Director/PDMR Shareholding

RNS Number:1713V
Allianz Dresdr 2 Endw Policy TstPLC
05 December 2005

                                  SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS


1)  Name of company


Allianz Dresdner Second Endowment Policy Trust plc


2)  Name of director


S R T White


3)  Please state whether notification indicates that it is in respect of
    holding of the shareholder named in 2 above or in respect of a
non-beneficial interest or in the case of an individual holder if it is a
holding of that person's spouse or children under the age of 18 or in respect of
a non-beneficial interest

As in 2 above

4)  Name of the registered holder(s) and, if more than one holder, the
    number of shares held by each of them (if notified)

Frank Nominees Limited

5)  Please state whether notification relates to a person(s) connected
    with the Director named in 2 above and identify the connected person(s)


6)  Please state the nature of the transaction. For PEP transactions
    please indicate whether general/single co PEP and if discretionary/non
    discretionary

Purchase of 2006 Shares

7)  Number of shares/amount of
    stock acquired

20,000

8)  Percentage of issued class

0.10%

9)  Number of shares/amount
    of stock disposed


10) Percentage of issued class


11) Class of security

2006 Shares of 5p each

12) Price per share

155p

13) Date of transaction

5th December 2005

14) Date company informed

5th December 2005

15) Total holding following this notification

20,000 2006 Shares

 3,090 2009 Shares (unchanged)

16) Total percentage holding of issued class following this notification

0.10% - 2006 Shares

0.02% - 2009 Shares (unchanged)

If a director has been granted options by the company please complete the
following boxes

17) Date of grant


18) Period during which or date on which exercisable


19) Total amount paid (if any) for grant of the option


20) Description of shares or debentures involved: class, number


21) Exercise price (if fixed at time of grant) or indication that price
    is to be fixed at time of exercise


22) Total number of shares or debentures over which options held
    following this notification


23) Any additional information


24) Name of contact and telephone number for queries

P W I Ingram
020 7065 1467


25) Name and signature of authorised company official responsible for
    making this notification


P W I Ingram

Company Secretary


Date of Notification

5th December 2005




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