TLI Alt. AO. Prfnpv

    Stock Exchange Announcement

Alternative Asset Opportunities PCC Limited

3 August 2005

Investment update

Since the last investment update on 5 July, the flow of policies for assessment
and the bid success rate have continued at encouraging levels. As at 28 July,
deals agreed or completed amounted to approximately $53 million, at cost, with
a further 400 outstanding bids under active negotiation with a value of
approximately $150 million at cost, although many of these are still in the
competitive bidding process.

The number of policies currently in portfolio is 61 (excluding the previously
matured policy) representing 49 separate insured lives. The current annual
premium requirements in respect of the existing policies in portfolio amount to
approximately $3.9 million. The aggregate amount which would become payable
upon maturity of the whole of the current portfolio is approximately $106
million.

As at 28 July, the Company had a further 25 policies where the purchase process
was close to completion and a further 13 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.

It is currently anticipated that Surrenda-link will be in a position to cease
making `new bids' on behalf of the fund by the end of September, other than for
the purposes of `fine tuning' the portfolio, with all remaining accepted bids
at that time pursued to completion as quickly as possible thereafter. At the
time of launch of the fund, it was anticipated that in excess of 130 policies
would be acquired. This continues to remain the final target, representing in
excess of 100 separate insured lives.

In light of the much improved rate of progress in the acquisition of policies
and the positive outlook for completion of the remainder of the portfolio, the
Board has resolved to pursue the existing strategy of achieving full investment
at the earliest practicable date, incorporating an appropriate level of gearing
pursuant to the existing bank facility (as envisaged at the time of launch).

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                                                                       
                                                                               
Company Secretary                                                              



END

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