SAR - Low & Bonar plc

Schroders PLC
07 March 2003

                                                                      FORM SAR 5

Lodge with a RIS or 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
7/3/03

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

Date of sale
6/3/03

Sale of
Low & Bonar plc

1. Class of voting shares
50p ordinary shares

Number of shares/rights over shares sold
                                  6,647 Shares      Rights

If rights over shares sold, as opposed to the shares themselves, specify nature
of rights




2. Resultant total holding of voting shares (and % of total voting shares in
issue)
                                    19,891,897 shares (19.997%)

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

Total percentage
19.997%

3. Party making disclosure
Schroders plc

4. (a) Name of person selling shares or rights over shares
Schroders plc on behalf of institutional clients on a non-commercial 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

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, Monitoring
Section, Tel. No: 020 7638 0129. E-mail: [e-mail]


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