Issue of Equity

British Portfolio Trust PLC
21 August 2006


British Portfolio Trust plc (the 'Company')


Issue of Shares


21 August 2006


The Board of the Company announces its participation in the proposals (the 
'Proposals') for a reconstruction of Allianz Dresdner Second Endowment Policy
Trust plc ('ADSEPT'), a conventional investment trust with 2006 and 2009 Shares
and total net assets of £62.2 million as at 30 June 2006 that was announced by
ADSEPT today.

Under the Proposals, ADSEPT 2006 Shareholders will be given the opportunity to
roll their investment into the Company or The Allianz PIMCO Sterling Total
Return Fund (a sub-fund of an existing open-ended investment company, Allianz UK
& European Investment Funds) or elect to receive cash in respect of all or some
of their investment.  The default option under the Proposals will be cash.

The issue price of the new ordinary shares to be issued by the Company pursuant
to the Proposals will be calculated as at close of business on 6 October 2006 ('
Calculation Date') and, in order to offset the Company's costs of participation
in the Proposals, will be calculated by applying a premium of 1.0 per cent. to
the net asset value per share at the time (including accrued but undeclared net
income).  The maximum number of new ordinary shares which may be issued will not
exceed 7,201,591 or, if lower, such number of ordinary shares which at the issue
price equates to the aggregate of the number of ordinary shares held as treasury
shares at the Calculation Date and 9.99 per cent. of the issued share capital of
the Company as at the Calculation Date.  The new ordinary shares will be issued
under the existing shareholder authorities and there is no requirement to
publish a prospectus.  The Company will only receive cash or cash equivalent
assets from ADSEPT 2006 Pool under the Proposals.

It is expected that the Proposals will become effective on 13 October 2006 and
that the new ordinary shares will be admitted to the UKLA's Official List and to
trading on the main market of the London Stock Exchange on 13 October 2006.


Enquiries

Simon White
RCM (UK) Limited                                               020 7065 1539


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