SAR - Alpha Airports Grp PLC

Schroders PLC
29 October 2003

                                                                      FORM SAR 3

Lodge with a RIS or Newstrack and the Takeover Panel. A copy must also be sent
to the company the shares of which are acquired.

Date of disclosure:     29/10/03

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

Date of acquisition     28/10/03

Acquisition in          Alpha Airports Group Plc


(1)   Class of voting shares      Number of shares over    If rights over shares
      (e.g. ordinary shares)      shares acquired          acquired, as opposed 
                                                           to the shares 
                                                           themselves, specify
                                                           nature of rights
      10p ordinary shares                400,000 shares


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

      34,317,170 shares (20.033%)                                   20.033%



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


           (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 012


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