All information is at 31 May 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^         -4.1%    -6.8%   12.4%    -0.6%     1.2%     88.3%
Net asset value^^        -4.2%    -7.1%   12.7%     3.3%     0.4%     86.9%
Share price              -3.4%    -3.9%    9.9%    -5.4%    -5.7%     79.4%
MSCI EM Latin America    -4.4%    -7.0%    8.1%    -1.9%     3.8%    101.7%
US Dollars:
Net asset value^         -6.6%    -6.9%   10.7%     3.8%   -22.3%     64.7%
Net asset value^^        -6.7%    -7.2%   11.0%     7.8%   -22.9%     63.4%
MSCI EM Latin America    -6.9%    -7.1%    6.4%     2.4%   -20.4%     76.3% 
^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~:    581.89p
Net asset value - cum income and 
              with bond at par value~:    590.79p
Net asset value - capital only and with 
                  bond at fair value~~:   575.88p
Net asset value - cum income and with 
                  bond at fair value~~:   584.77p
Net asset value - capital with bond 
                           converted~~~:  575.88p
Net asset value - cum income and with 
                      bond converted~~~:  584.77p
Share price:                                  535.00p
Total Assets#:                               £274.52m
Discount(share price to cum income NAV 
          with bond at fair value*):         8.5%
Average discount* over the month - cum income:   9.2%
Gearing at month end**:                           4.6%
Gearing range (as a % of net assets):           0-25%
Net yield:                                       3.6%
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                                      59.0      66.6              57.6
Mexico                                      20.7      23.4              25.2
Chile                                        4.1       4.6               9.0
Colombia                                     2.5       2.8               5.5
Panama                                       1.1       1.2               0.0
Peru                                         1.2       1.4               2.7
Net current assets (inc.Fixed interest)     11.4       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                            7.2    
Banco Bradesco                          Brazil                            5.6    
Grupo Televisa                          Mexico                            4.6    
Itau Unibanco                           Brazil                            4.6    
FEMSA                                   Mexico                            4.4    
CCR                                     Brazil                            4.2    
Brasil Foods                            Brazil                            3.3    
Petrobras                               Brazil                            3.2    
BM & F Bovespa                          Brazil                            3.0    
America Movil                           Mexico                            2.9    
Commenting on the markets, Will Landers, representing the investment
Manager noted; 
Summary of Performance over the period 
For the month of May 2013, the Company posted a decline of 4.2% (NAV at Fair
Value) in its NAV while the shares fell by 3.4% (all in sterling) and the
Company's benchmark, the MSCI EM Latin America Free Index fell by 4.4%.  
Fund Manager's Commentary 
Positive contributions to performance stemmed primarily from stock selection in
Mexico and an overweight to Panama.  In Mexico, positive contributions came
from overweight position in broadcaster Televisa and not owning Grupo
Financiero Inbursa.  Additional individual contributors included BB Seguridade,
Pacific Rubiales, Copa Holdings, and not owning Gerdau.  Weighing on
performance was stock selection in Brazil and the gearing.  The largest
individual detractors included Banco Itau, Vale and CBD. 
During the month we increased exposure to Brazilian fuel distributor Ultrapar
which stands to benefit from growth in fuel demand, and utility name Energias
do Brasil.  We also initiated a position in Mexican cement company Cemex given
the expectation of improving results in their US operations.  Our exposure to
Mexican REITs also increased by adding to our positions in Fibra Uno and Fibra
Hotel.  These moves were funded by reducing exposure to Vale, Walmart de Mexico
and Brasil Foods.  Headline news from China has weighed on Vale and we see
limited upside from current levels in the short-to-medium term.  Walmart de
Mexico has missed earnings expectations in each of the last two quarters and we
have realized some profits in Brasil Foods.  In addition, we exited Mexichem
and Gol.   
Net gearing was 4.6% at the end of May (including bonds as cash). 
17 June 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- Jun/17/2013 15:49 GMT
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