Director Shareholding

Schroders PLC
17 March 2004


                                 Schroders plc


In Compliance with Chapter 16, Paragraph 13 of the Listing Rules and Section 329
of the Companies Act 1985 we hereby notify that we have today been notified that
the Trustee of the Schroders Employee Benefit Trust has transferred non-voting
ordinary shares to participants in the Equity Compensation Plan as follows:


Date of Transfer                                          No of Shares

8 March 2004                                                    90,845
15 March 2004                                                  134,914

The numbers shown include those to which the announcement of 16 March 2004
referred.

The potential beneficiaries of the trust include the following directors -
Jonathan Asquith, Michael Dobson, Nicholas Ferguson, Richard Horlick, Andrew
Sykes and Massimo Tosato - who are deemed to have a non beneficial interest in
the shares held by the trust.


Ian Johnson

17 March 2004

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