All information is at 28 February 2013 and unaudited. 
Performance at month end with net income reinvested 
                       One    Three     One   Three     Five   ^^Since 
                     month   months    year   years    years  31.03.06
Net asset value^          2.3%    16.6%   -1.4%    6.4%    26.6%    102.0%
Net asset value^^         2.3%    16.0%    0.7%   10.2%    26.1%    101.2%
Share price               0.2%    15.7%   -4.8%   -0.8%    10.4%     86.7%
MSCI EM Latin America     1.6%    13.5%   -2.4%    7.8%    30.4%    116.8%
US Dollars:
Net asset value^         -2.1%    10.4%   -6.3%    6.1%    -3.4%     76.8%
Net asset value^^        -2.1%     9.8%   -4.3%    9.9%    -3.8%     76.1%
MSCI EM Latin America    -2.8%     7.5%   -7.2%    7.5%    -0.5%     89.7% 
^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~:    633.59p
Net asset value - cum income and 
              with bond at par value~:    650.48p
Net asset value - capital only and with 
                  bond at fair value~~:   629.34p
Net asset value - cum income and with 
                  bond at fair value~~:   646.24p
Net asset value - capital with bond 
                           converted~~~:  629.34p
Net asset value - cum income and with 
                      bond converted~~~:  646.24p
Share price:                                  572.50p
Total Assets#:                              £311.411m
Discount(share price to cum income NAV 
          with bond at fair value*):        11.4%
Average discount* over the month - cum income:   8.0%
Gearing at month end**:                          7.4%
Gearing range:                                  0-25%
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
~~~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                                        62.2
Mexico                                        21.5
Chile                                          4.6
Colombia                                       2.1
Panama                                         1.3
Peru                                           1.3
Net current assets (inc.Fixed interest)        7.0      
Total                                        100.0 
Ten Largest Equity Investments (in percentage order)
Company                         Country of Risk % of Company 
Vale                                    Brazil     10.5
Banco Bradesco                          Brazil      5.9
Groupo Televisa                         Mexico      4.6
Fomento Economico Mexicano              Mexico      4.2
CCR                                     Brazil      3.9
Itau Unibanco                           Brazil      3.6
AmBev                                   Brazil      3.1
Brasil Foods                            Brazil      2.8
BM&F Bovespa                            Brazil      2.7          
América Móvil                           Mexico      2.6 
Commenting on the markets, Will Landers, representing the investment
Manager noted; 
For the month of February 2013, the Company posted a 2.3% (NAV at Fair Value)
increase in its NAV while the share price appreciated by 0.2% (all in
sterling).  The Company's benchmark, the MSCI EM Latin America Free Index
returned 1.6%.  
During the month we increased exposure to Mexican broadcaster Televisa,
Brazilian online retailer CBD, Brazilian iron ore miner Vale, BM&F Bovespa and
Brazilian fuel distributors.  In addition, we introduced Mexican retailer
Sanborns during the month.  These moves were funded by exiting Tenaris,
Kimberly-Clark de Mexico and Gerdau as well as reducing exposure to Petrobras
and America Movil.  
Net gearing was 7.4% at the end of February (including fixed interest
securities as cash). 
Latin American markets posted negative returns in February 2013, on the back of
increasing risk globally and signs of weakness in Mexico.  Our top overweight
continues to be Brazil where we remain focused on the domestic side of the
equation.  In Brazil, thanks to monetary and fiscal stimulus over the last
year, a recovery in the domestic economy appears to be underway, albeit at a
slower pace than expected.  We continue to prefer sectors such as retailers and
toll road operators.  Mexico showed some weakness in February due to
disappointments in macro data and 4Q12 earnings coming in weaker than
expected.  Despite the recent soft patch in Mexico, expectations remain high
regarding the potential for energy and fiscal reforms. Valuations in Mexico are
full and recent sales leave us with a neutral weight.  Similar to Brazil we are
favouring domestically oriented stocks in Mexico, especially media and
retailers.  Liquidity constraints and/or high valuations lead us to remain
underweight the Andean region. 
14 March 2013 
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- Mar/14/2013 13:57 GMT
Press spacebar to pause and continue. Press esc to stop.