SAR - Alpha Airports Group

Schroders PLC
14 May 2003

                                                                      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:     14/05/03

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

Date of sale     13/05/03

Sale of          Alpha Airports Group plc

                                   
1)  Class of voting shares         Number of shares/rights over       If rights over shares sold, as
    (e.g. ordinary shares)         shares sold                        opposed to the shares themselves, 
                                                                      specify nature of rights

Ordinary 10p shares                2,000,000     shares

                                                 rights


                                    
2)  Resultant total holding         Resultant total holding of rights  Total percentage
    of voting shares (and % of      over shares (and % of total voting
    total voting shares in issue)   shares in issue)


    28,932,558 (16.890%)                               ( %)               16.890%




(3)     Party making disclosure     Schroders plc
                                                      
4)     (a)     Name of person selling shares          Schroders plc on behalf of institutional clients on
        or rights over shares and, if different,      a non-beneficial basis
        beneficial owner


       (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)     Alison Dunn

Telephone and extension number     020 7658 2959 (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.


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