RNS Number:6654U
Allianz Dresdr 2 Endw Policy TstPLC
27 January 2004



Allianz Dresdner Second Endowment Policy Trust plc



2006 Pool



The Company announces that the unaudited net asset value as at 31st December
2003 was 156.1p per 2006 Share.



The Company announces that its projected final net asset values as at 30th
September 2006 are as follows:-



191.4p per 2006 Share, assuming 100% of current bonus rates,

178.8p per 2006 Share, assuming 80% of current bonus rates,

160.5p per 2006 Share, assuming 50% of current bonus rates,

127.4p per 2006 Share, assuming no further bonuses.






ALLIANZ DRESDNER SECOND ENDOWMENT POLICY TRUST plc

TWENTY LARGEST HOLDINGS BY LIFE OFFICE
As at 31st December 2003 - 2006 POOL

Life Office                                                           Value of Policies
                                                                     #'000s     % of total
                                                                                investment

Standard Life                                                        11,323                28.7
AVIVA (Norwich Union)                                                 4,954                12.6
Legal & General                                                       3,517                 8.9
Prudential                                                            2,640                 6.7
Scottish Provident                                                    1,749                 4.4
Prudential (Scottish Amicable)                                        1,717                 4.3
Scottish Widows                                                       1,512                 3.8
Clerical Medical                                                        931                 2.4
Friends Provident                                                       797                 2.0
Scottish Life                                                           675                 1.7
Equity & Law                                                            640                 1.6
Royal & Sun Alliance (Royal Life)                                       622                 1.6
Scottish Mutual                                                         555                 1.4
Guardian                                                                510                 1.3
Alba Life (Crusader)                                                    465                 1.2
Colonial Mutual                                                         437                 1.1
AVIVA (Commercial Union)                                                384                 1.0
Friends Provident (UKPI)                                                318                 0.8
London Life                                                             316                 0.8
AXA Sun Life                                                            267                 0.7
Total of twenty largest holdings                                     34,329                87.0
Others                                                                3,738                 9.5
Total holdings of endowment policies                                 38,067                96.5

Fixed Interest Holdings
EIB 6.125% 07/12/2005                                                   927                 2.3
EIB 7.625% 07/12/2006                                                   481                 1.2
                                                                      1,408                 3.5

TOTAL OF INVESTED FUNDS                                              39,475              100.00



















2009 Pool



The Company announces that the unaudited net asset value as at 31st December
2003 was 121.0p per 2009 Share.



The Company announces that its projected final net asset values as at 31st
December 2009 are as follows:-



175.5p per 2009 Share, assuming 100% of current bonus rates,

160.3p per 2009 Share, assuming 80% of current bonus rates,

138.7p per 2009 Share, assuming 50% of current bonus rates,

102.3p per 2009 Share, assuming no further bonuses.






ALLIANZ DRESDNER SECOND ENDOWMENT POLICY TRUST plc

TWENTY LARGEST HOLDINGS BY LIFE OFFICE
As at 31st December 2003 - 2009 POOL

Life Office                                                           Value of Policies
                                                                     #'000s     % of total
                                                                                investment

Standard Life                                                         8,223                27.9
Legal & General                                                       4,413                15.0
Prudential (Scottish Amicable)                                        2,491                 8.5
AVIVA (Norwich Union)                                                 1,818                 6.2
Scottish Widows                                                       1,783                 6.1
Scottish Life                                                         1,124                 3.8
Prudential                                                            1,121                 3.8
Clerical Medical                                                        915                 3.1
Friends Provident                                                       908                 3.1
Scottish Provident                                                      739                 2.5
Colonial Mutual                                                         395                 1.3
National Mutual                                                         308                 1.1
Royal & Sun Alliance (Royal Life)                                       294                 1.0
Gresham Life                                                            278                 1.0
AVIVA (Commercial Union)                                                195                 0.7
AVIVA (Provident Mutual)                                                183                 0.6
Sun Life of Canada                                                      177                 0.6
NPI                                                                     171                 0.6
Guardian                                                                160                 0.5
AXA Sun Life                                                            157                 0.5
Total of twenty largest holdings                                     25,853                87.9
Others                                                                2,496                 8.5
Total holdings of endowment policies                                 28,349                96.4

Fixed Interest Holdings
Abbey 5.375% 30/12/09                                                   516                 1.7
Finland 10.125% 22/06/08                                                566                 1.9
                                                                      1,082                 3.6

TOTAL OF INVESTED FUNDS                                              29,431              100.00









155 Bishopsgate                     By Order of the Board

London EC2M 3AD                     P W I Ingram

27th January 2004                   Company Secretary


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