UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-PX ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-06574 The Latin American Discovery Fund, Inc. ---------------------------------------------------------- (Exact name of registrant as specified in charter) 522 Fifth Avenue, New York, New York 10036 -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Amy Doberman, Esq. Managing Director Morgan Stanley Investment Advisors Inc. 522 Fifth Avenue New York, New York 10036 --------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 800-869-6397 Date of fiscal year end: 12/31 Date of reporting period: 7/1/06 - 6/30/07 ******************************* FORM N-Px REPORT ******************************* ICA File Number: 811-06574 Reporting Period: 07/01/2006 - 06/30/2007 The Latin America Discovery Fund, Inc. =================== THE LATIN AMERICAN DISCOVERY FUND, INC. ==================== ALL - AMERICA LATINA LOGISTICA S.A. Ticker: Security ID: BRALLLCDAM10 Meeting Date: APR 2, 2007 Meeting Type: Annual Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Accept Financial Statements and Statutory For Did Not Management Reports for Fiscal Year Ended Dec. 31, Vote 2006 2 Approve Allocation of Income and For Did Not Management Dividends Vote 3 Elect Board of Directors and Supervisory For Did Not Management Board Vote 4 Approve Global Annual Remuneration of For Did Not Management Directors and Supervisory Board Vote -------------------------------------------------------------------------------- ALL AMERICA LATINA LOGISTICASA Ticker: Security ID: BRALLLCDAM10 Meeting Date: JUL 18, 2006 Meeting Type: Special Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Ratify Resolutions Approved at EGM Held For For Management on 4-4-06 Re: Amendments to Several Articles of the Bylaws to Comply with Bovespa's Level 2 Regulations 2 Amend Article 54 of Bylaws with Regards For Against Management to Transitory Provisions Re: Amend Conversion of Shares Regulations and Approve New System for Conversion of Ordinary Shares into Preference Shares 3 Consolidate Amendments to Articles For For Management -------------------------------------------------------------------------------- ALL AMERICA LATINA LOGISTICASA Ticker: Security ID: BRALLLCDAM10 Meeting Date: AUG 18, 2006 Meeting Type: Special Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Amend Literal A of Article 2 of Bylaws to For For Management Expand Company's Business Activities Re: Multimodal Transportation Operator 2 Acknowledge the Exercise by Dissenting For For Management Shareholders Brasil Ferrovias SA and Novoeste Brasil SA of their Withdrawal Rights Resulting from the Merger of the Total Shares Issued by Both Companies as Approved on 6-16-06; Approve Amendment of Article 5 3 Amend Article 14 Re: Set Maximum of Board For For Management Members at 13 4 Elect New Board Members For For Management 5 Amend Articles 25 and 31 of Bylaws Re: For Against Management Designate Other Company's Officer Positions and Determine Their Responsibilities and Powers 6 Amend Literal L of Article 29 of Bylaws For Against Management 7 Delete Literal E from Article 30 of For Against Management Byalws 8 Ratify Conversion of Shares as For For Management Established at the Board Meeting Held on 7-19-06 9 Consolidate Amendments to Articles For Against Management -------------------------------------------------------------------------------- ALL AMERICA LATINA LOGISTICASA Ticker: Security ID: BRALLLCDAM10 Meeting Date: SEP 5, 2006 Meeting Type: Special Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Amend Article 2 Re: Expand Company's For For Management Business Activities to Multimmodal Transportation Operator 2 Approve 1:10 Stock Split; Amend Article 5 For For Management Accordingly 3 Amend Article 14 Re: Board of Directors For For Management Composition be Fixed at Maximum of 13 Members, Election of Alternate Directors, and Board Chairmanship be Exercised by One Chairman and One Vice-Chairman 4 Amend Article 27 Re: Change Company's For For Management Representation System 5 Amend Article 25 and 31 Re: Executive For For Management Officer Board' Powers 6 Amend Article 29 Re: Exclusion of Literal For For Management L 7 Amend Article 30 Re: Exclusion of Literal For For Management E 8 Consolidate Amendments to Articles For For Management 9 Elect New Members to the Board of For For Management Directors -------------------------------------------------------------------------------- BANCO ITAU HOLDING FINANCEIRA(FRMLY BANCO ITAU S.A.) Ticker: Security ID: BRITAUACNPR3 Meeting Date: APR 25, 2007 Meeting Type: Annual Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Accept Financial Statements and Statutory For Did Not Management Reports for Fiscal Year Ended 12-31-06 Vote 2 Approve Allocation of Income and For Did Not Management Dividends Vote 3 Elect Board Members For Did Not Management Vote 4 Elect Supervisory Board Members For Did Not Management Vote 5 Approve Remuneration of Board Members, For Did Not Management Executive Officer Board, Members of the Vote Council and International Council Committees, and Supervisory Board -------------------------------------------------------------------------------- CEMEX S.A. Ticker: Security ID: MXP225611567 Meeting Date: AUG 31, 2006 Meeting Type: Special Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Amend Certificate of Issuance Act and For For Management Contract Trust No. 11033-9 Signed with Banco Nacional de Mexico for CPO Certificates 'CEMEX.CPO' to Effect Resolutions Adopted at the 4-27-06 EGM 2 Designate Inspector or Shareholder For For Management Representative(s) of Minutes of Meeting 3 Approve Minutes of Meeting For For Management -------------------------------------------------------------------------------- CEMEX S.A. Ticker: CX Security ID: 151290889 Meeting Date: AUG 31, 2006 Meeting Type: Special Record Date: AUG 10, 2006 # Proposal Mgt Rec Vote Cast Sponsor 1 PRESENTATION, DISCUSSION AND APPROVAL OF For For Management THE PROJECT THAT MODIFIES THE ISSUANCE DEED OF THE ORDINARY PARTICIPATION CERTIFICATES DENOMINATED CEMEX.CPO , AS WELL AS THE TRUST AGREEMENT NUMBER 111033-9 EXECUTED BY BANCO NACIONAL DE MEXICO, S.A. AS CEMEX -------------------------------------------------------------------------------- COMPANHIA VALE DO RIO DOCE Ticker: RIO.PR Security ID: BRVALEACNPA3 Meeting Date: DEC 28, 2006 Meeting Type: Special Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Approve the Protocol and Justification For For Management for the Incorporation of Caemi Mineracao e Metalurgia S.A. 2 Approve Appraisal Firm For For Management 3 Approve Appraisal Report For For Management 4 Approve Incorporation of Caemi Without an For For Management Increase in Capital or Share Issuance 5 Approve Acquisition of Inco Ltd. For For Management 6 Ratify Election of Director For For Management -------------------------------------------------------------------------------- COMPANHIA VALE DO RIO DOCE Ticker: RIO.PR Security ID: 204412100 Meeting Date: DEC 28, 2006 Meeting Type: Special Record Date: DEC 11, 2006 # Proposal Mgt Rec Vote Cast Sponsor 1 THE APPROVAL AND JUSTIFICATION FOR For For Management CONSOLIDATION OF CAEMI MINERACAO E METALURGIA S.A. ( CAEMI ), A WHOLLY OWNED SUBSIDIARY OF CVRD, PURSUANT TO ARTICLES 224 AND 225 OF THE BRAZILIAN CORPORATE LAW 2 TO RATIFY THE APPOINTMENT OF THE EXPERTS For For Management TO APPRAISE THE VALUE OF THE COMPANY TO BE CONSOLIDATED 3 TO DECIDE ON THE APPRAISAL REPORT, For For Management PREPARED BY THE EXPERT APPRAISERS 4 THE APPROVAL FOR THE CONSOLIDATION OF For For Management CAEMI, WITHOUT A CAPITAL INCREASE OR THE ISSUANCE OF NEW SHARES BY THIS COMPANY 5 TO RATIFY THE ACQUISITION OF THE CONTROL For For Management OF INCO LTD., PURSUANT TO SECTION 1 OF ARTICLE 256 OF THE BRAZILIAN CORPORATE LAW 6 TO RATIFY THE APPOINTMENT OF A BOARD For For Management MEMBER, DULY NOMINATED DURING THE BOARD OF DIRECTORS MEETING HELD ON JUNE 21, 2006, IN ACCORDANCE WITH SECTION 10 OF ARTICLE 11 OF THE COMPANY S BY-LAWS -------------------------------------------------------------------------------- COMPANHIA VALE DO RIO DOCE Ticker: RIO.PR Security ID: 204412209 Meeting Date: DEC 28, 2006 Meeting Type: Special Record Date: DEC 11, 2006 # Proposal Mgt Rec Vote Cast Sponsor 1 THE APPROVAL AND JUSTIFICATION FOR For For Management CONSOLIDATION OF CAEMI MINERACAO E METALURGIA S.A. ( CAEMI ), A WHOLLY OWNED SUBSIDIARY OF CVRD, PURSUANT TO ARTICLES 224 AND 225 OF THE BRAZILIAN CORPORATE LAW 2 TO RATIFY THE APPOINTMENT OF THE EXPERTS For For Management TO APPRAISE THE VALUE OF THE COMPANY TO BE CONSOLIDATED 3 TO DECIDE ON THE APPRAISAL REPORT, For For Management PREPARED BY THE EXPERT APPRAISERS 4 THE APPROVAL FOR THE CONSOLIDATION OF For For Management CAEMI, WITHOUT A CAPITAL INCREASE OR THE ISSUANCE OF NEW SHARES BY THIS COMPANY 5 TO RATIFY THE ACQUISITION OF THE CONTROL For For Management OF INCO LTD., PURSUANT TO SECTION 1 OF ARTICLE 256 OF THE BRAZILIAN CORPORATE LAW 6 TO RATIFY THE APPOINTMENT OF A BOARD For For Management MEMBER, DULY NOMINATED DURING THE BOARD OF DIRECTORS MEETING HELD ON JUNE 21, 2006, IN ACCORDANCE WITH SECTION 10 OF ARTICLE 11 OF THE COMPANY S BY-LAWS -------------------------------------------------------------------------------- COMPANHIA VALE DO RIO DOCE Ticker: RIODF Security ID: BRVALEACNPA3 Meeting Date: APR 27, 2007 Meeting Type: Annual/Special Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1.1 Accept Financial Statements and Statutory For Did Not Management Reports for Fiscal Year Ended Dec 31 2006 Vote 1.2 Approve Allocation of Income and For Did Not Management Dividends for 2006 and Approve the Vote Capital Budget Plan 1.3 Elect Directors For Did Not Management Vote 1.4 Elect Supervisory Board Members For Did Not Management Vote 1.5 Approve Remuneration of Directors, For Did Not Management Executive Officers, and Supervisory Board Vote Members 2.1 Authorize Capitalization of Reserves for For Did Not Management Increase in Share Capital with no Vote Issuance of Shares, and Ammend Article 5 Accordingly -------------------------------------------------------------------------------- CORPORACION GEO SAB DE CV Ticker: Security ID: MXP3142C1177 Meeting Date: APR 27, 2007 Meeting Type: Annual Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Present Statutory Reports for Fiscal Year For Abstain Management Ended 12-31-06 2 Accept Financial Statements For Abstain Management 3 Approve Discharge of Board of Directors For Abstain Management 4 Approve Allocation of Income For Abstain Management 5 Elect/Ratify Board Members and Secretary For Abstain Management of the Board 6 Elect Chairmen of Audit Committee and For Abstain Management Corporate Practices Committee 7 Approve Remuneration of Directors, For Abstain Management Members of the Board Committees, and Secretaries of the Board 8 Set Aggregate Nominal Amount of Share For For Management Repurchase 9 Designate Inspector or Shareholder For For Management Representative(s) of Minutes of Meeting 10 Approve Minutes of Meeting For For Management -------------------------------------------------------------------------------- CREDICORP LTD. Ticker: BAP Security ID: G2519Y108 Meeting Date: MAR 30, 2007 Meeting Type: Annual Record Date: FEB 8, 2007 # Proposal Mgt Rec Vote Cast Sponsor 1 TO CONSIDER AND APPROVE THE ANNUAL REPORT For For Management OF THE COMPANY FOR THE FINANCIAL YEAR ENDED DECEMBER 31, 2006. 2 TO CONSIDER AND APPROVE THE AUDITED For For Management CONSOLIDATED FINANCIAL STATEMENTS OF THE COMPANY AND ITS SUBSIDIARIES FOR THE FINANCIAL YEAR ENDED DECEMBER 31, 2006, INCLUDING THE REPORT OF THE INDEPENDENT AUDITORS OF THE COMPANY THEREON. -------------------------------------------------------------------------------- CYRELA BRAZIL RLTY SA EMPREENDIMENTOS E PARTICIPACOES Ticker: Security ID: BRCYREACNOR7 Meeting Date: APR 30, 2007 Meeting Type: Annual/Special Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Accept Financial Statements and Statutory For Did Not Management Reports for Fiscal Year Ended Dec 31 2006 Vote 2 Approve Allocation of Income and For Did Not Management Dividends Vote 3 Elect Directors For Did Not Management Vote 4 Approve Remuneration of Directors and For Did Not Management Executive Officers Vote 5 Approve Stock Option Plan For Did Not Management Vote -------------------------------------------------------------------------------- CYRELA BRAZIL RLTY SA EMPREENDIMENTOS EPARTICIPACOES Ticker: Security ID: BRCYREACNOR7 Meeting Date: MAR 23, 2007 Meeting Type: Special Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Authorize Issuance of Non-Convertible For Did Not Management Bonds Up to BRL 1 Billion According to Vote the Rules Set by CVM Instruction 400 of Dec 29 2003 2 Authorize Issuance of Non-Convertible For Did Not Management Bonds Up to BRL 500 Million, Giving the Vote Board of Directors Leeway to Set the Conditions of Sections VI and VII of Article 59 of the Brazilian Corporate Code 3 Ratify the Acts Taken by the Board of For Did Not Management Directors With Respect to the Issuance of Vote Bonds and the Company's First Program of Securities Distribution -------------------------------------------------------------------------------- CYRELA BRAZIL RLTY SA EMPREENDIMENTOS EPARTICIPACOES Ticker: Security ID: BRCYREACNOR7 Meeting Date: APR 11, 2007 Meeting Type: Special Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Ratify the Hiring of a Company to Assess For Did Not Management the Spin-Off of the Retail Space Renting Vote Business of Cyrela 2 Approve Assessment Report For Did Not Management Vote 3 Approve the Justification for Spin-Off For Did Not Management Document Vote 4 Approve the Spin-Off Agreement For Did Not Management Vote 5 Approve Reduction in Share Capital For Did Not Management Resulting from the Spin-Off and Amend Vote Article 6 Accordingly 6 Approve the Bylaws of the Newly Formed For Did Not Management Company and the Request for Entry in the Vote Novo Mercado Segment of Bovespa 7 Ratify Actions Already Taken by the For Did Not Management Company in Regards to the Spin-Off and Vote Grant Permission for the Company to Proceed with the Process -------------------------------------------------------------------------------- DIAGNOSTICOS DA AMERICA SA Ticker: Security ID: BRDASAACNOR1 Meeting Date: APR 11, 2007 Meeting Type: Annual/Special Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Accept Financial Statements and Statutory For Did Not Management Reports for Fiscal Year Ended Dec 31 2006 Vote 2 Approve Allocation of Income and For Did Not Management Dividends Vote 3 Approve Remuneration of Directors and For Did Not Management Executive Officers Vote 1 Amend Article 20 Re: Board of Directors For Did Not Management Vote -------------------------------------------------------------------------------- EDP ENERGIAS DO BRASIL SA Ticker: Security ID: BRENBRACNOR2 Meeting Date: APR 10, 2007 Meeting Type: Annual/Special Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Accept Financial Statements and Statutory For Did Not Management Reports for Fiscal Year Ended 12-31-06 Vote 2 Approve Capital Budget For Did Not Management Vote 3 Approve Allocation of Income and For Did Not Management Dividends Vote 4 Fix Number of and Elect Board Members; For Did Not Management Approve Their Remuneration Vote 5 Amend Articles 25 and 28 of Bylaws Re: For Did Not Management Board Competencies and Representation Vote -------------------------------------------------------------------------------- ELETROPAULO METROPOLITANA (FRMRL.ELETRICIDADE DE SAO PAULO) Ticker: Security ID: BRELPLACNPB0 Meeting Date: APR 9, 2007 Meeting Type: Annual Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Accept Financial Statements and Statutory For Did Not Management Reports for Fiscal Year Ended Dec 31 Vote 2006 and Approve Allocation of Income 2 Elect Supervisory Board Members For Did Not Management Vote 3 Approve Global Remuneration of Directors, For Did Not Management Executive Officers, and Supervisory Board Vote Members -------------------------------------------------------------------------------- FOMENTO ECONOMICO MEXICANO S.A. (FEMSA) Ticker: FMX Security ID: 344419106 Meeting Date: DEC 7, 2006 Meeting Type: Special Record Date: NOV 15, 2006 # Proposal Mgt Rec Vote Cast Sponsor 1 TO AMEND THE BY-LAWS OF THE COMPANY TO For For Management INCLUDE THE FORMATION OF COMMITTEES, AND OTHER ADJUSTS TO COMPLY WITH THE PROVISIONS OF THE MEXICAN SECURITIES MARKET LAW (LEY DEL MERCADO DE VALORES). 2 APPOINTMENT OF DELEGATES TO EXECUTE AND For For Management FORMALIZE THE RESOLUTIONS ADOPTED DURING THE MEETING. 3 MINUTES OF THE SHAREHOLDERS MEETING. For For Management 4 ELECTION AND/OR RATIFICATION OF MEMBERS For For Management OF THE BOARD OF DIRECTORS AND SECRETARY AND THEIR ALTERNATES; QUALIFICATION OF THEIR INDEPENDENCE IN ACCORDANCE TO THE MEXICAN SECURITIES MARKET LAW, AND RESOLUTION WITH RESPECT TO THEIR REMUNERATION. 5 PROPOSAL TO FORM COMMITTEES OF THE BOARD For For Management OF DIRECTORS, INCLUDING THE AUDIT AND CORPORATE PRACTICES COMMITTEES, APPOINTMENT OF THE CHAIRMAN FOR SUCH COMMITTEES, AND RESOLUTION WITH RESPECT TO THEIR REMUNERATION. 6 APPOINTMENT OF DELEGATES TO EXECUTE AND For For Management FORMALIZE THE RESOLUTIONS ADOPTED DURING THE MEETING. 7 MINUTES OF THE SHAREHOLDERS MEETING. For For Management -------------------------------------------------------------------------------- FOMENTO ECONOMICO MEXICANO S.A. (FEMSA) Ticker: FMX Security ID: 344419106 Meeting Date: MAR 29, 2007 Meeting Type: Annual Record Date: MAR 1, 2007 # Proposal Mgt Rec Vote Cast Sponsor 1 REPORT OF THE BOARD OF DIRECTORS: For For Management PRESENTATION OF THE FINANCIAL STATEMENTS OF FOMENTO ECONOMICO MEXICANO, S.A.B. DE C.V., ALL AS MORE FULLY DESCRIBED IN THE 2 REPORT OF THE EXTERNAL AUDITOR WITH For For Management RESPECT TO THE COMPLIANCE OF TAX OBLIGATIONS OF THE COMPANY. 3 APPLICATION OF THE RESULTS FOR THE 2006 For For Management FISCAL YEAR, INCLUDING THE PAYMENT OF A CASH DIVIDEND, IN MEXICAN PESOS, ALL AS MORE FULLY DESCRIBED IN THE PROXY 4 DETERMINE THE MAXIMUM AMOUNT TO BE USED For For Management IN THE SHARE REPURCHASE PROGRAM IN THE AMOUNT OF PS. 3,000,000,000.00 MEXICAN PESOS. 5 DIVIDE ALL THE SERIES B AND SERIES D For Against Management SHARES OF STOCK OUTSTANDING. 6 ELECTION OF MEMBERS OF THE BOARD OF For For Management DIRECTORS. 7 PROPOSAL TO FORM THE COMMITTEES OF THE For For Management BOARD OF DIRECTORS: (I) FINANCE AND PLANNING, (II) AUDIT, AND (III) CORPORATE PRACTICES; APPOINTMENT OF THERI 8 APPOINTMENT OF DELEGATES FOR THE For For Management SHAREHOLDERS MEETING. 9 MINUTES OF THE SHAREHOLDERS MEETING. For For Management -------------------------------------------------------------------------------- GAFISA S A Ticker: Security ID: BRGFSAACNOR3 Meeting Date: SEP 11, 2006 Meeting Type: Special Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Amend Literal R of Article 21 Re: Change For Against Management Established Limits 2 Re-ratify Monthly Global Remuneration of For For Management Directors 3 Approve Full Amortization of Debenetures For For Management (2nd Issuance) 4 Grant New Authority (Duties) to the For For Management President of the Company; Amend Articles 3 and 27 of Bylaws Accordingly 5 Amend Article 5 Re: Reflect Changes in For For Management Capital Resulting from Issuance of Shares and Approved by the Board -------------------------------------------------------------------------------- GERDAU S.A. Ticker: Security ID: BRGGBRACNOR1 Meeting Date: DEC 28, 2006 Meeting Type: Special Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Amend Bylaws For For Management 2 Consolidate Bylaws in Light of the Above For For Management Amendments 3 Amend Stock Option Plan and Ratify Grants For Against Management 4 Re-ratify the Real Estate as Presented in For For Management Anex 2 of the EGM Held on Nov. 28, 2003 -------------------------------------------------------------------------------- GRUPO FINANCIERO BANORTE S.A. Ticker: Security ID: MXP370711014 Meeting Date: AUG 17, 2006 Meeting Type: Special Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Approve Absorption of Banco del Centro For For Management 2 Authorize Board to Ratify and Execute For For Management Approved Resolutions 3 Designate Inspector or Shareholder For For Management Representative(s) of Minutes of Meeting -------------------------------------------------------------------------------- GRUPO FINANCIERO BANORTE S.A. Ticker: Security ID: MXP370711014 Meeting Date: OCT 12, 2006 Meeting Type: Special Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Approve Cash Dividends of MXN 0.375 Per For For Management Share 2 Designate Inspector or Shareholder For For Management Representative(s) of Minutes of Meeting 3 Approve Minutes of Meeting For For Management -------------------------------------------------------------------------------- GRUPO FINANCIERO BANORTE S.A. Ticker: Security ID: MXP370711014 Meeting Date: DEC 13, 2006 Meeting Type: Special Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Amend Bylaws in Order to Comply with New For For Management Mexeican Securities Law 2 Amend Bylaws Re: Compliance with Various For For Management Credit Institutions Laws 3 Approve Spin-Off of Finanzas Banorte, For For Management S.A. de C.V. 4 Amend Bylaws Re: Record Changes to For For Management Arrendadora Banorte, Factor Banorte and Creditos Pronegocio as Companies with Diverse Business Objectives 5 Designate Inspector or Shareholder For For Management Representative(s) of Minutes of Meeting 6 Approve Minutes of Meeting For For Management -------------------------------------------------------------------------------- GRUPO FINANCIERO BANORTE S.A. Ticker: Security ID: MXP370711014 Meeting Date: DEC 13, 2006 Meeting Type: Special Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Elect Members and Chairman to the Audit For For Management and Corporate Practices Committee; Fix Their Remuneration; Revoke Nomination of Supervisory Board Members 2 Designate Inspector or Shareholder For For Management Representative(s) of Minutes of Meeting 3 Approve Minutes of Meeting For For Management -------------------------------------------------------------------------------- GRUPO FINANCIERO BANORTE SA DE CV Ticker: Security ID: MXP370711014 Meeting Date: MAR 30, 2007 Meeting Type: Annual Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Accept Financial Statements and Statutory For For Management Reports for Fiscal Year Ended Dec. 31, 2006 2 Accept Auditors' Report For For Management 3 Approve Allocation of Income For For Management 4 Elect Members, Verify Director's For For Management Independency as Per New Mexican Securities Law, and Approve Their Respective Remuneration 5 Elect Members to Audit Committee and For For Management Corporate Practices, Elect Their Respective Chairman, and Approve Their Remuneration 6 Present Report on Company's 2006 Share For For Management Repurchase Program; Set Maximum Nominal Amount of Share Repurchase Reserve for 2007 7 Designate Inspector or Shareholder For For Management Representative(s) of Minutes of Meeting 8 Approve Minutes of Meeting For For Management -------------------------------------------------------------------------------- ITAUSA, INVESTIMENTOS ITAU S.A. Ticker: Security ID: BRITSAACNPR7 Meeting Date: APR 27, 2007 Meeting Type: Annual/Special Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Accept Financial Statements and Statutory For Did Not Management Reports for Fiscal Year Ended Dec 31 2006 Vote 2 Approve Allocation of Income and For Did Not Management Dividends Vote 3 Elect Directors For Did Not Management Vote 4 Elect Supervisory Board Members, For Did Not Management Respecting the Rights of Preferred Vote Shareholders to Elect one Member to the Supervisory Board in Accordance with Article 161 of Law 6404/76. 5 Approve Remuneration of Directors, For Did Not Management Executive Officers, and Supervisory Board Vote Members 6 Cancel Company Treasury Shares For Did Not Management Vote 7 Authorize Capitalization of Reserves for For Did Not Management Bonus Issue of Shares Vote 8 Amend Articles to Reflect Changes in For Did Not Management Capital Vote 9 Approve Issuance of Shares for a Private For Did Not Management Placement Vote -------------------------------------------------------------------------------- KLABIN SEGALL SA, BRAZIL Ticker: Security ID: BRKSSAACNOR8 Meeting Date: JAN 9, 2007 Meeting Type: Special Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Ratify Increase in Capital Regarding the For Did Not Management Primary and Secondary Offering Resulting Vote in a New Capital of BRL$345.57 Million 2 Authorize Board to Make Decisions Re: For Did Not Management Capital Increases within the Authorized Vote Capital Limit, Issuance of Shares and Convertible Debentures, Waivers of Preemptive Rights, and Issuance of Stock Options to Management and Employees 3 Rectify Article 20(r) in Order to Clarify For Did Not Management the Executive Board's Competencies with Vote Regards to Issuing Guarantees on Behalf of Third Parties 4 Rectify Article 29(c) Re: The Executive For Did Not Management Board's Authority to Create Special Vote Purpose Vehicles Relating to Real Estate Transactions and Ratify the Executive Directors Activities Regarding Said Special Purpose Vehicles 5 Ratify Appointment of Emilio Humberto For Did Not Management Carazzai Vote -------------------------------------------------------------------------------- LAN AIRLINES S.A(FRMELY LAN CHILE S.A AND LINEA AEREA NACIONAL CHILE SA) Ticker: LFL Security ID: 501723100 Meeting Date: JAN 26, 2007 Meeting Type: Special Record Date: JAN 4, 2007 # Proposal Mgt Rec Vote Cast Sponsor 1 INCREASE THE COMPANY S CAPITAL BY VIRTUE For For Management OF AN ISSUANCE OF 7,500,000 (SEVEN MILLION FIVE HUNDRED THOUSAND) SHARES, AT THE PRICE AND OTHER CONDITIONS THAT THE SHAREHOLDERS MEETING SHALL DETERMINE. 2 DESIGNATE A PORTION OF THE ABOVEMENTIONED For Against Management CAPITAL INCREASE TO COMPENSATION PLANS, IN ACCORDANCE WITH ARTICLE 24 OF LAW 18.046. 3 AMEND THE COMPANY S BYLAWS TO REFLECT THE For For Management RESOLUTIONS ADOPTED BY THE SHAREHOLDERS MEETING. 4 AUTHORIZE THE COMPANY S BOARD OF For For Management DIRECTORS TO REQUEST THE REGISTRATION OF THE SHARES REPRESENTING THE CAPITAL INCREASE WITH THE REGISTRY OF THE SUPERINTENDENCE OF SECURITIES AND INSURANCE; TO PROCEED WITH THE SETTLEMENT OF THE SHARES; AND TO AGREE ON THE 5 ADOPT ANY OTHER RESOLUTIONS NECESSARY TO For For Management IMPLEMENT THE ABOVEMENTIONED RESOLUTIONS. -------------------------------------------------------------------------------- LAN AIRLINES S.A(FRMELY LAN CHILE S.A AND LINEA AEREA NACIONAL CHILE SA) Ticker: LFL Security ID: 501723100 Meeting Date: APR 5, 2007 Meeting Type: Annual/Special Record Date: MAR 14, 2007 # Proposal Mgt Rec Vote Cast Sponsor 1 APPROVAL OF THE ANNUAL REPORT, BALANCE OF For For Management PAYMENTS AND FINANCIAL STATEMENTS OF THE COMPANY FOR THE YEAR ENDED DECEMBER 31, 2006. 2 APPROVAL OF THE DISTRIBUTION OF A For For Management DIVIDEND FOR THE FISCAL YEAR 2006, ALL AS MORE FULLY DESCRIBED IN THE PROXY STATEMENT. 3 AGREEMENT ON THE REMUNERATIONS OF THE For For Management BOARD FOR THE YEAR 2007. 4 AGREEMENT ON THE RENUMERATIONS OF THE For For Management DIRECTORS COMMITTEE AND DETERMINATION OF ITS BUDGET FOR THE YEAR 2007. 5 DESIGNATION OF THE EXTERNAL AUDITORS; For For Management DESIGNATION OF THE RISK CLASSIFIERS, ALL AS MORE FULLY DESCRIBED IN THE PROXY STATEMENT. 6 INFORMATION REGARDING THE COST OF For For Management PROCESSING, PRINTING AND DISTRIBUTING THE INFORMATION. 7 OTHER KNOWN MATTERS OF INTEREST TO THE For Against Management ORDINARY SHAREHOLDERS MEETING. 8 TO ANNUL THE INCREASE IN CAPITAL BY For For Management 7,500,000 (SEVEN MILLION FIVE HUNDRED THOUSAND) PAYABLE SHARES. 9 TO INCREASE THE CAPITAL STOCK OF LAN For For Management AIRLINES S.A. VIA THE ISSUANCE OF 22,090,910. 10 TO ASSIGN ONE PART OF THE STATED INCREASE For Against Management IN CAPITAL TO THE COMPENSATORY PLAN DESCRIBED IN THE TERMS OF ARTICLE 24 OF THE LAW 18.046. 11 TO MODIFY THE BYLAWS IN ORDER TO ADJUST For For Management THEM TO THE FRAMEWORK ADOPTED BY THE MEETING. 12 TO EMPOWER THE BOARD OF DIRECTORS OF THE For For Management COMPANY TO REQUEST THE REGISTRATION OF THE SHARES REPRESENTATIVE. 13 TO ADOPT THE REST OF THE AGREEMENTS For For Management NECESSARY TO IMPLEMENT THE PREVIOUSLY MENTIONED AGREEMENTS. -------------------------------------------------------------------------------- LOCALIZA RENT A CAR SA Ticker: Security ID: BRRENTACNOR4 Meeting Date: APR 10, 2007 Meeting Type: Annual/Special Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Elect Directors For Did Not Management Vote 2 Accept Financial Statements and Statutory For Did Not Management Reports for Fiscal Year Ended Dec 31 2006 Vote 3 Approve Allocation of Income and For Did Not Management Dividends Vote 4 Ratify Dividends Approved by the Board of For Did Not Management Directors Throughout 2006 Vote 5 Approve Global Remuneration of Directors For Did Not Management and Executive Officers Vote 6 Amend Articles Re: Stock Split, Share For Did Not Management Capital, and Authorized Capital Vote -------------------------------------------------------------------------------- LOCALIZA RENT A CAR SA Ticker: Security ID: BRRENTACNOR4 Meeting Date: APR 24, 2007 Meeting Type: Special Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Amend Articles Re: Stock Split, Share For Did Not Management Capital, and Authorized Capital Vote -------------------------------------------------------------------------------- LOJAS AMERICANAS S.A. Ticker: Security ID: BRLAMEACNPR6 Meeting Date: SEP 19, 2006 Meeting Type: Special Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Grant Preference Shares Rights to be For For Management Included and Receive 100 Percent of the Offer Price Paid to Common Shares in the Event of Change in Control Via Public Offer of Shares 2 Eliminate Preference Shares Rights to For For Management Receive Dividends 10 Percent Higher than that of Common Shares -------------------------------------------------------------------------------- LOJAS ARAPUA Ticker: Security ID: BRLOARACNPR4 Meeting Date: OCT 19, 2006 Meeting Type: Special Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Accept Financial Statements and Statutory For For Management Reports for Fiscal Year Ended Dec. 31, 2005 2 Approve Allocation of Income For For Management 3 Approve Remuneration of Directors For For Management 4 Elect Supervisory Board Members For For Management 5 Re-ratify the EGM Held on Aug. 22, 2006 For Against Management -------------------------------------------------------------------------------- LOJAS ARAPUA Ticker: Security ID: BRLOARACNPR4 Meeting Date: APR 27, 2007 Meeting Type: Annual Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Accept Financial Statements and Statutory For Did Not Management Reports Vote 2 Approve Allocation of Income and For Did Not Management Dividends Vote 3 Approve Remuneration of Directors For Did Not Management Vote 4 Elect Supervisory Board Members For Did Not Management Vote 5 Elect Directors For Did Not Management Vote -------------------------------------------------------------------------------- LOJAS RENNER Ticker: Security ID: BRLRENACNOR1 Meeting Date: OCT 3, 2006 Meeting Type: Special Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Approve 1:5 Stock Split For For Management 2 Amend Bylaws to Conform with Bovespa's For For Management Novo Mercado Regulations 3 Amend Company's Option Plan Approved at For Against Management the 5-25-06 EGM Re: Total Number of Shares of up to 4.5 Percent of the Outstanding Capital and the Share Price Shall be the Average Market Price 30 Days Prior to the Grant Date -------------------------------------------------------------------------------- NATURA COSMETICOS SA, SAO PAULO Ticker: Security ID: BRNATUACNOR6 Meeting Date: APR 2, 2007 Meeting Type: Annual/Special Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Accept Financial Statements and Statutory For Did Not Management Reports for Fiscal Year Ended Dec 31 2006 Vote 2 Approve Allocation of Income and For Did Not Management Dividends and Ratify the Early Vote Distribution of Dividends and Interest Over Capital 3 Elect Directors For Did Not Management Vote 4 Approve Remuneration of Directors and For Did Not Management Executive Officers Vote 5 Designate Newspaper to Publish Meeting For Did Not Management Announcements Vote 1 Amend Articles 5 and 6 to Reflect Changes For Did Not Management in Share Capital Due to Options Exercised Vote by Employees of the Company and its Subsidiaries 2 Authorize Capitalization of Reserves For Did Not Management Resulting in an Increase in Share Capital Vote and Amend Article 5 Accordingly 3 Amend Article 2 Re: Changes in Company's For Did Not Management Subsidiaries Vote -------------------------------------------------------------------------------- NET SERVICOS DE COMUNICACAO S.A.(FRMLY GLOBO CABO S.A.) Ticker: Security ID: BRNETCACNPR3 Meeting Date: APR 2, 2007 Meeting Type: Annual/Special Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Accept Financial Statements and Statutory For Did Not Management Reports for Fiscal Year Ended Dec 31 2006 Vote 2 Elect Directors and Determine their For Did Not Management Remuneration Vote 3 Elect Supervisory Board Members and For Did Not Management Determine their Remuneration Vote 4 Amend Article 5: Share Capital For Did Not Management Vote 5 Consolidate Articles For Did Not Management Vote -------------------------------------------------------------------------------- NET SERVICOS DE COMUNICACAO S.A.(FRMLY GLOBO CABO S.A.) Ticker: Security ID: BRNETCACNPR3 Meeting Date: JUN 11, 2007 Meeting Type: Special Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Ratify Apsis Consultoria Empresarial For Did Not Management Ltda, Goldman Sach & Co., and Goldman Vote Sachs Representacoes Ltda as the Firms Appointed to Perform Appraisal Reports 2 Approve Appraisal Reports For Did Not Management Vote 3 Approve Protocol and Justification on For Did Not Management Incorporation of Brasil TV a Cabo Vote Participacoes SA by Vivax and Incorporation of Shares of Vivax SA by Company 4 Approve Incorporation of Vivax's Shares For Did Not Management by Net Servicos de Comunicacao SA by Vote Which Vivax Would Become a Wholly Owned Subsidiary of Net 5 Approve Increase in Capital Resultig from For Did Not Management Incorporation of Vivax's Shares Vote 6 Approve Increase in Authorized Capital For Did Not Management Vote 7 Amend Article 5 to Reflect Changes in For Did Not Management Capital Vote 8 Authorize Board to Ratify and Execute For Did Not Management Approved Resolutions Re: Incorporation of Vote Vivax's Shares 9 Amend Article 2 of Bylaws Re: Transfer of For Did Not Management Competencies to the Executive Officer Vote Board to Deliberate on the Opening and Closing of Subsidiaries 10 Consolidate Amendments to Bylaws For Did Not Management Vote -------------------------------------------------------------------------------- PAMPA HOLDING SA Ticker: Security ID: 697660108 Meeting Date: APR 16, 2007 Meeting Type: Annual Record Date: MAR 19, 2007 # Proposal Mgt Rec Vote Cast Sponsor 1 APPOINTMENT OF TWO SHAREHOLDERS FOR THE For For Management EXECUTION OF THE MINUTES OF THE MEETING. 2 CONSIDERATION OF THE DOCUMENTS SET FORTH For For Management IN SECTION 234, SUBSECTION 1 OF THE LAW OF CORPORATIONS NO. 19550, CORRESPONDING TO THE IRREGULAR FISCAL YEAR ENDING DECEMBER 31, 2006, AND THE DESTINATION OF THE RESULTS OF THE YEAR. 3 CONSIDERATION OF THE ADMINISTRATION OF For For Management THE MEMBERS OF THE BOARD OF DIRECTORS AND THE SUPERVISORY COMMITTEE. 4 CONSIDERATION OF THE REMUNERATIONS DUE TO For For Management THE BOARD OF DIRECTORS AND THE SUPERVISORY COMMITTEE, CORRESPONDING TO THE IRREGULAR FISCAL YEAR CLOSING DECEMBER 31, 2006, THAT AMOUNTS TO PS. 2,232,676 (TOTAL REMUNERATIONS), ALL AS MORE FULLY DESCRIBED IN THE 5 RENEWAL OF A THIRD PART OF THE MEMBERS OF For Abstain Management THE BOARD OF DIRECTORS. 6 FIXING OF THE REMUNERATION TO THE For Abstain Management CERTIFYING ACCOUNTANT, CORRESPONDING TO THE IRREGULAR FISCAL YEAR CLOSING DECEMBER 31, 2006. APPOINTMENT OF THE CERTIFYING ACCOUNTANT AND SURROGATE, FOR THE FISCAL YEAR CLOSING DECEMBER 31, 2007. 7 APPROVAL OF THE ANNUAL BUDGET OF THE For Abstain Management AUDITING COMMISSION. -------------------------------------------------------------------------------- PERDIGAO S.A. Ticker: PDAGF Security ID: BRPRGAACNOR4 Meeting Date: APR 12, 2007 Meeting Type: Annual/Special Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Approve Financial Statements and For Did Not Management Statutory Reports for Fiscal Year Ended Vote Dec 31 2006, and Ratify the Allocation of Income 2 Amend Articles 20 and 44 For Did Not Management Vote 3 Elect Directors For Did Not Management Vote 4 Elect Supervisory Board Members For Did Not Management Vote 5 Approve Global Remuneration of Directors, For Did Not Management Executive Officers, and Supervisory Vote Council Members 6 Ratify the Global Remuneration of For Did Not Management Directors and Executive Officers Vote -------------------------------------------------------------------------------- PETROLEO BRASILEIRO Ticker: Security ID: BRPETRACNPR6 Meeting Date: APR 2, 2007 Meeting Type: Annual/Special Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Accept Financial Statements and Statutory For Did Not Management Reports for Fiscal Year Ended Dec 31 2006 Vote 2 Approve Capital Budget for 2007 For Did Not Management Vote 3 Approve Allocation of Income and For Did Not Management Dividends Vote 4 Elect Directors For Did Not Management Vote 5 Elect Chairman of the Board of Directors For Did Not Management Vote 6 Elect Supervisory Board Members and Their For Did Not Management Alternates Vote 7 Approve Remuneration of Directors and For Did Not Management Executive Officers as Well as for the Vote Members of the Supervisory Board 1 Authorize Capitalization of Profit For Did Not Management Reserve to Increase Share Capital by BRL Vote 4.4 Million and Amend Article 4 Accordingly -------------------------------------------------------------------------------- PETROLEO BRASILEIRO Ticker: PBR.A Security ID: 71654V408 Meeting Date: APR 2, 2007 Meeting Type: Annual/Special Record Date: MAR 8, 2007 # Proposal Mgt Rec Vote Cast Sponsor 1 MANAGEMENT REPORT, FINANCIAL STATEMENTS For For Management AND AUDIT COMMITTEE S OPINION FOR THE FISCAL YEAR 2006 2 CAPITAL EXPENDITURE BUDGET FOR THE FISCAL For For Management YEAR 2007 3 DISTRIBUTION OF RESULTS FOR THE FISCAL For For Management YEAR 2006 4 ELECTION OF MEMBERS OF THE BOARD OF For Abstain Management DIRECTORS 5 ELECTION OF CHAIRMAN OF THE BOARD OF For Abstain Management DIRECTORS 6 ELECTION OF MEMBERS OF THE FISCAL COUNCIL For Abstain Management AND THEIR RESPECTIVE SUBSTITUTES 7 ESTABLISHMENT OF THE MANAGEMENT For For Management COMPENSATION, AS WELL AS THEIR PARTICIPATION IN THE PROFITS PURSUANT TO ARTICLES 41 AND 56 OF THE COMPANY S BYLAWS, AS WELL AS OF MEMBERS OF THE FISCAL COUNCIL 8 INCREASE IN THE CAPITAL STOCK THROUGH THE For For Management INCORPORATION OF PART OF THE REVENUE RESERVES CONSTITUTED IN PREVIOUS FISCAL YEARS AMOUNTING TO R$ 4.380 MILLION, INCREASING THE CAPITAL STOCK FROM R$ 48.264 MILLION TO R$ 52.644 MILLION WITHOUT ANY CHANGE TO THE -------------------------------------------------------------------------------- PETROLEO BRASILEIRO Ticker: PBR.A Security ID: 71654V101 Meeting Date: APR 2, 2007 Meeting Type: Special Record Date: MAR 8, 2007 # Proposal Mgt Rec Vote Cast Sponsor 1 ELECTION OF ONE MEMBER OF THE BOARD OF For Abstain Management DIRECTORS 2 ELECTION OF ONE MEMBER OF THE FISCAL For Abstain Management COUNCIL AND HIS/HER RESPECTIVE SUBSTITUTE -------------------------------------------------------------------------------- URBI DESARROLLOS URBANOS, SA DE CV Ticker: Security ID: MX01UR000007 Meeting Date: APR 30, 2007 Meeting Type: Annual Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Accept Financial Statements and Statutory For Abstain Management Reports 2 Approve Allocation of Income For For Management 3 Elect Directors and Approve Their For Abstain Management Remuneration 4 Elect or Ratify Chairs to Audit and For Abstain Management Corporate Practices Committees 5 Set Aggregate Nominal Amount of Share For For Management Repurchase Reserve 6 Designate Inspector or Shareholder For For Management Representative(s) of Minutes of Meeting -------------------------------------------------------------------------------- USINAS SIDERURGICAS DE MINAS GERAIS S.A. Ticker: Security ID: BRUSIMACNPA6 Meeting Date: APR 10, 2007 Meeting Type: Annual Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Accept Financial Statements and Statutory For Did Not Management Reports for Fiscal Year Ended 12-31-06 Vote 2 Approve Allocation of Income and For Did Not Management Dividends; Ratify Distribution of Vote Interest on Capital 3 Approve Annual Remuneration of Directors For Did Not Management Vote 4 Elect Two Principal and One Alternate For Did Not Management Members of the Board until 2008 Vote 5 Elect Supervisory Board Members and For Did Not Management Alternates Vote -------------------------------------------------------------------------------- WAL-MART DE MEXICO S.A. DE C.V. (FRMRLY. CIFRA S.A.) Ticker: WMMVF Security ID: MXP810081010 Meeting Date: NOV 14, 2006 Meeting Type: Special Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Amend Articles For For Management 2 Elect Members to the Board of Directors For For Management 3 Elect Audit Committee Chairman For For Management 4 Elect Company Practices' Committee For For Management Chairman -------------------------------------------------------------------------------- WAL-MART DE MEXICO S.A. DE C.V. (FRMRLY. CIFRA S.A.) Ticker: WMMVF Security ID: MXP810081010 Meeting Date: MAR 6, 2007 Meeting Type: Annual Record Date: # Proposal Mgt Rec Vote Cast Sponsor 1 Accept Board of Directors Report For For Management 2 Accept Audit Committee's Report For For Management 3 Approve Financial Statements for Fiscal For For Management Year Ended 12-31-06 4 Present Report on the Share Repurchase For For Management Reserves 5 Approve to Cancel 158.4 Million Company For For Management Treasury Shares 6 Approve Allocation of Income For For Management 7 Approve Project to Distribute Dividends For For Management where Shareholder Decides Either Compensated in Cash Charged to Retained Earnings Account at MNX 0.51 per Share or Company Shares 8 Approve MXN 4.37 Billion Capital Increase For For Management Through the Issuance of 109.23 Million Ordinary Shares to Service Stock Dividend Payment 9 Accept Report on Adherence to Fiscal For For Management Obligations 10 Report on Employee Stock Purchase Plan For For Management 11 Accept Report Re: Wal-Mart de Mexico For For Management Foundation 12 Ratify Board of Directors' Actions For For Management between Fiscal Year January 1 - December 31, 2006 13 Ratify and Elect Board Members For For Management 14 Ratify Audit and Corporate Governance For For Management Committee Chairs 15 Authorize Board to Ratify and Execute For For Management Approved Resolutions -------------------------------------------------------------------------------- WAL-MART DE MEXICO S.A. DE C.V. (FRMRLY. CIFRA S.A.) Ticker: WMMVY Security ID: 93114W107 Meeting Date: MAR 6, 2007 Meeting Type: Annual Record Date: FEB 9, 2007 # Proposal Mgt Rec Vote Cast Sponsor 1 Accept Board of Directors Report For For Management 2 Accept Audit Committee's Report For For Management 3 Approve Financial Statements for Fiscal For For Management Year Ended 12-31-06 4 Present Report on the Share Repurchase For For Management Reserves 5 Approve to Cancel 158.4 Million Company For For Management Treasury Shares 6 Approve Allocation of Income For For Management 7 Approve Dividend of MXN 0.51 to be Paid For For Management in Cash Charged to Retained Earnings or Equivalent in Company Shares. 8 Approve MXN 4.37 Billion Capital Increase For For Management Through the Issuance of 109.23 Million Ordinary Shares to Service Stock Dividend Payment 9 Accept Report on Adherence to Fiscal For For Management Obligations 10 Report on Employee Stock Purchase Plan For For Management 11 Accept Report Re: Wal-Mart de Mexico For For Management Foundation 12 Ratify Board of Directors' Actions For For Management between Fiscal Year Jan. 1 - Dec.31, 2006 13 Ratify and Elect Board Members For For Management 14 Ratify Audit and Corporate Governance For For Management Committee Chairs 15 Authorize Board to Ratify and Execute For For Management Approved Resolutions ========== END NPX REPORT SIGNATURES Pursuant to the requirements of the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant): The Latin American Discovery Fund, Inc. --------------------------------------- By (Signature and Title): /s/ Ronald E. Robison --------------------------------------------------------------- President and Principal Executive Officer - Office of the Funds Date August 28, 2007 2