Correction: March Portfolio Update

Correction to announcement released on 15 April 2011. Performance figures and discount have changed. BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC All information is at 31 March 2011 and unaudited. Performance at month end is calculated with income reinvested One Three One Three *Since Five Month Months Year Years 31.03.06 Years Sterling: Net asset value 5.2% -4.5% 12.1% 51.8% 129.2% 129.2% Share price 4.6% -7.0% 8.0% 43.9% 120.2% 120.2% MSCI EM Latin America 5.1% -1.4% 7.9% 45.1% 133.3% 133.3% US Dollars: Net asset value 3.7% -2.2% 18.4% 22.4% 111.8% 111.8% MSCI EM Latin America 3.6% 0.9% 14.1% 17.0% 115.6% 115.6% Sources: BlackRock, Standard & Poor's Micropal *Date which BlackRock took over the investment management of the Company. At month end Net asset value - capital only: 759.58p Net asset value** - cum income: 763.34p Net asset value - capital only and with bond at fair 718.66p value: 718.66p Net asset value** - cum income and with bond at fair value: 722.43p Net asset value** - cum income and with bond converted: 725.46p Share price: 700.50p Total assets^: £384.06m Discount (share price to cum income with bond converted NAV): 3.8% Average discount over the month: 1.4% Gearing~: 10.2% Net yield: 1.6% Ordinary shares in issue: 43,841,312 **Includes 3 months net revenue equal to 3.76p. ^Total assets include current year revenue. ~Gearing is calculated using debt at par, less cash and cash equivalents as a percentage of gross assets. Geographical Regional Exposure % Total Assets Brazil 73.5 Mexico 16.8 Chile 3.5 Peru 3.1 Panama 1.3 Colombia 1.1 Argentina 0.6 Net current assets 0.1 ----- Total 100.0 ----- Ten Largest Equity Investments (in alphabetical order) Company Country of Risk AmBev Brazil América Móvil Mexico Banco Bradesco Brazil CCR Brazil Fomento Economico Mexicano Mexico Grupo Televisa Mexico Itaú Unibanco Brazil OGX Petroleoegas Brazil Petrobrás Brazil Vale Brazil Commenting on the markets, Will Landers, representing the investment Manager noted; Performance For the month of March 2011, the Company posted a 5.2% gain in its NAV while the shares appreciated by 4.6% (all in sterling terms). This edged ahead of the 5.1% return posted by the Company's benchmark, the MSCI EM Latin America Index. The final dividend for the year ended 2010 declared during the month offset the real underperformance versus the benchmark. The underperformance stemmed primarily from stock selection in Chile and Mexico as well as an off-benchmark position in Colombia via Pacific Rubiales. Other individual names that were the largest individual negative contributors for the month included Totvs, Copa and America Movil. The underperformance was partially offset by stock selection in Brazil. Positive contributions to performance for the month came from Itau, Hypermarcus, Localiza and Queiroz Galvao. Transactions/Gearing During the month, we added to consumer and petrochemical positions in Brazil, Chilean banks and Mexican consumer names. These moves were funded by reducing exposure to Brazilian industrials, utilities and wireless telcos, Chilean retailers and off-benchmark Argentina. Positioning At the end of the quarter, the portfolio is positioned to benefit from a recovery in risk appetite. Latin America's fundamentals, from both a macro and micro perspective, rank among the most attractive in the world in our opinion and we would expect to see the region rank among the best in the world in periods of market recovery. Brazil remains our largest overweight with a continued focus on domestic sectors representing most of the overweight. We expect the Brazilian Central Bank to finish its current tightening cycle at its next meeting in April which should help inflation revert to its target level in 2012. Valuations in Mexico are, for the most part, pricing in the ongoing recovery in the United States, though we are concerned with some of the soft macro numbers out of the US and their potential impact given the close correlation between Mexico and the US. Other markets in the region have some representation in the portfolio but suffer from a combination of higher valuations and/or low liquidity. 9 May 2011 ENDS Latest information is available by typing www.blackrock.co.uk/its 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.
UK 100

Latest directors dealings