Final Results

Aberdeen Latin American Inv Tst PLC
02 September 2002

ABERDEEN LATIN AMERICAN INVESTMENT TRUST PLC

PRELIMINARY ANNOUNCEMENT OF UNAUDITED ANNUAL RESULTS

For the year ended 30 June 2002



Chairman's Statement



I am sorry to have to report that it has been another disappointing year both
for the Company and the region. The Company's net asset value per Ordinary share
fell 25.1% in the year ended 30 June 2002 to 57.62p. This compares with a fall
of 28.6% in the MSCI EMF Latin American index in sterling terms over the same
period. Since the year end the undiluted net asset value fell further to 51.53p
as at 29 August 2002.

Newsflow in Latin America over the past year was dominated by Argentina in the
first half of the reporting period, followed by Brazil, which grabbed the
spotlight in the final six months. This time last year, we were in the midst of
a developing storm in Argentina, which culminated in the resignation of the
ruling government and thereafter a rapid revolving door of successors. Although
this eventually led to a devaluation of the peso, the country's economic
problems have continued to mount, thereby deterring us from investing in the
country.

While other markets in the region fell along with Argentina, the period post
September 2001 saw both Brazil and Mexico de-couple and post strong gains in the
ensuing six months. The gains were galvanised by a turnaround in the Brazilian
real and the Mexican peso, which rose to BRL 2.265/US$ in April 2002 from BRL
2.8/US$ in September 2001 and MXP 9/US$ from MXP 9.56/US$ respectively.

However, the recent turn of events in the US, including concerns over corporate
earnings and ongoing accounting scandals, have served to extinguish much of the
outperformance in the region. With its close NAFTA links, Mexico has been
buffeted by these developments, and the peso has subsequently reversed and
weakened sharply to a low of MXP 9.97/US$. Another concern for Mexico is on the
export front with China, especially after the latter's accession into the World
Trade Organisation.

Meanwhile, Brazil faces its own moment of truth as elections due in October have
become hotly contested. If leftist opposition candidate Lula da Silva clinches
the presidential race, markets could fall even further from current levels.
Should the current government get re-elected, however, markets have room to
rebound sharply given that valuations here have already corrected.

Chile is the other investment-grade rated country in the region after Mexico.
Authorities here have cut interest rates several times in an effort to
revitalise the economy. Although economic figures such as industrial production
and unemployment have been slipping, the Chilean government has recently signed
a free trade agreement with the EU, which widens the access for Chilean exports.
Free trade has traditionally been a boon to such countries as Chile and Mexico,
both of whom have shown higher GDP growth rates over the last decade compared to
relatively closed economies such as Brazil.

Overall, in the current environment of weak sentiment in more developed markets,
emerging markets more than ever need to ensure they have progressive policies in
place to create internally driven growth. Brazil faces a crucial time in its
history, and its presidential candidates can help reduce market fear by making a
clear commitment to fiscal discipline and to honouring the country's debt
obligations. Mexico is producing encouraging economic results and with interest
rates below 10% for the first time, this could be the fuel for growth in
interest rate sensitive areas such as housing. Chile's economy is slowing down,
but the government remains committed to free trade and expanding the reach and
competitiveness of its exports, which bodes well for the long term.

Although investor uncertainty and risk aversion has been rising, encouragingly,
valuations have become more appealing. Now more than ever, companies with strong
underlying businesses and healthy balance sheets are vital in our stock
selection process. This can be seen in Brazil, where despite uncertainty the
fund maintained a position in the country due to the prevalence of quality
companies that trade on attractive valuations.



Bryan N Lenygon

Chairman

2 September 2002


Statement of Total Return
                                                                 Year ended                        Year ended
                                                                30 June 2002                      30 June 2001
                                                                 (unaudited)                       (audited)
                                                       Revenue     Capital      Total    Revenue    Capital     Total
                                                        £'000       £'000       £'000     £'000      £'000      £'000
Losses on investments                                          -      (3,783)   (3,783)          -    (2,646)    (2,646)
Income                                                       375            -       375        518          -        518
Investment management fee                                   (39)        (118)     (157)       (50)      (149)      (199)
Other expenses                                             (236)            -     (236)      (216)          -      (216)
Exchange gains/(losses)                                        5         (40)      (35)          6       (33)       (27)
Net return before finance costs and taxation                 105      (3,941)   (3,836)        258    (2,828)    (2,570)
Interest payable and similar charges                         (3)            -       (3)       (34)          -       (34)
Net return on ordinary activities before taxation            102      (3,941)   (3,839)        224    (2,828)    (2,604)
Taxation on ordinary activities                             (49)           18      (31)       (72)         39       (33)
Net return attributable to equity shareholders                53      (3,923)   (3,870)        152    (2,789)    (2,637)
Dividend in respect of equity shares                           -            -         -      (100)          -      (100)
Transfer to/(from) reserves                                   53      (3,923)   (3,870)         52    (2,789)    (2,737)
Return per share (pence) :                                  0.27      (19.62)   (19.35)       0.76    (13.95)    (13.19)






Balance Sheet
                                                                                           As at            As at
                                                                                        30 June 2002     30 June 2001
                                                                                        (unaudited)       (audited)
                                                                                           £'000            £'000
Fixed assets
Investments                                                                                     10,841           15,502
Current assets
Debtors                                                                                            161              158
Cash at bank and in hand                                                                           641                -
                                                                                                   802              158
Creditors: amounts falling due within one year                                                   (118)            (265)
Net current assets/(liabilities)                                                                   684            (107)
Net assets                                                                                      11,525           15,395
Capital and reserves
Called-up share capital                                                                          5,000            5,000
Share premium account                                                                           11,642           11,642
Warrant reserve                                                                                  2,353            2,353
Other reserves:
Capital reserve - realised                                                                     (4,099)          (1,402)
Capital reserve - unrealised                                                                   (3,728)          (2,502)
Revenue reserve                                                                                    357              304
Total equity shareholders' funds                                                                11,525           15,395
Net asset value per share (pence):                                                               57.62            76.97






Cash Flow Statement
                                                                                 Year ended             Year ended
                                                                                30 June 2002           30 June 2001
                                                                                (unaudited)              (audited)
                                                                             £'000        £'000      £'000      £'000
Net cash (outflow)/inflow from operating activities                                           (13)                    70
Servicing of finance
Bank interest paid                                                                 (2)                   (34)
Net cash outflow from servicing of finance                                                     (2)                  (34)
Taxation
Net tax recovered                                                                                3                    50
Financial investment
Purchase of investments                                                        (6,627)               (16,037)
Sale of investments                                                              7,505                 14,928
Net cash inflow/(outflow) from financial investment                                            878               (1,109)
Equity dividends paid                                                                        (100)                     -
Increase/(decrease) in cash                                                                    766               (1,023)
Reconciliation of net cash flow to
movements in net funds/(debt)
Increase/(decrease) in cash as above and change in net debt resulting                          766               (1,023)
from cash flows
Exchange movements                                                                            (40)                  (33)
Movement in net funds/(debt) in the year                                                       726               (1,056)
Opening net (debt)/funds                                                                      (85)                   971
Closing net funds/(debt)                                                                       641                  (85)





Notes:

1.The breakdown of income for the year to 30 June 2002 and 30 June 2001 was as follows:

                                              2002         2001
Income                                       £'000        £'000
Income from investments:
Overseas dividends                             369          480
Other income:
Deposit interest                                 6           38
Total income                                   375          518

2.The basic revenue return per Ordinary share is based on the net return on
ordinary activities after taxation of £53,000 (2001 - £152,000), and on
20,000,000 (2001 - 20,000,000) Ordinary shares, being the number of Ordinary
shares in issue throughout the year.

3.The basic capital return per Ordinary share is based on net capital losses for
the financial year of £3,923,000 (2001 - losses of £2,789,000), and on
20,000,000 (2001 - 20,000,000) Ordinary shares, being the number of Ordinary
shares in issue throughout the year.

The diluted return per share is the same as the basic return above.

4.The basic net asset value per Ordinary share is based on net assets and on
20,000,000 (2001 - 20,000,000) Ordinary shares, being the number of Ordinary
shares in issue at the year end.

The fully diluted net asset value per share for both 2002 and 2001 has not been
calculated, as the warrant exercise price, being 100p, was higher than the net
asset value throughout the year.

5.The financial information set out above does not constitute the Company's
statutory accounts for the years ended 30 June 2002 or 30 June 2001. The
financial information for 2001 is derived from the statutory accounts for 2001,
which have been delivered to the Registrar of Companies. The auditors have
reported on the 2001 accounts; their report was unqualified and did not contain
a statement under section 237(2) or (3) of the Companies Act 1985. The statutory
accounts for 2002 will be finalised on the basis of the financial information
presented by the Directors in this preliminary announcement and will be
delivered to the Registrar of Companies following the Company's Annual General
Meeting which will be held on Wednesday 16 October 2002 at One Bow Churchyard,
Cheapside, London EC4M 9HH.

6.Copies of the Annual Report will be posted to shareholders in late September
and further copies may be obtained from the registered office, One Bow
Churchyard, Cheapside, London EC4M 9HH.



Aberdeen Asset Management PLC, Secretaries

2 September 2002




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