RNS Number:4709K
Allianz Dresdr 2 Endw Policy TstPLC
13 October 2006


ALLIANZ DRESDNER SECOND ENDOWMENT POLICY TRUST PLC

Reduction of Capital

As outlined in the circular to shareholders dated 21 August 2006 the listing and
trading of the Company's 2006 Shares has been cancelled with effect from today.
The Company has 19,745,000 2009 Shares of 1p each remaining in issue.

The Proposals outlined in the circular have thus become effective from today.
Certificates for new British Portfolio Trust plc shares and contract notes for
the Sterling Total Return Fund  shares will be despatched as soon as practicable
after 13 October 2006.   Cheques will be despatched or CHAPS payments made to
those 2006 Shareholders who have elected for cash and CREST payments will be
made as soon as practicable after 13 October 2006.



13 October 2006


Enquiries:

Peter Ingram                                                      020 7065 1467
Company Secretary


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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