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All information is at 30 April 2013 and unaudited.

Performance at month end with net income reinvested

One Three One Three ^^Since Five

month months year years 31.03.06 years Sterling: Net asset value^ -2.0% -0.5% 6.8% -3.2% 96.4% 16.9% Share price -1.9% -0.3% 1.5% -5.7% 85.8% 11.9% MSCI EM Latin America -2.7% -1.2% 3.6% -1.2% 111.0% 19.0% US Dollars: Net asset value^ 0.5% -2.3% 2.4% -1.5% 76.3% -8.1% MSCI EM Latin America -0.2% -3.0% -0.7% 0.5% 89.3% -6.5%

^cum income - bond at par ^^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~: 610.29p Net asset value - cum income and

with bond at par value~: 616.28p Net asset value - capital only and with

bond at fair value~~: 604.41p Net asset value - cum income and with

bond at fair value~~: 610.40p Net asset value - capital with bond

converted~~~: 604.41p Net asset value - cum income and with

bond converted~~~: 610.40p Share price: 554.00p Total Assets#: £283.4m Discount(share price to cum income NAV

with bond at fair value*): 9.2% Average discount** over the month - cum income: 8.8% Gearing at month end**: 7.0% Gearing range (as a % of net assets): 0-25% Net yield: 3.5% Ordinary shares in issue***: 39,361,585

*~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 converted.

~~~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 2,287,662 shares held in treasury.

Geographic Regional Exposure

                                               %      % of                 
                                           Total    Equity    MSCI EM Latin
                                          Assets Portfolio*  American Index

Brazil 61.4 67.1 57.6 Mexico 20.9 22.8 25.2 Chile 4.1 4.5 9.0 Colombia 2.8 3.0 5.5 Peru 1.3 1.4 2.7 Panama 1.1 1.2 0.0 Net current assets (inc.Fixed Interest) 8.4 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 Risk % of equity portfolio % of benchmark

Vale Brazil 9.9

6.7 Banco Bradesco Brazil 5.2

5.5 Itau Unibanco Brazil 4.2

4.6 FEMSA Mexico 4.2

2.7 CCR Brazil 4.2

1.1 Grupo Televisa Mexico 4.1

1.6 BrasilFoods Brazil 3.3

2.0 Petrobras Brazil 3.1

8.6 BM & F Bovespa Brazil 2.9

1.5 AmerMovil Mexico 2.8


Commenting on the markets, Will Landers, representing the investment Manager noted;


For the month of April 2013, the Company posted a 2.0% (NAV at Fair Value) decrease in its NAV while the shares fell by 1.9% (all in sterling terms) and the Company's benchmark, the MSCI EM Latin America Free Index fell by 2.7%.

Positive contributions to performance stemmed primarily from stock selection in Mexico and Peru, and an underweight in Colombia. In Mexico, positive contributions came from our position in Real Estate Investment Trust Fibra Uno and not owning Grupo Mexico. Additional individual contributors included Brasil Foods, real estate broker LPS Brasil and not owning Ecopetrol and gold miner Buenaventura. Weighing on performance was stock selection in Brazil and Chile, but the impact was almost entirely offset by our overweight to Brazil and the underweight to Chile. The largest individual detractors included an underweight to Petrobras, an overweight to Mexican broadcaster Televisa and an overweight to Chilean fertilizer Soquimich.


During the month we increased exposure to Petrobras given our expectations of improving results in the second half of the year and improvements in corporate governance. We also rotated some Brazilian education exposure from Anhanguera to Kroton. During the month we initiated a position in Brazilian homebuilder Cyrela and participated in the IPO for BB Seguridade, the insurance arm of Banco do Brasil. These moves were funded by exiting Brazilian exchange Cetip and utility Cemig and reducing exposure to Banco Bradesco, Banco do Brasil and Mexican broadcaster Televisa.

Net gearing was 7.0% at the end of April (including bonds as cash).


Latin American markets posted negative returns in April. Weighing on the region was the continued correction in commodities and another quarter of poor earnings results out of Mexico. In addition, the Brazilian Central Bank started a tightening cycle with a 25 bps hike during the month. Our expectations are for a short tightening cycle ending with rates at around 8.25% or 8.5%. Brazil remains our top overweight with retailers, toll road operators, fuel distributors and iron ore representing significant overweights in the portfolio. We are also overweight Brazilian banks relative to banks in the rest of the region due to improving asset quality, reduced government pressure on spreads and the potential for a short-term pick up in earnings from the current tightening cycle. While we continue to be underweight Mexico given valuations that we find to be high, we remain optimistic regarding the reform agenda. In Mexico, we continue to favour REITs, beverages and media. The Andean region remains an underweight due to liquidity and valuation concerns.

17 May 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- May/17/2013 10:21 GMT

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