SAR - Alpha Airports Grp plc

Schroders PLC
7 September 2001


                                                                    FORM SAR 3

Lodge with Company Announcements Office (which will publicise and copy to the
Panel). A copy must also be sent to the company the shares of which are
acquired.

Reference:                                    Date of disclosure:     07/09/01

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

Date of acquisition     06/09/01

Acquisition in          Alpha Airports Group plc


(1)   Class of            Number of shares/      If rights over shares acquired,
      voting shares       rights over shares     as opposed to the shares       
     (e.g. ordinary       acquired               themselves, specify nature of 
      shares)                                    rights

   10p ordinary shares    380,000 shares

                                  rights


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

        32,679,383 ( 19.158 %)                                   ( 19.158 %)



(3)     Party making disclosure     Schroders plc


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


        (b) Names of any other persons 
            acting by agreement or
            understanding (see SAR 5)


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

(Also print name of signatory)     Alison Dunn

Telephone and extension number     020 7658 2959 (Direct line)

                         ___________________________

Note.     Under SAR 5, the holdings of and acquisitions by persons acting by
agreement or understanding must be aggregated and treated as a holding of or
acquisition by one person. Note 3 on SAR 5 requires persons who must aggregate
holdings to disclose certain disposals.

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

12.7.00