Interim Management Statement

Schroder UK Growth Fund PLC
06 September 2007


                          SCHRODER UK GROWTH FUND PLC

Interim Management Statement for the Quarter ended 31 July 2007

The Board of Schroder UK Growth Fund Plc ('the Company') is pleased to announce
its first Interim Management Statement as required by the UK Listing Authority's
Disclosure and Transparency Rules. This Statement is in respect of the period
from 1 May 2007 to 31 July 2007.

Investment Objective

The Company's principal investment objective is to achieve capital growth
predominantly from investment in UK equities, with the aim of providing a total
return in excess of the FTSE All-Share Index.

Material Events or Transactions

There have been no material events or transactions that have taken place between
1 May 2007 and the date of publication of this Statement.

Annual General Meeting

The Annual General Meeting of the Company was held on 3 August 2007. All
resolutions set out in the Notice of Meeting were duly passed.

Second Interim Dividend for the year ended 30 April 2007

The Board declared a second interim dividend for the year ended 30 April 2007 on
21 June 2007. A dividend of 2.0p net per share was paid on 31 July 2007 to
shareholders on the Register on 6 July 2007.

Company Statistics as at 31 July 2007

Gross Assets                                          £280.10 million
Net Asset Value per Ordinary Share                    153.39p
Share Price                                           145.50p
Premium/(Discount)                                    (5.15%)
Number of Holdings                                    36
Net Gearing                                           12.51%
Yield                                                 2.30%


Cumulative Performance to 31 July 2007 (Total Return in percentage terms)

Performance over                               3m            6m            1yr
Share Price                                    2.5           8.2           20.7
Net Asset Value                                1.3           10.5          16.7
FTSE All-Share Index                           -1.4          4.3           12.9

All Performance Data Source: Fundamental Data.

Portfolio Information as at 31 July 2007

Ten Largest Holdings

Stock Name                Sector Classification     Market Value (£)          Percentage of NAV (%)

HSBC                      Financials                       17,686,933                7.37
BP                        Oil & Gas                        17,530,777                7.30
Reuters Group             Consumer Services                14,011,473                5.84
BG Group                  Oil & Gas                        13,777,129                5.74
Rio Tinto                 Basic Materials                  12,981,428                5.41
Vodafone Group            Telecommunications               12,695,634                5.29
Invensys                  Industrials                      12,579,046                5.24
Charter                   Industrials                       9,566,929                3.98
Resolution Group          Financials                        9,215,715                3.84
BHP Billiton              Basic Materials                   9,089,118                3.79


Sector Allocation


Sector                                                          Percentage of NAV (%)


Financials                                                              29.90
Consumer Services                                                       22.59
Oil & Gas                                                               18.34
Industrials                                                             14.86
Basic Materials                                                         10.80
Healthcare                                                               5.53
Telecommunications                                                       5.29
Consumer Goods                                                           5.09
Utilities                                                                2.42
Technology                                                               2.12

Other net liabilities                                                  (16.94)


Changes to Share Capital during the quarter ended 31 July 2007


                                                     Issued Ordinary shares of 25p each


As at 30 April 2007                                  163,175,900
Shares bought back and cancelled during the period   Nil
Shares bought for holding in treasury during the     850,000
quarter
Shares already held in treasury                      5,799,000
Shares cancelled from treasury                       Nil
Shares remaining in issue as at 31 July 2007         163,175,900

Company Information as at 31 July 2007

SEDOL Code                                   0791348
Sector                                       Equity Investment Instruments
Launch Date                                  25/04/1994
Financial Year End                           30 April
Next Dividend Payment                        31 January 2008
Last Ex Div Date                             4 July 2007
Next AGM Date                                August 2008


Enquiries:
John Spedding
Schroder Investment Management Limited
Company Secretary
Tel: [phone]


5 September 2007


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