Interim Results

City Natural Res High Yield Tst PLC
05 March 2004

CITY NATURAL RESOURCES HIGH YIELD TRUST PLC
(formerly Aberdeen Latin American Investment Trust PLC)
PRELIMINARY ANNOUNCEMENT OF UNAUDITED INTERIM RESULTS
for the six months to 31 December 2003


Chairman's Statement

I am pleased to report on the progress of your Company for the six months ended
31 December 2003.

At the Extraordinary General Meeting of the Company held on 29 October 2003
shareholders approved an issue of New Ordinary Shares, the buying in by the
Company of its own shares and an amendment to the investment policy. Following
the approval by shareholders 42,857,143 New Ordinary Shares were allotted at a
price of 70p per share for a total amount of £30 million. I would like to take
this opportunity to welcome new shareholders.

The net asset value per ordinary share increased over the six months by 38.7%
from 51.62p per share to 71.59p per share (including current revenue). This
compares with a rise of 39.1% over the same period in total return terms in a
corporate benchmark weighted two-thirds to the HSBC World Mining Index (sterling
adjusted) and one third to the MSCI Euro Sterling Corporate Index
(non-financials).

As previously indicated dividends will be payable quarterly in February, May,
August and November each year. Accordingly, the first dividend of 0.5p per share
was paid on 27 February 2004. The Board is conscious that with effect from 6
April 2004 the ability of ISA and PEP shareholders to reclaim a 10% tax credit
on dividends payable by the Company will be abolished. As a result the Directors
have decided to bring forward the date upon which the second interim dividend of
0.5p will be paid to 5 April 2004 (record date 19/3/04).

Also as previously indicated the Company may borrow an amount equivalent of up
to 25% of shareholders' funds in order to gear the Company's returns.
Accordingly, on the advice of the Investment Manager the Company has agreed a
short term variable loan facility of £10,000,000 of which £2,500,000 had been
drawn down at 31 December 2003. Since that date the Company has drawn down a
further £7,500,000.

When the Company invested in Latin America there was rarely any gearing and the
management fee based on the net assets generally approximated to the value of
the portfolio. With the aforementioned gearing your Board feels that the
management fee should be based on the value of the portfolio managed, that is to
say on the value of the gross assets. The rate of the fee would remain unchanged
at 0.1% per month. The Board has agreed that the increased fee should take
effect from 1 January 2004 but a resolution will be put to shareholders at the
Annual General Meeting later this year to ratify and approve, or otherwise, the
revised basis. No payment of such increase will be made until shareholders have
approved such resolution.

The period has coincided with a major recovery in commodity prices. Reflecting
major economic growth in the Far East, particularly China, it became apparent
that existing production was not sufficient to keep up with demand. Depending on
which interpretation was used, the Chinese economy grew at up to 10% last year
and this figure received most publicity but it should not be forgotten that both
South Korea and Taiwan grew at 5%. The Western economies were also growing,
albeit at much slower rates, helped by lowering interest rates.

In the case of base metals, rises as expressed in US dollars, were as high as
150%, which was the case with nickel. Copper and lead were nearly 100% better,
while zinc and aluminium were over 50% higher. Gold moved better during the year
in US dollar terms but as yet has not seen a major advance. This could well
change if the dollar continues to weaken. Initially these moves were mirrored by
big upward price movements in leading mining conglomerates such as RTZ, BHP
Billiton, Anglo American and Xstrata but soon spilled over to smaller producers
which in many cases represented better value for money. It has not been a
coincidence that currencies of natural resource economies were also sharply
higher and this obviously affected the profitability of companies operating in
these countries. However, it is very much the view of Richard Lockwood, the Fund
Manager that, as the year proceeds, company earnings will be materially higher
and will be acknowledged by many companies instigating dividend policies.

As indicated above, the performance of the Company since the change of policy
has been most impressive and I would like to thank Midas and Richard Lockwood
for their efforts.

I have as of today's date resigned as Chairman and a Director of the Company. I
wish the new Chairman, Adrian Collins, every success for the future which should
be a very exciting and prosperous time for the Company and its Shareholders.


Bryan Lenygon
Chairman
5 March 2004



Statement of Total Return
(unaudited)
----------------------------       ---------------             ---------------
                                 Six months ended             Six months ended
                                 31 December 2003             31 December 2002
                              -------    ------  ------    ------    ------   ------
                             Revenue   Capital   Total   Revenue   Capital    Total
                               £'000     £'000   £'000     £'000     £'000    £'000
                              -------    ------  ------    ------    ------   ------

Gains/(losses) on                  -     5,318   5,318         -    (2,089)  (2,089)
investments



Income                           599         -     599        96         -       96

Investment management fee        (25)      (75)   (100)      (14)      (43)     (57)

Other expenses                  (126)        -    (126)     (123)        -     (123)

Exchange losses                   (4)     (113)   (117)       (8)      (23)     (31)
----------------------------   -------    ------  ------    ------    ------   ------

Net return before finance        444     5,130   5,574       (49)   (2,155)  (2,204)
costs and taxation



Interest payable and similar     (15)      (20)    (35)        -         -        -
charges                        
----------------------------   -------    ------  ------    ------    ------   ------

Net return on ordinary           429     5,110   5,539       (49)   (2,155)  (2,204)
activities before taxation



Taxation on ordinary             (40)       32      (8)       (7)        7        -
activities                     
----------------------------   -------    ------  ------    ------    ------   ------

Net return on ordinary           389     5,142   5,531       (56)   (2,148)  (2,204)
activities after taxation



Dividends in respect of
equity shares:

First interim of 0.5p (2002     (314)        -    (314)        -         -        -
- nil)                         
----------------------------   -------    ------  ------    ------    ------   ------

Transfer to/(from)                75     5,142   5,217       (56)   (2,148)  (2,204)
reserves                       
----------------------------   -------    ------  ------    ------    ------   ------



Return per share (pence):       1.13     14.93   16.06     (0.28)   (10.74)  (11.02)
----------------------------   -------    ------  ------    ------    ------   ------


The revenue column of this statement represents the revenue account of the
Company.
The statement of total return is presented in accordance with the Statement of
Recommended Practice for Financial Statements of Investment Trust Companies.
All revenue and capital items are derived from continuing operations.





Balance Sheet
---------------------------------     ---------   ---------     ---------
                                           At          At            At
                                  31 December     30 June   31 December
                                         2003        2003          2002
                                  (unaudited)   (audited)   (unaudited)
                                        £'000       £'000         £'000
---------------------------------     ---------   ---------     ---------

Fixed assets
Investments                            51,661       8,291         8,542
---------------------------------     ---------   ---------     ---------

Current assets
Debtors                                   697       1,404           115
Cash at bank and in hand                    -       1,554           756
---------------------------------     ---------   ---------     ---------

                                          697       2,958           871

Creditors: amounts falling due         (7,357)       (924)          (92)
within one year                       
---------------------------------     ---------   ---------     ---------

Net current (liabilities)/             (6,660)      2,034           779
assets                                
---------------------------------     ---------   ---------     ---------

Net assets                             45,001      10,325         9,321
---------------------------------     ---------   ---------     ---------


Share capital and reserves
Called-up share capital                15,714       5,000         5,000
Share premium account                       -      11,642        11,642
Special reserve                        30,387           -             -
Warrant reserve                         2,353       2,353         2,353
Capital reserves:
Realised                               (8,174)     (8,376)       (7,534)
Unrealised                              4,276        (664)       (2,441)
Revenue reserve                           445         370           301
---------------------------------     ---------   ---------     ---------

Equity Shareholders' funds             45,001      10,325         9,321
---------------------------------     ---------   ---------     ---------

Net asset value per share               71.59       51.62         46.60
(pence):                              
---------------------------------     ---------   ---------     ---------





Cash Flow Statement (unaudited)
-----------------------------------              ----------- -----------
                                                  Six months  Six months
                                                     ended       ended
                                                 31 December 31 December
                                                      2003        2002
                                                 ----------- -----------
                                                     £'000       £'000
             ----------------------------------- ----------- -----------

Net cash outflow from operating activities            (138)       (106)

Net cash outflow from servicing of finance             (13)          -

Net cash (outflow)/inflow from financial           (32,966)        229
investment                                       
-----------------------------------              ----------- -----------

Net cash (outflow)/inflow before financing         (33,117)        123

Net cash inflow from financing                      31,666           -
-----------------------------------              ----------- -----------

(Decrease)/increase in cash                         (1,451)        123
-----------------------------------              ----------- -----------



Reconciliation of operating revenue to net
cash
flow from operating activities

Net revenue/(loss) before interest payable and         444         (49)
taxation

(Increase)/decrease in accrued income                 (523)         32

Decrease/(increase) in other debtors                     2          (1)

Increase/(decrease) in other creditors                  26         (45)

Capitalised expenses taken to non-distributable        (75)        (43)
reserves

Overseas withholding tax suffered                      (12)          -
-----------------------------------              ----------- -----------

Net cash outflow from operating activities            (138)       (106)
-----------------------------------              ----------- -----------

Reconciliation of net cash flow to movement in
net (debt)/funds

(Decrease)/increase in cash as above                (1,451)        123

Cash inflow from drawdown of loans                  (2,500)          -

Exchange movements                                    (113)        (22)
-----------------------------------              ----------- -----------

Movement in net (debt)/funds in the period          (4,064)        101

Opening net funds at 1 July                          1,554         641
-----------------------------------              ----------- -----------

Closing net (debt)/funds at 31 December             (2,510)        742
-----------------------------------              ----------- -----------

Represented by:
Cash at bank                                             -         756
Bank overdraft                                         (10)        (14)
Debt falling due after more than one year           (2,500)          -
-----------------------------------              ----------- -----------

                                                    (2,510)        742
             ----------------------------------- ----------- -----------




Notes:

1. In October 2003 the Company raised £29,458,000 (after expenses) by the
issuing of 42,857,143 new Ordinary shares under a Placing and Offer for
subscription at a cost of 70p per share.

2. The Directors have declared a second interim dividend of 0.5p (2002 - nil)
per Ordinary share in respect of the year ending 30 June 2004.The dividend has a
record date of 19 March 2004 and will be paid on 5 April 2004 to Shareholders on
the register on the record date.

3. The breakdown of income for the periods to 31 December 2003 and 31 December
2002 was as follows:

                                           31 December     31 December
                                                  2003            2002
                                                 £'000           £'000

Income from investments
UK dividend income                                  59               -
Interest on fixed interest securities              421               -
Overseas dividends                                  74              90
                                               ---------       ---------
                                                   554              90
                                               ---------       ---------

Other income
Deposit interest                                    45               6
                                               ---------       ---------
Total income                                       599              96
                                               ---------       ---------

4. The basic revenue return per Ordinary share is based on the net return after
taxation of £389,000 (2002 - loss of £56,000) and on 34,440,994 (2002 -
20,000,000) Ordinary shares, being the weighted average number of Ordinary
shares in issue during the period.

The basic capital return per Ordinary share is based on a net capital return for
the period of £5,142,000 (2002 - loss of £2,148,000) and on 34,440,994 (2002 -
20,000,000) Ordinary shares, being the weighted average number of Ordinary
shares in issue during the period.

Fully diluted returns calculated on the basis set out in Financial Reporting
Standard 14 'Earnings per Share' indicate that the exercise of Warrants in issue
would have no dilutive effect on returns.

5. The basic net asset value per Ordinary share is based on net assets at the
period end of £45,001,000 (31 December 2002 - £9,321,000; 30 June 2003 -
£10,325,000) and on 62,857,143 (31 December 2002 - 20,000,000; 30 June 2003 -
20,000,000) Ordinary shares, being the number of Ordinary shares in issue at the
period end.

The fully diluted net asset value per Ordinary share for 31 December 2003, 31
December 2002 and 30 June 2003 has not been calculated, as it has been assumed
that the 4,000,000 outstanding Warrants at each period end would not have been
exercised, as the current exercise price of 85p (31 December 2002 - 100p; 30
June 2003 - 85p)

exceeded the undiluted net asset value.

6. The financial information for the six months ended 31 December 2003 and 31
December 2002 comprises non-statutory accounts within the meaning of Section 240
of the Companies Act 1985.The financial information for the year ended 30 June
2003 has been extracted from published accounts that have been delivered to the
Registrar of Companies and on which the report of the auditors was unqualified.
The interim accounts have been prepared on the same basis as the annual
accounts, with the exception of the taxation charge, which has been calculated
using the marginal method, whereas the proportional method was used for the
annual accounts. This is in line with recommendations contained in the revised
Statement of Recommended Practices for 'Financial Statements of Investment Trust
Companies' issued in January 2003.

Aberdeen Asset Management PLC
Secretaries
5 March 2004



Independent Review Report by KPMG Audit Plc to
City Natural Resources High Yield Trust plc

Introduction

We have been engaged by the Company to review the financial information for the
six months ended 31 December 2003 which comprises the Statement of Total Return,
Balance Sheet, Cash Flow Statement and Notes to the Accounts and we have read
the other information contained in the Interim Report and considered whether it
contains any apparent misstatements or material inconsistencies with the
financial information.

This report is made solely to the Company in accordance with the terms of our
engagement to assist the Company in meeting the requirements of the Listing
Rules of the Financial Services Authority. Our review has been undertaken so
that we might state to the Company those matters we are required to state to it
in this report and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the Company for
our review work, for this report, or for the conclusions we have reached.

Directors' Responsibilities

The Interim Report, including the financial information contained therein, is
the responsibility of, and has been approved by, the Directors. The Directors
are responsible for preparing the Interim Report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where they
are to be changed in the next annual accounts, in which case, any changes and
the reason for them, are to be disclosed.

Review Work Performed

We conducted our review in accordance with guidance contained in Bulletin 1999/
4: 'Review of Interim Financial Information' issued by the Auditing Practices
Board for use in the United Kingdom. A review consists principally of making
enquiries of management and applying analytical procedures to the financial
information and underlying financial data and, based thereon, assessing whether
the accounting policies and presentation have been consistently applied unless
otherwise disclosed. A review is substantially less in scope than an audit
performed in accordance with Auditing Standards and therefore provides a lower
level of assurance than an audit. Accordingly, we do not express an audit
opinion on the financial information.

Review Conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 31 December 2003.


KPMG Audit Plc
Chartered Accountants
Aberdeen
5 March 2004


                      This information is provided by RNS
            The company news service from the London Stock Exchange
                   L