Director Shareholding

Schroders PLC
20 September 2002

                                 Schroders plc





In compliance with Chapter 16.13 of the Listing Rules and Section 329 of the
Companies Act 1985 we hereby inform you that the Company has today been advised
that following the vesting of awards originally granted in March 1997 under the
Schroders Equity Compensation Plan, the Trustee of the Schroders Employee
Benefit Trust ('the Trust') transferred 37,164 Non-Voting Ordinary shares from
the Trust to participants on 17th September 2002.

Amongst the participants receiving shares was Mr. J.A. Troiano, a Director, who
was entitled to receive 5,358 Non -Voting Ordinary shares. The Trustee retained
2,144 shares to cover Mr.Troiano's tax obligations and transferred 3,214 shares
to him. He has retained the shares.

The potential beneficiaries of the Trust under the Company's share schemes
include, amongst others, Directors of Schroders plc, who accordingly, apart from
Mr Troiano as stated above, ceased to have an interest in those shares.


I. Johnson

20th September 2002


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