Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 30 September 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^          1.8%     3.1%    7.8%      5.3%    75.1%    17.6%
Net asset value^^         1.8%     3.5%   10.8%      7.9%    74.9%    17.5%
Share price               0.4%     1.2%    0.9%      0.4%    64.0%     6.9%
MSCI EM Latin America     2.2%     1.7%    9.5%      8.0%    93.6%    30.2%
US Dollars:
Net asset value^          3.4%     6.1%   11.8%      6.4%    63.0%    -6.8%
Net asset value^^         3.5%     6.5%   14.9%      8.9%    62.9%    -6.9%
MSCI EM Latin America     3.9%     4.7%   13.5%      9.1%    80.2%     3.2%

^cum income - bond at par
^^cum income - bond at fair value since 15 September 2009
^^^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:               555.82p
Net asset value - cum income:                 563.70p
Net asset value - capital only and with
                      bond at fair value:     553.88p
Net asset value - cum income and with
                      bond at fair value:     561.76p
Net asset value - capital with bond
                               Converted^:    553.88p
Net asset value - cum income and with
                          bond converted^     561.76p
Share price:                                  503.00p
Total Assets*:                               £283.57m
Discount (share price to cum income NAV
              with bond at fair value***):      10.5%
Average discount** over the month - cum income:  9.4%
Gearing**:                                       9.6%
Net yield:                                       3.7%
Ordinary shares in issue~:                 41,574,247

*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 an income inclusive with
bond at fair value basis exceeds the current conversion price of $9.83 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 an income inclusive with bond at fair 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.
~Excluding 2,267,065 shares held in treasury.
^In the event that the US dollar net asset value on an income inclusive with
bond at fair value basis exceeds the current conversion prices of $9.83 for the
convertible bond a fully diluted assuming bond conversion NAV is presented. 
When this is not the case the NAV's with bond converted will be the same as the
NAV's with bond at fair value.

Geographic Regional Exposure            % Total Assets

Brazil                                        60.4
Mexico                                        21.3
Chile                                          4.6
Colombia                                       1.7
Peru                                           1.6
Panama                                         1.3
Argentina                                      0.8
Net current assets (inc.Fixed interest)        8.3
                                             -----
Total                                        100.0
                                             -----

Ten Largest Equity Investments (in percentage order)

Company                             Country of Risk  % of Company

Vale                                    Brazil           8.2
Petrobrás                               Brazil           7.8
América Móvil                           Mexico           7.7
Banco Bradesco                          Brazil           5.0
Fomento Economico Mexicano              Mexico           4.7
Itau Unibanco                           Brazil           4.5
Groupo Televisa                         Mexico           3.4
CCR                                     Brazil           3.1
AmBev                                   Brazil           2.8
Banco do Brasil                         Brazil           2.2
 

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

For the month of September 2012, the Company posted a 1.8% (undiluted NAV) or
1.8% (NAV at Fair Value) increase in its NAV while the shares appreciated by
0.4% (all in sterling) while the Trust's benchmark, the MSCI EM Latin America
Free Index returned 2.2%. 

Positive contributions to performance during the month stemmed primarily from
the gearing and an off-benchmark position in Colombia via Pacific Rubiales. 
The largest individual positive contributors for the month included Brazilian
credit card acquirer Cielo, not owning Brazilian utility CESP as well as
Santander Mexico and Femsa.  Weighing on performance was stock selection in
Mexico which was somewhat offset by our underweight position in the country. 
An overweight in America Movil and not owning materials name Penoles were the
largest detractors in Mexico.  In Brazil, performance was hurt by our position
in utility Cemig following government moves in the sector as well as our
relative positions in Time4Fun and Banco Bradesco.

Transactions/Gearing

During the month, we added to consumer stocks in Brazil and Mexico, banks in
Brazil and Mexico and Brazilian steel.  These moves were funded by reducing
exposure to banks in Chile, Brazilian utility Cemig, regional jet manufacturer
Embraer and oil & gas producers. In addition, we exited the Brazilian telecom
sector given regulatory uncertainty. 

Positioning

Our overall position remains overweight Brazil, with recent additions to Mexico
bringing the country to an overweight, and underweight the other markets in the
region.  In Brazil, the combination of 500 bps in rate cuts, strong employment
and wage growth, and improving trends with asset quality in the banking system
lead us to be positive about the domestic side of that market.  In Mexico, the
prospects of the reform agenda moving forward with the incoming new
administration also leads us to a more positive view on that economy.  The
smaller markets in the region continue to offer the unattractive combination of
high valuations and low liquidity.

16 October 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.