Private Equity Transaction

Schroders PLC
05 July 2004


                                  Schroders plc

                   Schroders plc - private equity transaction

5 July 2004


Schroders announces that on 1 July 2004 Internet Finance Partners LP, a
controlled limited partnership which is consolidated for accounting purposes,
agreed a private equity disposal for cash. This transaction is expected to
result in the recognition of a profit in the profit and loss account estimated
to be around US$90 million - (US$60 million after allowing US$30 million for
minority interest entitlements). The tax charge on this profit is expected to be
negligible. Completion is anticipated before the year end.

Approximately 20 per cent. of the sale proceeds will be held in escrow for at
least 15 months after completion as partial security against possible warranty
and adjustment claims by the purchaser.

The book value of the private equity investment is US$8million.


For further information please contact                Tel: [phone]
Julian Samways
Group Head of Corporate Communications





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