Director/PDMR Shareholding

Schroders PLC
17 May 2006



Schroders plc





In compliance with Section 329 of the Companies Act 1985 and the FSA's
Disclosure Rule 3.1.2 we hereby notify you that on 27 April 2006 the following
Directors and PDMRs of Schroders plc, had their original ECP award grants
converted from non-voting ordinary shares to ordinary shares. The conversion was
approved at the AGM on 26 April 2006.

                     Original     Converted        Total ECP         Total ECP       % of
                    ECP grant     ECP grant   interests over    interests over   ordinary
                    over non-          over       non-voting          ordinary      share
                       voting      ordinary         ordinary            shares      class
                     ordinary   shares with           shares    following this
                 shares as at   effect from   following this      notification
                      6 March      27 April     notification
                         2006          2006


Jonathan Asquith       95,484        90,877         314,366             90,877       0.04
Paul Barry             36,881        35,101          58,434             35,101       0.02
Alan Brown             33,784        32,154               0             32,154       0.01
Peter Clark            37,351        35,549         267,952             35,549       0.02
Michael Dobson        153,570       146,162       1,160,071            146,162       0.06
Lester Gray            43,054        40,976         118,947             40,976       0.02
Philip Mallinckrodt    26,173             0          96,294                  0          0
Markus Ruetimann       33,784        32,154          20,860             32,154       0.01
Graham Staples          3,071         2,921           1,408              2,921       0.00
Massimo Tosato         95,484        90,877         345,804             90,877       0.04
Howard Trust           18,514        17,620          37,739             17,620       0.01


Awards under the Equity Compensation Plan are granted for nil consideration.
They do not give rise to any immediate entitlement to shares and are at risk of
forfeiture in whole or in part before the fifth anniversary of the grant.



Graham Staples

Company Secretary



17 May 2006










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