Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC
All information is at 30 November 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^		-0.4			-5.0		-31.6		-34.3				-50.2	13.8
Share price		-0.9			1.2		-29.1		-31.4				-50.7	10.6
MSCI EM Latin America		-1.7			-4.1		-31.7		-37.4				-46.5	19.6
US Dollars:
Net asset value^		-2.9			-6.8		-34.2		-38.2				-51.8	-1.0
Share price		-3.4			-0.9		-31.8		-35.5				-52.3	-3.9
MSCI EM Latin America		-4.2			-6.1		-34.4		-41.2				-48.3	3.8
^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:										317.22p
Net asset value – cum income:										320.75p
Share price:										292.25p
Total Assets#:										£126.3m
Discount (share price to cum income NAV):										8.9%
Average discount* over the month – cum income:										10.9%
Net cash at month end**:										1.6%
Gearing range (as a % of net assets):										0-25%
Net yield##:										6.8%
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			44.9			45.7						46.3
Mexico			41.3			42.0						37.6
Peru			5.8			5.9						2.9
Chile			3.6			3.6						9.5
Argentina			1.6			1.6						0.0
Colombia			1.2			1.2						3.7
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			14.5				12.7
Consumer Discretionary			5.0				6.9
Consumer Staples			23.8				23.3
Financials			31.7				27.9
Health Care			1.0				0.3
Industrials			6.7				7.2
Information Technology			2.2				2.2
Energy			4.6				6.3
Telecommunication Services			6.0				7.5
Utilities			2.8				5.7
Fixed Income			1.2				0.0
Net current assets			0.5				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	6.6		4.1
Itau Unibanco	Brazil	6.1		5.0
AmBev	Brazil	5.6		5.2
Grupo Financiero Banorte	Mexico	5.1		3.1
Walmart de Mexico	Mexico	4.3		3.2
Cemex SAB	Mexico	4.3		1.9
Banco Bradesco	Brazil	3.9		4.2
America Movil	Mexico	3.9		6.0
BB Seguridade Participacoes	Brazil	3.8		1.1
Fibria Celulose	Brazil	3.4		0.8

Commenting on the markets, Will Landers, representing the Investment Manager noted; Performance For the month of November 2015, the Company’s NAV fell by 0.4% and the share price fell by 0.9% (all in sterling terms), while the Company’s benchmark, the MSCI EM Latin America Free Index fell by 1.7%.  Stock selection in Brazil and Mexico were the primary contributors to returns.  Underweights to Chile and Colombia also contributed positively as both markets were negatively impacted by commodity price weakness, especially in copper and oil.  The largest individual contributor to performance was a lack of exposure to Brazilian iron ore miner Vale, which suffered due to an accident at one of their operations as well as from the previously mentioned soft trends in commodity prices.  Brazilian pulp stock Fibria Celulose added to returns after reporting strong third quarter results.       Weighing on performance was our above benchmark exposure to Peru, which was one of the worst performing countries in the region on the back of weak commodity prices.  At the stock level, Peruvian miner Buenaventura was the largest detractor after following commodity prices lower.  Argentine oil stock YPF also detracted from returns as oil fell by over 10% during the month.        Transactions/Gearing During the month we increased exposure to Brazilian bank Itau Unibanco as we looked to reduce our underweight to Brazil given the possibility of a change in political direction.  These moves were partially funded by reducing exposure to Peruvian bank Credicorp as we looked to reduce exposure due to expected negative impact on economic activity from El Niño.  We introduced Argentine agricultural producer Adecoagro given its exposure to soybeans in Argentina and the expected devaluation of the Argentine peso benefiting the country’s agribusiness following the surprise election of opposition candidate Mauricio Macri as president as well as its exposure to sugar and ethanol in Brazil. Net cash was approximately 1.6% at the end of November. Positioning   We enter the last month of 2015 with a defensive portfolio in a market that is still dominated by macro issues.  The recently announced beginning of impeachment procedures in Brazil raise the possibility of real change in political and economic direction in Brazil.  While the timing surprised most market participants, the uncertain outcome of the impeachment process, along with potential widening of the Petrobras investigation, result in our positioning being close to that of the benchmark weighting in the country.  Mexico remains an above benchmark weighting given the continued gradual improvement of its domestic economy, however, the fiscal impacts of a prolonged lower oil price raise questions about the country’s long-term sustainable growth rate.  In the Andean region, we continue to prefer Peru despite the lingering question about whether the country will be moved to the Frontiers Index by MSCI in 2016. 16 December 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.