributors to performance as the stock benefited from growing strength in the domestic economy, leading to a gradual pick-up in lending activity.         Our below index weighting in Chile was the primary detractor from performance as Chile remains one of the best relative performers in the region.  At the stock level, the largest detractor from performance was Brazilian bank Itau Unibanco, which suffered from ongoing political and economic turmoil and their potential impact on economic activity in 2016. Transactions/Gearing During the month we increased exposure to Itau Unibanco, Banco Bradesco and Petrobras as we looked to protect the portfolio from potential political changes due to the opening of the impeachment process in Brazil.  This move was partially funded by taking profits in Banorte after strong recent performance.  In addition, we exited Qualicorp given continued weakness in its client base.   Net cash was approximately 2.7% at the end of December. Positioning We enter 2016 maintaining a defensive portfolio.  Brazil’s economy continues to offer more questions than answers regarding timing for a recovery, improvement in fiscal accounts, inflation returning to target and interest rates eventually falling.  In addition, the political landscape in Brazil continues to generate uncertainties.  As a result, activity is weak in the consumer, investment (public and private) and manufacturing sectors.  Mexico continues to show signs of a gradual economic improvement, but falling oil prices and slowing US manufacturing are potential headwinds.  The Andean region is also adjusting to falling commodity prices.  However, a potential positive outcome in the Peruvian presidential elections could be a potential positive catalyst in the first half of 2016.  Non-benchmark Argentina saw a positive beginning of the Macri presidency in December and is a potential outlier should reforms continue. 15 January 2016 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.