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Dresdner RCM2003 PLC (DEP)

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Wednesday 01 November, 2000

Dresdner RCM2003 PLC

Interim Results

Dresdner RCM Endwmnt Policy2003 PLC
1 November 2000


For immediate release 1st November 2000


                 DRESDNER RCM ENDOWMENT POLICY TRUST 2003 plc

                  INTERIM RESULTS as at 30th September 2000


Investment Review

A summary of the results for the six months ended 30th September 2000 is set
out overleaf. The net asset value has risen from 211.2p per share at 31st
March 2000 to 218.8p per share at 30th September 2000. This represents an
increase of 3.6% over the last six months and a rise of 7.8% since 30th
September 1999. This includes a figure of £893,000 which represents the latest
estimate of the balance of the likely proceeds of the Scottish Widows
demutualisation based on current available information, but does not include
proceeds from any other potential demutualisations. A projected final net
asset value at 31st October 2003, calculated using the principal bases and
assumptions set out overleaf which, inter alia, assume no further changes in
life office bonus rates, is 272.5p per share. If, however, reversionary and
terminal bonus rates were to be cut immediately by 20% from current levels
then the projected final net asset value at 31st October 2003 would be 243.7p
per share.

DEPT 2003 has maintained a fully invested position in endowment policies
throughout the period. It currently has investments in policies from a total
of 48 with-profits life funds. During the period DEPT 2003 received proceeds
of policy maturities amounting to £1.9m. The average annualised return on
these policies was 11.32%.

Earnings and dividend

DEPT 2003 is managed with the objective of providing returns to investors
entirely in the form of capital growth. The continuing deficit on the revenue
account is consistent with this objective. Consequently, no dividend will be
payable.

Status

The Company operates as an approved investment trust within the meaning of
Section 842 of the Income and Corporation Taxes Act 1988. Such approval is
expected to be granted for the year ended 31st March 2000 and for the current
accounting year. The Company is not a close company.


10 Fenchurch Street By Order of the Board

London EC3M 3LB P W I Ingram

1st November 2000 Company Secretary




RESULTS

STATEMENT OF TOTAL RETURN*


Six months ended 30th September 2000


                                                    Revenue   Capital    Total
                                                     £'000s    £'000s     £000s

Net gains on investments                                  -     2,822     2,822
                                        
Income from fixed asset investments                      48         -        48
Other income                                              5         -         5
Management and advisory fees                           (493)        -      (493)
Expenses of administration                              (66)        -       (66)

Return on ordinary activities before
finance costs and tax                                  (506)    2,822    2,316

Finance costs of borrowings                             (53)        -      (53)

Return before taxation                                 (559)    2,822    2,263

UK Taxation                                              (1)        -       (1)

Transfer (from) to reserves                            (560)    2,822    2,262

Return per Ordinary Share                             (1.87)p    9.40p   7.53p

*The revenue column of this statement is the profit and
loss account of the Company.


NET ASSET STATEMENT
                                                                 £'000s
As at 30th September 2000                                                
Valuation of Investments                                         66,255
Net current liabilities                                            (108)
                                                                 66,147
Medium term loan                                                   (500)
Net assets attributable to Shareholders                          65,647

Net asset value per Ordinary Share                               218.8p

The net asset value is based on 30,009,248 Ordinary
Shares.



RESULTS

STATEMENT OF TOTAL RETURN*


Six months ended 30th September 1999


                                                Revenue      Capital      Total
                                                 £'000s       £'000s     £'000s

Net gains on investments                              -        2,731      2,731

Income from fixed asset investments                 30+            -        30+
Other income                                          6                       6
Management and advisory fees                      (462)            -      (462)
Expenses of administration                         (64)            -       (64)

Return on ordinary activities                     (490)        2,731      2,241
before finance costs and tax

Finance costs of borrowings                        (65)            -       (65)

Return before taxation                            (555)        2,731      2,176

Overseas Taxation                                  (-)+            -       (-)+
                                                                              -
Transfer (from)to reserves                        (555)        2,731      2,176

Return per Ordinary Share                       (1.85)p        9.10p      7.25p


+ Restated in accordance with FRS16 'Current Taxation'

*The revenue column of this statement is the profit and loss
account of the Company.


NET ASSET STATEMENT
                                                                      
As at 30th September 1999                                        £'000s

Valuation of Investments                                         62,623
Net current assets                                                  278
                                                                 62,901
Medium term loan                                                 (2,000)
Net assets attributable to Shareholders                          60,901

Net asset value per Ordinary Share                               202.9p

The net asset value is based on 30,009,248 Ordinary Shares.




SUMMARY OF UNAUDITED RESULTS

STATEMENT OF TOTAL RETURN*


Year ended 31st March 2000


                                                  Revenue    Capital     Total
                                                   £'000s     £'000s    £'000s

Net gains on investments                                -      5,768    5,768
                                                                           
Income from fixed asset investments                     59         -       59
Other income                                             9                  9
Management and advisory fees                          (936)        -     (936)
Expenses of administration                            (119)        -     (119)

Return on ordinary activities                          (987)   5,768    4,781
before finance costs and tax

Finance costs of borrowings                            (121)       -    (121)

Return before taxation                               (1,108)   5,768    4,660

UK Taxation                                               -        -        -
                                                                
Transfer (from) to reserves                          (1,108)   5,768    4,660

Return per Ordinary Share                             (3.69)p  19.22p   15.53p

*The revenue column of this statement is the profit and
loss account of the Company.


NET ASSET STATEMENT
                                                                          
As at 31st March 2000                                              £'000s

Valuation of Investments                                           64,838
Net current assets                                                     47
                                                                    4,885
Medium term loan                                                   (1,500)
Net assets attributable to Shareholders                            63,385

Net asset value per Ordinary Share                                  211.2p

The net asset value is based on 30,009,248 Ordinary Shares.



CASH FLOW STATEMENT

For the six months ended 30th September 2000 and

comparative periods


                                            30th            30th        Year to
                                       September       September           31st
                                                                          March
                                            2000            1999          2000
                                          £'000s          £'000s         £'000s

Net cash outflow from operating            (573)           (458)          (948)
activities

Servicing of Finance
Interest paid                               (52)            (64)          (122)
Net cash outflow on servicing of            (52)            (64)          (122)
finance

Taxation
UK income tax repaid                           -               -              -

Financial Investment
Purchase of fixed asset investments      (1,317)           (828)        (1,684)
Receipts from demutualisations               174               -              -
Receipts on disposal of fixed asset        2,525           1,542          3,234
investments
Net cash inflow from financial             1,382             714          1,550
investment


Net cash inflow before financing             757             192            480


Financing
Decrease in loan                         (1,000)               -          (500)
Net cash outflow from financing          (1,000)               -          (500)

(Decrease ) increase in cash               (243)             192           (20)



This interim report has been neither audited nor reviewed by the Company's
auditors. This interim statement has been prepared using the same accounting
policies as those adopted in the Annual Accounts for the year ended 31st March
2000, which have been summarised above and delivered to the Registrar of
Companies. The Auditors' opinion on those accounts was unqualified and did not
contain a statement under section 237(2) or (3) of the Companies Act 1985.

The Interim Report will be sent to shareholders and made available to the
public at the Registered Office of the Company, 10 Fenchurch Street, London
EC3M 3LB.



Principal bases and assumptions used in projecting the final net asset value

1)     The final net asset value has been calculated at 31st October 2003, on
the basis that all policies are held to maturity and no death claims arise.

2)     The latest definitive reversionary and terminal bonus rates declared at
30th September 2000 continue to apply until maturity.

3)     The estimated mid-market gross redemption yields as at 30th September
2000, for policies of differing remaining terms, are assumed to remain
unchanged, and purchases are made at the same margin over those yields as is
currently considered to be attainable.

4)     Annual expenses are assumed to be in line with the estimates originally
published in the listing particulars for DEPT 2003 and future annual inflation
is assumed to be 3%. Interest rates over the Company's remaining life are
assumed to be consistent with the shape of the swap rate yield curve at 30th
September 2000.





TWENTY LARGEST HOLDINGS BY LIFE OFFICE

AS AT 30th SEPTEMBER 2000
Life Office                           Value of Investments         % of Total

                                                                   Investments

                                                     £'000s                   %

Standard Life                                        16,735                25.3
orwich Union                                         6,401                 9.7
Legal & General                                       6,355                 9.6
Scottish Widows                                       4,862                 7.3
Royal Life                                            3,460                 5.2
Scottish Amicable                                     3,390                 5.1
Prudential                                            2,800                 4.2
Clerical Medical                                      2,009                 3.0
Equity and Law                                        1,836                 2.8
Friends Provident                                     1,600                 2.4
Guardian Assurance                                    1,460                 2.2
Commercial Union                                      1,451                 2.2
Scottish Life                                         1,187                 1.8
General Accident                                      1,166                 1.8
Scottish Provident                                    1,068                 1.6
Scottish Mutual                                         858                 1.3
Sun Alliance                                            695                 1.0
Colonial Mutual                                         654                 1.0
Sun Life                                                567                 0.9
National Farmers Union                                  534                 0.8
                                                     59,088                89.2
Holdings in other offices                             5,962                 9.0
Total holding of endowment policies                  65,050                98.2

LISTED EQUITY HOLDINGS
AS AT 30th SEPTEMBER 2000
                                                     £'000s                   %
CGNU                                                    172                 0.3
                                                        172                 0.3
FIXED INTEREST HOLDINGS
AS AT 30th SEPTEMBER 2000
                                                     £'000s                   %

Abbey National Treasury 8% £BD 2.4.03                 1,033                 1.5

Total of Invested Funds                              66,255               100.0



For further information, please contact:-

Dresdner RCM Global Investors (UK) Ltd

Simon White

Tel: 020 7475 2700



OR



Lansons Communications

Henrietta Guthrie

Tel: 020 7490 8828