Altin AG

--  Elimination of the discount thanks to strong share price growth in 2003

--  Discount management measures to be maintained in 2004

The spectacular growth in ALTIN's share price (Bloomberg AIA LI; Reuters
ALTIwq.L) recorded in 2003 (+25.06% as of 16.12.2003 on the Swiss Stock
Exchange, +29.34% as of 16.12.2003 on the London Stock Exchange), has led to the
elimination of the discount of the share price relative to its net asset value
per share (NAV per share). This good result confirms ALTIN's investment
attractiveness and the effectiveness of the discount reduction measures, which
the Board of Directors has decided to keep in place in 2004.

Effectiveness of the discount management measures

The measures proposed by the Board of Directors and adopted by the 2001 Annual
General Meeting have proved their effectiveness. The discount of the share price
to NAV has been reduced from over -25% at the start of 2001 to -0.91% as of
16.12.2003 on the Swiss Stock Exchange and +0.59% (premium) on the London Stock
Exchange as of 16.12.2003. A premium has been recorded from time to time in
recent days and the objective is to align the share price with its NAV as
closely as possible. At the same time as this evident convergence was taking
place, the measures adopted to increase ALTIN's attractiveness have led to a
strong increase in the number of ALTIN shares traded, which has nearly
quadrupled since the beginning of 2002. There has also been increasing interest
in ALTIN from UK investors.

Current discount management measures to be maintained in 2004

On the strength of this success, the Board of Directors at its meeting of 11
December 2003 agreed to maintain the discount management measures already in
place, namely the reduction in the nominal value of the shares or the purchase
by ALTIN of its own shares at 95% of NAV, if the discount were to be above 10%
at the time of the 2004 Annual General Meeting. The terms remain the same as for
2003, i.e. that the discount figure to be used will be the daily average
discount during the three months preceding the AGM, which is scheduled to be
held on 23 June 2004.

Investment Strategy

ALTIN's NAV is up +7.72% this year (estimated NAV as of 16.12.2003), with a low
annualised volatility of 6.60%. The portfolio is currently overweight in
arbitrage and relative value strategies with an allocation to these of 49.4%.
This compares to an allocation of 22.4% to Long/Short strategies and of 25.8% 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 - 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.

About SYZ & CO

Based in Geneva, the SYZ & CO Group has become one of the recent "success
stories" of the Swiss banking world. Clearly focused on absolute performance,
SYZ & CO is active in 3 complimentary 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.

The group manages USD 5.5 bn in assets, with 160 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.

For further information please contact:

Sophie Quincerot
Investor Relations Manager
+41 41 760 60 62
Sophie.quincerot@altin.ch
or
Kinlan Communications
David Hothersall, +44 20 7638 3435
davidh@kinlan.net