Net Asset Value(s)

RNS Number:0674T
Allianz Dresdr 2 Endw Policy TstPLC
24 April 2008

Allianz Dresdner Second Endowment Policy Trust plc



2009 Pool



The Company announces that its unaudited net asset value as at 31st March 2008
was 159.0p per 2009 Share.



The valuation of the Company's endowment policy portfolio comprises estimates of
mid-market price based on the Company's Investment Advisers' own bid pricing
information, with a floor of 100% of estimated surrender value in each case.
This has resulted in an aggregate valuation of the endowment policy portfolio of
103.8% of estimated surrender value, compared to 104.1% last quarter.



Projected final net asset values



The Company publishes projected final net asset values on a regular basis. These
projections have been based both on current bonus rate levels and, in order to
give a measure of the sensitivity of the projected final net asset value to
changes in bonus rates on 150%, 120%,100% and 80% of current bonus rates and no
further bonuses.  Projected final net asset values as at 31st March 2008 are:



Projected final net asset values as at 31st December 2009:-



186.6p per 2009 Share, assuming 150% of current bonus rates,

173.3p per 2009 Share, assuming 120% of current bonus rates,

164.5p per 2009 Share, assuming 100% of current bonus rates,

155.9p per 2009 Share, assuming 80% of current bonus rates,

122.8p per 2009 Share, assuming no further bonuses.



Projected final net asset values are calculated using the principal bases and
assumptions set out in the Annual Financial Report which, inter alia, assume no
further death claims, or demutualisation benefits are received and no further
purchases or disposals of policies are made. They have been calculated after
deduction of estimated future expenses and interest costs.  Interest rates over
the Company's life are assumed to be consistent with the shape of the swap yield
curve at 31st March 2008.  These illustrations are given to provide an
indication of the sensitivity of the projected final net asset value to bonus
rate changes.  They should not be taken as forecasts of any particular degree of
change in bonus rate levels.




ALLIANZ DRESDNER SECOND ENDOWMENT POLICY TRUST plc

TWENTY LARGEST HOLDINGS BY LIFE OFFICE
As at 31st March 2008 - 2009 POOL

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

Standard Life                                                         9,191                29.0
Legal & General                                                       4,563                14.4
Prudential (Scottish Amicable)                                        2,948                 9.3
Scottish Widows                                                       2,062                 6.5
AVIVA (Norwich Union)                                                 1,722                 5.4
Prudential                                                            1,625                 5.1
Scottish Life                                                         1,424                 4.6
Clerical Medical                                                      1,306                 4.1
Scottish Provident                                                    1,114                 3.5
Friends Provident                                                       641                 2.0
Colonial Mutual                                                         406                 1.3
Royal & Sun Alliance (Royal Life)                                       284                 0.9
National Mutual                                                         269                 0.8
Gresham Life                                                            247                 0.8
AVIVA (Provident Mutual)                                                204                 0.6
Sun Life of Canada                                                      203                 0.6
Britannic Assurance                                                     175                 0.6
AVIVA (Commercial Union)                                                147                 0.5
Pearl Assurance                                                         132                 0.4
Scottish Equitable                                                      129                 0.4

Total of twenty largest holdings                                     28,792                90.8
Others                                                                1,918                 6.1
Total holdings of endowment policies                                 30,710                96.9

Fixed Interest Holdings
Abbey 5.375% 30/12/09                                                   508                 1.6
Finland 10.125% 22/06/08                                                473                 1.5
                                                                        981                 3.1

TOTAL OF INVESTED FUNDS                                              34,932              100.00















155 Bishopsgate                                                              By
Order of the Board

London EC2M 3AD                                                           P W I
Ingram

24th April 2008
  Company Secretary


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