Preliminary Interim Results

Aberdeen Latin American Inv Tst PLC
27 February 2002



ABERDEEN LATIN AMERICAN INVESTMENT TRUST PLC
PRELIMINARY ANNOUNCEMENT OF UNAUDITED INTERIM RESULTS
for the six months to 31 December 2001

Chairman's Statement

The Company's undiluted net asset value per Ordinary share at 31 December 2001
was 68.0p, which compares with a value of 76.97p at 30 June 2001. This
represents a decrease in the net asset value of 11.7%, which compares with a
decrease of 10.5% in the MSCI EMF Latin American index over the same period.
The mid-market prices of the Company's Ordinary shares and Warrants as at 31
December 2001 were 54.0p and 8.75p respectively. 

Latin American news was overshadowed during the second half of the year by the
tragic events in the US, and markets in the region declined as global
investors fled riskier assets. Within the region, Argentina remained the focal
point of concern, and the deteriorating situation in that country put
additional pressure on the region's equity markets. However, following a
strong recovery at the end of the year, Latin American equities regained much
lost ground, perhaps foreshadowing a brighter outlook for 2002. 

As we anticipated, the situation in Argentina finally came to a head as
widespread social unrest prompted the resignations of President Fernando de la
Rua and Economy Minister Domingo Cavallo. Eduardo Duhalde finally took the
helm after brief stints by three interim presidents who resigned in the face
of ongoing demonstrations. However, he was unable to keep the peso afloat as
economic fundamentals continued to deteriorate. The government suspended
payments on its debts, and barely averted a collapse of the banking system by
implementing temporary restrictions on deposit withdrawals. The situation
remains unsettled and it is still uncertain if President Duhalde can prevent
Argentina from sinking into economic and social chaos. The fund currently has
no exposure in Argentina. 

Brazilian equities and the currency, which were under pressure all year due to
concerns about its southern neighbour, rallied dramatically over the last two
months of 2001. However, Brazil has not emerged completely unscathed. Third
quarter GDP growth slowed to an annual rate of 0.34% as high interest rates
dampened industrial activity, and annual inflation rose to 9.4% by the end of
the year due to the slide in the currency. The unexpected rise in inflation
has delayed a cut in interest rates, which have been fixed at 19% since July.

The Mexican market, which had been viewed as a safe haven from the troubles in
Argentina, has suffered in recent months due to the economic slowdown in the
US and the downturn in global oil prices. In the third quarter, Mexican GDP
declined by an annual rate of 1.6% and, by November, exports were 15.3% lower
than the year before. Investors had pinned their hopes on a comprehensive
fiscal reform programme proposed by President Fox, which could have prompted
Standard & Poor's to upgrade the country's sovereign debt rating to
'investment grade'. However, the reform programme fell apart in the face of
bitter resistance in Congress. Although an extremely watered-down version was
eventually passed, the distress caused by the episode may complicate President
Fox's future dealings with Congress.

As always, the fortunes of Latin America are also tied to developments in the
United States, where the worst may now be behind us. The strong year-end rally
in Latin equities has also given us hope for a brighter 2002. Now that
investors have become resigned to the financial collapse in Argentina, the
rest of the region can be evaluated on its own merits. For example, there is
still significant room for interest rates to come down over the next twelve
months, particularly in Brazil.
This would re-ignite economic growth in the region and support an increase in
equity valuations. Finally, given the region's cyclical characteristics, the
eventual turnaround of the global economy would be disproportionately
beneficial for Latin America.


Bryan N. Lenygon
Chairman 
27 February 2002


The unaudited results were:

Statement of Total Return (incorporating the revenue account*)

                                                     Six months ended
                                                     31 December 2001
                                                       (unaudited)
                                            Revenue      Capital        Total
                                              £'000        £'000        £'000
Losses on investments                             -       (1,665)      (1,665)
Income                                           86            -           86
Investment management fee                       (18)         (55)         (73)
Other expenses                                 (115)           -         (115)
Exchange gains/(losses)                           2          (22)         (20)
                                            ________     ________     ________
Net loss before finance
costs and taxation                              (45)      (1,742)      (1,787)
Interest payable and similar charges             (2)           -           (2)
                                            ________     ________     ________
Net loss on ordinary
activities before taxation                      (47)      (1,742)      (1,789)
Taxation on ordinary activities                 (18)          12           (6)
                                            ________     ________     ________
Transfer from reserves                          (65)      (1,730)      (1,795)
                                            ========     ========     ========
Loss per Ordinary share (pence):              (0.33)       (8.65)       (8.98)
                                            ========     ========     ========


                                                     Six months ended
                                                     31 December 2000
                                                       (unaudited)
                                            Revenue      Capital        Total
                                              £'000        £'000        £'000
Losses on investments                             -       (2,512)      (2,512)
Income                                          112            -          112
Investment management fee                       (26)         (78)        (104)
Other expenses                                 (126)           -         (126)
Exchange gains/(losses)                           6          (12)          (6)
                                            ________     ________     ________
Net loss before finance
costs and taxation                              (34)      (2,602)      (2,636)
Interest payable and similar charges            (19)           -          (19)
                                            ________     ________     ________
Net loss on ordinary
activities before taxation                      (53)      (2,602)      (2,655)
Taxation on ordinary activities                 (23)          11          (12)
                                            ________     ________     ________
Transfer from reserves                          (76)      (2,591)      (2,667)
                                            ========     ========     ========
Loss per Ordinary share (pence):              (0.38)      (12.96)      (13.34)
                                            ========     ========     ========

* 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.


Balance Sheet
                                                 At           At           At
                                        31 December  31 December      30 June
                                               2001         2000         2001
                                         (unaudited)  (unaudited)    (audited)
                                              £'000        £'000        £'000
Fixed assets
Investments                                  13,373       15,314       15,502
                                           _________    _________    _________
Current assets
Debtors                                         118          128          158
Cash at bank and in hand                        199          125            -
                                           _________    _________    _________
                                                317          253          158
Creditors: amounts falling due
within one year                                 (90)        (102)        (265)
                                           _________    _________    _________
Net current assets/(liabilities)                227          151         (107)
                                           _________    _________    _________
Net assets                                   13,600       15,465       15,395
                                           =========    =========    =========
Share capital and reserves
Called-up share capital                       5,000        5,000        5,000
Share premium account                        11,642       11,642       11,642
Warrant reserve                               2,353        2,353        2,353
Capital reserve - realised                   (3,275)      (1,372)      (1,402)
Capital reserve - unrealised                 (2,359)      (2,334)      (2,502)
Revenue reserve                                 239          176          304
                                           _________    _________    _________
Total equity shareholders' funds             13,600       15,465       15,395
                                           =========    =========    =========
Net asset value per Ordinary share (pence):   68.00        77.33        76.97
                                           =========    =========    =========


Cash Flow Statement

                                                Six months         Six months
                                                     ended              ended
                                           31 December 2001  31 December 2000
                                                (unaudited)        (unaudited)
                                                     £'000              £'000 
Net cash outflow from operating activities             (57)               (80)

Net cash outflow from servicing of finance              (2)               (14)

Net tax recovered                                        -                 48

Net cash inflow/(outflow) from financial
investment                                             465               (788)
Equity dividends paid                                 (100)                 -
                                                  _________          _________
Increase/(decrease) in cash                            306               (834)
                                                  =========          =========
Reconciliation of operating revenue to
net cash flow from operating activities
Net loss before interest payable and taxation          (45)               (34)
Decrease in accrued income                              35                 29
Decrease in other debtors                                4                  6
Increase in other creditors                             11                  9
Management fees charged to capital                     (55)               (78)
Overseas withholding tax suffered                       (7)               (12)
                                                  _________          _________
                                                       (57)               (80)
                                                  =========          =========
Reconciliation of net cash flow
to movement in net funds
Increase/(decrease) in cash as above                   306               (834)
Exchange movements                                     (22)               (12)
                                                  _________          _________
Movement in net funds/(debt) in the period             284               (846)
Opening net (debt)/funds                               (85)               971
                                                  _________          _________
Closing net funds                                      199                125
                                                  =========          =========
Represented by:
Cash at bank                                           199                125
                                                  =========          =========


Notes:-

1.In accordance with stated policy no interim dividend has been declared (2000
-nil).

2.The breakdown of income for the periods to 31 December 2001 and 2000 was as
follows:
                                31 December   31 December
                                       2001          2000
                                      £'000         £'000
Unfranked investment income (gross)      84           101
Deposit interest                          2            11
                                      _____         _____
Total income                             86           112
                                      =====         =====

3.The basic revenue loss per Ordinary share is based on the net loss on
ordinary activities after taxation of £65,000 (2000 - loss of £76,000) and on
20,000,000 (2000 - 20,000,000) Ordinary shares, being the number of Ordinary
shares in issue throughout the period. 

The basic capital loss per Ordinary share is based on net capital losses of
£1,730,000 (2000 - losses of £2,591,000) and on 20,000,000 (2000 - 20,000,000)
Ordinary shares, being the number of Ordinary shares in issue throughout the
period.

4.The basic net asset value per Ordinary share is based on net shareholders'
funds at the period end of £13,600,000 (31 December 2000 - £15,465,000; 30
June 2001 - £15,395,000) and on 20,000,000 (31 December 2000 and 30 June 2001
- 20,000,000) Ordinary shares, being the number of Ordinary shares in issue at
the end of the period.

The fully diluted net asset value per Ordinary share for 31 December 2001,31
December 2000 and 30 June 2001 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 exercise price of 100p exceeded the undiluted net asset
value.

5.The financial statements for the six months ended 31 December 2001 and 31
December 2000 are non-statutory within the meaning of Section 240 of the
Companies Act 1985.The financial information for the year ended 30 June 2001
has been abridged from published accounts that have been delivered to the
Registrar of Companies and on which the report of the auditors was
unqualified. 


Aberdeen Asset Management PLC
Secretaries
27 February 2002

Independent Review Report by KPMG Audit Plc to
Aberdeen Convertible Income Trust PLC

Introduction
We have been instructed by the Company to review the financial information set
out above 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.

Directors' Responsibilities
The Interim Report, including the financial information contained therein, is
the responsibility of, and has been approved by, the Directors. The Listing
Rules of the Financial Services Authority 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
reasons 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. 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 2001.

KPMG Audit Plc
Chartered Accountants 
Aberdeen



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