Rule 8.3- Singer & Fried.

Schroders PLC
26 April 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                                Singer & Friedlander Group Plc
Relevant security dealt in                      Ord 13.5p shares

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                                 25.04.05


DEALINGS +

Amount bought                                   Price per unit (currency must 
                                                be stated)


Amount sold                                     Price per unit (currency must 
                                                be stated)

137,777                                         313.247p


Resultant total amount and percentage of the    10,371,540 (5.994%) This holding 
same relevant security owned or controlled      includes an in-specie transfer 
                                                out of 666,666 shares.


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


Date of disclosure                              26.04.05

Contact name                                    Duncan Murray

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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