SAR 5 - BPP Holdings Plc

Schroders PLC
23 January 2006

                                                                      FORM SAR 5



                            DISCLOSURE OF DISPOSALS

       (Rule 5 of The Rules Governing Substantial Acquisitions of Shares)


Name of seller                                  Schroder Plc

Beneficial owner, if different from above       Clients under discretionary 
                                                management agreements with 
                                                Schroder Investment Management 
                                                Limited and its associates and 
                                                subsidiaries.


Names of any other persons acting by agreement  n/a
or understanding (see SAR 5)
Company dealt in                                BPP Holdings Plc

Class of voting shares (eg ordinary shares)     Ord 10p shares

Date of disposal                                20.01.06





Number of shares disposed of                    120,892

Number of rights over shares disposed of #      n/a
Nature of rights over shares                    n/a




Total holding of voting shares (and percentage  10,787,463 (18.801%)
of total voting shares in issue)

Total holding of rights over shares (and        n/a
percentage of total voting shares in issue)

Combined total holding (and percentage) of      10,787,463 (18.801%)
voting shares and rights over shares





Date of disclosure                              23.01.06

Contact name                                    Albion Onojobi

Telephone number                                020 7658 2962




#  See the definition of 'rights over shares' in the Definitions Section of the
SARs.



For details of the SARs disclosure requirements, see SARs 3 and 5 and their
Notes which can be viewed on the Takeover Panel's website at
www.thetakeoverpanel.org.uk.




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