Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 30 April 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^^        -6.5%    -5.8%  -17.8%     62.1%    83.8%    52.5%
Share price              -7.0%    -2.6%  -17.4%     60.8%    83.0%    48.5%
MSCI EM Latin America    -5.3%    -4.8%   -9.6%     55.0%   103.6%    69.3%

US Dollars:
Net asset value^^        -5.0%    -3.0%  -20.0%     77.7%    72.1%    23.8%
MSCI EM Latin America    -3.7%    -2.0%  -12.0%     69.9%    90.6%    37.4%

^Date which BlackRock took over the investment management of the Company.
^^cum income - bond at par
Sources: BlackRock, Standard & Poor's Micropal

At month end
Net asset value - capital only:               588.11p
Net asset value - cum income:                 595.17p
Net asset value - capital only and with
                      bond at fair value:     569.54p
Net asset value - cum income and with
                      bond at fair value:     576.59p
Net asset value - capital with bond
                               converted:     581.88p
Net asset value - cum income and with
                          bond converted:     587.68p
Share price:                                  564.75p

Total Assets*:                               £296.78m
Discount(share price to cum income NAV
                  with bond converted***):       3.9%
Average discount** over the month - cum income:  4.4%
Gearing**:                                       8.9%
Net yield:                                       3.3%
Ordinary shares in issue~:                 41,649,247

*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 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.
~Excluding 2,192,065 shares held in treasury.

Geographic Regional Exposure            % Total Assets

Brazil                                        64.5
Mexico                                        16.7
Chile                                          4.3
Colombia                                       2.3
Peru                                           2.3
Panama                                         1.2
Argentina                                      0.7
Net current assets (inc.Fixed interest)        8.0
                                             -----
Total                                        100.0
                                             ----- 

Ten Largest Equity Investments (in percentage order)

Company                        Country of Risk  % of Company

Vale                                    Brazil          10.9
América Móvil                           Mexico           7.3
Petrobrás                               Brazil           6.9
Itau Unibanco                           Brazil           5.9
AmBev                                   Brazil           4.6
Banco Bradesco                          Brazil           4.3
Fomento Economico Mexicano              Mexico           4.1
CCR                                     Brazil           2.6
Banco do Brasil                         Brazil           2.2
OGX Petroleoegas                        Brazil           2.1

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

Performance

For the month of April 2012, the Company posted a 6.5% (undiluted NAV) or 6.4%
(NAV at Fair Value) decrease in its NAV while the shares fell by 7.0% (all in
sterling terms).  The Company's benchmark, the MSCI EM Latin America Index
returned -5.3%. 

Positive contributions to performance during the month stemmed primarily from
stock selection in Mexico and Brazilian bonds.  The largest individual positive
contributors for the month included not owning Mexican retailer Grupo Elektra
and an overweight to Mexican wireless name America Movil.  Brazilian names
Petrobras and Embraer also contributed positively.  Weighing on performance for
the month was the gearing, stock selection and an overweight to Brazil and an
underweight to Colombia.  Individual negative contributions to performance for
the month came from Banco Itau, Brazilian oil & gas producer OGX, Brazilian
homebuilder PDG and not owning Colombian oil & gas producer Ecopetrol.

Transactions/Gearing

During the month we reduced exposure to Brazilian banks due to a change in the
competitive landscape led by government owned banks cutting spreads on certain
products and added to exporters that stand to benefit from a weaker Brazilian
Real such as Vale, Embraer, Cosan and Brasil Foods.  We increased our exposure
to Mexico via industrial names Alfa and Alpek.  In addition to the reduction in
banks, these moves were partially funded by reducing exposure to Walmex given
recent negative headlines, Petrobras and Brazilian consumer staples names. 

Positioning

We remain overweight Brazil with a tilt to the domestic side of the equation
but with a growing exposure to exporters who stand to benefit from the recent
weakening of the Brazilian Real.  We still think the consumer story in Brazil
is attractive - recent moves clearly indicate that the easing started by the
Central Bank in August 2011 will lead to lower interest rates than previously
envisioned, which along with the government's moves to lower lending spreads
should lead to stronger domestic growth.  We continue to monitor closely the
upcoming Presidential election in Mexico and the potential for movement on the
reform front.  While valuations in general are at fair value at best, we have
selectively increased our exposure as growth has proven to be resilient despite
the uncertainty regarding US growth.  We continue to look for opportunities to
increase our exposure to the Andean region given attractive growth rates, but
liquidity (and in many cases valuations) continue to be an issue.

21 May 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.