Issue of Prospectus

British Portfolio Trust PLC
26 September 2003





For immediate release                   26 September 2003



Issue of Prospectus

British Portfolio Trust plc ('BPT') has today published a prospectus in relation
to its participation as a rollover option under the scheme of reconstruction and
members' voluntary liquidation of Dresdner RCM Endowment Policy Trust 2003 plc
('DEPT').

A copy of the prospectus has been submitted to the UK Listing Authority and is
available for inspection at the UK Listing Authority's Document Viewing
Facility, which is situated at the Financial Services Authority, 25, The North
Colonnade, Canary Wharf, London, E14 5HS.

Benefits of the Proposals for British Portfolio Trust plc

The Directors believe that the increase in BPT's total assets, which is expected
to arise from its participation as a roll over option under the Scheme, should
result in:

-    a lower total expense ratio for BPT in the future; and

-    greater liquidity in the Ordinary Shares.

BPT's participation as a roll over option under the Scheme will not result in
any dilution to the current net asset value of the Existing Ordinary Shares
because:

DEPT and the DEPT shareholders who are exercising the roll over option into BPT
under the Scheme are to bear all costs reasonably incurred by the Company in
connection with implementation of the Scheme; and

the New Shares being issued pursuant to the Scheme will be issued at a price
that is not lower than the net asset value of an Existing Ordinary Share.

The consideration received by BPT for the Issue of New Shares will consist of UK
gilts and cash.  While BPT's investment policy is to invest principally in UK
equities, fixed interest securities may also be held in the Company's portfolio.

On this basis, the Directors consider that the consideration provided by the
Company in the form of New Shares is justified by the value to be received by
the Company.

Conditions to the Issue

The issue of New Shares pursuant to the Scheme is subject to, inter alia: (i)
the UK Listing Authority agreeing to admit the New Shares to be issued under the
Scheme to the Official List and the London Stock Exchange agreeing to admit such
shares to trading (subject, in the case of each such admission, only to the
allotment of such securities); and (ii) the Proposals being approved by DEPT
Shareholders at two extraordinary general meetings.  If either of those
conditions is not fulfilled, then no New Shares will be issued pursuant to the
Scheme.

The maximum number of New Shares which may be issued shall not exceed the lower
of:

(i)      such number of New Shares which at the Issue Price equates to 24.99 per
cent. of the gross assets of BPT as at the Calculation Date; and

(ii)    16 million New Shares.

By way of example, if the Calculation Date for the purposes of the Scheme had
been 19 September 2003 (the latest practicable date prior to the date of this
document) the maximum number of New Shares which may be issued under the Scheme
would be approximately 11.8 million New Shares.

If elections by DEPT Shareholders under the Scheme for New Shares or pursuant to
the Bond Fund Option would result in assets of less than £250,000, in each case,
or, £2.5 million in aggregate, being transferred by DEPT, all such elections
will instead be deemed to be for the option to receive cash and no New Shares
will be issued by the Company.

In the event that the option to take New Shares is fully subscribed, DEPT
Shareholders will be deemed to have elected for the Bond Fund Option in respect
of any excess.

Simon White was not a member of the committee of the British Portfolio Trust plc
Board set up to analyse the proposals.



Enquiries

Simon White

Allianz Dresdner Asset Management (UK) Limited       020 7065 1539





Terms used in this announcement shall, unless the context otherwise requires,
bear the meanings given to them in the Prospectus of the Company dated 26
September 2003.






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