Final Results

British Portfolio Trust PLC
14 February 2002


For Immediate Release                                    14th February 2002


                          BRITISH PORTFOLIO TRUST plc

                      ANNOUNCEMENT OF PRELIMINARY RESULTS

            For the period from 29th May 2001 to 12th December 2001

CHAIRMAN'S STATEMENT

Your company shares were first quoted on the Stock Exchange on 12th December
2001, and at the close of business on that day (following the investment of the
net proceeds of the offer), the net asset value per share was 143.7p. At 31st
January 2002 the net asset value per share was 144.3p, and the performance of
the portfolio over this period has been broadly in line with the index. On 12th
December 2001 £6million of the £12milllion bank facility with Barclays Bank PLC
was also drawn down with around half the amount drawn down invested in UK
equities.

Since 12th December 2001 the Board has directed the affairs of your company so
as to satisfy conditions necessary for its approval by the Inland Revenue as an
investment trust. In future years annual accounts will be made up to 31st
October and copies of the annual report and accounts are expected to be
dispatched to shareholders in the following January.

As was stated in the prospectus in October 2001, your company would not satisfy
the conditions for approval by the Inland Revenue as an investment trust in
respect of the accounting period in which it was launched. The first accounting
period was therefore shortened so as to end on 12th December 2001. It is for
this reason that the company is now required to produce accounts for that period
and to hold its first Annual General Meeting which will be held on 19th March.
The Interim Report for the period to 30th April 2002 will be posted to
shareholders in June 2002.


On 24th January 2002 the Court approved the creation by the Company of a special
reserve which will facilitate the repurchase of shares by the Company for
cancellation through buy backs.


A C Barker

Chairman

14th February 2002

INVESTMENT MANAGER'S REVIEW

Since launch the proceeds have been invested in a portfolio of UK Equities. The
portfolio comprises mainly FTSE -100 companies, but also includes medium-sized
and smaller companies. The Trust is currently geared to a small extent through
the utilisation of bank borrowings.


The portfolio has been invested over a wide range of UK sectors. The Trust is
overweight the resource, basic industries and cyclical services sectors and
underweight, the non-cyclical consumer goods, information technology and
financials sectors.


The Board will examine opportunities to increase the gearing on any market
weakness.


The Managers believe that the UK economy will prove relatively resilient in the
context of an uncertain outlook for world economic growth and also believe that
a number of attractive investments exist in the UK equity market currently.


10 Fenchurch Street                    By Order of the Board

London EC3M 3LB                        P W I Ingram

14th February 2002                     Company Secretary



Unaudited preliminary results for the period from 29th May 2001 to 12th December
2001 were approved for immediate release as undernoted:

RESULTS

STATEMENT OF TOTAL RETURN

for the period from 29th May 2001 to 12th December 2001
                                                                                  2001
                                                             (£)                (£)                  (£)
                                                           Revenue            Capital               Total
                                                           (Note 3)
Net movement on investments*                                          -            (753,787)            (753,787)
Investment income                                                 7,279                    -                7,279
Investment management fee                                         (654)              (1,479)              (2,133)
Administration expenses                                        (21,979)                    -             (21,979)

Net return before finance costs and taxation                   (15,354)            (755,266)            (770,620)
Finance costs of borrowings                                       (226)                (678)                (904)


Return on ordinary activities before taxation                  (15,580)            (755,944)            (771,524)



Taxation
UK taxation                                                           -                    -                    -


Return on ordinary activities after taxation for the           (15,580)            (755,944)            (771,524)
period attributable to ordinary shareholders


Return per Ordinary Share (Note 1)                              (0.04)p              (1.77)p              (1.81)p


* Inclusive of stamp duty and market makers' spread.

NET ASSET STATEMENT

as at 12th December 2001
                                                                                              2001

                                                                                               (£)
Valuation of investments                                                                64,160,142
Net Current Assets                                                                       3,077,009
Total Assets less Current Liabilities                                                   67,237,151
Amounts falling due after more than one year                                           (6,000,000)
Total Net Assets                                                                        61,237,151

Ordinary Share Capital                                                                     426,175
Share Premium Account                                                                   61,582,500
Other Capital Reserves                                                                   (755,944)
Revenue Reserve                                                                           (15,580)
Shareholders' Funds                                                                     61,237,151

Net asset value per Ordinary Share (Note 2)                                                 143.7p


CASH FLOW STATEMENT

For the period from 29th May 2001 to 12th December 2001
                                                                                     2001                  2001
                                                                                      (£)                   (£)
Net cash inflow from operating activities                                                                     -
Financing
Issue of Ordinary Shares                                                        63,921362
Sterling loan raised                                                            6,000,000
Net cash inflow from financing                                                                       69,921,362

Increase in cash                                                                                     69,921,362



Note 1


This is the first period for which the Company has produced financial statements
and hence no comparative figures are reported.


Note 2


The Returns per Ordinary Share have been calculated using a weighted average
number of shares in issue during the period of 42,617,490 shares.


Note 3


The Company was incorporated on 29th May 2001 and commenced trading on 12th
December 2001 when it was admitted to trading on the London Stock Exchange.


Note 4


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


All revenue and capital items derive from continuing operations.


Note 5


The financial information set out in this announcement does not constitute the
Company's statutory accounts for the period ending 12th December 2001. The
statutory accounts for the period ending 12th December 2001 will be finalised on
the basis of the financial information presented by the directors in this
preliminary announcement and will be delivered to the Registrar of Companies
following the Company's Annual General Meeting.


Note 6


The annual report will be sent to shareholders in late February 2002 and will be
available to members of the public from the Company's registered office at 10
Fenchurch Street, London EC3M 3LB.


For further information, please contact:

Dresdner RCM Global Investors (UK) Ltd

Tessa Murray, Head of Corporate Communications

Tel: [phone]

or

Dresdner RCM Global Investors (UK) Ltd

Simon White/Neil Dwane

Tel: [phone]



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