Director/PDMR Shareholding

RNS Number:5016K
Allianz Dresdr 2 Endw Policy TstPLC
16 October 2006





NOTIFICATION OF TRANSACTIONS OF DIRECTORS/PERSONS DISCHARGING
MANAGERIAL RESPONSIBILITY AND CONNECTED PERSONS



This form is intended for use by an issuer to make a RIS notification required
by DR 3.1.4R(1).



(1) An issuer making a notification in respect of a transaction relating to the
shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.

(2) An issuer making a notification in respect of a derivative relating the
shares of the issuer should complete boxes 1 to 4, 6, 8,13, 14, 16, 23 and 24.

(3) An issuer making a notification in respect of options granted to a director/
person discharging managerial responsibilities should complete boxes 1 to 3 and 
17 to 24.

(4) An issuer making a notification in respect of a financial instrument
relating to the shares of the issuer (other than a debenture) should complete 
boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.



Please complete all relevant boxes in block capital letters.



1. Name of the issuer



ALLIANZ DRESDNER SECOND ENDOWMENT POLICY TRUST PLC



2. State whether the notification relates to

(i) a transaction notified in accordance with DR

3.1.4R(1)(a); or

(ii) DR 3.1.4(R)(1)(b) a disclosure made in
accordance with section 324 (as extended by
section 328) of the Companies Act 1985; or
(iii) both (i) and (ii)



 RELATES TO (iii) ABOVE



3. Name of person discharging managerial
responsibilities/director



MR S R T WHITE



4. State whether notification relates to a person
connected with a person discharging
managerial responsibilities/director named in 3
and identify the connected person



N/A



5. Indicate whether the notification is in respect
of a holding of the person referred to in 3 or
4 above or in respect of a non-beneficial
interest



PERSON NAMED IN 3. ABOVE





6. Description of shares (including class),
debentures or derivatives or financial
instruments relating to shares



ORDINARY SHARES OF 5P EACH ("2006 Shares")





7. Name of registered shareholders(s) and, if
more than one, the number of shares held by
each of them



FRANK NOMINEES LIMITED





8 State the nature of the transaction



DISPOSAL OF SHARES FROM RECONSTRUCTION AND REPAYMENT OF 2006 SHARES IN ALLIANZ
DRESDNER SECOND ENDOWMENT POLICY TRUST PLC .



9. Number of shares, debentures or financial
instruments relating to shares acquired



N/A





10. Percentage of issued class acquired (treasury
shares of that class should not be taken into
account when calculating percentage)





N/A



11. Number of shares, debentures or financial
instruments relating to shares disposed



20,000



12. Percentage of issued class disposed (treasury
shares of that class should not be taken into
account when calculating percentage)


0.10%



13. Price per share or value of transaction



174.7708 P



14. Date and place of transaction



13 OCTOBER 2006 , UK



15. Total holding following notification and total
percentage holding following notification
(any treasury shares should not be taken into
account when calculating percentage)



3,090 2009 SHARES OF 1P EACH, 0.02 %





16. Date issuer informed of transaction





13 OCTOBER 2006



If a person discharging managerial responsibilities has been granted options by
the issuer complete the following boxes



17 Date of grant



N/A



18. Period during which or date on which it can

be exercised



N/A



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



N/A



20. Description of shares or debentures involved
(class and number)



N/A



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



N/A



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



N/A



23. Any additional information



N/A



24. Name of contact and telephone number for
queries



PETER INGRAM 020 7065 1467



Name of duly authorised officer of issuer responsible for making notification



PETER INGRAM- COMPANY SECRETARY 020 7065 1467



Date of notification



16 OCTOBER 2006




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