RANGE OF FUND OF HEDGE FUNDS NOW AVAILABLE THROUGH DRESDNER RCM GLOBAL INVESTORS

RANGE OF FUND OF HEDGE FUNDS NOW AVAILABLE THROUGH DRESDNER RCM GLOBAL INVESTORS Dresdner RCM Global Investors today announced that a range of fund of hedge funds from Allianz Hedge Fund Partners (AllianzHFP) will be available to investors for the first time through Dresdner RCM Global Investors. Three open-end multi manager portfolios will be available - · An Arbitrage Portfolio, conservatively positioned with limited exposure to the direction of equity or bond markets. · A Long/Short Equity Portfolio, more aggressive and seeks to achieve higher returns, with higher volatility than the Arbitrage product. · A Multi-Strategy Portfolio, which includes allocations to both arbitrage and long/short equity managers in addition to global macro trading and systematic trend following. All these strategies generated a positive return for the period between 1 January and 30 April this year, despite the MSCI World index producing a return of -2.95%*. AllianzHFP, the specialist hedge fund platform of Allianz Dresdner Asset Management, was set up in October 2001 to provide investors with access to a range of funds of hedge funds. The company, which has received initial funding of $100 million from Allianz Dresdner Asset Management, is headed up by three managing partners, Madhav Misra (CIO), Philippe Collot and Johan Ahlström, who have all previously worked together at Citigroup's Alternative Investment Strategies unit. Commenting on the distribution partnership, Andrew Benton from Dresdner RCM Global Investors said: "Alternative investments, primarily hedge funds, are one of the fastest growing segments of the asset management industry and we are seeing increasing interest in this type of investment. Through AllianzHFP we believe we have access to the best hedge fund managers in the world, with a proven track record and investment process. We are delighted that the integration with Allianz makes this possible. He continued, "Our fund of hedge fund managers can add value by selecting and gaining access to high-potential hedge funds and diversifying single manager risk through multi-manager portfolios. As markets change and managers reach capacity or stop performing, the active portfolio management of a fund of funds can consistently outperform a passive approach." * Returns in US $, source AllianzHFP ENDS For further information please contact: Tessa Murray Henrietta Guthrie/Lindsay Vetch Corporate Communications Lansons Communications Dresdner RCM Global Investors Tel: 020 7490 8828 Tel: 020 7475 8861 Email: Press.liaison@dresdnerrcm.co.uk Website address: www.dresdnerrcm.co.uk Dresdner RCM Global Investors, as part of Dresdner Bank's asset management business, manages and advises over Euros70 billion as at 31 December 2001. The Dresdner RCM Global Investors platform operates with an experienced team of more than 300 investment professionals, located in asset management operations in Frankfurt, San Francisco, Hong Kong, London, New York, Paris, Sydney, Taipei and Tokyo (which are fully owned subsidiaries of Dresdner Bank - except Dresdner's share of 49% of Meiji Dresdner Asset Management Ltd, Tokyo). In addition, Dresdner RCM Global Investors has an innovative Grassroots research network of independent reporters and researchers with over 40,000 industry contacts worldwide. The Grassroots network uses techniques of investigative journalism aimed at identifying investment opportunities and market trends before competitors. The range of hedge funds from AllianzHFP ("the Funds") are unregulated collective investment schemes domiciled outside the UK, the promotion of which in the United Kingdom is restricted by the Financial Services Authority's Financial Promotion Rules. Investment in the Fund may only be made by existing participants in unregulated schemes; intermediate customers as defined by the Financial Services Authority and certain other eligible participants as defined by the Financial Services Authority. These Funds are not normally available to UK private investors. Please remember that past performance is not necessarily a guide to future performance and the value of an investment together with the income from it may fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Levels and bases of, and reliefs from, taxation can change. The market and products in which this fund invests may be highly volatile. Potential investors in the United Kingdom should be aware that the rules under the Financial Services and Markets Act 2000 for the protection of private investors do not apply, and compensation under the Financial Services Compensation Scheme will not be available. This press release is not an offer of securities for sale in the United States or any other jurisdiction in Europe and Asia. Securities may not be sold in the United States, or any other jurisdiction in Europe and Asia, absent registration or an exemption from registration. Dresdner Bank is one of the world's largest financial organisations, with assets under management and advice - including Dresdner RCM Global Investors - of Euros 153 billion as at 31 December 2001. This document has been approved in the UK by Dresdner RCM Global Investors (UK) Ltd. Regulated by the FSA. Member of the Dresdner Asset Management Marketing Group and member of the Dresdner Bank Group. Registered in England No 2014586. Registered office 10 Fenchurch Street, London EC3M 3LB, Telephone +44 (0) 20 7475 2700. 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