Portfolio Update

Alternative Asset Opportunities PCC Limited (the "Company")

1 June 2012

Portfolio Update

The Board of Alternative Asset Opportunities PCC Limited (the "Company") announces that it has been advised of two policy maturities with a total face value of US$6.5 million. Based on the NAV per share at 30th April 2012 of 68.2p, once these are formally confirmed and recognised, it is estimated that these maturities would have a pro forma positive impact of approximately 5p per share.

The Company had total borrowings of US$29,210,000 as at 31st May 2012.

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