BlackRock Latin American Investment Trust Plc – Portfolio Update

The information contained in this release was correct as at 31 March 2026.
Information on the Company’s up to date net asset values can be found on the
London Stock Exchange Website at

https://www.londonstockexchange.com/exchange/news/market-news/market-news
-home.html.

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC (LEI – UK9OG5Q0CYUDFGRX4151)

All information is at 31 March 2026 and unaudited.

Performance at month end with net income reinvested

One Three One Three Five
month months year years years
% % % % %
Sterling:
Net asset value^ -6.7 13.2 47.2 39.5 57.1
Share price -8.9 12.8 55.3 50.8 66.3
MSCI EM Latin America -2.4 16.9 54.0 56.3 91.7
(Net Return)^^
US Dollars:
Net asset value^ -8.4 11.0 50.5 48.8 50.2
Share price -10.7 10.6 58.8 60.7 59.0
MSCI EM Latin America -4.3 14.6 57.4 66.7 83.2
(Net Return)^^

^cum income

^^The Company’s performance benchmark (the MSCI EM Latin America Index) may be
calculated on either a Gross or a Net return basis. Net return (NR) indices
calculate the reinvestment of dividends net of withholding taxes using the tax
rates applicable to non-resident institutional investors, and hence give a lower
total return than indices where calculations are on a Gross basis (which assumes
that no withholding tax is suffered). As the Company is subject to withholding
tax rates for the majority of countries in which it invests, the NR basis is
felt to be the most accurate, appropriate, consistent and fair comparison for
the Company.

Sources: BlackRock, Standard & Poor’s Micropal

At month end

Net asset value – capital only: 480.73p
Net asset value – including income: 481.66p
Share price: 450.00p
Total assets#: £155.6m
Discount (share price to cum income 6.6%
NAV):
Average discount* over the month – 6.2%
cum income:
Net gearing at month end**: 10.3%
Gearing range (as a % of net 0-25%
assets):
Net yield##: 4.9%
Ordinary shares in issue(excluding 29,448,641
2,181,662 shares held in treasury):
Ongoing charges***: 1.36%

#Total assets include current year revenue.

##The yield of 4.9% is calculated based on total dividends declared in the last
12 months as at the date of this announcement as set out below (totalling 28.98
cents per share) and using a share price of 593.42 US cents per share
(equivalent to the sterling price of 450.00 pence per share translated in to US
cents at the rate prevailing at 31 March 2026 of $1.3187 dollars to £1.00).

2026 Q1 Interim dividend of 7.94 cents per share (Payable on 15 May 2026)

2025 Q2 Interim dividend of 6.74 cents per share (Paid on 12 August 2025)

2025 Q3 Interim dividend of 7.06 cents per share (Paid 05 November 2025)

2025 Q4 Interim dividend of 7.24 cents per share (Paid 06 February 2026)

*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.

*** The Company’s ongoing charges are calculated as a percentage of average
daily net assets and using the management fee and all other operating expenses
excluding finance costs, direct transaction costs, custody transaction charges,
VAT recovered, taxation and certain non-recurring items for the year ended 31
December 2024.

Geographic Exposure % of % of Equity MSCI EM Latin America Index
Total Portfolio *
Assets
Brazil 61.2 60.9 61.5
Mexico 24.3 24.2 24.9
Peru 7.2 7.2 5.2
Multi-Country 2.7 2.7 0.0
Chile 2.0 2.0 6.3
United States 1.6 1.6 0.0
Argentina 1.5 1.4 0.0
Columbia 0.0 0.0 2.1
Net current -0.5 0.0 0.0
liabilities (inc.
fixed interest)
—– —– —–
Total 100.0 100.0 100.0
===== ===== =====

^Total assets for the purposes of these calculations exclude bank overdrafts,
and the net current assets figure shown in the table above therefore excludes
bank overdrafts equivalent to 9.7% of the Company’s net asset value.

Sector % of Equity Portfolio* % of Benchmark*
Financials 26.3 32.8
Materials 22.3 19.4
Industrials 15.1 9.0
Consumer Staples 12.9 11.2
Consumer Discretionary 10.5 2.0
Energy 5.4 10.8
Real Estate 2.5 1.4
Health Care 1.8 0.7
Utilities 1.7 8.4
Information Technology 1.5 0.4
Communication Services 0.0 3.9
—– —–
Total 100.0 100.0
===== =====

*excluding net current assets & fixed interest

Company Country of Risk % of % of
Equity Portfolio Benchmark
Vale: Brazil
   ADS 8.5
   Equity 1.3 6.7
Petrobrás: Brazil
   Equity 1.2
   Equity ADR 1.7 4.5
   Preference Shares ADR 2.5 5.0
Southern Copper Peru 4.7 1.8
Walmart de México y Centroamérica Mexico 4.4 2.0
FEMSA Mexico 4.1 2.2
StoneCo Ltd Brazil 3.8 0.4
Grupo Financiero Banorte Mexico 3.7 3.3
Cyrela Brazil Realty: Brazil
   Equity 3.3
   Preference Shares 0.3
Grupo Aeroportuario del Sureste Mexico 3.5 0.7
Nu Holdings Ltd Brazil 3.5 5.7

Commenting on the markets, Sam Vecht and Gordon Fraser, representing the
Investment Manager noted;

The Company’s NAV fell by -8.4% in March, underperforming the benchmark, the
MSCI Emerging Markets (EM) Latin America Index, which returned -4.3% on a net
basis over the same period. All performance figures are in US dollar terms with
dividends reinvested.

March was a difficult month for Emerging Markets, with the MSCI EM Index falling
-13.3%, its worst monthly performance since March 2020, and snapping three
consecutive months of outperformance versus Developed Markets (MSCI DM: -6.6%).
Geopolitics was the overwhelming driver, as the escalation of the US-Iran
conflict triggered a sharp risk-off move in EM equities. Volatility remained
elevated throughout the month, with markets reacting acutely to any signal,
however tentative, of potential de-escalation. Latin America was the relative
outperformer within the EM complex, declining -4.3% in March. The region
benefited from its perceived insulation from the US-Iran conflict, acting as a
relative safe haven. At the country level, Argentina (+14.1%) and Colombia
(+8.2%) were the standout performers, while Brazil (-1.9%) outperformed both
MSCI EM and LatAm peers despite a mixed macroeconomic backdrop. Mexico (-8.3%),
Peru (-11.8%) and Chile (-7.6%) were the key detractors.

At the portfolio level, our stock selection in Mexico and Chile contributed most
to relative performance. On the other hand, stock selection in Brazil and off
-benchmark materials exposure hurt relative returns.

From a security lens, not owning Mexican mining stocks Grupo Mexico and
Industrias Peñoles was the largest contributor to relative returns. Metals and
mining stocks had a strong start to the year amidst increasing metals prices and
therefore faced profit-taking pressure amid the broader risk-off environment in
March. An overweight to Peruvian bank Intercorp was another contributor. The
stock held up well amid the broader market turmoil ahead of its AGM at end of
March, at which a $1.80 per share dividend was declared – an 80% increase from
the prior year.

On the flipside, Brazilian bank AGI was the largest detractor. The stock fell
after weak 4Q results, driven mainly by the knock-on effects of the earlier
suspension by Brazil’s social security agency (INSS). The business had returned
to normal by the end of February, with activity back to pre-suspension levels,
and we remain positive given the potential for earnings growth and the stock’s
attractive 5x P/E (price to earnings ratio) valuation. Peruvian copper miner
Southern Copper also detracted, with the shares caught in the broader pullback
across stocks that had previously been strong performers. Mexican long-haul
airline Aeromexico also fell, as airlines more broadly came under pressure on
concerns that the Middle East conflict could keep oil prices higher for longer,
increasing jet fuel costs.

We made some changes to the portfolio in March. We took advantage of the share
price correction to add to Aeromexico. At current jet fuel prices, we see
meaningful oil normalisation optionality. We initiated a position in PicPay
following a sharp sell-off , with the stock down approximately 50% from IPO. At
current levels the stock trades on an attractive valuation with a compelling
runway to grow its internalised loan book, implying significant re-rating
potential. We also initiated a position in Sanepar, a Brazilian sewage and
sanitation utility. The stock offers two credible upside catalysts: 1) capex
acceleration to achieve universality or 2) potential privatisation, neither of
which the market is currently pricing in. We took profits and sold out of B3.

Brazil remains our largest portfolio overweight, whilst Chile is the largest
underweight.

Outlook

We remain constructive on Latin American equities. Strong inflows, a softer US
dollar and resilient commodity prices have continued to support the region into
2026, while valuations remain reasonable despite a powerful start to the year.
Over the past 12 months, Latin American equities are up 57.4%, and have gained
14.6% year to date, performing strongly despite a highly uncertain global
backdrop.

As we have previously highlighted, we believe Latin American equity markets are
relatively insulated from geopolitical shocks such as the recent escalation of
tensions in the Middle East. With limited direct trade exposure to the region
and status as a net commodity exporter, any impact is more likely to be
sentiment driven rather than reflective of a deterioration in regional
fundamentals. Whilst markets welcomed the recent ceasefire announcement, the
path to a lasting resolution remains uncertain, and short-term drawdowns in
regional performance could occur if fighting in the Arabian Gulf continues for a
sustained period.

In Brazil, the early year rally has been driven by a supportive global backdrop
with a weaker USD and ongoing offshore inflows. Domestically, the focus is
shifting toward the 2026 election and the policy path; with headline and core
inflation at multi month lows, and high real rates coinciding with softer U.S.
growth, we believe the monetary inflection point could come in the first half of
the year, easing liquidity conditions and supporting the market further.

In Mexico, USMCA (United States-Mexico-Canada Agreement related trade noise may
weigh on sentiment, but nearshoring remains a structural tailwind given deep
integration with US supply chains. Policy is still restrictive in real terms,
leaving scope for easing if inflation continues to cooperate.

While global uncertainty and trade-related risks persist, the region still
offers a compelling diversification profile. Relatively high real rates provide
policy optionality, and valuations look particularly attractive versus developed
markets.

1Source: BlackRock, as of 31 March 2026.

28 April 2026

ENDS

Latest information is available by typing www.blackrock.com/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.

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