Projected Maturity Values

    Life Offices Opportunities Trust

08 June 2004

Projected Maturity Values

In line with the other trusts in the sector, Life Offices Opportunities Trust
is publishing projected fund values for the trust when it winds up in 2008. It
is intended that these values will be updated quarterly.

The method adopted by the Company to calculate the projected fund values is to
use returns on the underlying assets. This comprises the equities, bonds and
property that with-profits funds hold. Asset shares for individual policies are
not disclosed and have been estimated from public data. Policy maturity values
may also differ from the underlying asset shares. Consequently even if the
assumptions below are satisfied, the amount returned to shareholders may be
different from that given in the table.

The net asset value at 31 March 2004 was 118.12p per share.

Rate of Return           No further            4%                8%        
                           bonuses                                         
                                                                           
Final NAV per share         92.3p            140.3p            171.2p      

As at 31 March 2004 the estimated rate of return required to ensure bonuses
remain unchanged is 7.2% per annum. No further bonuses assumes that the return
consists only of the amount guaranteed by life offices as at 31 March 2004.

The rates of return used are indicative and should not be taken as predictions
of future returns.

The following are the main assumptions used.

  * All policies are held to maturity, with no policyholders dying.
   
  * All future premiums are paid.
   
  * Interest rates of 6% per annum on borrowings and 4% per annum on deposits.
   
  * Administrative costs increase at 2.5% per annum.
   
  * During its life the Company continues as an investment trust and maintains
    its current tax position.
   
  * The Company winds up at 31 December 2008 and incurs no additional expenses.
   
  * No further windfall gains are received.
   
  * No further shares are issued or bought back.
   
For further enquiries: Brian Moretta Tel: [phone]



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