Capital Reorganisation

British Portfolio Trust PLC
03 October 2002



British Portfolio Trust plc

Proposals for a new issue of shares relating to the reconstruction of Jos
Holdings plc

The Board of British Portfolio Trust plc (the 'Company' or 'BPT') today
announced outline proposals in connection with the planned winding up of Jos
Holdings plc ('Jos') in January 2003. Jos is a traditional split capital
investment trust with three classes of share. It has no bank borrowings and does
not invest in other split capital trusts.

Jos Shareholders will be offered the opportunity to roll over into Ordinary
Shares of BPT as part of the proposed reconstruction of Jos. It is anticipated
that part of Jos' portfolio will be transferred in specie for the issue of
shares of the Company.

The Directors believe that the Proposals provide an attractive opportunity to
expand the Company because they

  • are likely to increase liquidity in the Company's Shares; and
  • will allow fixed costs of the Company to be spread across a larger fund.

The number of shares issued by BPT will depend on the elections made by Jos
shareholders. BPT shares will be issued at net asset value in exchange for Jos
portfolio holdings, valued at middle market price, Furthermore, all the costs
associated with the issue of new shares will be met by those Jos shareholders
who elect for BPT shares. As a result, there will be no effect on the net asset
value per share of BPT.

For these reasons the Directors believe the Proposals are in the best interests
of Shareholders as a whole.

Jos is managed by Dresdner RCM Global Investors and has assets of around £32m.
Its investment objective is to provide growth in capital and income over the
long term through investment principally in a diversified portfolio of UK
equities.

British Portfolio Trust's investment policy is to invest principally in UK
equities, mainly shares of FTSE 100 companies, but also some medium-sized and
smaller companies.

Simon White, who is a Director of the Company, has resigned as a director of Jos
Holdings plc. He was not a member of the committee of the British Portfolio
Trust plc Board set up to analyse the proposals.



Enquiries:

Howard Myles                        020 7951 5324

Ernst & Young

Simon White                         020 7475 2700

Head of Investment Trusts

Dresdner RCM Global Investors




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