Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC
All information is at 30 June 2016 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^	20.1			14.8		10.1		-10.9				-32.4	50.8
Share price	12.3			13.4		9.7		-11.0				-34.1	38.7
MSCI EM Latin America	21.4			13.3		9.1		-11.7				-28.6	62.1
US Dollars:
Net asset value^	10.3			6.8		-6.9		-21.8				-43.8	15.8
Share price	3.2			5.5		-7.2		-21.9				-45.4	6.5
MSCI EM Latin America	11.5			5.4		-7.3		-22.1				-40.6	24.9
^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:									410.56p
Net asset value – cum income:									417.84p
Share price:									359.50p
Total Assets#:									£166.1m
Discount (share price to cum income NAV):									14.0%
Average discount* over the month – cum income:									15.2%
Net cash at month end**:									0.2%
Gearing range (as a % of net assets):									0-25%
Net yield##:									3.9%
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 2015.
Geographic Exposure
		% of Total Assets			% of Equity Portfolio *						MSCI EM Latin American Index
Brazil		55.4			56.0						53.8
Mexico		31.0			31.4						30.5
Peru		6.0			6.1						3.0
Chile		2.6			2.6						9.1
Argentina		2.4			2.5						0.0
Colombia		1.4			1.4						3.6
Net current assets (inc.Fixed interest)		1.2			0.0						0.0
		-----			-----						-----
Total		100.0			100.0						100.0
		-----			-----						-----
Sector			% of Equity Portfolio *				% of Benchmark
Fiancials			30.9				30.8
Consumer Staples			24.4				21.3
Materials			9.8				12.2
Industrials			8.3				6.7
Energy			8.1				7.5
Consumer Discretionary			6.7				6.5
Telecommunication Services			4.2				5.6
Information Technology			4.1				2.4
Utilities			3.4				6.5
Health Care			0.1				0.5
			-----				-----
Total			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	8.4		5.4
AmBev	Brazil	7.4		5.6
Banco Bradesco	Brazil	6.7		5.7
Femsa	Mexico	4.9		3.3
Petrobas	Brazil	4.5		4.4
Cielo	Brazil	4.1		2.1
Grupo Financiero Banorte	Mexico	3.8		2.8
Telefonica Brasil	Brazil	3.3		1.2
Credicorp	Peru	3.1		2.1
Grupo Mexico	Mexico	2.9		1.8
Commenting on the markets, Will Landers, representing the Investment Manager noted; Performance For the month of June 2016, the Company’s NAV rose by 20.1% and the share price rose by 12.3% whilst the benchmark, the MSCI EM Latin America Free Index, rose by 21.4% (all in sterling terms).  Positive contributions to performance stemmed primarily from a lower than benchmark weighting in Chile which suffered as macro data was weaker than expected.  The largest contributor to performance was an underweight to America Movil, which suffered as a result of ongoing competitive pressures, especially in Mexico and Brazil.  The stock also suffered post the Brexit vote given its exposure to Europe.                Stock selection in Brazil was the primary detractor from returns.  An allocation to off-benchmark Argentina and an overweight to Mexico also weighed on returns.  An overweight to Fibria Celulose detracted from performance as the stock suffered from a stronger currency and relative weakness of pulp prices during June.                Transactions/Gearing During the month we increased exposure to Brazil given positive moves from the interim government.  Conversely, we reduced exposure to Mexico on concerns regarding future growth given slower growth in the US and the US election cycle’s impact on Mexico.  In Brazil, we added to Petrobras bringing our position close to neutral given the aforementioned government moves, including new management at the company.  In Mexico, we reduced exposure to America Movil due to the previously mentioned stiff competition in most markets.  We reduced our commodity exposure following the Brexit vote; as a result we exited Vale and reduced exposure to Cemex and Fibria Celulose.  Net cash was approximately 0.2% at the end of June. Positioning We enter the second half of 2016 with a positive view on Brazil and concerns regarding Mexico.  In Brazil, we expect the impeachment process to be finalized during the third quarter, allowing President Temer and his strong financial team to tackle the issues required to get Brazil back on a sustainable growth track.  Meanwhile, in Mexico the economy’s close ties to the US could become more of a headwind as growth falters in the US and election day approaches.  While Brazil’s Central Bank should enter into an easing cycle shortly, Mexico has been forced to raise rates to battle undesired currency volatility.  In the rest of the region, we maintain our preference for Peru over Chile and Colombia, especially after the positive result of the country’s recently concluded presidential election. 15 July 2016 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.