Interim Results

    News Release 12 August 2003

                     LIFE OFFICES OPPORTUNITIES TRUST PLC                      

                  Results for the six months to 30 June 2003                   

The investment objective of Life Offices Opportunities Trust Plc ("LOOT") is to
achieve long term capital growth from a diversified portfolio of with-profits
life assurance policies. The Trust, with net assets of £30.2 million, is
managed by SVM Asset Management ("SVM"), the independent Edinburgh based
investment boutique.

Salient Points

  * Net asset value per share fell during the period by 16.1% to 128.3p.
   
  * First quarter equity declines have resulted in a large reduction in the
    bonus payouts.
   
  * The recent recovery in stockmarkets and the support from the FSA, give
    reason to believe that the worst is now behind the life industry.
   
  * Portfolio positioned for recovery and future asset growth.
   
End

For further information please contact:

Brian Moretta SVM Asset Management 0131 226 6699

Roland Cross Broadgate 020 7726 6111

                     LIFE OFFICES OPPORTUNITIES TRUST PLC                      

                             CHAIRMAN'S STATEMENT                              

                      For the six months to 30 June 2003                       

Commenting on the results for the six months to 30 June 2003, Chairman, John
Brumwell, said:

As indicated in my statement in February, the first half of 2003 has seen your
Company's assets perform poorly as life office bonuses continued to reflect the
effects of falling stock markets. No further policies have been bought and
policies have continued to mature as expected. Over the six-month period
covered by this report the Company's net asset value per share fell 16.1% to
128.3p. The investment objective of your Company remains to achieve long term
capital growth and no dividend is payable.

The repercussions of the falls in the equity markets in 2002 continued into
2003. With the equity markets falling further in the first quarter of 2003, the
bonus season saw large reductions in payouts. Although the stock markets have
since recovered somewhat, it seems that the reduced equity weightings in
with-profits funds have muted the benefits of this and mid-year reviews have
produced some further, albeit smaller, bonus cuts.

The recovering equity markets do seem to have alleviated fears about life
office solvency and the interim results from quoted insurers showed improving
free asset ratios. The FSA has outlined its new approach to solvency, involving
a "twin peaks" approach looking at the solvency of the with-profits fund and of
the overall company on a realistic basis. Several companies have reaffirmed
that their solvency will be better on the new basis, reinforcing confidence in
the industry.

Restructuring activity this year has continued to be limited. AMP has announced
that it will spin off its UK operations, reflecting the poor state of its
finances internationally. With reversionary bonuses already reduced to zero and
terminal bonuses much reduced it seems unlikely that this will have much
further effect on with-profits policyholders.

With the recent recovery in the stockmarket and support from the FSA there is
reason to hope that the worst is now behind the life industry. There will still
be bad news to come, but this should not distract from the corrective measures
that have been taken by many companies and the improved position many find
themselves in compared with that a year ago. Your Company is well placed to
benefit from these improvements and benefit from future asset growth.

Life Offices Opportunities Trust plc

Summarised Statement of Total Return (unaudited)                                  
                                                                                  
                            6 months to 30 June 2003     6 months to 30 June 2002 
                                                                                  
                            Revenue  Capital    Total    Revenue  Capital    Total
                                                                                  
                              £'000    £'000    £'000      £'000    £'000    £'000
                                                                                  
Gains on sale of                  -      222      222          -    1,219    1,219
investments                                                                       
                                                                                  
Movement in unrealised            -  (5,378)  (5,378)          -    (947)    (947)
appreciation                                                                      
                                                                                  
                           -------- -------- --------   -------- -------- --------
                                                                                  
Gains on investments              -  (5,156)  (5,156)          -      272      272
                                                                                  
Income                            2        -        2          4        -        4
                                                                                  
Investment management fees        -    (178)    (178)          -    (210)    (210)
                                                                                  
Other expenses                 (50)    (118)    (168)       (87)    (140)    (227)
                                                                                  
                           -------- -------- --------   -------- -------- --------
                                                                                  
Return before interest and     (48)  (5,452)  (5,500)       (83)     (78)    (161)
taxation                                                                          
                                                                                  
Bank overdraft interest           -    (290)    (290)          -    (286)    (286)
                                                                                  
                           -------- -------- --------   -------- -------- --------
                                                                                  
Transfer to reserves           (48)  (5,742)  (5,790)       (83)    (364)    (447)
                                                                                  
                           -------- -------- --------   -------- -------- --------
                                                                                  
Return per ordinary Share   (0.21)p (24.38p) (24.59p)    (0.35p)  (1.53p)  (1.88p)
                                                                                  

Balance Sheet (unaudited)                                          
                                                                   
                                                  As at       As at
                                                                   
                                                30 June     30 June
                                                               2002
                                                   2003            
                                                                   
                                                  £'000       £'000
                                                                   
Endowment policies                               41,435      47,768
                                                                   
Net current liabilities                        (11,228)    (10,130)
                                                                   
                                             ----------  ----------
                                                                   
Ordinary shareholders funds                      30,207      37,638
                                                                   
                                             ----------  ----------
                                                                   
Net asset value per ordinary share              128.27p     158.81p
                                                                   
Summarised Group Cash Flow Statement        6 months to 6 months to
                                                                   
(unaudited)                                                        
                                                                   
                                                30 June     30 June
                                                                   
                                                   2003        2002
                                                                   
                                                  £'000       £'000
                                                                   
Net cash flow from operating activities           (541)       (500)
                                                                   
Returns on investment and servicing               (290)       (286)
finance                                                            
                                                                   
Taxation                                              -           4
                                                                   
Capital expenditure and financial                   242         845
investment                                                         
                                                                   
                                             ----------  ----------
                                                                   
(Decrease) / increase in cash                     (589)          63
                                                                   
                                             ----------  ----------

Life Offices Opportunities Trust plc Cont'd

Notes

1. The results reflect the adoption in the accounts of the Statement of
Recommended Practice (SORP) issued by the Association of Investment Trust
Companies.

 2. Returns per Ordinary Share are based on 23,700,000 shares in issue during
    the period (30 June 2002 - same). The number of shares in issue at 30 June
    2003 was 23,700,000. (30 June 2002 - same).
   
3. The above figures do not constitute full group accounts in terms of Section
240 of the Companies Act 1985. The accounts for the year to 31 December 2002,
which were unqualified, have been lodged with the Registrar of Companies. The
interim report will be mailed to shareholders in mid August 2003. Copies will
be available for inspection at 7 Castle Street, Edinburgh, the registered
office of the Company.

ENDS



END