Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC
All information is at 31 May 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^	-8.7			8.7		-10.5		-33.3			-42.5	25.6
Share price	-4.2			15.7		-9.9		-31.2			-40.6	23.5
MSCI EM Latin America	-10.2			9.0		-11.9		-33.8			-39.9	33.6
US Dollars:
Net asset value^	-9.2			13.0		-15.0		-36.2			-49.3	5.1
Share price	-4.8			20.2		-14.5		-34.2			-47.7	3.2
MSCI EM Latin America	-10.8			13.9		-16.0		-36.4			-46.9	12.1
^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:									342.24p
Net asset value – cum income:									348.01p
Share price:									320.00p
Total Assets#:									£139.5m
Discount (share price to cum income NAV):									8.0%
Average discount* over the month – cum income:									11.1%
Net gearing at month end**:									0.7%
Gearing range (as a % of net assets):									0-25%
Net yield##:									4.3%
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		50.7			51.3					50.2
Mexico		35.4			35.8					33.2
Peru		5.9			6.0					3.4
Chile		2.7			2.7					9.6
Argentina		2.7			2.7					0.0
Colombia		1.5			1.5					3.6
Net current assets (inc.Fixed interest)		1.1			0.0					0.0
		-----			-----					-----
Total		100.0			100.0					100.0
		-----			-----					-----
Sector			% of Equity Portfolio *				% of Benchmark
Materials			14.2				12.6
Consumer Discretionary			6.2				6.8
Consumer Staples			24.5				22.1
Financials			29.4				30.1
Health Care			0.5				0.4
Industrials			8.4				6.9
Information Technology			3.8				2.4
Energy			5.0				6.9
Telecommunication Services			4.7				5.8
Utilities			3.3				6.0
			-----				-----
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
AmBev	Brazil	7.2		5.5
Itau Unibanco	Brazil	7.2		5.4
Femsa	Mexico	5.2		3.7
Banco Bradesco	Brazil	5.1		5.1
Cemex	Mexico	4.1		2.0
Grupo Financiero Banorte	Mexico	3.9		2.9
Cielo	Brazil	3.7		2.0
Grupo Mexico	Mexico	3.1		1.9
Telefonica Brasil	Brazil	3.1		1.0
Credicorp	Peru	3.0		2.1
Commenting on the markets, Will Landers, representing the Investment Manager noted; Performance For the month of May 2016, the Company’s NAV fell by 8.7% and the share price fell by 4.2% while the benchmark, the MSCI EM Latin America Free Index, fell by 10.2% (all in sterling terms).  Positive contributions to performance stemmed primarily from stock selection in Brazil.  An allocation to off-benchmark Argentina also added to returns as policy normalization continues.  The largest individual contributor to performance was a lower than benchmark weighting to Vale, which suffered as iron ore prices fell by over 21% during the month.  Brazilian pulp stock Fibria added to returns as the stock benefited from a weaker currency and the relative outperformance of pulp prices during May.  A lack of exposure to Brazilian steel stock CSN also contributed positively.                A lower than benchmark weighting to Chile weighed on returns as the country was a relative outperformer given its defensive characteristics.  Brazilian bank Itau Unibanco was the largest individual detractor from returns. Itau Unibanco was negatively impacted by uncertainty regarding the reforms outlook in Brazil, instability in the newly formed cabinet and external factors such as the potential for a Fed rate hike in June.  Cemex and Grupo Aeroportuario also weighed on returns.                Transactions/Gearing During the month we reduced exposure to Petrobras due to potential capitalization concerns under Brazil’s new administration.  We introduced Mexican food stock Grupo Bimbo given attractive valuations and the deleveraging of their balance sheet.  We added to our position in toll road operator CCR as the company looks attractive from a top-down perspective. Net gearing was approximately 0.7% at the end of May. Positioning We continue with our more constructive view on Latin America developed over the past two months.  Government changes in Brazil are opening up the opportunity of improving fiscal numbers over the next two years.  This should have a positive impact on investor confidence and eventually lead to a pick-up in investment activity in the country.  Mexico continues to post gradually improving domestic figures, with the caveat being a potential headwind from the US election in November.  Peruvian elections in early June should usher in another move to the center-right in the region and spur another round of investments in that country.  Off-benchmark Argentina also continues with its gradual normalization program.  The underweights to Chile and Colombia remain given sub-par growth in Chile and fiscal headwinds expected in Colombia. 14 June 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.