Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 30 November 2013 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^         -5.7%     2.9%   -6.6%   -29.2%    95.0%     61.8%
Share price              -4.7%     6.8%   -4.9%   -31.6%    89.1%     53.5%
MSCI EM Latin America    -6.3%     2.7%   -7.3%   -20.8%    77.7%     77.2%
US Dollars:
Net asset value^         -3.9%     9.1%   -4.5%   -25.5%   108.3%     52.9%
MSCI EM Latin America    -4.4%     8.8%   -5.2%   -16.6%    89.7%     67.4%

^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:               493.53p
Net asset value - cum income:                 498.06p
Share price:                                  447.75p
Total Assets#:                                £196.1m
Discount(share price to cum income NAV):        10.1%
Average discount* over the month - cum income:  10.6%
Gearing at month end**:                          4.3%
Gearing range (as a % of net assets):           0-25%
Net yield##:                                     4.3%
Ordinary shares in issue**:                39,369,620
 
#Total assets include current year revenue.
## calculated using total dividends declared for the financial year ended 
31 December 2012 as a percentage of month end share price.
*The discount is calculated using the cum income NAV (expressed in sterling
terms).
**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.

Geographic Regional Exposure                                           
                                                                       
                            % Total    % of Equity        MSCI EM Latin
                             Assets    Portfolio *       American Index
                                                                       
Brazil                         61.4           62.1                 57.2
Mexico                         28.0           28.3                 27.3
Chile                           2.6            2.6                  8.1
Colombia                        2.1            2.1                  5.4
Panama                          1.1            1.1                  0.0
Peru                            3.8            3.8                  2.0
Argentina                       0.0            0.0                  0.0
Net current assets                                                     
(inc.Fixed interest)            1.0            0.0                  0.0
                              -----          -----                -----
Total                         100.0          100.0                100.0
                              -----          -----                -----
                                                                       
 *excluding net current assets & fixed interest                        
 
Ten Largest Equity Investments (in percentage order)                      
                                                                          
                                                             % of         
Company                                                    equity         
                                    Country of Risk     portfolio  % of BM
                                                                          
Itau Unibanco                           Brazil                7.6      4.8
Vale                                    Brazil                7.1      6.3
Petrobras                               Brazil                6.1      7.7
Grupo Televisa                          Mexico                3.8      2.1
BB Seguridade                           Brazil                3.7      0.9
Cemex                                   Mexico                3.5      1.7
Banco Bradesco                          Brazil                3.5      5.0
America Movil                           Mexico                3.3      5.5
Kroton                                  Brazil                3.3      0.4
FEMSA                                   Mexico                2.9      2.5

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

Summary of Performance over the period

For November 2013, the Company's NAV fell by 5.7% while the shares fell by 4.7%
(all in sterling terms with income reinvested) and the Company's benchmark, the
MSCI EM Latin America Free Index fell by 6.3%. 

Fund Manager's Commentary

Positive contributions to performance stemmed primarily from stock selection in
Brazil, an overweight position and stock selection in Mexico and underweight
positions in Colombia and Chile.  In Brazil, the largest individual
contributors included an overweight position in Kroton Educacional and
underweights in Petrobras and Ambev.  In Mexico, the largest individual
contributions came from overweights in Pinfra and Cemex.  Not owning Ecopetrol
in Colombia also contributed positively to performance.  An overweight in
Brazil somewhat offset the strong stock selection for the month.  The gearing
also weighed on performance.  The largest individual detractors included an
underweight in America Movil, overweights in Itau and BM&F Bovespa and not
owning Inbursa.

Net gearing was 4.3% at the end of November.

During the month we reduced our underweight in materials by adding to Vale
(iron ore) and initiating positions in Usiminas (steel) and Suzano (pulp &
paper).  We also added to banks in Brazil and Peru.  In addition we rotated
some Brazilian education exposure by exiting Estacio and initiating a position
in Anhanguera.  These moves were partially funded by exiting BR Malls, Endesa
and Cyrela as well as reducing exposure to Petrobras, BM&F Bovespa and Fibra
Uno.

We enter the last month of 2013 with an overweight in Brazil and a close to
neutral position in Mexico - both based on valuations we find in the respective
countries counter-balancing the very different top down stories.  In Brazil, we
increased our exposure to companies that will benefit from the current level of
FX - and would do even better if the currency devalued further vis-à-vis the
USD. Positive points for Brazilian equities include the success of recent toll
road and airport auctions, strong employment figures, improving asset quality
in the financial system and the expected end of the road for the current
tightening cycle by the Central Bank - along with still some of the cheaper
valuations in Emerging Markets and earnings growth that should meet the
mid-teens growth expectation for 2013, with a similar forecast for 2014.  In
Mexico, energy reform seems close to being passed by Congress, with the
market's attention then returning to the ability of the Mexican economy to
return to growth after a disappointing 2013 - with valuation parameters at the
top of Emerging Markets.  In the rest of the region, we continue to invest
where we can based on the combination of fundamentals and liquidity.

12 December 2013

ENDS

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