All information is at 30 November 2012 and unaudited. 
Performance at month end with net income reinvested 
                       One    Three     One    Three   ^^Since     Five 
                     month   months    year    years  31.03.06    years
Net asset value^         -0.7%     0.7%   -2.5%     -5.4%    73.3%    13.6%
Net asset value^^        -0.7%     1.0%   -1.4%     -1.4%    73.5%    13.8%
Share price              -3.0%    -1.2%   -3.7%    -10.9%    61.3%    12.1%
MSCI EM Latin America    -1.1%     0.9%   -1.2%     -0.7%    91.1%    22.8%
US Dollars:
Net asset value^         -1.2%     1.6%   -0.6%     -7.6%    60.2%   -11.4%
Net asset value^^        -1.2%     1.9%    0.5%     -3.7%    60.3%   -11.3%
MSCI EM Latin America    -1.6%     1.8%    0.6%     -3.1%    76.6%    -4.3% 
^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~:   546.67p
Net asset value - cum income and 
              with bond at par value~:   557.99p
Net asset value - capital only and with 
                  bond at fair value~~:   545.96p
Net asset value - cum income and with 
                  bond at fair value~~:   557.28p
Net asset value - capital with bond 
                           Converted~~~:  545.96p
Net asset value - cum income and with 
                      bond converted~~~:  557.28p
Share price:                                  494.75p
Total Assets#:                               £280.80m
Discount(share price to cum income NAV 
          with bond at fair value*):        11.2%
Average discount* over the month - cum income:  10.3%
Gearing**:                                       8.7%
Net yield:                                       3.8%
Ordinary shares in issue***:               41,433,247 
During the month, 50,000 shares were repurchased at a cost of £0.26m. 
~Par value refers to the face-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
~~~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                                        56.5
Mexico                                        22.8
Chile                                          4.6
Peru                                           1.8
Colombia                                       1.7
Panama                                         1.3
Argentina                                      0.8
Net current assets (inc.Fixed interest)       10.5 
Total                                        100.0 
Ten Largest Equity Investments (in percentage order) 
Company                        Country of Risk  % of Company 
Vale                                    Brazil           9.1
América Móvil                           Mexico           6.6
Petrobrás                               Brazil           6.2
Banco Bradesco                          Brazil           5.5
Itau Unibanco                           Brazil           4.6
Fomento Economico Mexicano              Mexico           4.0
Groupo Televisa                         Mexico           3.6
AmBev                                   Brazil           3.2
CCR                                     Brazil           3.1
Brasil Foods                            Brazil           2.2 
Commenting on the markets, Will Landers, representing the investment
Manager noted; 
For the month of November 2012, the Company posted a 0.7% decrease in its NAV
while the shares fell by 3.0%, while the Company's benchmark, the MSCI EM Latin
America Free Index, returned -1.1% (all in sterling).  
Positive contributions to performance stemmed primarily from stock selection in
Brazil and Mexico.  Individual contributors included an underweight to
Brazilian oil and gas giant Petrobras, not owning utility name Eletrobras, and
overweights to Banco Bradesco, Femsa, Televisa and Banco Santander Mexico. 
Weighing on performance was an off-benchmark position in Colombia.  The largest
individual detractors included Cemex Latam Holdings, an overweight in regional
jet manufacturer Embraer and not owning tobacco name Souza Cruz. 
During the month we increased exposure to financials in Mexico via Banorte and
consumers in Chile (Falabella), Brazil (Minerva) and Mexico (Walmex).  In
addition we initiated a position in Mexican property name Fibra. Within
materials we added to iron ore, cement and pulp & paper.  We exited our
position in Brazilian steel name Usiminas.  Also funding these moves was a
reduction in Brazilian utilities and Brazilian oil & gas giant Petrobras.  Net
gearing was 8.7% at the end of November. 
Despite a challenging market environment, we remain positive on the prospects
for Latin America, especially Brazil.  The Brazilian Central Bank left rates
unchanged this month and showed a bias to leave rates lower for a longer period
of time which should be supportive of the ongoing economic recovery.  We
continue to be positioned to benefit from the domestic recovery with retailers
and banks being a focus.  Valuations in Mexico remain close to fair value. 
With labour reform recently passed and a new administration in Mexico any
progress towards energy and fiscal reform should benefit equities in Mexico. 
The Andean region remains an underweight due to liquidity and valuation
14 December 2012 
Latest information is available by typing 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. 
-0- Dec/14/2012 16:04 GMT
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