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( BW)(ALTIN-AG)(AIA) Miscellaneous: Annual General Meeting 2003

    Business Editors
    UK REGULATORY NEWS

    LONDON--(BUSINESS WIRE)--June 26, 2003--

                      Annual General Meeting 2003

    -   Strong results in 2002 and in year to date 2003

    -   Good stock market performance and considerable narrowing of
        the discount

    -   Return of capital to shareholders

Following the AGM held on 25 June, ALTIN AG (London: Bloomberg AIA LI,
Reuters ALTIwq.L; Swiss Stock Exchange: Bloomberg ALTN SW, Reuters
ALTIn.S), one of the largest fund of hedge funds listed on the London
Stock Exchange, announces a strong investment performance which has
been favourably reflected in its stock price. These strong results, in
conjunction with the measures adopted by the Board of Directors, have
led to a significant reduction in the discount of NAV to its share
price, (+10.43% on 24 June 2003). In addition, shareholders approved
the proposal by the Board of Directors to reduce ALTIN*s capital.

Investment performance

ALTIN*s investment policy ? which seeks to produce positive returns
accompanied by low volatility and regardless of the condition of stock
markets ? once again proved its worth in 2002 and 2003.

ALTIN comfortably outperformed the equity benchmarks, producing a
+5.75% increase in NAV (net of fees) in 2002 and an estimated +5.32%
increase in NAV in the year to 16 June 2003, resulting in a cumulative
performance of +11.38% over the period. This compares to the MSCI
World Index cumulative return of ?9.99% for the same periods. This
performance was obtained with a significantly lower level of risk,
with ALTIN*s volatility in 2002 at 6.78% compared to a volatility of
16.81% for the MSCI World Index.

The various alternative strategies in which ALTIN is invested produced
the following gross returns: Global Macro +22.2% in 2002 and 8.64% in
the year to 13 June 2003, Long/Short Equity ?0.99% and 1.69% for the
same periods respectively and Relative Value +10.56% and 7.42% for the
same periods respectively. In addition, ALTIN can serve as a very
effective portfolio diversification tool due to its weak correlation
to equity markets (0.19 correlation to the MSCI World).


Stock market performance

Due to the strong results generated by the management of the ALTIN
portfolio, as well as to the measures put in place by the Board of
Directors in order to improve ALTIN*s visibility with investors,
ALTIN*s share price registered significant growth: +0.65% in 2002 and
+11.92% in the year to 24 June 2003. The listing on the London Stock
Exchange, which took place on 31 December 2001, has likewise
contributed to enlarge the shareholder base and to improve the
liquidity in the shares, and has therefore been a notable success.
Investors in the UK and US now hold approximately 15% of the share
capital and the average monthly volume of shares traded has nearly
doubled in the course of this year.

Thanks to these different developments, the share price has risen more
sharply than the NAV, which has allowed for the discount to narrow.
This discount, which at its highest level last year reached 18%, was
10.43% as of 24 June 2003, which compares favourably with that of
other investment companies.


Return of capital to shareholders

Following the Annual General Meeting of 2001, the Board had announced
its desire to reduce the discount to below 10% by the 2003 AGM. If
this were not achieved, the Board had announced a return of capital to
shareholders.

The average discount in the last three months on the Swiss Stock
Exchange, which is the determining criteria, was 10.15%, which is
0.15% above the 10% threshold. The Board of Directors has therefore
proposed to return capital to shareholders, through a reduction in the
shares* nominal value. This proposal was accepted by 83.4 % of votes
and shareholders will receive CHF 6.00 per share. The nominal value of
each share will therefore now be CHF 17.00 (previously CHF 23.00), and
ALTIN*s share capital will now be CHF 84,415,166 (previously CHF
114,208,754). This payment is scheduled for Fall 2003.

As previously announced in January 2003, the Board has likewise
confirmed its intention to maintain these discount reduction measures
in future. If required, the Board will propose the capital reduction
method that proves the most efficient for the majority of
shareholders.


Investment Strategy

ALTIN continues to favour strategies which function independently of
movements in equity markets. As of 31 May 2003, the ALTIN portfolio
was mostly invested in Arbitrage/Relative Value (43% of assets), Macro
& CTA (26% of assets) and Long/Short Equity (21% of assets). Since the
beginning of the year, the allocation to Macro & CTA has increased
whilst the allocation to Long/Short Equity has decreased. The
allocation to Arbitrage/Relative Value has remained stable.

All stock prices and discount figures are based on ALTIN*s quotation
on the London Stock Exchange unless otherwise indicated.

Enquiries:

Sophie Quincerot                                               David Hothersall
Investor Relations Manager                                     Kinlan Communications
Tel.: +41 (0)41 760 60 62                                      Tel.�: +44 (0)20 7638 3435
Sophie.quincerot@altin.ch                                      davidh@kinlan.net

Charlie Ricketts
UBS Warburg
Tel.: +44 (0)20�7568 4781
Charlie.ricketts@ubsw.com


Editor's Note

About ALTIN AG

ALTIN AG was founded in December 1996, and is listed on the Swiss and
London stock exchanges. It is one of Switzerland's leading alternative
investment companies. ALTIN AG currently invests in some 30 hedge
funds pursuing a variety of investment strategies. ALTIN*s aim is to
generate an absolute compound annual return in USD terms, with a lower
volatility than equity markets. These characteristics, along with the
company's low correlation with the financial markets, make ALTIN AG
shares an ideal addition to a diversified portfolio.

ALTIN is managed by 3A - Alternative Asset Advisors, a specialist
alternative investment manager, belonging to the SYZ & CO Group.


About SYZ & CO

Geneva-based SYZ & CO specialises in asset management, focusing on
performance and alternative investment solutions. Since its creation
in 1995, the company has been highly successful, and its spectacular
growth has made it one of Switzerland's most dynamic asset managers.
Today, the company manages assets of USD 4.2 billion, and has 140
employees in 9 cities.

SYZ & CO's activities fall into three highly complementary categories:
high level private banking, a range of high-performance investment
funds (OYSTER) registered in seven European countries, and a
well-known range of alternative products.

   Short Name: Altin AG
   Category Code: MSC
   Sequence Number: 00006351
   Time of Receipt (offset from UTC): 20030626T065153+0100

    --30--FAP/ny*

    CONTACT: Altin AG

    KEYWORD: UNITED KINGDOM SWITZERLAND INTERNATIONAL EUROPE
    INDUSTRY KEYWORD: BANKING
    SOURCE: Altin AG

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