Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 October 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^          1.4%   -0.9%    -2.1%    -9.6%     2.2%     68.0%
Share price              -0.2%   -2.9%    -1.4%   -13.5%    -5.5%     58.8%
MSCI EM Latin America     1.2%   -1.4%    -5.0%   -10.4%     1.6%     79.6%
US Dollars:               
Net asset value^          0.0%   -6.1%    -2.5%   -10.2%    -0.6%     55.2%
Share price              -1.5%   -8.0%    -1.8%   -14.1%    -8.2%     46.6%
MSCI EM Latin America    -0.1%   -6.5%    -5.4%   -11.2%    -1.4%     65.7%

^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:                491.56p
Net asset value - cum income:                  499.41p
Share price:                                   445.12p
Total Assets#:                                 £199.5m
Discount(share price to cum income NAV):         10.9%
Average discount* over the month - cum income:    9.8%
Net cash at month end**:                          1.5%
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).
**Net cash/net 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      % of Equity         MSCI EM Latin     
                                           Assets       Portfolio *       American Index     
                                                                                                
Brazil                                       56.7             58.3                  55.4     
Mexico                                       30.6             31.5                  29.2     
Peru                                          5.9              6.1                   2.4     
Colombia                                      2.5              2.6                   5.2     
Chile                                         1.4              1.5                   7.8     
Net current assets (inc.Fixed interest)       2.9              0.0                   0.0        
                                            -----            -----                 -----     
Total                                       100.0            100.0                 100.0     
                                            -----            -----                 -----     
                                                                                                  
 *excluding net current assets & fixed interest                                                   
                                                                                                  
Sector                          % of Total Assets           % of Benchmark

Materials                                    10.4                     14.5
Consumer Discretionary                       11.1                      7.2
Consumer Staples                             20.5                     17.9
Financials                                   34.1                     29.6
Health Care                                   0.0                      0.7
Industrials                                   6.9                      6.5
Information Technology                        1.6                      1.9
Energy                                        7.3                      9.0
Telecommunication Services                    3.6                      7.5
Utilities                                     1.6                      5.2
Fixed Income                                  1.0                      0.0
Net current assets                            1.9                      0.0
                                            -----                    -----
Total                                       100.0                    100.0
                                            -----                    -----

Ten Largest Equity Investments (in percentage order)                                  
                                                                                      
Company                                   Country of                  % of        % of
                                          Risk            Equity Portfolio   Benchmark
                                                                                      
Itau Unibanco                             Brazil                       8.6         5.6
Banco Bradesco                            Brazil                       6.5         5.7
BB Seguridade                             Brazil                       5.3         1.3
AmBev                                     Brazil                       5.0         4.3
Kroton Educacional                        Brazil                       5.0         1.3
Cemex SAB                                 Mexico                       4.5         2.0
BRF                                       Brazil                       4.2         2.3
Petrobras                                 Brazil                       4.0         6.0
Credicorp                                 Peru                         3.8         1.5
America Movil                             Mexico                       3.7         5.6
                                                                                      
Commenting on the markets, Will Landers, representing the Investment
Manager noted;

Performance

For the month of October 2014, the Company's NAV increased by 1.4% and the
share price declined by 0.2%, while the Company's benchmark, the MSCI EM Latin
America Index increased by 1.2% (all in sterling terms). 

Positive contributions to performance stemmed primarily from stock selection in
Brazil.  An underweight to Colombia and the lack of exposure to Ecopetrol also
contributed positively. In Brazil, the largest positive contributions came from
overweights to Kroton Educacional and BB Seguridade. Weighing on performance
were the positions in Petrobras and Buenaventura.

Transactions/Gearing

As a result of President Dilma Rousseff being re-elected, we reduced exposure
to Petrobras as well as interest rate sensitive stocks BR Properties and CCR.
These moves funded additions to credit card acquirer Cielo and the initiation
of a position in USD earner Gerdau. In Mexico, we added to Cemex on weakness
and in Chile we reduced Falabella on expectations of weak third quarter
earnings and a slowing Chilean economy.

Net cash was approximately 1.5% at the end of October.

Positioning

With the Brazilian elections behind us, all focus is on whether re-elected
President Rousseff will implement changes in macroeconomic policy to improve
confidence and investment in the Brazilian economy.  Our much smaller
overweight in Brazil compared to earlier in the year is focused on high quality
stocks that we believe will continue to perform well even if there is no such
improvement.  In Mexico, third quarter results continued to show a very slow
and gradual economic and earnings recovery - first auction related to energy
reform expected in the first quarter, with bidding papers to be published this
month.  Chile continues to digest reform proposals from President Bachelet,
with the economy further weakened by lower copper prices.  Peru currently
stands as our largest overweight given expectations for a strong economy in
2015.

17 November 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.