Statement re: Warrant value

Deutsche Latin American Cos Tst PLC
24 August 2004


Deutsche Latin American Companies Trust PLC

24 August 2004

Statement re: Warrant value

The Board has received advice on the application of the warrant terms in
anticipation of proposals being put forward to shareholders following the defeat
of the continuation vote at the Annual General Meeting on 9 August 2004.

The Board has been advised that, for the purposes of applying the warrant terms
formula, the average of the middle market quotations for the warrants for the
ten consecutive dealing days prior to the announcement of the result of the
Annual General Meeting made on 9 August 2004, should be used.

In applying the warrant formula, using the latest announced net asset value of
81.71 pence (as at 20 August 2004) and ignoring any costs of liquidation
(including portfolio realisation costs) the amount receivable by warrantholders
under a liquidation would be approximately 6.69 pence. This estimate of warrant
value is being provided for information only. The actual warrant entitlement
will depend on the circumstances prevailing when proposals are approved and
therefore is likely to differ from the estimated figure quoted above.

The Board continues to consider options for the Company's future and intends to
publish proposals as soon as is reasonably practicable.

Enquiries
Richard Watkins

Chairman

020 7659 6955
John Murray

DWS Investment Trust Managers

020 7545 0108
Robin Archibald/David Benda

Close Brothers Securities

020 7621 5564/5562








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