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
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
~~~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    
Banco Bradesco                          Brazil                            5.2    
Itau Unibanco                           Brazil                            4.2    
FEMSA                                   Mexico                            4.2    
CCR                                     Brazil                            4.2    
Grupo Televisa                          Mexico                            4.1    
BrasilFoods                             Brazil                            3.3    
Petrobras                               Brazil                            3.1    
BM & F Bovespa                          Brazil                            2.9    
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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