Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 January 2014 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^         -8.9%   -16.6%  -27.5%   -34.5%    58.3%     43.2%
Share price              -9.3%   -16.2%  -27.5%   -38.8%    44.5%     35.0%
MSCI EM Latin America    -8.7%   -17.4%  -26.9%   -29.4%    42.8%     56.1%
US Dollars:
Net asset value^         -9.6%   -14.7%  -24.8%   -32.8%    80.6%     35.8%
MSCI EM Latin America    -9.4%   -15.6%  -24.2%   -27.5%    62.8%     47.9%

^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:               433.91p
Net asset value - cum income:                 440.79p
Share price:                                  393.88p
Total Assets#:                                £150.3m
Discount(share price to cum income NAV):        10.6%
Average discount* over the month - cum income:  10.2%
Gearing at month end**:                           3.8%
Gearing range (as a % of net assets):           0-25%
Net yield##:                                     4.9%
Ordinary shares in issue***:               39,369,620
 
#Total assets include current year revenue.
## calculated using total dividends declared for the financial year ended 31
December 2012 as a percentage of month end share price.
*The discount is calculated using the cum income NAV (expressed in sterling
terms).
**Gearing is calculated using debt at par, less cash and cash equivalents and
fixed interest investments as a percentage of net assets.
***Excluding 2,071,662 shares held in treasury.

Geographic Regional Exposure                                               
                                                                     
                                               %       % of     
                                           Total     Equity    MSCI EM Latin
                                          Assets  Portfolio*  American Index
                                                                           
Brazil                                      62.2       59.9             55.7
Mexico                                      30.9       29.9             28.6
Peru                                         6.0        5.7              2.4
Chile                                        2.6        2.5              8.1
Colombia                                     1.5        1.5              5.2
Panama                                       0.5        0.5              0.0
Net current assets (inc.Fixed interest)     (3.7)       0.0              0.0
                                           -----      -----            -----
Total                                      100.0      100.0            100.0
                                           -----      -----            -----
                                                                           
 *excluding net current assets & fixed interest                            
 
Ten Largest Equity Investments (in percentage order)                                                
                                                                                                    
Company                                  Country of Risk       % of equity portfolio  % of benchmark
                                                                                                    
Itau Unibanco                                  Brazil                            7.7             5.0
Vale                                           Brazil                            7.1             6.5
AmBev                                          Brazil                            5.2             4.8
CEMEX Latam                                    Mexico                            4.6             2.3
Grupo Televisa                                 Mexico                            4.2             2.3
Banco Bradesco                                 Brazil                            4.1             4.7
Petrobras                                      Brazil                            3.7             6.4
BB Seguridade                                  Brazil                            3.7             0.9
America Movil                                  Mexico                            3.5             5.7
Fomento Economico Mexicano SAB                 Mexico                            3.5             2.7
 
Commenting on the markets, Will Landers, representing the investment
Manager noted;

Performance

For the month of January 2014, the Company's NAV decreased by 8.9% and the
shares fell by 9.3% (all in sterling terms).  The Company's benchmark, the MSCI
EM Latin America Free Index, decreased by 8.7%. 

Positive contributions to performance stemmed primarily from stock selection in
Mexico, an overweight to Peru and underweights to Chile and Colombia.  In
Mexico, positive contributions came from overweights in Cemex, Vesta, Terrafina
and Televisa.  Additional individual contributors included overweights to
Credicorp and Grana y Montero in Peru.  Weighing on performance was stock
selection in Brazil, with the largest individual detractors stemming from
overweights to Banco Bradesco, Itau and Vale.

Transactions/Leverage

During the month we increased exposure to consumers by adding to Ambev and
Walmex and introducing Brazilian drugstore chain Drogasil. We also added to
industrials by initiating a position in Marcopolo which benefits from a weaker
Real as well as potential new contracts for public and school transportation in
Brazil.  We reduced exposure to financials through the sale of BM&F Bovespa and
Santander Mexico and a reduction in Banorte.  We also reduced Copa due to
concerns regarding its cash balance in Venezuela.

Net gearing was approximately 3.8% at the end of January.

Positioning

The positioning at the end of January was similar to the previous month -
positioned to benefit from a market that favours stock picking (which clearly
did not happen during January).  Our overweight in Brazil is focused on
companies with cheap valuations and company specific catalysts that should help
their shares perform despite lower than potential GDP growth expected during
2014.  Despite challenging valuation levels in an economy that is still not
showing a rebound from the weak activity in 2013, we are overweight Mexican
equities via our positive views of media, property, materials and select
consumer related names.  Elsewhere in the region we continue to favour Peru
over Chile and Colombia on valuation grounds.

19 February 2014

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.