Issue of Equity - Replacement

British Portfolio Trust PLC
31 October 2003

The following replaces 'Issue of Equity' announcement released on Friday 
31 October at 16:57 under RNS Number 5690R.

The full amended text appears below.

   
31 October 2003

British Portfolio Trust plc

Issue of New Ordinary Shares

The scheme of reconstruction of Dresdner RCM Endowment Policy Trust 2003 plc 
('DEPT') under which shareholders in DEPT were offered, inter alia, the
opportunity to rollover their investment into New Ordinary Shares in British
Portfolio Trust plc (the 'Company'), has now become effective.

In accordance with DEPT shareholder elections, 3,178,764 New Ordinary Shares
have been issued.  Accordingly the Company now has in issue 50,316,205 Ordinary
Shares. The issue price of each New Ordinary Share is 120.2354p.

Chairman Andrew Barker commented 'We are very pleased to welcome over 200 new
investors to British Portfolio Trust.  This increase in assets has been achieved
at no cost to existing shareholders and will result in greater liquidity in the
Company's shares'.

Dealings in the New Ordinary Shares are expected to commence on 3 November 2003.
New Ordinary Shares issued in uncertificated form are expected to be credited to
stock accounts in CREST of DEPT shareholders entitled thereto on 3 November 2003
and definitive certificates in respect of the New Ordinary Shares are expected
to be despatched by 3 November 2003.

The new BPT Shares will rank pari passu in all respects with the existing BPT
Shares save that no dividend in respect of the financial year of the Company
ending 31 October 2003 will be payable on the new BPT Shares.

Enquiries:

Simon White   Allianz Dresdner Asset Management (UK) Limited     020 7065 1539


END


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