Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 October 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^          5.0%     1.9%   -1.6%   -24.9%   101.0%     71.7%
Share price               3.5%     3.9%   -3.2%   -28.6%   105.5%     61.0%
MSCI EM Latin America     5.6%     4.0%   -2.2%   -16.2%    86.8%     89.1%

US Dollars:
Net asset value^          4.2%     8.0%   -1.8%   -24.5%   100.0%     59.2%
MSCI EM Latin America     4.8%    10.3%   -2.4%   -15.7%    85.7%     75.1%

^cum income
^^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~:              524.76p
Net asset value - cum income:                 528.43p
Share price:                                  469.75p
Total Assets#:                                £208.0m
Discount(share price to cum income NAV):        11.1%
Average discount* over the month - cum income:  10.6%
Gearing at month end**:                          7.7%
Gearing range (as a % of net assets):           0-25%
Net yield:                                       5.5%
Ordinary shares in issue***:               39,369,620

#Total assets include current year revenue.
*The Discount is calculated using the cum income NAV (expressed in sterling
terms)
**Gearing is calculated using debt less cash and cash equivalents and fixed
interest investments as a percentage of net assets.
***Excluding 2,121,662 shares held in treasury.

Geographic Regional Exposure                                           
                                                                       
                            % Total    % of Equity        MSCI EM Latin
                             Assets    Portfolio *       American Index
                                                                       
Brazil                         63.0           63.6                 58.5
Mexico                         25.7           26.0                 25.3
Chile                           3.3            3.3                  8.3
Colombia                        2.5            2.5                  5.7
Panama                          1.3            1.3                  0.0
Peru                            3.2            3.3                  2.2
Argentina                       0.0            0.0                  0.0
Net current assets                                                     
(inc.Fixed interest)            1.0            0.0                  0.0
                              -----          -----                -----
Total                         100.0          100.0                100.0
                              -----          -----                -----
                                                                       
 *excluding net current assets & fixed interest                        
   
Ten Largest Equity Investments (in percentage order)                             
                                                                                 
                                                             % of                
                                                           equity                
Company                             Country of Risk     portfolio  % of Benchmark
                                                                                 
Itau Unibanco                           Brazil                7.8             5.0
Vale                                    Brazil                6.6             6.3
Petrobras                               Brazil                6.2             8.3
BB Seguridade                           Brazil                3.5             0.9
Grupo Televisa                          Mexico                3.5             2.0
Cemex                                   Mexico                3.1             1.6
Banco Bradesco                          Brazil                3.0             5.3
FEMSA                                   Mexico                2.9             2.4
Ambev                                   Brazil                2.9             4.0
America Movil                           Mexico                2.9             5.1
 
Commenting on the markets, Will Landers, representing the investment
Manager noted;

Summary of Performance over the period

In October 2013, the Company's NAV rose by 5.0% (undiluted NAV performance)
while the shares rose by 3.5% (all in sterling terms with income reinvested)
and the Company's benchmark, the MSCI EM Latin America Free Index rose by
5.6%. 

Fund Manager's Commentary

Positive contributions to performance stemmed primarily from underweight
positions in Colombia and Chile.  The largest individual contributors included
overweights to BB Seguridade and Itau.  Not owning Cencosud in Chile also
contributed positively.  Weighing on performance was stock selection in Brazil
and Mexico.  The largest individual detractors included an underweight to
Petrobras, an overweight to Brasil Foods and overweights to Femsa and Cemex.

Net gearing (as defined earlier in the announcement) was 7.7% at the end of
October.

During the month we rotated materials exposure by exiting Grupo Mexico and
Gerdau and adding to Vale.  We also increased our financials exposure,
specifically banks in Brazil, Mexico and Peru.  During the month we initiated
positions in Brazilian industrial name Mills and Brazilian education name Ser
Educacional as well as increased exposure to Brazilian car rental company
Localiza.  These moves were funded by exiting Embraer, Entel and Banco do
Brasil and reducing exposure to Femsa, CCR and Copa Holdings.  

We enter the last two months of the year having increased exposure to Brazil
and reducing exposure to Mexico.  Brazil continues to offer the better bottom
up stories we find in the region at the most attractive valuation levels. 
Third quarter earnings so far have been in line to better than expected,
employment figures remain stable and annual wage negotiations indicate another
year of a small real increase in wages - all favouring our overweight position
to domestically oriented companies, especially banks, education, and selected
retailers.  Meanwhile, the Mexican economic recovery story was pushed back into
early 2014, fiscal reform was modest at best, and discussions around political
and energy reform are at risk to being extended into 2014 - none of which is
supportive for Mexico's above average valuation levels.  We continue to look
for opportunities to increase exposure to Peru and Colombia, maintaining a
large underweight in Chile ahead of presidential elections on 17 November 2013.

21 November 2013

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.