SAR - Courts PLC

Schroders PLC
26 November 2003

                                                                      FORM SAR 5

Lodge with a RIS or Newstrack and the Takeover Panel. A copy must also be sent
to the company the shares of which are being sold.

Date of disclosure:     26/11/03

      DISCLOSURE UNDER NOTE 3 ON RULE 5 OF THE RULES GOVERNING SUBSTANTIAL
                        ACQUISITIONS OF SHARES ('SARs')

Date of sale     25/11/03

Sale of          Courts Plc

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

    Ordinary 10p shares        25,000     shares
                                          rights

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

    9,787,064 (15.982%)                           ( %)            15.982%


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


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

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

(Also print name of signatory)     Alison Dunn (Regulatory Reporting Officer)

Telephone and extension number     020 7658 2959 (Direct line)

                          ___________________________

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.


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