Exercise of Warrants

SCHRODER UK GROWTH FUND PLC
10 September 1999

EXERCISE OF WARRANTS

The Company announces that 731 warrant holders applied to exercise their
subscription rights over 587,438 ordinary shares of 25p each in accordance with
the Terms and Conditions of Warrants in the Company.

Following the allotment of these shares, the Company's issued share capital has
increased to 223,900,778 ordinary shares.  There are a further 29,522,007
warrants in issue which can be exercised at the subscription price of 100p per
share on 31 August (or if not a business day the next business day) in any of
the years 2000 to 2002 both inclusive.

Enquiries:
John Spedding
Schroder Investment Management Limited                Tel:  [phone]