Final Results

F&C Latin American Inv Trust PLC
27 February 2003


EMBARGOED UNTIL 7.00AM ON 27 FEBRUARY 2003

Contact: Emily McLaughlin, F&C Emerging Markets, 020 7628 8000/Emma Chilvers,
Lansons Communications, 020 7294 3606



                    F&C LATIN AMERICAN INVESTMENT TRUST PLC
                   Unaudited Preliminary Statement of Results
                      for the year ended 31 December 2002


HIGHLIGHTS

•   Latin American markets fell over 20% during the year in tandem with
    global market performance.

•   The net asset value was 158.37 cents at year end, a fall of 31.8%
    over the year.  The share price fell 25.5% over the period, trading at a
    discount to net asset value of 19.0% compared to 22.8% the previous year.

•   Looking to the current year, the immediate global outlook is uncertain and 
    current market movements reflect this. Underlying global economic and 
    corporate trends are inclined towards recovery in 2003, extending into 2004,
    but markets and economies naturally will be affected by the timing and 
    outcome of any war with Iraq. The portfolio is currently positioned to 
    balance between the expected improvement in the global economic environment 
    and possible adverse consequences of the impending conflict in Iraq.

•   Since the year end the net asset value performance of the company has fallen 
    10.8% against the index fall of 6.6% (25 February 2003). The share price has 
    fallen from 124 cents to 113 or 8.9% (25 February 2003).


SUMMARY OF RESULTS


                                         31 December 2002       31 December 2001               % Change

Net assets attributable to equity
shareholders                                    US$116.8m              US$173.0m                  -32.5

Net assets per share - basic                 158.37 cents           232.18 cents                  -31.8

Net assets per share - diluted               153.16 cents           215.67 cents                  -29.0

Share price                                  124.00 cents           166.50 cents                  -25.5

Warrant price                                 40.50 cents            70.50 cents                  -42.6


Extracts from the Chairman's Statement

Latin American stock markets started the past year with strong gains, largely
ignoring the unfolding economic and social chaos in Argentina. Markets were
buoyed by the Federal Reserve lowering interest rates and a host of economic
indicators which suggested an imminent and powerful rebound in US economic
activity which would ignite global growth. In April, the first of a wave of
rumours and actual announcements of accounting irregularities began to emerge in
the USA, the size and calibre of which shocked investors. Global stockmarkets
plunged in what initially looked like profit-taking after the year's initial
gains, but which eventually proved to be generated by concerns striking at the
heart of American capitalism. It was during this period that the Federal
authorities indicted Enron's accountants, adding to the growing sense of unease.

The perceived high risk emerging markets were hard hit, particularly those
positioned for an economic rebound. Global sentiment moved into risk aversion
mode, while investors scrambled for defensive assets. Global markets fell
further with Latin American markets dropping in tandem. Concurrent with this
uncertain global background was the start of the Brazilian election cycle, which
added further uncertainty and complexity to Latin American portfolio analysis.
The level of extreme risk aversion, coupled with an unusually opaque forecasting
environment during the campaign and the election outcome, conspired to drag the
Brazilian market down at one point to over 65%. Latin American markets trended
lower for most of the year, punctuated by a brief rally after the Brazilian
election in October, but still ended the year materially below January's levels.

The Company avoided the worst effects of the Argentine crisis, having sold all
its Argentine investments in the second quarter of 2001, and thus had no
exposure to the region's worst performing market. The large proportion of
Mexican investments provided a welcome anchor in the portfolio to counterbalance
the Brazilian holdings, but general gearing on the portfolio hurt overall
performance despite the raising of cash to offset some of its effect. Nearly all
the year's underperformance was the result of the gearing.

The share price performance over the year was materially better than the net
asset value performance, and the discount narrowed over the year. At year-end,
your Company's undiluted net assets amounted to US$116.8 million and the net
asset value (NAV) per share was 158.37 cents, which represented a fall of 31.8%
over the year. This compares with the IFCG Latin American US$ Total Return Index
which fell 20.2%. The NAV performance compares with a share price fall of 25.5%
over the year. Shares in the Company traded on a discount of 19.0% at year-end,
an improvement from 22.8% at the end of the previous year.

Looking to the current year, the immediate global outlook is uncertain and
current market movements reflect this. Underlying global economic and corporate
trends are inclined towards recovery in 2003, extending into 2004, but markets
and economies naturally will be affected by the timing and outcome of any war
with Iraq. The portfolio is currently positioned to balance between the expected
improvement in the global economic environment and possible adverse consequences
of the impending conflict in Iraq.

Since the year-end, the NAV of the Company has fallen by 10.8% against an index
fall of 6.6% (25 February 2003). The share price has fallen from 124 cents to
113 cents or 8.9% (25 February 2003), and the warrants have fallen 19.8% from
40.5 cents to 32.5 cents (25 February 2003). The discount has fallen to 17.3%
(25 February 2003).

Outlook

GDP growth for the region in aggregate will likely register only a moderate 2%
increase from the recessionary levels achieved in 2002, while inflation for the
region will trend higher into double digits. Looking into 2004, the economic
rebound for the region should be more pronounced, and be in excess of 3%.
Stronger global growth is a necessary precondition for all the region's
economies, but in itself may not be sufficient to promote a strong, sustainable
recovery in Argentina, Brazil or Venezuela. The extent to which populist
policies are allowed to replace market-oriented policies in these countries will
ultimately determine the pace of growth and hence the sustainability of their
debt dynamics. The open and well-managed economies of Mexico and Chile stand out
in a regional context for their higher growth targets this year of over 3%. The
smaller Andean countries of Peru and Colombia appear to be on a firmer growth
path than in previous years.

The outlook for improving global growth and the strong demand seen in China are
providing a strong catalyst for demand in a number of commodity segments which
benefit the Latin American region. A weaker dollar is a mixed blessing for Latin
America, aiding commodity exports and hence trade accounts, however the capital
accounts are negatively affected by higher payments of dollar-linked debt.

As noted in last year's annual report, there is a strong historical correlation
between Latin American market performance and global growth. The catalyst for
sustained Latin American market performance may come when the rebound in global
growth is confirmed, although the full economic rebound in the region is not
likely until 2004. Latin American markets trade at a discount to the overall
emerging markets valuations at a multiple of just 9.5x 2003 earnings, an
undemanding valuation which can support higher market levels as the rebound
unfolds. Therefore, with global liquidity plentiful and emerging markets assets
cheap, the principal indicators for better emerging market performance remain a
more positive assessment of the outlook for global growth and a greater appetite
for risk amongst international investors.

Marketing initiatives

The Board continues to support the AITC's promotional activities for investment
trusts. The Company is also undertaking an active campaign to broaden its
shareholder base by focused marketing and presentations to a wide range of
retail intermediaries and IFAs.

Annual General Meeting

The AGM will be held on 8 May 2003 at the offices of F&C Emerging Markets
Limited. We hope that as many shareholders as possible will attend. Following
the AGM, the Manager will again give a brief presentation following which
shareholders are invited to join the Board and Managers at a buffet lunch.


Peter Burnell,

Chairman

February 2003



Balance Sheet at 31 December


                                                                               2002                   2001

                                                                           US$'000s               US$'000s
Fixed assets
Investments                                                                 130,370                195,735
Current assets
Debtors                                                                         841                    975
Taxation recoverable                                                            109                    109
Short-term deposits                                                          13,011                  6,500
Cash at bank                                                                  3,474                    614
                                                                             17,435                  8,198

Current liabilities
Creditors: amounts falling due within one year
US dollar bank loans                                                       (29,500)               (29,500)
Other                                                                       (1,462)                  (952)
                                                                           (30,962)               (30,452)

Net current liabilities                                                    (13,527)               (22,254)

Total assets less current liabilities                                       116,843                173,481

Creditors: amounts falling due after more than one year
Provision for liabilities and charges                                             -                  (448)

Net assets                                                                  116,843                173,033

Capital and Reserves
Called up share capital:
    Including non-equity share capital                                        7,400                  7,475
Share premium                                                                61,544                 61,544
Capital redemption reserve                                                      313                    238
Warrant reserve                                                               4,356                  4,797
Capital reserves                                                             44,943                101,207
Revenue reserve                                                             (1,713)                (2,228)
Total shareholders' funds                                                   116,843                173,033

Equity interests                                                            116,819                173,009
Non-equity interests                                                             24                     24
Total shareholders' funds                                                   116,843                173,033

Net asset value per ordinary share
Basic - cents                                                                158.37                 232.18
Diluted - cents                                                              153.16                 215.67




Geographical distribution of total assets less current liabilities (excluding
loans) at 31 December 2002 was: Mexico 47.2%; Brazil 34.9%; Chile 8.7%; Other
9.2%.



Statement of Total Return (incorporating the Revenue Account*)

for the year ended 31 December


                                                                   2002                                   2001

                                      Revenue      Capital        Total      Revenue      Capital        Total
                                     US$'000s     US$'000s     US$'000s     US$'000s     US$'000s     US$'000s

Losses on investments                       -     (55,257)     (55,257)            -     (11,871)     (11,871)


Exchange gains/(losses)                    33          312          345          (3)        (592)        (595)


Income                                  5,067            -        5,067        7,582            -        7,582


Management fee                        (2,587)            -      (2,587)      (2,973)            -      (2,973)

Loss on warrants purchased for
cancellation                                -        (236)        (236)            -            -            -


Other expenses                          (680)         (53)        (733)        (650)         (62)        (712)


Net return before finance costs
and taxation                            1,833     (55,234)     (53,401)        3,956     (12,525)      (8,569)


Interest payable and similar
charges                                 (863)            -        (863)      (1,551)            -      (1,551)


Return on ordinary activities
before taxation                           970     (55,234)     (54,264)        2,405     (12,525)     (10,120)


Taxation on ordinary activities         (455)            5        (450)        (495)          512           17


Return on ordinary activities
after taxation                            515     (55,229)     (54,714)        1,910     (12,013)     (10,103)


Dividend on ordinary shares                 -            -            -            -            -            -


Amount transferred
to/(from) reserves                        515     (55,229)     (54,714)        1,910     (12,013)     (10,103)


Return per ordinary share
(basic) - cents                          0.69      (74.47)      (73.78)         2.56      (16.12)      (13.56)


Return per ordinary share
(diluted) - cents                        0.66            +            +         2.37            +            +





* The revenue column of this statement is the profit and loss account of the
Company.

+  There is no dilution.

All revenue and capital items in the above statement derive from continuing
operations.





Cash Flow Statement for the year ended 31 December



                                                                                    2002                   2001

                                                                                US$'000s               US$'000s

Net cash inflow from operating activities                                          1,958                  4,106
Interest paid                                                                      (830)                (1,528)
Taxation paid                                                                      (390)                  (545)
Net cash inflow from financial investment                                         10,033                  2,949
Net cash inflow before use of liquid resources and
financing                                                                         10,771                  4,982
Increase in short-term deposits                                                  (6,511)                (6,500)
Net cash (outflow)/inflow from financing                                         (1,712)                  1,500
Increase/(decrease) in cash                                                        2,548                   (18)







Notes



No dividend will be paid on the ordinary shares.



The above financial information comprises non-statutory accounts within the
meaning of section 240 of the Companies Act 1985. The financial information for
the year ended 31 December 2001 has been extracted from published accounts for
the year ended 31 December 2001 that have been delivered to the Registrar of
Companies and on which the report of the auditors was unqualified.



The Annual General Meeting will be held at the Company's Registered Office,
Exchange House, Primrose Street, London EC2A 2NY, on Thursday 8 May 2003, at
12.15 p.m.



The report and accounts will be posted to shareholders at the end of March 2003
and copies will be available from the Registered Office of the Company.





By order of the Board



F&C Emerging Markets Limited, Secretary



26 February 2003


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