Discount Control Mechanism

F&C Latin American Inv Trust PLC
28 April 2004


Discount Control Mechanism

The Board of F&C Latin American Investment Trust PLC (the 'Company') announces
that, subject to shareholder and warrantholder approval, it is introducing a
discount control mechanism which may result in a twice yearly tender offer.

Background

The Board continues to believe that the closed-end structure remains the most
appropriate vehicle for a fund investing in Latin America. However, the Board is
concerned that, despite both good performance and liquidity, the Company's
discount remains high.

Having recently consulted with a number of shareholders, the Board has now
concluded that it is in the interests of shareholders as a whole to introduce a
tender-offer based discount control mechanism. It is considered that such
mechanisms will become increasingly common amongst closed-end funds.

The Proposals

The key points for shareholders are as follows:


*      Trigger mechanism: a tender offer will be made if there is an average 
       discount of 13.5% or more for a period of 60 days ending on 30 September 
       and 31 March. The first calculation period will be the 60 days ending on 
       30 September 2004.

*      Frequency and size: if the trigger mechanism is met in either of the 
       calculation periods, there will be a tender offer for 7.5% of the then 
       outstanding issued share capital on each such occasion.

*      Tender discount: the price at which the shares will be acquired will be 
       95% of the Net Asset Value per share.



Further details of the proposals will be sent to shareholders and warrantholders
as soon as practicable.




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