Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 29 February 2012 and unaudited.

Performance at month end with net income reinvested

                           One    Three     One     Three   *Since     Five
                         month   months    year     years 31.03.06    years
Sterling:
Net asset value^          5.0%    15.3%   -5.9%    139.3%   105.0%    85.5%
Share price               4.3%    17.0%   -6.9%    126.4%    96.0%    78.4%
MSCI EM Latin America     3.9%    14.8%    0.1%    112.0%   122.1%   104.4%

US Dollars:
Net asset value^          6.3%    17.1%   -7.6%    168.1%    88.7%    51.2%
MSCI EM Latin America     5.2%    16.6%   -1.7%    137.6%   104.5%    66.6%

^cum income - bond at par
*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:               658.63p
Net asset value - cum income:                 679.08p
Net asset value - capital only and with
                      bond at fair value:     640.34p
Net asset value - cum income and with
                      bond at fair value:     660.77p
Net asset value - capital with bond
                               converted:     642.02p
Net asset value - cum income and with
                          bond converted:     658.90p
Share price:                                  620.00p
Total Assets~:                               £347.40m
Discount(share price to cum income NAV
                  with bond converted**):        5.9%
Average discount** over the month - cum income:  5.2%
Gearing^^:                                       8.3%
Net yield:                                       2.5%
Ordinary shares in issue:                  43,841,312

~Total assets include current year revenue.

^^Gearing is calculated using debt at par, less cash and cash equivalents and
fixed interest investments as a percentage of net assets.

**To the extent that the US dollar Net Asset Value on a capital only with bond
at par basis exceeds the current conversion price of $8.98 for the convertible
bond, the discount is calculated using the share price as a percentage of the
fully diluted cum income Net Asset Value in sterling terms. Where the Net Asset
Value on a capital only with bond at par value basis does not exceed the
conversion price, the discount is calculated using the share price as a
percentage of the cum income Net Asset Value with bond at fair value.

Geographic Regional Exposure            % Total Assets

Brazil                                        69.5
Mexico                                        13.9
Chile                                          3.7
Colombia                                       2.1
Peru                                           2.0
Panama                                         1.0
Net current assets (inc.Fixed interest)        7.8
                                             -----
Total                                        100.0
                                             =====

Ten Largest Equity Investments (in percentage order)

Company                                 Country of Risk
                                                % of Company

Vale                                    Brazil     10.5
Petrobrás                               Brazil      8.4
Itau Unibanco                           Brazil      8.4
América Móvil                           Mexico      6.2
Banco Bradesco                          Brazil      5.2
AmBev                                   Brazil      4.3
Fomento Economico Mexicano              Mexico      3.2
OGX Petroleoegas                        Brazil      3.1
Banco do Brasil                         Brazil      2.8
CCR                                     Brazil      2.4

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

Performance

For the month of February 2012, the Company posted a 5.0% (undiluted NAV) or
4.1% (NAV at Fair Value) increase in its NAV while the shares appreciated by
4.3% (all in sterling terms).  The performance in undiluted NAV terms, NAV at
fair value terms and share price performance all outperformed the 3.9% return
posted by the Company's benchmark, the MSCI EM Latin America Index. 

Positive contributions to performance during the month stemmed primarily from
stock selection in Brazil, the gearing and an off-benchmark position in
Colombia.  The largest individual positive contributors for the month included
underweights in Petrobras and Vale and overweights in Colombian oil & gas
producer Pacific Rubiales, Brazilian toll road operator CCR and consumer name
Time4Fun.  Weighing on performance for the month was an underweight in Chile
and stock selection in Mexico.  Individual negative contributions to
performance for the month came from Mexican consumer goods name Genomma Labs,
Brazilian bonds, Banco Santander Chile, Chilean utility E-CL and not owning
Colombian oil & gas producer Ecopetrol. 

Transactions/Gearing

During the month, we added to Brazil via energy, utilities and beverages. We
rotated some banking exposure in Brazil and added exposure to construction in
Peru as well as consumers in Colombia.  This was funded by reducing exposure to
Mexican broadcasting, exchanges and industrials in Brazil.  In addition we
exited Brazilian credit card acquirers and a Mexican consumer goods company. 

Positioning

Latin American markets continued their strong start to the year as global
investors' risk appetite remained in place in February.  Brazil remains the
largest overweight position and represents the majority of assets with banks,
retailers, consumer companies and homebuilders being material overweights.  We
are underweight Mexico where the valuations look to us to be at fair value at
best, but continue to monitor closely developments surrounding this year's
presidential election.  Chile and Colombia continue to be expensive from a
valuation perspective.  The portfolio is underweight almost all of the smaller
markets in the region, selectively looking to participate in these markets.

16 March 2012

ENDS

Latest information is available by typing www.brla.co.uk 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.