Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 January 2013 and unaudited.

Performance at month end with net income reinvested

                           One    Three     One    Three    Five  ^^^Since
                         month   months    year    years   years  31.03.06
Sterling:
Net asset value^          7.1%    13.1%    1.2%    15.7%   35.3%     97.5%
Net asset value^^         6.5%    12.6%    2.5%    21.0%   34.8%     96.7%
Share price               7.8%    12.0%   -0.9%     8.6%   31.0%     86.2%
MSCI EM Latin America     6.4%    10.5%   -0.2%    16.4%   39.6%    113.5%
US Dollars:
Net asset value^          4.5%    11.4%     1.7%   14.5%    8.0%     80.6%
Net asset value^^         3.9%    10.8%     3.0%   19.8%    7.5%     79.8%
MSCI EM Latin America     3.8%     8.7%     0.3%   15.2%   11.3%     95.1%

^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 and
                  with bond at par value~:    622.34p
Net asset value - cum income and
                  with bond at par value~:    635.84p
Net asset value - capital only and with
                      bond at fair value~~:   618.26p
Net asset value - cum income and with
                      bond at fair value~~:   631.76p
Net asset value - capital with bond
                               converted~~~:  622.52p
Net asset value - cum income and with
                          bond converted~~~:  634.36p
Share price:                                  571.25p
Total Assets#:                               £303.55m
Discount(share price to cum income NAV
              with bond converted*):             9.9%
Average discount* over the month - cum income:   9.0%
Gearing**:                                       9.1%
Net yield:                                       3.3%
Ordinary shares in issue***:               41,433,247
 
~Par value refers to the par-value of the convertible bond which is also the
amount repayable to holders on the maturity of the bond.
~~Fair value refers to the price at which the bond is currently traded in the
market. The variance in the NAV performance using these different methods to
value the bond is to illustrate the effects of dilution should the bond be
converted.
~~~Where the current Net Asset Value (including income) in US dollar terms with
bond at fair value exceeds the conversion price of US$9.83 for the convertible
bond, the Net Asset Value is shown on a fully diluted basis, reflecting the
impact of converting the bond at a lower value.  Where the current Net Asset
Value (including income) in US dollar terms with bond at fair value does not
exceed the conversion price, the Net Asset Value will be the same as that
without the conversion of the bond.
#Total assets include current year revenue.
*The Discount is calculated based on the methodology for calculation of the Net
Asset Value (expressed in sterling terms) as set out in the preceding statement
**Gearing is calculated using debt at par, less cash and cash equivalents and
fixed interest investments as a percentage of net assets.
***Excluding 2,408,065 shares held in treasury.

Geographic Regional Exposure            % Total Assets

Brazil                                        61.6
Mexico                                        23.4
Chile                                          4.6
Colombia                                       1.6
Panama                                         1.4
Peru                                           1.3
Argentina                                      0.8
Net current assets (inc.Fixed interest)        5.3
                                             -----
Total                                        100.0
                                             -----
 
Ten Largest Equity Investments (in percentage order)
Company                              Country of Risk % of Company

Vale                                    Brazil          10.3
Banco Bradesco                          Brazil           5.8
América Móvil                           Mexico           4.9
Petrobrás                               Brazil           4.5
Fomento Economico Mexicano              Mexico           3.9
CCR                                     Brazil           3.8
Groupo Televisa                         Mexico           3.6
Itau Unibanco                           Brazil           3.4
AmBev                                   Brazil           3.2
Brasil Foods                            Brazil           2.8

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

Performance

For the month of January 2013, the Company posted a 7.1% (undiluted NAV) or
6.5% (NAV at Fair Value) increase in its NAV while the shares rose by 7.8% (all
in sterling terms). The Company's benchmark, the MSCI EM Latin America Index
returned 6.4%. 

Positive contributions to performance stemmed primarily from stock selection in
Mexico, Brazil and Peru.  In Brazil, individual contributors included an
underweight to Petrobras and overweights to Brazilian fuel distributor Cosan,
Brazil toll road operator CCR and Brazilian regional jet manufacturer Embraer.
In Mexico, positive contributions came from not owning Mexican bank Inbursa and
an overweight in local REIT name Fibra Uno.    In Peru, not owning gold miner
Buenaventura contributed positively to performance. Weighing on performance was
our fixed income exposure as well as an underweight to Chile.  The largest
individual detractors included Brazilian bonds as well as Vale, Natura and
Gerdau on the equity side.  Not owning Cemex also weighed on performance.

Transactions/Gearing

During the month we increased exposure to Brazilian toll road operator CCR,
fuel distributor Ultrapar, exchange name BM&F Bovespa, and iron ore miner
Vale.  In addition, we introduced a basket of education names in Brazil,
Mexican REIT name Fibra Uno and Brazilian airline GOL.  These moves were funded
by exiting Santander Mexico and Southern Copper, as well as, reducing exposure
to America Movil, Brazilian steel name Gerdau, and Brazilian car rental name
Localiza.

Net gearing was 9.1% at the end of January (including fixed interest securities
as cash).

Positioning

Latin American markets posted positive returns in January, benefitting from a
global environment of falling risk.  Brazil continues to be our top overweight,
with the focus remaining on the domestic side of the equation.  In Brazil, a
full year of lower interest rates and banking spreads along with higher
salaries and continued strong employment figures should be supportive of the
domestic economy and as such our preferred sectors are retailers and toll road
operators.  Mexico continued with its strong momentum given high expectations
for energy and fiscal reforms, but full valuations leave us at a neutral
weight, favouring domestically oriented stocks, including increasing our weight
to Fibras (local REITs).  The Andean region remains an underweight due to
liquidity constraints, and in some cases also due to high valuations.

15 February 2013

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.