Circular re dividend

F&C Latin American Inv Trust PLC
09 March 2004

The following is the text of a circular sent to shareholders on 9 March 2004
regarding the interim dividend of 0.56 cents per share payable on 2 April 2004:

'Currency payment of dividends

Latin American companies are becoming more shareholder focused. As a result, the
dividend flow from our investments is becoming more significant than it used to
be. This enabled the Company to eliminate its revenue deficit in 2003 and put
the Company in the position of paying a dividend.

On 4 March 2004 the Board announced an interim dividend of 0.56 cents per share.
The dividend will be paid on 2 April 2004 to shareholders named in the Company's
shares register at the close of business on 12 March 2004. Individuals holding
their shares in a PEP or ISA will therefore be able to benefit from the 10% tax
credit which is being abolished with effect from 6 April 2004. The Company hopes
that in the future its total expenses will be more than covered by its dividend
inflow and consequently hopes to continue to pay dividends.

Whilst the Company's financial statements are prepared in US dollars, the
Directors are aware that the majority of the Company's shareholders are resident
in the United Kingdom. In many cases, exchanging a payment in US dollars into
sterling would be both inconvenient and expensive in relation to the size of the
dividend received. Accordingly, the Board has arranged for all shareholders to
receive their dividend in sterling. Shareholders' US dollar dividend payments
will be converted into sterling at the rate of exchange prevailing on 2 April
2004. The cheques arising from this conversion, together with the associated
dividend tax voucher, will be dispatched as soon as practicable thereafter. The
dividend tax voucher sent to shareholders will disclose the dividend and
associated tax credit in the currency in which it was paid.

Shareholders wishing to receive their dividend in sterling need take no further
action.

Any shareholders wishing to receive their dividend in US dollars should write
to: Nathan Bowering, Dividends Department, F&C Latin American Investment Trust
PLC, c/o Computershare Investor Services PLC, PO Box 82, Bristol, BS99 7NH no
later than 19 March 2004.'






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