Title: PowerPoint Presentation URL Source: https://www.fundslibrary.co.uk/FundsLibrary.DataRetrieval/Documents.aspx?type=packet_fund_class_doc_factsheet_private&id=ee4402e2-c6ca-40c0-8f8b-f9f97d28c1b4&user=hl_website_documents Published Time: Fri, 01 May 2026 22:43:22 GMT Number of Pages: 9 Markdown Content: BlackRock Latin American # Investment Trust plc # March 2026 # Company objective The Company seeks to secure long -term capital growth and an attractive total return primarily through investing in quoted securities in Latin America. # Key risk factors Capital at Risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested. The Company invests in economies and markets which may be less developed. Compared to more established economies, the value of investments may be subject to greater volatility due to increased uncertainty as to how these markets operate. Overseas investments will be affected by currency exchange rate fluctuations. The Company may from time to time utilise gearing. A fuller definition of gearing is given in the Glossary. Performance. A fuller definition of ongoing charges, which includes the annual management fee, is given in the Glossary. Details of the management fee are given in the fund information table overleaf. The Company does not have a performance fee. The performance of the Company’s portfolio, or NAV performance, is not the same as share price performance and shareholders may not realise returns which are the same as NAV performance. The latest performance data can be found on the BlackRock Investment Management (UK) Limited website at blackrock.com/ uk /brla . See glossary for further explanation of terms used. # 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. # blackrock.com/ uk /brla Fund information (as at 31/03/2026) Net asset value (capital only) 480.73p Net asset value – cum income 481.66p Share price 450.00p Total assets # £155.6m Discount (share price to cum income NAV) 6.6% Average discount* over the month – cum income 6.2% Net gearing at month end** 10.3% Gearing range (as a % of net assets) 0-25% Net yield ## 4.9% Ordinary shares in issue (excluding 2,181,662 shares held in treasury) 29,448,641 Ongoing charges*** 1.36% 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/exc hange/news/market -news/market -news - home.html The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy. A full disclosure of portfolio investments for the Company as at 28 February 2026 has been made available on the Company’s website the link given below: http://www.blackrock.co.uk/individual/literature/policies/ brlait -portfolio -disclosure.pdf > RET0426-5441778-EXP0427-1/9 Sterling 1M% 3M% 1Y% 3Y% 5Y% > 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 > Benchmark^^ (Net Return) -2.4 16.9 54.0 56.3 91.7 Cumulative performance (as at 31/03/26 ) > US Dollars 1M% 3M% 1Y% 3Y% 5Y% > 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 > Benchmark^^ (Net Return) -4.3 14.6 57.4 66.7 83.2 The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy . The latest performance data can be found on our website at www.blackrock.com/uk/brla . Net Asset Value (NAV) performance is not the same as share price performance, and shareholders may realise returns that are lower or higher than NAV performance. The above Net Asset Value (NAV) performance statistics are based on an NAV with income included with any dividends reinvested on the ex -dividend date, net of ongoing charges and any applicable performance fee. Share price performance figures are calculated on a mid market basis in sterling terms with income reinvested on the ex -dividend date. Source: BlackRock, Datastream ^ cum income ^^ The Company’s performance benchmark (the MSCI Emerging Markets 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 no n-resident institutional investors, and hence give a lower total return than indices where calculations are on a Gross basis (which assumes that no wi thh olding 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 > Sterling > 31/03 /25 > 31/03 /26 > % > 31/03 /24 > 31/03/25 > % > 31/03 /23 > 31/03/24 > % > 31/03 /22 > 31/03 /23 > % > 31/03 /21 > 31/03 /22 > % > Net Asset Value^ 47.2 -22.7 22.6 -8.3 22.8 > Share price 55.3 -19.2 20.2 -13.4 27.3 > Benchmark^^ (Net Return) 54.0 -15.4 20.0 -5.3 29.5 Annual performance to the last quarter end (as at 31 March 2026) > USD > 31/03 /25 > 31/03 /26 > % > 31/03 /24 > 31/03/25 > % > 31/03 /23 > 31/03/24 > % > 31/03 /22 > 31/03 /23 > % > 31/03 /21 > 31/03 /22 > % > Net Asset Value^ 50.5 -21.1 25.3 -13.9 17.2 > Share price 58.8 -17.5 22.7 -18.6 21.5 > Benchmark^^ (Net Return) 57.4 -13.6 22.6 -11.1 23.5 > RET0426-5441778-EXP0427-2/9 Company Country of risk % of equity portfolio % of benchmark Vale: Brazil • ADS 8.5 • Equity 1.3 6.7 Petrobr ás: 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 Ten largest Investments (as at 31/03/26) > Holdings are as at the date shown and do not necessarily represent current or future portfolio holdings. Risk: The specific companies identified and described above do not represent all of the companies > purchased or sold, and no assumptions should be made that the companies identified and discussed were or will be profitable. Thi s should not be construed as investment advice or investment > recommendation of those companies. Allocations are as at the date shown and do not necessarily represent current or future portfolio holdings. Sector allocation (as at 31/01/26) % 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 Country allocation (as at 31/03/26) % of total assets^ % of equity portfolio* % of benchmark 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 Colombia 0.0 0.0 2.1 Net current liabilities (inc. fixed interest) -0.5 0.0 0.0 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. * excluding net current assets & fixed interest. Allocations are as at the date shown and do not necessarily represent current or future portfolio holdings. > RET0426-5441778-EXP0427-3/9 ## Comments from the Portfolio Managers Please note that the commentary below includes historic information in respect of the performance of portfolio investments, index performance data and the Company’s NAV and share performance. The figures shown relate to past performance. Past Performance is not a reliable indicator of current or future results. 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. Source: Unless otherwise stated all data is sourced from BlackRock as at 31 March 2026. Any opinions or forecasts represent an assessment of the market environment at a specific time and are not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research, investment advice or a recommendation. Reference to the names of each company mentioned in this communication is merely for explaining the investment strategy and should not be construed as investment advice or investment recommendation of those companies. > RET0426-5441778-EXP0427-4/9 ## Comments from the Portfolio Managers Please note that the commentary below includes historic information in respect of the performance of portfolio investments, index performance data and the Company’s NAV and share performance. The figures shown relate to past performance. Past Performance is not a reliable indicator of current or future results. 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. Source: Unless otherwise stated all data is sourced from BlackRock as at 31 March 2026. Any opinions or forecasts represent an assessment of the market environment at a specific time and are not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research, investment advice or a recommendation. Reference to the names of each company mentioned in this communication is merely for explaining the investment strategy and should not be construed as investment advice or investment recommendation of those companies. > RET0426-5441778-EXP0427-5/9 Financial calendar: Year end 31 December Results announced September (half yearly) March (final) Annual General Meeting May Dividends paid November, February, May & August Fund codes: ISIN GB0005058408 Sedol 0505840 Bloomberg BRLA:LN Reuters BRLA.L Ticker BRLA/LON Fund characteristics: Launch date July 1990 Date BlackRock took over management 31 March 2006 Dealing currencies Sterling: US Dollar Association of Investment Companies ( AIC) sector Latin America Benchmark MSCI Emerging Markets Latin America Index (net return) Traded London Stock Exchange Management: Alternative Investment Fund Manager (with effect from 2 July 2014) BlackRock Fund Managers Limited Portfolio managers Sam Vecht and Gordon Fraser Annual Management fee 0.8% per annum of net asset value (the annual management fee forms part of the ongoing charges as disclosed in the Fund Information section). BlackRock Latin American Investment Trust plc will not invest more than 15% of its gross assets in other closed -ended listed inv estment funds. BlackRock Latin American Investment Trust plc is traded on the London Stock Exchange and dealing may only be through a member of the Exchange . NMPI Status The Company currently conducts its affairs so that its securities can be recommended by Independent Financial Advisers to ordinary retail investors in accordance with the Financial Conduct Authority’s (FCA) rules in relation to Non -Mainstream Pooled Investments (NMPI) and intends to continue to do so for the foreseeable future. The securities are excluded from the FCA’s restrictions which apply to non -mainstream pooled investments because they are shares in an investment trust. # Want to know more? blackrock.com/ uk /brla | Tel: 0207 743 3000 | cosec@blackrock.com > RET0426-5441778-EXP0427-6/9 Glossary of Terms Discount/Premium Investment trust shares frequently trade at a discount or premium to NAV. This occurs when the share price is less than (a discount) or more than (a premium) to the NAV. The discount or premium is the difference between the share price (based on mid -market share prices) and the NAV, expressed as a percentage of the NAV. Discounts and premiums are mainly the consequence of supply and demand for the shares on the stock market. Gearing Investment companies can borrow to purchase additional investments. This is called ‘gearing’. It allows investment companies to take advantage of a long -term view on a sector or to take advantage of a favourable situation or a particularly attractive stock without having to sell existing investments. Gearing works by magnifying the company’s performance. If a company ‘gears up’ and then markets rise and the returns on the investments outstrip the costs of borrowing, the overall returns to investors will be even greater. But if markets fall and the performance of the assets in the portfolio is poor, then losses suffered by the investor will also be magnified. Net yield The net yield is calculated using total dividends declared in the last 12 months (as at date of this factsheet) as a percentage of month end share price. NAV (Net Asset Value) A company’s undiluted NAV is its available shareholders’ funds divided by the number of shares in issue (excluding treasury shares), before making any adjustment for any potentially dilutive securities which the Company may have in issue, such as subscription shares, convertible bonds or treasury shares. A diluted NAV is calculated on the assumption that holders of any convertibles have converted, subscription shares have been exercised and treasury shares are re -issued at the mid -market price, to the extent that the NAV per share is higher than the price of each of these shares or securities and that they are 'in the money'. The aim is to ensure that shareholders have a full understanding of the potential impact on the Company’s NAV if these instruments had been exercised on a particular date. Ongoing charges ratio Ongoing charges (%) = Annualised ongoing charges Average undiluted net asset value in the period Ongoing charges are those expenses of a type which are likely to recur in the foreseeable future, whether charged to capital or revenue, and which relate to the operation of the investment company as a collective fund, excluding the costs of acquisition/disposal of investments, financing charges and gains/losses arising on investments. Ongoing charges are based on costs incurred in the year as being the best estimate of future costs and include the annual management fee. Treasury shares Treasury shares are shares that a company keeps in its own treasury which are not currently issued to the public. These shares do not pay dividends, have no voting rights and are not included in a Company’s total issued share capital amount for the purpose of calculating percentage ownership. Treasury stock may have come from a repurchase or buyback from shareholders, or it may have never been issued to the public in the first place. Treasury shares may be reissued from treasury to the public to meet demand for a company’s shares in certain circumstances. > RET0426-5441778-EXP0427-7/9 # Risk Warnings Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration whe n selecting a product or strategy. Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time and depend on personal individual circumstances. Emerging markets risk . Emerging market investments are usually associated with higher investment risk than developed market investments. Therefore, the value of these investments may be unpredictable and subject to greater variation. Exchange rate risk . The return of your investment may increase or decrease as a result of currency fluctuations. Gearing risk. Investment strategies, such as borrowing, used by the Trust can result in even larger losses suffered when the value of the underlying investments fall. Equity risk. The value of equities and equity -related securities can be affected by daily stock market movements. Other influential factors include political, economic news, company earnings and significant corporate events. Counterparty Risk. The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Company to financial loss. Derivative Risk general (derivatives, options, covered calls). The Company uses derivatives as part of its investment strategy. Compared to a fund which only invests in traditional instruments such as stocks and bonds, derivatives are potentially subjec t t o a higher level of risk. Lower Ratings risk. The Company may invest in the full range of fixed income securities which may include investments with a relatively low credit rating or which are unrated. Investors should refer to offering documentation for the fund's full list of risks > RET0426-5441778-EXP0427-8/9 # Important Information This document is marketing material. Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock. The Company is managed by BlackRock Fund Managers Limited (BFM) as the AIFM. BFM has delegated certain investment management and other ancillary services to BlackRock Investment Management (UK) Limited. The Company’s shares are traded on the London Stock Exchange and dealing may only be through a member of the Exchange. The Company will not invest more than 15% of its gross assets in other listed investment trusts. SEDOL is a trademark of the London Stock Exchange plc and is used under licence. Net Asset Value (NAV) performance is not the same as share price performance, and shareholders may realise returns that are lower or higher than NAV performance. BlackRock Latin American Investment Trust plc currently conducts its affairs so that their securities can be recommended by IFAs to ordinary retail investors in accordance with the Financial Conduct Authority’s rules in relation to nonmainstream investment products and intend to continue to do so for the foreseeable future. The securities are excluded from the Financia l Conduct Authority’s restrictions which apply to non -mainstream investment products because they are securities issued by investment trusts. Investors should understand all characteristics of the funds objective before investing. For information o n investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor -right available in in local language in registered jurisdictions. BlackRock has not considered the suitability of this investment against your individual needs and risk tolerance. To ensure y ou understand whether our product is suitable, please read the fund specific risks in the Key Investor Document (KID) which give s more information about the risk profile of the investment. The KID and other documentation are available on the relevant prod uct pages at www.blackrock.com/uk/its . We recommend you seek independent professional advice prior to investing. Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advic e and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereo f and no assurances are made as to their accuracy. This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer. © 2026 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, and iSHARES are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.