Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 30 September 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^        -11.6%   -0.4%     1.4%     2.1%    -0.3%     65.8%
Share price              -8.4%    0.0%     2.2%    -2.1%    -2.6%     59.1%
MSCI EM Latin America   -11.2%   -0.3%    -0.8%     0.4%    -1.0%     77.5%
US Dollars:               
Net asset value^        -13.7%   -5.6%     1.5%     6.4%     1.3%     55.2%
Share price             -10.6%   -5.2%     2.4%     2.1%    -1.2%     48.8%
MSCI EM Latin America   -13.3%   -5.4%    -0.7%     4.5%     0.4%     65.9%

^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:                486.48p
Net asset value - cum income:                  492.61p
Share price:                                   446.00p
Total Assets#:                                 £200.2m
Discount(share price to cum income NAV):          9.5%
Average discount* over the month - cum income:   10.1%
Gearing at month end**:                            1.1%
Gearing range (as a % of net assets):            0-25%
Net yield##:                                      4.1%
Ordinary shares in issue***:                39,369,620
Ongoing charges****:                              1.1%
 
#Total assets include current year revenue.
## calculated using total dividends declared in the last 12 months as at the
date of this announcement 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.
**** Calculated as a percentage of average net assets and using expenses,
excluding performance fees and interest costs, for the year ended
31 December 2013.

Geographic Exposure                                                        
                                               %       % of           
                                           Total     Equity     MSCI EM Latin
                                          Assets  Portfolio*   American Index
                                                                           
Brazil                                      58.2       59.4             55.2
Mexico                                      29.2       29.8             29.2
Peru                                         6.0        6.1              2.4
Colombia                                     2.5        2.5              5.4
Chile                                        2.1        2.2              7.8
Net current assets (inc.Fixed interest)      2.0        0.0              0.0
                                           -----      -----            -----
Total                                      100.0      100.0            100.0
                                           -----      -----            -----

*excluding net current assets & fixed interest                            
  
Sector                                      % of Total Assets   % of Benchmark
                                                                                                                    
Financials                                          33.0             28.5
Consumer Staples                                    20.0             17.6
Consumer Discretionary                              11.3              6.8
Energy                                              10.4             10.2
Materials                                           10.1             15.0
Industrials                                          7.4              6.4
Telecommunication Services                           3.6              7.7
Utilities                                            1.6              5.3
Information Technology                               0.6              1.8
Fixed Income                                         0.4              0.0
Health Care                                          0.0              0.7
Net current assets                                   1.6              0.0
                                                   -----            -----
Total                                              100.0            100.0
                                                   -----            -----
                                                                                                                    
Ten Largest Equity Investments (in percentage order)                                                  
                                                                                                      
Company                 Country of Risk  % of Equity Portfolio   % of Benchmark
                                                                                                      
Itau Unibanco                    Brazil                   8.6              5.2
Petrobras                        Brazil                   7.1              7.1
Banco Bradesco                   Brazil                   6.0              5.3
AmBev                            Brazil                   4.8              4.2
BB Seguridade                    Brazil                   4.5              1.3   
Kroton Educacional               Brazil                   4.3              1.2   
BRF                              Brazil                   3.7              2.1   
America Movil                    Mexico                   3.7              5.8
Credicorp                          Peru                   3.5              1.4   
Cemex SAB                        Mexico                   3.5              2.1   

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

Performance

For the month of September 2014, the Company's NAV decreased by 11.6% and the
share price decreased by 8.4%, while the Company's benchmark, the MSCI EM Latin
America Free Index, fell by 11.2% (all in sterling terms with net income
reinvested). 

The positive contributions to performance this month stemmed primarily from our
Mexican holdings and an above benchmark weighting in Peru. Strong stock
selection in Brazil was somewhat offset by our exposure to this market, which
did worse than the benchmark overall. The largest positive contributions from
individual shares came from  Alfa and Credicorp. Alfa moved higher as the
company is well positioned to be a participant in upcoming auctions for oil and
gas fields in Mexico following the successful implementation of energy reform.
Weighing on performance was our lower than market exposure to Chile. At the
stock level, we would have done better relatively if we had held more of
America Movil and less of Itau.  Itau suffered as the prospects for political
change were negatively impacted by the deterioration in polls during the last
week of the month.

Transactions/Gearing

During the month we reduced exposure to Petrobras (taking the holding back to
a neutral position relative to the benchmark) and sold our remaining position
in Banco do Brasil.  This reflects the deterioration in the polls and the
at-best 50-50 scenario for the second round.  We  started a new holding in
Grupo Aval (positive on the company due to good top line growth and strong
asset quality); and Cielo (on improving valuation parameters).  We also added
to the education sector via Kroton. These moves were funded by reducing
exposure to Southern Copper and Vale and taking profits in Credicorp.

Net gearing was approximately 1.1% at the end of September.

Positioning

We entered October with a slightly lower exposure to Brazil given
uncertainties regarding the presidential election. A continuation of policies
from the past four years would not be taken well by the market. On the other
hand there are high expectations of increased investor confidence and better
economic policies under an opposition victory. Our best estimate at this point
is that the election is a 50/50 race. In Mexico, the recovery in economic
growth continues to frustrate market expectations, with valuations remaining
high, from the combination of falling earnings expectations in the short term,
coupled with still positive expectations for the medium and long term. We
continue to have a low exposure to Chile given the negative impact of fiscal
changes on private investment. We continue to look favourably at Peru and
Colombia's economic growth prospects, adding to companies that we believe will
benefit from such prospects.

20 October 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.