SAR - De La Rue PLC

Schroders PLC
12 November 2003

                                                                      FORM SAR 5

Lodge with Company Announcements Office and Newstrack, if appropriate, and the
Takeover Panel. A copy must also be sent to the company the shares of which are
being sold.

Date of disclosure:     12/11/03

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

Date of sale     11/11/03

Sale of          De La Rue plc


    1)     Class of voting shares (e.g. ordinary shares)

            Ordinary 10p shares

Number of shares/rights over shares sold

            210,000     shares
                        rights

If rights over shares sold, as opposed to the shares themselves, specify nature
of rights



    2)     Resultant total holding of voting shares (and % of total voting
    shares in issue)

             27,130,844 (14.911%)

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

Total percentage    14.911%


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

             (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

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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