AOI Aoi (Regs)

RNS Number:4556L
Australian Opp Inv Tst PLC
11 October 2001

Chairman's statement at the Annual General Meeting on Wednesday 10 October
2001 at 3.00pm on a small modification of investment policy



"Before I propose that the Report and Accounts for the period ended 31 May
2001, now laid before this meeting, be received, I wish to mention a small
modification of investment policy that has been decided by the directors.

On 31 May 2001 the Company held and still holds notes or bonds that are
convertible into the ordinary shares of investee companies in Australia and
New Zealand amounting to approximately 25% of the total portfolio. These
investments have afforded some downside protection in the difficult markets
that have been experienced over the past year. It has therefore been decided
to widen the current limit of investing up to 10% of the Company's assets in
special situations worldwide to 25% with the intention of investing a
meaningful portion in convertible notes or bonds at advantageous prices in
current volatile markets. Such investments would help to diversify the asset
currency mix needed to support the Company's 3.5 per cent (gross) Convertible
Subordinated Unsecured Loan Stock 2007 which is denominated in sterling. At 31
May 2001 only 2% of total assets were held outside Australia and New Zealand
and the move to increase the proportion would be made carefully as
opportunities arise".

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