SAR - Alexon Group

Schroders PLC
28 November 2001

  
                                                              FORM SAR 5

Lodge with Company Announcements Office and Newstrack, if appropriate, and
the Takeover Panel. A copy must also be sent to the company the shares of
which are being sold.

Date of disclosure:     28/11/01

DISCLOSURE UNDER NOTE 3 ON RULE 5 OF THE RULES GOVERNING SUBSTANTIAL
ACQUISITIONS OF SHARES ('SARs')

Date of sale     26/11/01

Sale of          Alexon Group plc                     

                                                                              
  1)     Class of voting   Number of shares/rights       If rights over       
  shares (e.g. ordinary    over shares sold              shares sold, as      
  shares)                                                opposed to the       
                                                         shares themselves,   
                                                         specify nature of    
                                                         rights               
  Ordinary 10p shares      400,000     shares                                 
                                       rights                                   
         
                                                                              
  2)     Resultant total holding   Resultant total holding   Total percentage 
  of voting shares (and % of       of rights over shares                      
  total voting shares in issue)    (and % of total voting                     
                                   shares in issue) 
                          
      12,062,226 (19.779%)             ( %)                           19.779%   
 

(3)     Party making disclosure     Schroders plc

                                                                              
  4)     (a)     Name of person selling     Schroders plc on behalf of        
  shares or rights over shares and, if      institutional clients on a        
  different, beneficial owner               non-beneficial basis 
             
        (b)     Names of any other persons                                     
  acting by agreement or understanding                                        
     
Signed, for and on behalf of the party named in (3) above     
(Also print name of signatory)     Brenda Versteeg (Compliance Reporting
Assistant)

Telephone and extension number     020 7658 2962 (Direct line)
                           ___________________________

For full details of the SARs disclosure requirements, see Rules 3 and 5 of
the SARs. If in doubt, contact the Panel on Takeovers and Mergers, Tel. No.:
020 7638 0129.
 
END