Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 January 2012and 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^         11.2%     5.1%  -10.8%    115.8%     95.2%    71.8%
Share price              10.4%     2.4%  -14.8%    101.1%     87.9%    66.3%
MSCI EM Latin America    10.9%     6.7%   -3.3%     95.6%    113.8%    91.2%
US Dollars:
Net asset value^         13.0%     2.7%  -12.1%    136.1%     77.5%    38.5%
MSCI EM Latin America    12.6%     4.3%   -4.7%    114.1%     94.5%    54.2%

^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:               627.08p
Net asset value - cum income:                 646.72p
Net asset value - capital only and with
                      bond at fair value:     615.21p
Net asset value - cum income and with
                      bond at fair value:     634.84p
Net asset value - capital with bond
                               converted:     617.84p
Net asset value - cum income and with
                          bond converted:     634.34p
Share price:                                  594.50p
Total Assets~:                               £333.81m
Discount(share price to cum income NAV
                  with bond converted**):        6.3%
Average discount** over the month - cum income:  8.1%
Gearing^^:                                      15.0%
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                                        67.6
Mexico                                        15.6
Chile                                          3.8
Peru                                           1.7
Colombia                                       1.5
Panama                                         1.0
Pan Regional                                   0.4
Net current assets (inc.Fixed interest)        8.4
                                             -----
Total                                        100.0
                                             -----

Ten Largest Equity Investments (in percentage order)

Company                                 Country    % of
                                        of Risk    Company

Vale                                    Brazil     10.9
Itau Unibanco                           Brazil      8.4
Petrobrás                               Brazil      8.3
América Móvil                           Mexico      6.4
Banco Bradesco                          Brazil      5.5
AmBev                                   Brazil      3.8
Fomento Economico Mexicano              Mexico      3.2
OGX Petroleoegas                        Brazil      3.2
Banco do Brasil                         Brazil      2.2
CCR                                     Brazil      2.2
 
Commenting on the markets, Will Landers, representing the investment
Manager noted;

Performance

For the month of January 2012, the BlackRock Latin American Investment Trust
posted a 11.2% (undiluted NAV) or 10.5 (NAV at Fair Value) increase in its NAV
while the shares appreciated by 10.4% (all in sterling with income
reinvested).  The performance in undiluted NAV terms outperformed the 10.9%
return posted by the Trust's benchmark, the MSCI EM Latin America Free Index,
while the NAV at fair value and share price performance trailed the benchmark. 

Positive contributions to performance during the month stemmed primarily from
the gearing, an off-benchmark position in Colombia and an underweight position
in Colombia.  The largest individual positive contributors for the month
included Colombian oil & gas producer Pacific Rubiales, Brazilian E&P company
OGX, Brazilian homebuilder PDG and not owning Mexican retailer Grupo Elektra or
Brazilian food producer Brasil Foods.  Weighing on performance for the month
was stock selection in Brazil and Mexico.  Individual negative contributions to
performance for the month came from the underweight in Petrobras and
overweights in Itau, Televisa and Femsa. 

Transactions/Gearing 

During the month key changes included adding to iron ore and consumer exposure
in Brazil and rotating some banking exposure in Brazil.  This was funded by
reducing energy exposure, specifically HRT, as well as utility and industrials
exposure in Brazil and telecom exposure in Chile. 

Positioning

Latin American markets reacted positively during January as global investors'
risk appetite increased on a generally more positive news flow from Europe. 
Over 70% of our investments are in companies whose business is focused on the
region's domestic economies such as banks, retailers, consumer companies,
homebuilders, utilities, wireless operators and other companies that benefit
from domestic growth.  The portfolio continues to be positioned with a large
overweight in Brazil and underweights almost everywhere else. 

22 February 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.