TLI Alt. AO. Prfnpv

    Alternative Asset Opportunities PCC Limited

1st October 2004

Investment update

Since the first investment update announcement released in early July, the
Company has remained active in bidding for Traded Life Interests from an
increased range of US suppliers. As at 30 September, policies totalling
approximately $1.7 billion of face (insurance) value had been analysed and bids
in line with the Company's investment parameters had been submitted on policies
with a face value of approximately $730 million.

During the past three months, there has been a significant increase in the
level of investment activity although the Company is still not as far advanced
in its investment programme as anticipated at the time of launch. As at 30
September, deals agreed or completed amounted to approximately $17.5 million at
cost whilst outstanding bids amounted to approximately $58 million at cost of
which at least $22.5 million are considered by the Company's investment
manager, Surrenda-link, to have a good prospect of resulting in agreed
purchases. As referred to in the July announcement, the process of completing
the necessary steps to secure legal title on accepted bids typically takes
between 4 and 12 weeks.

The Board continues to actively monitor progress of the investment programme
with Surrenda-link. The purchasing environment has improved significantly since
the end of June and Surrenda-link expect this environment to continue
throughout the remainder of 2004. The Company is currently submitting
competitive bids on new policies at a rate of approximately $10 million at cost
per week.

Taking all of the above factors into account, Surrenda-link's current estimate
continues to be that the planned programme of investment will have been
substantially completed by the end of January 2005. The Company expects to
publish its interim results for the period to 30 September 2004 in December
which will contain a detailed investment review.

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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