RNS Number:4936H
Dresdner RCM Endwmnt Policy2003 PLC
25 July 2001



Dresdner RCM Endowment Policy Trust 2003 plc

The Company announces that the unaudited net asset value as at 30th June 2001
was 229.4p per Ordinary Share.

The Net Asset Value per Ordinary Share includes the value of shares received
in respect of the demutualisation of Friends Provident (valued at the offer
price) and a conservative estimate of proceeds expected from the
demutualisation of Scottish Provident, of #0.25m.



10 Fenchurch Street               By Order of the Board

London EC3M 3LB                    P W I Ingram

25th July 2001                    Company Secretary
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