BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC - Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 July 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^          1.8%    6.0%     0.6%   -18.2%    23.9%     69.5%
Share price               2.9%    4.3%     5.6%   -15.4%    22.0%     63.6%
MSCI EM Latin America     2.3%    5.2%     0.2%   -15.1%    20.6%     82.1%
US Dollars:
Net asset value^          0.5%    6.0%    12.1%   -15.7%    26.4%     65.3%
Share price               1.6%    4.3%    17.7%   -12.8%    24.4%     59.4%
MSCI EM Latin America     1.1%    5.2%    11.6%   -12.7%    22.8%     77.3%

^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:                500.02p
Net asset value - cum income:                  512.01p
Share price:                                   467.00p
Total Assets#:                                 £201.8m
Discount(share price to cum income NAV):          8.8%
Average discount* over the month - cum income:   10.2%
Gearing at month end**:                           0.2%
Gearing range (as a % of net assets):            0-25%
Net yield##:                                      3.8%
Ordinary shares in issue***:                39,369,620
Ongoing charges****:                              1.1%

Total assets include current year revenue.
## calculated using total dividends declared for the financial year ended 31
December 2013 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                                      61.9      61.9             57.8
Mexico                                      28.0      28.0             27.0
Peru                                         6.2       6.2              2.3
Colombia                                     1.7       1.7              5.3
Chile                                        1.6       1.6              7.6
Argentina                                    0.6       0.6              0.0
Net current assets (inc.Fixed interest)      0.0       0.0              0.0
                                           -----     -----            -----
Total                                      100.0     100.0            100.0
                                           -----     -----            -----

 *excluding net current assets & fixed interest

Sector
                                   % of Total Assets   % of benchmark

Consumer Discretionary                    11.9              6.7
Consumer Staples                          19.8             17.2
Energy                                    11.9             10.6
Financials                                32.0             28.6
Fixed Income                               0.5              0.0
Health Care                                0.0              0.7
Information Technology                     0.0              1.8
Industrials                                7.6              6.0
Materials                                 11.9             16.0
Telecommunication Services                 3.3              6.9
Utilities                                  1.6              5.5
Net current assets                        (0.5)             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               8.8                  5.4
Petrobras                      Brazil               7.6                  7.5
Banco Bradesco                 Brazil               4.9                  5.4
AmBev                          Brazil               4.7                  4.1
BB Seguridade                  Brazil               4.6                  1.3
Vale                           Brazil               4.6                  5.5
Kroton Educacional             Brazil               3.8                  1.2
BRF                            Brazil               3.6                  2.0
Creditcorp                     Peru                 3.4                  1.3
America Movil                  Mexico               3.3                  5.1

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

Performance

For the month of July 2014, the Company's NAV increased by 1.8% (undiluted NAV)
and the share price increased by 2.9%  while the Company's benchmark, the MSCI
EM Latin America Free Index, increased by 2.3% (all in sterling terms with net
income reinvested).

Positive contributions to performance stemmed primarily from an underweight to
Chile.  Chile underperformed as a result of disappointing economic growth data,
heightened by the proposed fiscal reform.  The largest positive contributions
came from an overweight to Itau and not owning credit card acquirer Cielo.
Weighing on performance was stock selection in Mexico.  The largest individual
detractor for the month was America Movil, which performed well, and where we
had a lower exposure than the benchmark. An overweight to Brazilian fuel
distributor Cosan also weighed on performance.

Transactions/Gearing

During the month we added to our position in America Movil as we viewed their
move to reduce assets to comply voluntarily with recent regulatory changes as a
positive.  This was funded by reducing Televisa, one of the better performing
large cap stocks in Mexico year-to-date, which we feel could be negatively
impacted given the increased potential for competition on the wireless side of
their business.  We also added to Gentera and Buenaventura.  These moves were
funded by reducing exposure to Banco do Brasil and exiting Santander Chile.

Net gearing was approximately 2.1% at the end of July.

Positioning

We retain a higher than benchmark exposure to Brazil as the potential for an
opposition victory in October's presidential elections grows.  The performance
of the Brazilian market should continue to be impacted by polling results as we
move towards election day on October 5th.  Valuations in Mexico remain
unattractive in our view. In Mexico, there has been positive movement on
secondary laws necessary for energy reform to move forward.  However, we would
need to see more evidence of an economic recovery before adding any more to the
fund's Mexican exposure.   In the Andean region we continue to favour Peru over
Chile and Colombia.

18 August 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.