SAR - BPP Holdings PLC

Schroders PLC
12 August 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:     12/08/03


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

Date of acquisition     11/08/03

Acquisition in          BPP Holdings Plc

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

    10p ordinary shares          225,000 shares

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

    10,369,456 shares (18.283%)                                          (18.283%)


(3) Party making disclosure     Schroders plc

                                                      
(4) (a) Name of person acquiring                           Schroders plc on behalf of institutional clients on
        shares or rights over shares and, if               a non-beneficial basis
        different, 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 012


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