Investment Policy

British Portfolio Trust PLC
15 October 2003





INVESTMENT POLICY



The Board of British Portfolio Trust plc (the 'Company') announces that,
following the publication of the Investment Entities (Listing Rules and Conduct
of Business) Instrument 2003, it is the Company's policy to invest no more than
15% of its gross assets in other listed investment companies (including listed
investment trusts).



Contact:


Peter Ingram
Company Secretary
Tel: [phone]



15 October 2003




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