SAR - Alpha Airports

Schroders PLC
09 October 2003

                                                                      FORM SAR 5

Lodge with Company Announcements Office and Newstrack, if appropriate, and the
Takeover Panel. A copy must also be sent to the company the shares of which are
being sold.

Date of disclosure:     09/10/03

      DISCLOSURE UNDER NOTE 3 ON RULE 5 OF THE RULES GOVERNING SUBSTANTIAL
                        ACQUISITIONS OF SHARES ('SARs')

Date of sale     08/10/03

Sale of          Alpha Airports Group plc
                                   
    1)     Class of voting shares   Number of shares/rights over           If rights over shares sold, as
    (e.g. ordinary shares)          shares sold                            opposed to the shares themselves, 
                                                                           specify nature of rights

    Ordinary 10p shares                       350,000     shares

                                                          rights

                                    
    2)     Resultant total holding   Resultant total holding of rights     Total percentage
    of voting shares (and % of       over shares (and % of total voting 
    total voting shares in issue)    shares in issue)

    34,243,901 (19.990%)                               ( %)          19.990%

(3)     Party making disclosure     Schroders plc
                                                      
        4)     (a)     Name of person selling shares      Schroders plc on behalf of institutional clients on
        or rights over shares and, if different,          a non-beneficial basis
        beneficial owner

             (b)     Names of any other persons
        acting by agreement or understanding



Signed, for and on behalf of the party named in (3) above

(Also print name of signatory)     Duncan Murray

Telephone and extension number     020 7658 2962 (Direct line)

                          ___________________________

For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs. If in doubt, contact the Panel on Takeovers and Mergers, Tel. No.: 020
7638 0129.


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