Director Shareholding

Schroders PLC
16 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 the trustee of the Schroders
Employee Benefit Trust today notified the Company that it had transferred 56,455
non voting shares to two directors of Schroders plc under the terms of the
Equity Compensation Plan as follows:

On 8 March 2004 Mr Nicholas Ferguson received 3,055 non voting ordinary shares
originally awarded to him in March 1999. The shares were sold on the same day at
a price of 668.5p per share.

On 15 March 2004 Mr Andrew Sykes received 16,684 non voting ordinary shares
originally awarded to him in March 2000 and 36,716 non voting ordinary shares
originally awarded to him in March 2001.The shares were sold on the same day at
a price of 609.5p. He ceased to have a beneficial interest in an additional
4,957 non voting ordinary shares to which he would have become entitled if he
had held the awards for 5 years.

The potential beneficiaries of the trust include, in addition to the directors
stated above, Michael Dobson, Jonathan Asquith, Richard Horlick and Massimo
Tosato, who accordingly ceased to have a non beneficial interest in the shares
transferred.


Ian Johnson
16 March 2004


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