Exercise of Warrants

Schroder UK Growth Fund PLC
21 September 2001



                                                           21 September, 2001


                             Exercise of Warrants


The Company announces that 151 warrant holders applied to exercise their
subscription rights over 143,483 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 184,390,746 ordinary shares. There are a further 25,080,456
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) 2002, the
final subscription date.


Enquiries:

John Spedding

Schroder Investment Management Limited     Tel: [phone]