TLI Alt. AO. Prfnpv

    Stock Exchange Announcement

Alternative Asset Opportunities PCC Limited

5 July 2005

Investment update

Since the last investment update on 10 June, the flow of policies for
assessment and the bid success rate have continued at encouraging levels. As at
30 June, deals agreed or completed amounted to approximately $50.1 million, at
cost, with a further 200 outstanding bids under active negotiation with a value
of approximately $96 million, at cost.

The number of policies currently in portfolio is 48 (excluding the previously
matured policy) representing 39 separate insured lives. The current annual
premium requirements in respect of the existing policies in portfolio amount to
approximately $3.5 million. The aggregate amount which would become payable
upon maturity of the whole of the current portfolio is approximately $86.3
million.

As at 30 June, the Company had a further 9 policies where the purchase process
was close to completion and a further 35 policies where bids had been accepted.
As referred to previously, until a policy is in portfolio, there is a risk that
a counter-bid will be received.

Discussions by Surrenda-link continue to progress with a number of third
parties with regard to the potential acquisition of portfolios of previously
acquired policies.

As previously announced, the results of the Board's year end review will follow
by early August, together with further investment updates as appropriate.

Enquiries:                                                                     
                                                                               
Peter Clode/Ernie Hayes                                       Tel: 01244 317999
Surrenda-link Limited                                                                           
                                                         
                                                                               
Simon White                                                   Tel: 020 7859 9000
RCM (UK) Limited                                     
                                                              
                                                                               
Nigel Massey                                                  Tel: 01481 727111        
Kleinwort Benson (Channel Islands) Fund                                          
Services Limited                                                                   
Company Secretary                                                          
                                                                               
                                                             




END

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