SAR - BPP Holdings plc

Schroders PLC
30 August 2001

                                                                    FORM SAR 3

 Lodge with Company Announcements Office (which will publicise and copy to the
       Panel). A copy must also be sent to the company the shares of which are
                                                                      acquired.

Date of disclosure:     30/08/01

  DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING SUBSTANTIAL ACQUISITIONS OF
                               SHARES ('SARs')

                       Date of acquisition     28/08/01

Acquisition in          BPP Holdings PLC


                      
    (1)     Class of   Number of shares/  If rights over shares acquired, as 
    voting shares      rights over shares opposed to the shares themselves,
    (e.g. ordinary     acquired           specify nature of rights
    shares)

10p ordinary shares        250,000 shares

                                   rights


                                   
    (2)     Resultant total        Resultant total holding of rights  Total
    holding of voting shares (and  over shares (and % of total        percentage
    % of total voting shares in    voting shares in issue)
    issue)


              4.487,418 ( 15.625%)                                     (15.625%)


(3)     Party making disclosure     Schroders plc
                                                                     
        4) (a)     Name of person             Schroders plc on behalf of
        acquiring shares or rights over       institutional clients on a
        shares and, if different, beneficial  non-beneficial basis
        owner


             (b)     Names of any other
        persons acting by agreement or
        understanding (see SAR 5)


Signed, for and on behalf of the party named in (3) above

(Also print name of signatory)     Alison Dunn

Telephone and extension number     020 7658 2959 (Direct line)

                         ___________________________

Note.     Under SAR 5, the holdings of and acquisitions by persons acting by
agreement or understanding must be aggregated and treated as a holding of or
acquisition by one person. Note 3 on SAR 5 requires persons who must aggregate
holdings to disclose certain disposals.

For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs. If in doubt, contact the Panel on Takeovers and Mergers, Tel. No.: 020
7638 0129