BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 December 2012and 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^          6.4%     5.3%    5.1%     -3.5%   17.1%    84.4%
Net asset value^^         6.4%     5.6%    6.3%      2.0%   17.3%    84.6%
Share price               7.1%     5.4%    1.5%    -11.4%    8.4%    72.8%
MSCI EM Latin America     5.0%     3.7%    4.1%      0.5%   23.2%   100.7%
US Dollars:
Net asset value^          7.9%     6.0%    10.0%    -2.9%   -4.3%    72.9%
Net asset value^^         7.9%     6.3%    11.2%     2.7%   -4.2%    73.1%
MSCI EM Latin America     6.5%     4.4%    8.9%      1.2%    0.6%    88.1%

^cum income - bond at par ^^cum income - bond at fair value since 15 September 2009^^^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 and
                  with bond at par value~:    580.61p

Net asset value - cum income and 


                  with bond at par value~:    593.74p

Net asset value - capital only and with 


                      bond at fair value~~:   579.92p

Net asset value - cum income and with 


                      bond at fair value~~:   593.06p

Net asset value - capital with bond 


                               converted~~~:  579.92p

Net asset value - cum income and with 


                          bond converted~~~:  593.06p
Share price:                                  530.00p
Total Assets#:                               £285.11m

Discount(share price to cum income NAV 


              with bond at fair value*):        10.6%

Average discount* over the month - cum income: 11.3% Gearing**: 


                                       8.8%
Net yield:                                       3.5%
Ordinary shares in issue***:               41,433,247
 
~Par value refers to the par-value of the convertible bond which is also the
amount repayable to holders on the maturity of the bond.
~~Fair value refers to the price at which the bond is currently traded in the
market. The variance in the NAV performance using these different methods to
value the bond is to illustrate the effects of dilution should the bond be
converted.
~~~Where the current Net Asset Value (including income) in US dollar terms with
bond at fair value exceeds the conversion price of US$9.83 for the convertible
bond, the Net Asset Value is shown on a fully diluted basis, reflecting the
impact of converting the bond at a lower value.  Where the current Net Asset
Value (including income) in US dollar terms with bond at fair value does not
exceed the conversion price, the Net Asset Value will be the same as that
without the conversion of the bond.
#Total assets include current year revenue.
*The Discount is calculated based on the methodology for calculation of the Net
Asset Value (expressed in sterling terms) as set out in the preceding statement
**Gearing is calculated using debt at par, less cash and cash equivalents and
fixed interest investments as a percentage of net assets.
***Excluding 2,408,065 shares held in treasury.

Geographic Regional Exposure            % Total Assets

Brazil                                        60.2
Mexico                                        23.6
Chile                                          4.5
Peru                                           1.8
Colombia                                       1.7
Panama                                         1.3
Argentina                                      0.8

Net current assets (inc.Fixed interest) 6.1 


                                             -----
Total                                        100.0
                                             -----

Ten Largest Equity Investments (in percentage order) 


Company                                 Country of Risk

                                                % of Company

Vale                                    Brazil     10.8
Banco Bradesco                          Brazil      5.7
América Móvil                           Mexico      5.6
Petrobrás                               Brazil      4.9
Fomento Economico Mexicano              Mexico      3.8
Groupo Televisa                         Mexico      3.8
Itau Unibanco                           Brazil      3.6
CCR                                     Brazil      3.2
AmBev                                   Brazil      3.0
Brasil Foods                            Brazil      2.7

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

Performance

For the month of December 2012, the Company posted a 6.4% increase in its NAV while the shares appreciated by 7.1% (all in sterling). The Company's benchmark, the MSCI EM Latin America Index returned 5.0%.

Positive contributions to performance stemmed primarily from stock selection in Braziland Mexicoas well as the gearing. In Brazil, individual contributors included an overweight to Brazilian iron ore giant Vale, food producer Brasil Foods and Banco do Brasil. In Mexico, overweights to Televisa and Santander Mexico also contributed positively to performance. Weighing on performance was our fixed income exposure. The largest individual detractors included Brazilian and Mexican bonds as well as Brazilian entertainment name Time4Fun on the equity side.

Transactions/Gearing

During the month we increased exposure to iron ore via Vale, to consumers via Walmart de Mexico, Lojas Renner and CBD and to industrials via the addition of Mexican REIT name Macquarie. These moves were funded by reducing exposure to banks in both Mexicoand Brazil, to Petrobras and America Moviland exiting Brazilian homebuilder Cyrela. Net gearing was 8.8% at the end of December (including bonds as cash).

Positioning

We enter 2013 with a portfolio that is positioned to benefit from the improving environment in Latin America, especially in Brazil. With a domestic recovery underway, Brazilian equities seem poised to recover in 2013. Mexico'spositive momentum shows no signs of slowing down with positive news on the budget and reform front during December increasing expectations for further reforms in 2013. Brazilcontinues to be our largest overweight while Mexicohas moved to a small overweight - with the prospects of both markets posting positive returns in 2013, we expect a virtuous competition for performance during 2013. We continue to favour domestic-related sectors, especially retail and infrastructure plays. Within materials we prefer iron ore miners and pulp & paper producers over copper miners and steel producers, and are underweight oil and gas. While there are interesting stories in the Andean region, such as infrastructure investments in Peru, growing energy and mining investments in Colombia, and Chile'sstable economy, these smaller markets continue to present a not so attractive combination of high valuations and lower liquidity.

Overall, Latin Americacontinues to offer one of the most attractive equity investment opportunities given the solid top-down story as well as the attractive and diversified array of companies looking at the market from a bottom-up perspective.Brazil'sability to grow again and Mexico'sability to move forward with its reform agenda.

17 January 2013

ENDS

Latest information is available by typing www.brla.co.uk 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.

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