Rule 8.3- P&O

Schroders PLC
02 November 2005

                                                                        FORM 8.3



   DEALINGS BY PERSONS WHO OWN OR CONTROL 1% OR MORE OF ANY CLASS OF RELEVANT
                                    SECURITY

              (Rule 8.3 of The City Code on Takeovers and Mergers)


Name of purchaser/vendor *                      Schroders Plc

Company dealt in                                Peninsular and Oriental Steam Navigation Company

Relevant security dealt in                      Deferred Stock GBP 1

If a connected EFM, name of offeree/offeror     n/a
with which connected

If a connected EFM, nature of connection #      n/a

Date of dealing                                 01.11.05




DEALINGS +


Amount bought                                   Price per unit (currency must be stated)


44,700                                          413.625p

14,700                                          411.5.34p


Amount sold                                     Price per unit (currency must be stated)


13,665                                          410.193p






Resultant total amount and percentage of the    73,582,642 (9.816%)
same relevant security owned or controlled



IS A SUPPLEMENTAL FORM 8 (DERIVATIVE)/FORM 8 (OPTION) ATTACHED?            NO


Date of disclosure                              02.11.05

Contact name                                    Albion Onojobi

Telephone number                                020 7658 2962




*  Specify the owner or controller in addition to the person dealing.  The
naming of nominees or vehicle companies is insufficient.  In the case of
disclosure of dealings by fund managers on behalf of discretionary clients, the
clients need not be named.

#  See the definition of 'connected fund managers and principal traders' in the
Definitions Section of the Code.

+  If disclosing dealings/holdings in derivatives or options, please attach
Supplemental Form 8 (Derivative) or Supplemental Form 8 (Option), as
appropriate.



For details of the Code's dealing disclosure requirements, see Rule 8 and its
Notes which can be viewed on the Takeover Panel's website at
www.thetakeoverpanel.org.uk.








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