SAR 3 - Clapham House

Schroders PLC
23 May 2005

                                                                      FORM SAR 3



                           DISCLOSURE OF ACQUISITIONS

       (Rule 3 of The Rules Governing Substantial Acquisitions of Shares)




Name of acquirer                             Schroders plc

Beneficial owner, if different from above    Clients under discretionary 
                                             management agreements with Schroder
                                             Investment Management Limited and 
                                             its associates and subsidiaries.



Names of any other persons acting by agreement  n/a
or understanding (see SAR 5)

Company dealt in                                Clapham House Group plc

Class of voting shares (eg ordinary shares)     10p

Date of acquisition                             20.05.05





Number of shares acquired                       100,000

Number of rights over shares acquired #         n/a

Nature of rights over shares                    n/a

Total holding of voting shares (and percentage  3,662,184 (18.081%)
of total voting shares in issue)

Total holding of rights over shares (and        n/a
percentage of total voting shares in issue)

Combined total holding (and percentage) of      3,662,184 (18.081%)
voting shares and rights over shares


Date of disclosure                              23.05.05


Contact name                                    Duncan Murray

Telephone number                                020 7658 2962




#  See the definition of 'rights over shares' in the Definitions Section of the
SARs.



For details of the SARs disclosure requirements, see SARs 3 and 5 and their
Notes which can be viewed on the Takeover Panel's website at
www.thetakeoverpanel.org.uk.






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