Notice to Warrantholders

Schroder UK Growth Fund PLC
21 October 2002

                                                                 21 October 2002


              Notice to Schroder UK Growth Fund plc Warrantholders

Warrantholders are hereby notified that all of the Company's outstanding
warrants have now expired. Each of the Company's warrants entitled the holder to
subscribe for one ordinary share of 25 pence at a price of £1.00 on 31 August in
each year, up to and including 31 August 2002.

Following expiry of the warrants, the Company was required to appoint a trustee
to exercise all outstanding warrants as had not been exercised and to sell the
shares acquired on such subscription, provided that the net proceeds of such
sale would exceed the subscription price, and to distribute those sale proceeds
pro rata to the relevant warrantholders. The Company's share price during the
period from 2 September to 16 September did not exceed 78.75 pence, and
consequently no such exercise, sale or distribution was undertaken.



Enquiries:

John Spedding
Schroder Investment Management Limited          Tel: [phone]



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