SAR - Games Workshop Group

Schroders PLC
28 December 2001

                                                                    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.

Reference:                         Date of disclosure:     28/12/01

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

Date of sale     27/12/01

Sale of Games Workshop Group     (name of company)


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

    5p Ordinary Shares   380,000 shares

                                 rights


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


    4,523,294 (14.971 %)                          ( %)              (14.971 %)




(3)     Party making disclosure     Schroders plc

                                                   Schroders plc on behalf of
        (4)  (a) Name of person                    institutional clients on a
        selling shares or rights over shares       non-beneficial basis
        and, if different, 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)     Ian Chappell (Compliance Manager)

Telephone and extension number     020 7658 7941 (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.

12.7.00