Director Shareholding

Schroders PLC
23 March 2004


                                 Schroders plc

In compliance with Chapter 16, Paragraph 13 of the Listing Rules and Section 329
of the Companies Act 1985 we hereby notify that on 19 March 2004
Mr Andrew Sykes, a Director, sold 5,940 ordinary shares in the Company at a
price of 676.5p per share and 50,474 non-voting ordinary shares at a price of
612.5p per share. He retains a beneficial interest in 1,631 non-voting ordinary
shares.

The Company has also been informed today that on 19 March 2004 the Trustee of
the Schroders Employee Benefit Trust bought 98,404 non-voting ordinary shares in
the Company at prices averaging 617p per share (including costs). Additionally
on 15 March 2004 the Trustee transferred 2,522 non-voting ordinary shares to
participants in share schemes.

The potential beneficiaries of the trust include the following directors -
Jonathan Asquith, Michael Dobson, Nicholas Ferguson, Richard Horlick, Andrew
Sykes and Massimo Tosato - who are deemed to hold a non beneficial interest in
the shares held by the trust.

Ian Johnson

23 March 2004


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