ADR Allianz Dres.2

RNS Number:9633G
Allianz Dresdr 2 Endw Policy TstPLC
31 July 2006



The Directors have agreed proposals for the reconstruction of the Company, which
are to become effective shortly before the final repayment date of the Company's
2006 Shares on 21 October 2006.   The Company's Articles of Association require
the Directors to put a resolution to all Shareholders by no later than 30
September 2006 to consider the reconstruction of the Company.   The Directors,
with their advisors, have reviewed the courses of action available to the
Company.



The Directors have concluded that it is in the interests of all Shareholders to
propose a scheme which will enable the Company to continue while allowing 2006
Shareholders to elect for:



(a)    shares in an existing investment trust, British Portfolio Trust plc,
managed by RCM (UK) Limited; and/or

(b)    shares in a sub-fund of an existing open-ended investment company, The
Allianz PIMCO Sterling Total Return Fund; and;/or

(c)    cash for all or part of their investment in the Company.



2006 Shareholders who make no valid election and all Overseas 2006 Shareholders
will be deemed to have elected for the Cash Option.



A circular containing full details of the proposals will be posted to all
Shareholders in August 2006.



In connection with these proposals the Directors have agreed to change the
accounting reference date of the Company from 30 September to 31 December.





Contact:


Simon White
Director
Tel: 020 7065 1539




                      This information is provided by RNS
            The company news service from the London Stock Exchange
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