Final Results - Year Ended 31 December 1999

F&C Latin American INv Trust PLC
3 March 2000



Contact:  Emily McLaughlin                             Claire Barry
          Foreign & Colonial Emerging Markets          Financial Dynamics
          0171 628 2412                                0171 831 3113

F&C LATIN AMERICAN INVESTMENT TRUST PLC
Unaudited Preliminary Statement for the Year to 31 December 1999

HIGHLIGHTS

- Undiluted net assets per share in the year to 31 December 1999 increased
  by 79.1% to 309.37 cents(172.74 cents 1998);

- Share price has increased by 90% to 217.50 cents, (114.50 cents 1998);

- The Company outperformed its benchmark index by 16.9 percentage points.
  Outperformance came from equal contributions of stock selection, asset
  allocation and the decision to gear the Company into rising markets. The
  decision to overweight the Brazilian and Mexican markets and underweight the
  other markets was the key factor in the positive contribution from asset
  allocation.

- The discount at 31 December was 21.2% which was in line with the
  Company's peer group;

- During the period the Company repurchased 2,375,890 ordinary shares,
  representing 3.2% of issued capital, for cancellation.

- The Board remains optimistic on the prospects for the region both during
  the current year and looking further ahead, and believes that equities are
  currently very attractively priced.


SUMMARY

                  31 December   31 December     % Change
                      1999          1998
                                                    
Net assets                                          
attributable to                                     
equity                                              
shareholders       US$ 224.7m    US$ 129.6m      +73.42
Net assets per                                      
share             309.37 cents  172.74 cents     +79.10
Net Assets per                                      
share (diluted)   276.17 cents  168.15 cents     +64.24
Share price       217.50 cents  114.50 cents     +89.96
Warrant price     136.00 cents  51.50 cents     +164.08
                                                    

F&C Latin American Investment Trust PLC
Unaudited Preliminary Statement for the Year to 31 December 1999

Extracts from Chairman's Statement
Dear Shareholder,

It is very pleasing to report an excellent performance by your Company over
the past year. At 31 December 1999, your Company's undiluted net assets
amounted to US$224.7m and the net asset value (NAV) per share was 309.37
cents, which represented a rise of 79.1 % over the period. This compares with
the IFCG Latin American US$ Total Return Index which rose 62.2%. Thus, the F&C
Latin American Trust outperformed its index by 16.9 percentage points. The NAV
performance compares with a share price which rose 90% over the period,
leaving the Company on a discount of 21.2%; approximately in line with its
peer group at the year end.

Given the dismal economic prognosis for the region at the beginning of the
period, the evolution of Latin American economic growth and subsequent strong
market performance surprised the large majority of forecasters. As of 22
February 2000 your Company's NAV has risen a further 3% against a bench mark
rise of 2.8%.

The past year began in a turbulent fashion, as global investors continued to
shun investments in emerging markets. Sentiment towards Latin America was
additionally burdened after the Brazilian Central Bank succumbed to market
pressures and was forced to devalue the Real in mid-January, which sent the
Brazilian currency down by 40%, and left many of its neighbouring countries
with additional economic problems. In the aftermath, a sharp economic
contraction of 6% and a forced debt restructuring package were widely forecast
for Brazil.

Argentina, already suffering from a domestically induced slowdown in the
second half of 1998, was overnight faced with greater economic difficulties,
as the devaluation of its neighbour suddenly rendered Argentine manufactured
goods producers at a large competitive disadvantage in their largest export
market. The Chilean economy was buffeted by falling Asian demand for its
products and affected by the depressive effects of low world Copper prices.
Mexico, although relatively insulated from the direct effects of the Brazilian
devaluation due to their less developed trade links, was still affected by the
long slide in oil prices and the region's reduced access to foreign capital.
Colombia lost its investment grade status largely due to its vast and
historically intractable array of economic, political and social problems.
Peru's recovery from El Nino induced economic weakness of the last two years
overshadowed the general crisis in emerging markets. Venezuela was celebrating
the Chavez presidential victory, despite the Country's harsh recession and
overvalued exchange rate.

F&C Latin American Investment Trust PLC
Unaudited Preliminary Statement for the year to 31 December 1999

Towards the second half of the year, it became evident that the economies of
Latin America were performing better than had been expected, and positive
perceptions were further heightened by the rebound in global economic growth,
which appeared to be synchronised and accelerating. In addition, the benign
nature of Brazil's devaluation, both in terms of its inflationary and growth
impact, acted to ameliorate if not reverse investors' risk aversion during the
course of 1999. With a clearer view of Brazil's growth prospects, economists
raised their regional GDP growth forecast to 4% for 2000, a rebound from the
flat growth eventually registered in 1999. Brazil's economic prospects were no
doubt transformed by the assured handling of monetary policy in the aftermath
of the devaluation, a confidence building measure which allowed interest rates
to fall quickly, thus assuring minimal damage to the economy and indeed the
region. Investors were quick to reassess the situation and acted accordingly.
In tandem with this, the global growth outlook became more assured, thus
boosting commodity prices specifically for oil and copper, which greatly
helped the economic outlook for Mexico and Chile.

The Company retained its gearing of US$14.5m during most of the year, and in
addition drew down another tranche of US$7.5m from a committed facility of
US$15m. This tranche was invested before year-end, as it became obvious most
of the Year 2000 related fears were misplaced and that the markets were poised
to move higher. The Company's fully invested gearing position at year-end was
9.8%, and effective gearing was 7.5%.

Over the period, outperformance came from equal contributions of stock
selection, asset allocation and the decision to gear the Company into rising
markets. The decision to overweight the Brazilian and Mexican markets and
underweight the other markets was the key factor in the positive contribution
from asset allocation.

Mexican stock selection was strongly positive. Banamex, one of Mexico's top
banks, Televisa, the premier Spanish speaking media company, and Telmex, the
leading provider of telecommunications in Mexico with a growing internet
presence, all substantially outperformed the Mexican index. In Brazil, large
holdings in Petrobras, the state owned oil company, and Tele Norte Leste, one
of the Telebras spin-off companies providing services to the Northern and
Eastern regions of Brazil, added to the Brazilian stock selection performance.

F&C Latin American Investment Trust PLC
Unaudited Preliminary Statement for the year to 31 December 1999

Looking ahead into the year 2000, Latin America's immediate economic prospects
are much improved from the corresponding period last year. The trends shaping
the region's returns will likely be accelerating earnings momentum as economic
growth rebounds, a higher multiple accorded the region as further compression
on emerging bond spreads occurs, improving domestic liquidity conditions, and
improved portfolio flows into the region as compelling valuations attract
overseas investors. However, the region could be vulnerable to a hard landing
in US economic growth, sharply rising interest rates in the USA and the
possibility of further political uncertainty as the Mexican, Peruvian and
Venezuelan presidential elections loom.

Notwithstanding the Mexican political agenda, the Country should fare well in
the coming year, as the integration with the US economy continues apace.
Moreover, with the specific country risk fundamentals improving, prompting
Moodys, the ratings agency, to suggest an upgrade to investment grade status
before the Presidential Elections in July, lower borrowing costs for both
Mexican corporate borrowers and the Government should be a feature of the year
ahead.

Brazil's compelling valuations and strong earnings outlook should be rewarded
by investors eager to participate in the Country's economic rebound after the
devaluation of a year ago. The prospect of little contentious legislation in
front of Congress could also remove most political concerns from the
marketplace, and this, coupled with falling interest rates, could boost equity
returns.

Argentina's economic prospects remain hampered by the fixed peg to the US
dollar, the high Real interest rate regime and the inability of the new
Administration to kick start the economy. In addition, Argentina's medium term
financing requirements are still the subject of scrutiny and some concern.

In Chile, the economic rebound should gather pace over the year as exports and
investment lift the economy out of recession. The prospect of a liberalisation
of the capital account could see further portfolio inflows into the Country.

Politics will continue to dominate the macro-economic agenda over the next six
months in Peru, as Fujimori seeks to secure a third term in office. Venezuela
is suffering the after effects of the devastating floods at the turn of the
year, but the economy is likely to get a much needed boost from the rebuilding
work necessary to restore the Country's infrastructure. Colombia appears to be
emerging from its protracted economic slowdown, but is still subject to
politically induced setbacks as Pastrana's hold on Congress is precarious.
F&C Latin American Investment Trust PLC
Unaudited Preliminary Statement for the year to 31 December 1999

Share Buy-Backs
During the year, your Company has repurchased and cancelled 2,375,890 shares
amounting to 3.2% of issued share capital. The board remains committed to
reducing the discount at which the shares trade to the net asset value. Buy
backs of shares and warrants will therefore continue to be undertaken on a
flexible and opportunistic basis as and when the Board considers this to be in
the interests of shareholders.

Continuation Vote
At the EGM on 27 August 1998, it was proposed, and shareholders agreed, to
submit a resolution regarding the continuation of the Company at the AGM in
May 2000, and at two year intervals thereafter. The Board remains optimistic
on the prospects for the region both during the current year and looking
further ahead, and believes that equities are currently very attractively
priced. Your directors, therefore, have no hesitation in recommending that
shareholders vote for the Company to continue in its present form.

Investment Manager
Finally, I would like to congratulate our Manager, Emily McLaughlin, and her
team on the excellent performance by the Company. The results were also
augmented by the judicious use of gearing, during a year which commenced in
very difficult and uncertain circumstances as a consequence of the Brazilian
devaluation.

Annual General Meeting
The AGM will be held on 11 May, 2000 at the offices of Foreign and Colonial
Emerging Markets Limited. We hope that as many shareholders as possible will
attend.




P C D Burnell
March 2000


F&C Latin American Investment Trust PLC
Unaudited Preliminary Statement for the year to 31 December 1999

Assets

                                          31 Dec 1999     31 Dec 1998
                                              US$,000s       US$,000s
                                                      
Total Assets less current                             
liabilities (ex  short term loans)           248,289           145,129
                                                      
Short - term bank loan                       (7,500)               -
                                                      
Long - term bank loan                       (14,500)          (14,500)
                                                      
Provision for liabilities and                         
charges                                      (1,546)           (1,025)
                                                      
Non-equity interest                             (24)              (24)
                                                      
Net assets attributable to equity                     
shareholders                                 224,719           129,580
                                                      
Net Assets per ordinary share -                       
cents                                   309.37 cents      172.74 cents
                                                      
Net Assets per ordinary share -                       
diluted cents                           276.17 cents      168.15 cents

*geographical distribution of net assets (excluding loans) at 31 December 1999
(the position at 31 December 1998  is shown in brackets) was: Brazil
38.9%(35.9%), Mexico 45.7%(34.4%), Argentina 4.5%(12.4%) ,Chile 7.0%(8.5%),
Colombia 1.1%(4.8%), Peru 0.7%(1.2%), UK 0.2%(0.2%), USA 1.9%(2.6%).


F&C Latin American Investment Trust PLC
Unaudited Preliminary Statement for the Year to 31 December 1999
Statement of Total Return (incorporating the Revenue Account) for the year
ended 31 December 1999 and the period 16 July 1998 to 31 December 1998

                    Revenue    Capital    31 Dec   Revenue   Capital    31 Dec
                   US'000's   US'000's      1999  US'000's  US'000's      1998
                                           Total                         Total
                                         US'000s                       US'000s
                                                                              
Gains/(Losses)on                                                              
investments               -    101,183   101,183         -  (55,920)  (55,920)
Warrants                                                                      
purchased for                                                                 
cancellation              -          -         -         -     (108)     (108)
Exchange gains                                                                
and losses              (2)    (1,269)   (1,271)       (1)      (18)      (19)
Income                4,302          -     4,302     2,604         -     2,604
Management fee      (2,647)          -   (2,647)   (1,045)         -   (1,045)
Other Expenses                                                                
and credits           (743)       (46)     (789)     (389)      (68)     (457)
Net return                                                                    
before finance                                                                
costs and                                                                     
taxation                910     99,868   100,778     1,169  (56,114)  (54,945)
Interest payable                                                              
and similar                                                                   
charges             (1,123)          -   (1,123)     (501)         -     (501)
Return on                                                                     
ordinary                                                                      
activities                                                                    
before taxation       (213)     99,868    99,655       668  (56,114)  (55,446)
                                                                              
Taxation on                                                                   
ordinary                                                                      
activities            (155)      (535)     (690)     (299)       121     (178)
Return on                                                                     
ordinary                                                                      
activities after                                                              
taxation              (368)     99,333    98,965       369  (55,993)  (55,624)
Dividend on                                                                   
ordinary shares           -          -         -         -         -         -
Amount                                                                        
transferred to/                                                               
(from) reserves       (368)     99,333    98,965       369  (55,993)  (55,624)
Return per                                                                    
ordinary share -                                                              
cents                (0.49)     133.51    133.02      0.49   (74.64)   (74.15)
Return per                                                                    
ordinary share -                                                              
diluted - cents           +     124.16    123.70      0.48         +        +
- The revenue column of this statement is the profit and loss account of
  the Company.
- The Accounts cover the year to 31 December 1999, the comparatives are for
  the period from 16 July 1998 to 31 December 1998.
- +  Not applicable.
- All revenue and capital items in the above statement derive from
  continuing operations.
- The Directors recommend that no dividend be paid for the year to 31
  December 1999.

F&C Latin American Investment Trust PLC
Unaudited Preliminary Statement for the Year to 31 December 1999

Cash Flow Statement for the year ended 31 December 1999 and the period 16 July
1998 to 31 December 1998

                                                1999           1998
                                           US$'000's      US$'000's
                                                     
Net cash inflow from operating                       
activities                                    1,917         1,096
Servicing of Finance                                 
                                            (1,097)         (545)
Tax paid                                             
                                              (224)          (18)
Net Cash outflow from financial                      
investment                                  (2,788)      (16,246)
Net cash outflow before                              
financing                                   (2,192)      (15,713)
Management of liquid resources                       
                                            (2,283)         1,041
Net cash inflow/(outflow) from                       
financing                                    3,674          (259)

Decrease in cash                              (801)      (14,931)

The Audited Report and Accounts will be posted to shareholders on 6 April
2000. Copies may be obtained during normal business hours from the Company's
Registered Office, Exchange House, Primrose Street, London EC2A 2NY.

The Annual General Meeting will be held at the registered office of the
Company, Exchange House, Primrose Street, London EC2A 2NY, on Thursday 11 May
2000 at 12.15pm.

By order of the Board
Foreign & Colonial Emerging Markets Limited, Secretary
3 March 2000