Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 30 November 2011 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          -4.3%    -9.4%  -22.2%    114.2%    77.8%    74.2%
Share price              -8.7%   -11.7%  -25.4%    106.4%    67.5%    61.1%
MSCI EM Latin America    -3.5%    -5.5%  -13.5%     94.0%    93.5%    89.3%

US Dollars:
Net asset value          -6.8%   -12.4%  -21.5%    119.5%    61.1%    39.3%
MSCI EM Latin America    -5.9%    -8.7%  -12.6%     98.8%    75.4%    51.3%

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:               571.53p
Net asset value - cum income:                 588.93p
Net asset value - capital only and with
                      bond at fair value:     564.79p
Net asset value - cum income and with
                      bond at fair value:     582.19p
Net asset value - capital with bond
                               converted:     571.52p
Net asset value - cum income and with
                          bond converted:     586.02p
Share price:                                  530.00p
Total Assets^:                               £308.63m
Discount(share price to cum income NAV with 
bond converted                                  -9.6%
Average discount* over the month - capital:     -4.0%
Average discount* over the month - cum income:  -6.5%
Gearing~:                                       10.8%
Net yield:                                       2.8%
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 as a
percentage of net assets.
* To the extent that the US dollar Net Asset Value on a capital only with bond
at fair value 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 capital only 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 capital only Net Asset Value with bond at fair
value.

Geographic Regional Exposure            % Total Assets
Brazil                                        67.5
Mexico                                        16.6
Chile                                          3.9
Peru                                           1.8
Colombia                                       1.4
Panama                                         1.0
Pan Regional                                   0.5
Net current assets                             7.3
                                             -----
Total                                        100.0
                                             _____
 
Ten Largest Equity Investments (in percentage order)
Company                                 Country of Risk
                                              % of Company
Vale                                    Brazil     10.0
Itau Unibanco                           Brazil      8.7
Petrobrás                               Brazil      8.7
América Móvil                           Mexico      7.4
Banco Bradesco                          Brazil      7.0
AmBev                                   Brazil      4.0
Fomento Economico Mexicano              Mexico      3.5
OGX Petroleoegas                        Brazil      2.9
Grupo Televisa                          Mexico      2.5
CCR                                     Brazil      2.3

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

Performance

For the month of November 2011, the Company posted a 4.3% (undiluted NAV) or
4.4% (NAV at Fair Value) decrease in its NAV while the shares fell by -8.7%
(all in sterling).  This trailed the -3.5% 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 as well as underweights in Chile and Colombia.  The
largest individual positive contributors for the month included overweight
positions in Ambev, Femsa and America Movil.  Not owning Brazilian steel also
contributed positively for the month.   Weighing on performance for the month
was stock selection and an underweight in Mexico, an off-benchmark position in
Argentina and the gearing.  Individual negative contributions to performance
for the month came from not owning Mexican retail name Elektra and materials
name Penoles. Also weighing on performance were Banco Santander Chile, Magazine
Luiza and homebuilder PDG. 

Transactions/Gearing

During the month we continued to add to Brazilian credit card acquirers, which
we view as a cheap way to play retail growth.  We also added to toll-road
operator CCR and rotated some oil & gas exposure in Brazil.  We exited steel
across the portfolio, reduced Brazilian utilities, took profits in Ambev and no
longer have exposure to Argentina. These moves funded the purchase of Brazilian
financial name Cetip.  Gearing was 10.8% at the end of November.

Positioning

Short term performance will continue to be driven by Europe.  If we get an
acceptable solution in the next few weeks, that would be positive for Latin
America because it is cheap, attractive and uncorrelated from an economic
perspective to what is happening in the US and Europe.  The Company is
positioned to benefit from a more constructive market environment.  Recent
moves by Brazil's Central Bank to cut rates to 50 bps to 11% as well as the
finance ministry unwinding some macro prudential measures put in place over the
last two years should be positive for the local equity market, especially
domestic-focused stocks where we have the majority of our investments.  These
moves should help reduce the impact of the global slow down on Brazil's economy
and as a result, allow Brazil to grow at or above 3% in 2012. Brazil remains
our only country overweight.  We remain underweight Mexico, Chile and Colombia.

 

14 December 2011

 

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.