Director Declaration

    SCHEDULE 11                                  

         NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS          

All relevant boxes should be completed in block capital letters.

1.           Name of company             2.  Name of director                  
                                                                               
             Life Offices Opportunities      Raymond Paul                      
             Trust plc                                                         
                                                                               
3.           Please state whether        4.  Name of the registered holder(s)  
             notification indicates that     and, if more than one holder, the 
             it is in respect of holding     number of shares held by each of  
             of the shareholder named in     them (if notified)                
             2 above or in respect of a                                        
             non-beneficial interest or      Raymond Paul                      
             in the case of an                                                 
             individual holder if it is                                        
             a holding of that person's                                        
             spouse or children under                                          
             the age of 18 or in respect                                       
             of an non-beneficial                                              
             interest                                                          
                                                                               
             BENEFICIAL INTEREST                                               
                                                                               
5.           Please state whether        6.  Please state the nature of the    
             notification relates to a       transaction. For PEP transactions 
             person(s) connected with        please indicate whether general/  
             the director named in 2         single                            
             above and identify the          co PEP and if discretionary/non   
             connected person(s)             discretionary /non discretionary  
                                                                               
             -                                                                 
                                                                               
7.           Number   8.      Percentage 9.  Number of    10. Percentage of    
             of               of issued      shares/          issued class     
             shares/          class          amount of                         
             amount                          stock                             
             of stock         0.04%          disposed                          
             acquired                                                          
                                             nil                               
             10,000                                                            
                                                                               
11. Class of 12.      Price   13.            Date of     14.  Date company     
    security          per                    transaction      informed         
                      share                                                    
    Ordinary                                 29 June,         30 June, 2004    
    Shares            93p                    2004                              
                                                                               
15.          Total holding following     16.             Total percentage      
             this notification                           holding of issued     
                                                         class following this  
             30,000                                      notification          
                                                                               
                                                         0.13 %                
                                                                               
If a director has been granted options by the company please complete the      
following boxes.                                                               
                                                                               
17.          Date of grant               18. Period during which or date on    
                                             which exercisable                 
             N/a                                                               
                                                                               
19.          Total amount paid (if any)  20. Description of shares or          
             for grant of the option         debentures involved: class, number
                                                                               
21.          Exercise price (if fixed at 22. Total number of shares or         
             time of grant) or               debentures over which options held
             indication that price is to     following this notification       
             be fixed at time of                                               
             exercise                                                          
                                                                               
23.          Any additional information  24. Name of contact and telephone     
                                             number for queries                
             The current Issued Share                                          
             Capital Of Undervalued          Carolina Viola 0131 226 6699      
             Assets Trust Plc is                                               
             23,700,000 Ordinary Shares                                        
                                                                               
25.          Name and signature of authorised company official responsible for 
             making this notification                                          
                                                                               
             Carolina Viola                                                    
                                                                               
Date of notification _____________________30 June, 2004                        



END