ALTIN Reinforces Discount Management Measures.

Business Editors

BAAR, Switzerland--(BUSINESS WIRE)--April 20, 2004

Hurdle discount to be lowered from 10% to 5%

Given the current market environment, the Board of Directors of ALTIN AG (SWX: ALT, LSE: AIA), the Swiss alternative investment company, has decided to adjust its discount management policy and to further tighten the measures in place since 2001. The hurdle discount above which a 10% capital reduction is proposed to shareholders is thus lowered to 5% (previously: 10%).

New hurdle discount of 5%

If the average discount to NAV during the 3 months preceding the invitation to 2004 AGM is greater than 5%, the Board of Directors will then submit to the shareholders vote a possible reduction in capital amounting to 10%. Such capital reduction could be implemented either through a reduction of the nominal value or through a stock buy-back via a second line. Until now, the criteria level was set at 10%.

Strong commitment in favour of shareholders

This strengthening of the measures already in place since October 2001 underlines the Board's commitment to promote shareholder's value in the long term. The initial decisions have succeeded in dramatically narrowing the discount, from over -25% at the start of 2001 to a slight premium of +0.39% as of 31.12.2003 on the Swiss Stock Exchange. This further step aims to stress the Board's current objective of maintaining the stock price as closely as possible in line with the NAV.

ALTIN: a simple and efficient way to benefit from alternative investments

Thanks to its affordable price, its proven results over more than 7 years (+86.94% as at 16.04.2004 since inception at the end of 1996) and the ease of trading brought about by its daily trading on two stock exchanges, ALTIN is the vehicle of choice for accessing alternative investments. Moreover, by way of its closed-end fund structure, ALTIN provides access to hedge funds closed to new investors, without this having any dilution effect on investors in ALTIN (over 85% of the funds held are now closed). ALTIN's NAV is up +3.57% this year (estimated NAV as of 16.04.2004) and +8.81% in 2003, a steady growth obtained with a low annualised volatility of 6.46% (below the Salomon Bros World Government Bond index: 7%). The portfolio is currently overweight in arbitrage and relative value strategies with an allocation to these of 49.9%. This compares to an allocation of 21.6% to Long/Short strategies and of 26.3% to Macro/CTA strategies.

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 30 hedge funds pursuing a variety of investment strategies. ALTIN's aim is to generate an absolute 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. Hedge fund managers are selected by a 3A SA- Alternative Asset Advisors, a specialist alternative investment manager, belonging to the SYZ & CO Group and which manages over USD 1bn in funds of hedge funds.

www.altin.ch

About SYZ & CO

Based in Geneva, the Swiss banking group SYZ & CO is exclusively dedicated to asset management through three strongly interconnected business lines: High-level private banking, a comprehensive range of successful investment funds (Oyster Funds) and an acknowledged expertise in the field of alternative investments - 3A SA.

The group manages USD 6.2 bn in assets, and has 180 employees. SYZ & CO is present in Switzerland with offices in Geneva, Zurich, Lugano and Locarno and also operates abroad in London, Luxembourg, Nassau, Salzburg and Milan.

www.syzbank.ch

About 3A SA

3A SA - Alternative Asset Advisors is the alternative division of the SYZ & CO Group and one of Europe's leading specialists in the field. 3A is the Investment Manager of ALTIN AG and manages some USD 1 bn in alternative investments.

www.3-a.ch