SAR 3 - Lupus Cap Replacement

Schroders PLC
31 March 2006

Replacement Announcement - Lupus Capital PLC

The issuer advises that the 'SAR 3 - Lupus Capital Plc' announcement released on
31 March 2006 at 11.36 under RNS Number 7613A was disclosed in error. Our
current holding of 35,714,285 shares represents 6.650% of the issued capital.




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