Net Asset Value(s)

RNS Number:8323N
Dresdner RCM 2 Endwt Policy Tst PLC
22 July 2003



Dresdner RCM Second Endowment Policy Trust plc

2006 Pool

The Company announces that the unaudited net asset value as at 30th June 2003
was 159.4p per 2006 Share.

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

202.3p per 2006 Share, assuming 100% of current bonus rates,

187.2p per 2006 Share, assuming 80% of current bonus rates,

165.3p per 2006 Share, assuming 50% of current bonus rates,

126.2p per 2006 Share, assuming no further bonuses.

2009 Pool

The Company announces that the unaudited net asset value as at 30th June 2003
was 117.0p per 2009 Share.

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

186.6p per 2009 Share, assuming 100% of current bonus rates,

168.9p per 2009 Share, assuming 80% of current bonus rates,

144.1p per 2009 Share, assuming 50% of current bonus rates,

102.4p per 2009 Share, assuming no further bonuses.





155 Bishopsgate                    By Order of the Board

London EC2M 3AD                    P W I Ingram

22nd July 2003                    Company Secretary


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