Result of Equity Issue

British Portfolio Trust PLC
14 December 2001


For Immediate Release                                   14th December 2001


                         British Portfolio Trust plc

                         (Registered number 4223927)



On 12th December 2001, British Portfolio Trust plc ('Company') announced that
gross proceeds of £63,921,362 ('launch proceeds') were received pursuant to
the Loan Note Offers, the Placing and the Offer for Subscription ('Issue'),
all as described in the prospectus of the Company dated 2nd November 2001
('Prospectus'), of 42,617,490 ordinary shares of 1p each in the Company
('Ordinary Shares').


The Company announces today that the launch proceeds raised in the Issue were
fully invested in UK equities by the close of business on 12th December 2001.
In addition, the Company has also drawn down half of its £12 million banking
facility (as described in the Prospectus).


The Company will commence application to the High Court for the cancellation
of its share premium account and to create a special reserve to facilitate the
purchase of Ordinary Shares by the Company, as described in the Prospectus.
Subject to the confirmation of the High Court, it is expected that the Company
will be able to purchase the Ordinary Shares from the end of January 2002.



Enquiries:

Simon White                          020 7475 2700

Dresdner RCM Global Investors


Tessa Murray                         020 7475 8861

Dresdner RCM Global Investors


Angus Gordon Lennox                  020 7588 2828
Cazenove & Co. Ltd