Interim Results

Deutsche Latin American Cos Tst PLC
26 October 2004

                  DEUTSCHE LATIN AMERICAN COMPANIES TRUST PLC

                      PRELIMINARY ANNOUNCEMENT OF RESULTS
                     FOR THE HALF YEAR ENDED 31 AUGUST 2004

EXTRACT FROM THE CHAIRMAN'S STATEMENT

Latin America proved to be one of the best performing regions during the six
months to 31 August 2004, outperforming both the US market and global emerging
markets during the period. Our benchmark, the MSCI EM Latin America Index, rose
by 2.2% in sterling capital terms with both Venezuela and Colombia posting
double-digit gains. Amongst the larger markets, Brazil rose by 2.4% and Mexico
and Chile gained 1.2% and 2.2% respectively; Argentina, however, fell by 9.3%.
Our net asset value per share fell by 1.1% during the period. The share price
rose by 5.6% as the discount of share price to net asset value narrowed to 10.4%
at the half-year end.

Following the defeat of the continuation vote at the Annual General Meeting in
August, the Company has created greater liquidity in the Portfolio in
anticipation of corporate change in the near future. The Board continues to
review various proposals for the Company's future and would expect to make a
full announcement shortly.


All outstanding loan amounts have been repaid and the Company's loan facility
cancelled.


No dividend has been declared at the interim stage.

                                                                 Richard Watkins
                                                                      Chairman

The financial information for the year ended 29 February 2004 is derived from
the statutory accounts for 2004 which have been delivered to the Registrar of
Companies. The Auditors have reported on the 2004 accounts; their report was
unqualified and did not contain a statement under section 237(2) or (3) of the
Companies Act 1985.

The half-yearly report will be sent to shareholders and will also be made
available to the public at the Company's registered office.


By order of the Board                    Registered Office:
M Pope                                   One Appold Street
Joint Secretary                          London EC2A 2UU

                                         26 October 2004

For further information please contact:

John Murray at Deutsche Asset Management
Tel: [phone]

mins/latame/preinteriml13.doc



STATEMENT OF TOTAL RETURN
(incorporating the revenue account*)

                        Six months to 31 August 2004       Year to 28 February 2004        Six months to 31 August      
                                                                                                     2003               
                        Revenue    Capital     Total    Revenue    Capital     Total    Revenue    Capital     Total  
                          £'000      £'000     £'000      £'000      £'000     £'000      £'000      £'000     £'000  
                                                                                                                      
  Realised and                -       (877)     (877)         -     14,533    14,533          -     10,205    10,205  
  unrealised                                                                                                          
  (losses)/gains on                                                                                                   
  investments                                                                                                         
                                                                                                                      
  Income                    913          -       913      1,306          -     1,306        793          -       793  
  Investment               (158)         -      (158)      (317)         -      (317)      (139)         -      (139) 
  management fee                                                                                                      
  Other expenses           (172)         -      (172)      (285)         -      (285)      (132)         -      (132) 
                                                                                                                      
  Net return before         583       (877)     (294)       704     14,533    15,237        522     10,205    10,727  
  finance costs and                                                                                                   
  taxation                                                                                                            
  Interest payable          (24)         -       (24)       (89)         -       (89)       (50)         -       (50) 
                                                                                                                      
  Return on ordinary        559       (877)     (318)       615     14,533    15,148        472     10,205    10,677  
  activities before                                                                                                   
  tax                                                                                                                 
  Tax on ordinary          (143)         -      (143)      (152)         -      (152)      (115)         -      (115) 
  activities                                                                                                          
                                                                                                                      
  Return on ordinary                                                                                                  
  activities after                                                                                                    
  tax for the                                                                                                         
  financial year            
  attributable to                                                                                                     
  equity shareholders       416       (877)     (461)       463     14,533    14,996        357     10,205    10,562    
  Dividend in respect         
  of equity shares            -          -         -       (335)         -      (335)         -          -         -    
                                                                                     
  Transfer to/(from)        416       (877)     (461)       128     14,533    14,661        357     10,205    10,562  
  reserves                                                                                                            
                                                                                                                      
  Return per ordinary    0.87 p    (1.83) p  (0.96) p    0.97 p    30.39 p   31.36 p     0.75 p    21.34 p   22.09 p
  share:                                                                                                             

*The revenue column of this statement is the profit and loss
account of the Company.

All revenue and capital items in the above statement derive from
continuing operations.
No operations were acquired or discontinued
in the period.

The statement of total return, balance sheet and cash flow statement are
unaudited. The figures
in respect of the year to 28 February 2004 are taken from the full accounts
which have been delivered to the Registrar of Companies and which contain an
unqualified audit report.




BALANCE SHEET
                                                           as at 31            as at 28           as at 31
                                                        August 2004       February 2004        August 2003
                                                              £'000               £'000              £'000

Fixed assets
Investments                                                  39,313              46,244             39,272

Current assets
Debtors                                                         331               1,069                188
Cash at bank and in hand                                        730                 739                333

                                                              1,061               1,808                521


Creditors: amounts falling due within one year                (350)             (7,566)            (3,409)

Net current assets/                                             711             (5,758)            (2,888)
(liabilities)

Total assets less current                                    40,024              40,486             36,384
liabilities

Provision for liabilities and                                  (14)                (15)               (12)
charges

Net assets                                                   40,010              40,471             36,372


Capital and reserves
Called-up share capital                                      11,953              11,953             11,953
Share premium account                                        11,752              11,752             11,752

Other Reserves
Special reserve                                              17,981              17,981             17,981
Warrant reserve                                               4,026               4,026              4,026
Warrant exercise reserve                                          3                   3                  3
Capital redemption reserve                                    4,089               4,089              4,089
Capital reserve - realised                                 (17,255)            (17,910)           (19,858)
Capital reserve - unrealised                                  5,647               7,179              4,799
Revenue reserve                                               1,814               1,398              1,627

Total equity shareholders'                                   40,010              40,471             36,372
funds

Net asset value per ordinary
share
Basic                                                         83.68 p             84.65 p            76.07 p
Fully diluted                                                 87.13 p             87.90 p            81.14 p

Mid-market quotation of ordinary shares                       75.00 p             71.00 p            62.25 p







CASH FLOW STATEMENT

                                                                                                                      
                                    Six months to             Year ended        Six months to
                                   31 August 2004       28 February 2004       31 August 2003
                                            £'000                  £'000                £'000
Reconciliation of operating                                                                  
profit to net cash                                                                           
inflow from operating                                                                        
activities                                                                                   

Cash received from                            925                  1,182                  756
investments                                                                                  
Interest received                              17                     16                   10
Investment management fees                  (165)                  (298)                (132)
paid                                                                                         
Cash paid to and on behalf                   (48)                   (55)                 (24)
of directors                                                                                 
Other cash payments                         (119)                  (202)                 (69)

Net cash inflow from                          610                    643                  541
operating activities                                                                         

Servicing of finance                                                                         
Interest paid                                (32)                  (119)                 (38)

Net cash outflow from                        (32)                  (119)                 (38)
servicing of finance                                                                         

Taxation paid                                (67)                  (158)                 (65)

Financial investment                                                                         
Purchase of investments                  (11,077)               (22,465)              (6,726)
Sale of investments                        17,643                 18,334                5,967
                                                                                                                   
Net cash inflow/(outflow)                   6,566                (4,131)                (759)
from financial investment                                                                                               
         
Equity dividends paid                       (335)                  (143)                (143)        
                                                                                                                   
Financing                                                                                                     
(Repayment)/drawdown of bank loan         (6,519)                 3,974                    -        
                                                                                                                   
Increase/(decrease) in cash                  223                     66                 (464)        




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