Issue of Equity

British Portfolio Trust PLC
31 January 2003

                            BPT: Second announcement



31 January 2003

British Portfolio Trust plc

Issue of New Ordinary Shares

The scheme of reconstruction of Jos Holdings plc ('Jos') under which
shareholders in Jos 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 Jos shareholder elections and deemed elections, 7,573,707 New
Ordinary Shares have been issued. Accordingly the Company now has in issue
49,444,228 Ordinary Shares. The issue price of each New Ordinary Share is
95.3139p, being the Total Return Net Asset Value as at 29th January 2003.

Chairman Andrew Barker commented 'We are very pleased to welcome over 600 new
investors to British Portfolio Trust. While it remains a difficult time for
world markets, we believe we have assembled a diversified portfolio of quality
companies which is well placed to provide attractive returns when sentiment
recovers. This increase in assets has been achieved at no cost to existing
shareholders and will result in greater liquidity in the Company's shares'.

The Board is pleased to confirm the appointment of George Luckraft as a Director
of the Company with effect from 1 February 2003.

Dealings in the New Ordinary Shares are expected to commence on 3 February 2003.
New Ordinary Shares issued in uncertificated form are expected to be credited to
stock accounts in CREST of Jos shareholders entitled thereto on 3 February 2003
and definitive certificates in respect of the New Ordinary Shares are expected
to be despatched by 5 February 2003.

The Special Dividend of 0.28p per Share and the Second Interim Dividend of 1.9p
per Share will be paid on 11 February 2003 to Shareholders on the register at
the close of business on 31 January 2003. The New Ordinary Shares issued under
the Scheme will not rank for the Special Dividend and the Second Interim
Dividend.



Enquiries:

Simon White

Allianz Dresdner Asset Management (UK) Limited

0207 475 2700



Howard Myles

Ernst & Young LLP

0207 951 2000



END

Terms used in this announcement shall, unless the context otherwise requires,
bear the meanings given to them in the prospectus and circular to Shareholders
of British Portfolio Trust plc dated 19 December 2002.

Ernst & Young LLP, which is regulated in the United Kingdom by the Financial
Services Authority, is acting for British Portfolio Trust plc and for no-one
else and will not be responsible to anyone other than of British Portfolio Trust
plc for providing the protections afforded to customers of Ernst & Young LLP or
for providing advice in relation to the Proposals or any matter referred to
herein.


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