Transaction in Own Shares

Schroder UK Growth Fund PLC
22 July 2004

                                                                    22 July 2004


                    Purchase of Shares For Cancellation


Schroder UK Growth Fund plc announces that on 22 July 2004 the Company purchased
500,000 shares for cancellation at a price of 87.75 pence per share. Following
this purchase, there are a further 166,545,900 shares in issue.



Enquiries:

John Spedding
Schroder Investment Management Limited Tel: [phone]


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