BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC: Portfolio Update

 BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC  All information is at 31 March 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^          8.2%    -0.1%  -21.7%   -31.6%    63.6%     56.9% Share price               6.4%    -0.6%  -21.9%   -32.8%    55.7%     48.0% MSCI EM Latin America     9.4%    -0.3%  -21.3%   -26.9%    47.5%     70.6% US Dollars:               Net asset value^          7.7%     0.6%  -13.9%   -28.7%    90.5%     51.0% MSCI EM Latin America     8.8%     0.4%  -13.6%   -23.9%    71.6%     64.0%  ^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:               471.56p Net asset value - cum income:                 473.78p Share price:                                  422.25p Total Assets#:                                £189.1m Discount(share price to cum income NAV):        10.9% Average discount* over the month - cum income:  10.2% Gearing at month end**:                           4.2% Gearing range (as a % of net assets):           0-25% Net yield##:                                     4.3% Ordinary shares in issue***:               39,369,620  #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.  Geographic Regional Exposure                                                                                                             %                                                                                Total     % of Equity        MSCI EM  Latin                                        Assets     Portfolio *       American  Index                                                                                  Brazil                                      65.3            63.7                  57.2 Mexico                                      27.3            26.5                  26.6 Peru                                         5.8             5.6                   2.3 Chile                                        2.7             2.6                   8.1 Colombia                                     1.6             1.6                   5.8 Net current assets (inc.Fixed interest)     -2.7             0.0                   0.0                                            -----           -----                 ----- Total                                      100.0           100.0                 100.0                                         -----           -----                 -----                                                                                   *excluding net current assets & fixed interest                                      Ten Largest Equity Investments (in percentage order)                                                                                                                                         Company                                   Country of                                  % of                                        Risk            % of equity portfolio   benchmark                                                                                         Itau Unibanco                             Brazil                            8.4        5.2 Vale                                      Brazil                            7.0        5.8 Petrobras                                 Brazil                            6.6        6.7 AmBev                                     Brazil                            5.4        4.8 Banco Bradesco                            Brazil                            4.8        5.3 Grupo Televisa                            Mexico                            4.3        2.4 BB Seguridade                             Brazil                            3.9        0.9 CEMEX                                     Mexico                            3.7        2.1 Credicorp                                 Peru                              3.4        1.3 FEMSA                                     Mexico                            2.9        2.5  Commenting on the markets, Will Landers, representing the investment Manager noted;  Performance  For the month of March 2014, the Company's NAV increased by 8.2% (undiluted NAV) and the share price increased by 6.4% (all in sterling terms), while the Company's benchmark, the MSCI EM Latin America Free Index, increased by 9.4%.   Positive contributions to performance stemmed primarily from an underweight to Chile and stock selection in Chile and Mexico.  At the stock level, Brazilian education name Kroton, which reported strong 4Q13 results, was the largest contributor to performance.  An underweight to America Movil proved beneficial as the name was negatively impacted by the announcement from the regulator in Mexico that they are considered a dominant player in the telecom industry.  In addition, not holding Grupo Mexico and Petroleos De Chile contributed positively to performance. Weighing on performance was stock selection in Brazil, an underweight to Colombia and stock selection in and an underweight to Peru.  The largest individual detractors included an underweight to Petrobras, and overweights to Peruvian construction company Grana y Montero and Mexican cement company Cemex.  Transactions/Gearing  During the month we increased exposure to energy by adding to Brazilian oil & gas company Petrobras in order to neutralize our position given the growing potential of an opposition win in the Presidential elections in October.  We reduced exposure to Mexican telecom name America Movil (regulatory uncertainties) and Mexican materials name Cemex (to realize profits in our position), as well as exiting Genomma Labs (taking profits on stretched valuations) and Copa Holdings (concerns regarding its cash balance in Venezuela).  Kimberly Clark de Mexico was added to the portfolio during the month as we begin to increase our Mexican weights ahead of an expected recovery in economic activity later in the year.  Net gearing was approximately 4.2% at the end of March.  Positioning  The next six months should continue to be volatile.  We see the presidential election in October and the possibility of an opposition win as being the main drivers for Brazilian equities.  For Mexican equities we see the main driver being the passage of secondary laws for the opening up of the energy sector (along with better economic performance).  Valuations in Brazil remain the most compelling in the region, but multiple expansion can only be expected with more market friendly policies, whether from a second-term from President Rousseff or from an opposition win.  Meanwhile, Mexican valuations look stretched, even under a scenario of improving growth into the second half of the year, pricing in much of the growth from the reforms that will most likely take years to materialize.  Peru remains our favourite market within the Andean region.  11 April 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.  END