TLI Alt. AO. Prfnpv

    Alternative Asset Opportunities PCC Limited

1 July 2004

Investment update

Since its successful launch, the Company has been active in bidding for Traded
Life Interests from a range of US suppliers. Policies totalling approximately
$820 million of face (insurance) value have been analysed to date and bids in
line with the Company's investment parameters have been submitted on policies
with a face value of approximately $352 million.

Despite this strong potential deal-flow, the proportion of bids converting into
agreed purchases has to date been lower than expected in view of competition
from other bidders in the market. As at 30 June, outstanding bids amounted to
approximately $35 million at cost whilst deals agreed or completed amounted to
approximately $8.5 million at cost. The process of completing the necessary
steps to secure legal title on accepted bids typically takes between 4 and 12
weeks.

The Board is actively monitoring progress of the investment programme with its
investment advisers, Surrenda-link, who anticipate an improved purchasing
environment in the second half of 2004. Surrenda-link's current estimate is
that the planned programme of investment will have been substantially completed
by the end of January 2005. Further investment updates will be provided in due
course.

Enquiries:

Hugh Field                                                   Tel: 020 7678 8000
                                                                               
Hoare Govett Limited                                                           
                                                                               
Peter Clode/Ernie Hayes                                       Tel: 01244 317999
                                                                               
Surrenda-link Limited                                                          
                                                                               
Simon White                                                  Tel: 020 7859 9000
                                                                               
RCM (UK) Limited                                                               

DC48



END

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