Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC (LEI: UK9OG5Q0CYUDFGRX4151)
All information is at30 November 2017 and unaudited.

Performance at month end with net income reinvested   

	One month	Three months	One  year	Three years	Five years	^^Since 31.03.06
Sterling:
Net asset value^	-4.2	-8.7	12.6	11.0	6.5	84.6
Share price	-7.0	-8.1	15.7	11.7	8.0	74.3
MSCI EM Latin America	-4.8	-9.6	10.7	13.6	4.1	98.9
US Dollars:
Net asset value^	-2.3	-4.1	22.1	-4.1	-9.9	44.3
Share price	-5.2	-3.4	25.4	-3.4	-8.6	36.2
MSCI EM Latin America	-3.0	-5.0	19.9	-1.8	-12.1	55.2

^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:	495.09p
Net asset value – cum income:	497.43p
Share price:	437.25p
Total Assets#:	£216.0m
Discount (share price to cum income NAV):	12.1%
Average discount* over the month – cum income:	12.1%
Net gearing at month end**:	9.6%
Gearing range (as a % of net assets):	0-25%
Net yield##:	2.6%
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 2016.

Geographic Exposure

	% of Total Assets	% of Equity Portfolio *		MSCI EM Latin American Index
Brazil	62.8	63.2		58.0
Mexico	24.9	25.1		25.8
Argentina	5.2	5.2		0.0
Peru	3.9	3.9		3.3
Chile	1.6	1.7		9.5
Panama	0.5	0.5		0.0
Colombia	0.4	0.4		3.4
Net current assets (inc. Fixed interest)	0.7	0.0		0.0
	-----	-----		-----
Total	100.0	100.0		100.0
	-----	-----		-----

Sector	% of Equity Portfolio *	% of Benchmark
Financials	31.3	30.4
Consumer Staples	15.9	16.7
Materials	14.2	15.9
Consumer Discretionary	12.3	5.8
Energy	8.7	8.4
Telecommunication Services	7.1	6.4
Industrials	5.0	6.3
Utilities	2.1	6.1
Real Estate	1.3	1.5
Information Technology	1.3	1.4
Health Care	0.8	1.1
	-----	-----
Total	100.0	100.0
	-----	-----

*excluding net current assets & fixed interest

Ten Largest Equity Investments (in percentage order)

Company	Country of Risk	% of Equity Portfolio	% of Benchmark
Itau Unibanco	Brazil	7.4	6.6
Vale	Brazil	7.4	5.5
Banco Bradesco	Brazil	6.7	6.3
Petrobras	Brazil	6.4	5.4
America Movil	Mexico	5.3	4.7
AmBev	Brazil	5.1	4.8
Femsa	Mexico	3.9	2.9
B3	Brazil	3.2	2.4
Credicorp	Peru	2.9	2.3
Grupo Financiero Banorte	Mexico	2.8	2.4

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

For the month of November 2017, the Company’s NAV fell by 4.2%* with the share price falling by 7.0%*. The Company’s benchmark, the MSCI EM Latin America Index, fell by 4.8%* (all performance figures are in sterling terms with income reinvested and are net of ongoing charges).

Our long time underweight to Chile was the top contributor to relative performance as, during the month, the market experienced one of its worst days in more than six years after the surprising first round presidential elections results. Momentum declined as former president Pinera’s margin of victory in the first round of elections was largely underwhelming, increasing the potential for a victory from the left leaning candidate Alejandro Guillier. Selection in Mexico also benefitted the portfolio, with consumer staples name, Arca, among the top performers after announcing a proposed acquisition of US potato chip manufacturer, Deep River Snacks, helping the expansion efforts in the US. Vale and Brazilian rail logistics firm, Rumo, were also among the month’s top contributors amid iron ore strength and positive third quarter results, respectively. On the other hand, the portfolio’s underweight to Colombia was November’s largest detractor as the market gained on surprise rate cuts and strong oil prices. Brazilian names, Bradesco and Petrobras, were among the worst performers as the broader market reacted negatively to the much needed pension reform being delayed. Lojas Americanas was the month’s top detractor after posting weak third quarter results and partially affected by Amazon’s announcement to expand in Brazil.

During the month, we notably trimmed exposure to Brazil, reducing the size of positions in both Bradesco and Petrobras. We also exited our position in toll road operator, CCR, as the firm is unlikely to capitalize on their M&A pipeline due to increased competitiveness for distressed Brazilian infrastructure assets. On the other hand we shifted our Bradespar exposure into Vale, preferring to hold the operating company, post corporate reorganization. We also increased exposure to Mexico, as we expect some positive momentum given former finance minister Meade’s apparent candidacy as the PRI presidential candidate. We specifically added to staples names, FEMSA and Arca Continental, while also initiating a position in airport operator, GAP. The Company ended the month being overweight Brazil and Peru while being underweight Chile, Colombia, and Mexico. We also maintain an off-benchmark allocation to Argentina. At the sector level, we are overweight the domestic consumer and energy, while being underweight utilities and industrials.

Entering the last month of 2017, our positioning and outlook remain relatively unchanged. Despite going through yet another round of political headwinds the primary drivers for Brazilian equities should remain the same: a) persistently low inflation has allowed the Central Bank to continue it easing cycle, which has set the foundation for the needed economic recovery (the Central Bank cut rates another 50 bps in December, bringing the SELIC (Sistema Especial de Liquidação e Custodia, the Brazilian Central Bank interest rate) down to 7%; the market has seen 725 basis points of easing so far during the current cycle, resulting in the SELIC hitting its lowest point in history); and b) continued progress on the reform agenda, especially pension reform (with a focus on minimum retirement age implementation), which should help to bring stability to government accounts in the medium term. Despite the recent Cabinet change delaying efforts into the winter recess, we expect reforms to continue being one of the more important agenda topics going into the upcoming election cycle. Meanwhile, the recent round of NAFTA (North American Free Trade Agreement) negotiations illustrated that the process will be long and, and we maintain our cautious view on Mexican growth, and therefore our underweight - uncertainties regarding next year’s presidential cycle add to our conviction on such positioning. The apparent selection of Jose Antonio Meade as the PRI’s (Institutional Revolutionary Party) candidate however, could marginally smooth concerns with the upcoming presidential elections, brining near term positive momentum into markets. We continue to underweight Chile due to rich valuations and lack of free-float liquidity (with the unexpected competitive presidential election adding to that market’s short-term unattractiveness), and despite slower than expected progress on the infrastructure front, we continue to favour Peru among its Andean neighbours. Argentina remains another top region for the strategy as fundamentals persist, with November mid-term elections providing support for a continuation of President Macri’s reform agenda.

*Source: BlackRock as of 30 November 2017

15 December 2017

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.