Director Shareholding

Schroders PLC
27 May 2003

                                 Schroders plc

                             Employee Benefit Trust


In compliance with Section 329 of the Companies Act 1985 and Chapter 16,
paragraph 13 of the Listing Rules, we hereby inform you that we have today been
advised that the Trustee of the Schroders Employee Benefit Trust transferred
66,894 non-voting ordinary shares to the beneficial owners on the exercise of
awards under the Company's share incentive schemes, such transfers were
effective as follows:

10th March 2003                   3,157
13th March 2003                  62,569
17th March 2003                     599
11th April 2003                     569
                                 66,984


These releases of shares are additional to those announced on 18th March 2003. A
release of 1,918 such shares on 7th March 2003 also announced on 18th March 2003
was, in fact retained in the Trust.

The potential beneficiaries of the Trust under the Company's share schemes
include, amongst others, Directors of Schroders plc.

The beneficial interests of the Directors of Schroders plc were unaffected by
the transfers.



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