SAR - BPP Holdings plc

Schroders PLC
7 September 2001

                                                                    FORM SAR 3

 Lodge with Company Announcements Office (which will publicise and copy to the
       Panel). A copy must also be sent to the company the shares of which are
                                                                     acquired.

Date of disclosure:     06/09/01

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

Date of acquisition     07/09/01

Acquisition in          BPP Holdings PLC

  1) Class of voting         Number of shares/rights    If rights over shares  
     shares (e.g. ordinary   over shares acquired       acquired, as opposed   
     shares)                                            to the shares          
                                                        themselves, specify    
                                                        nature of rights       
     10p ordinary shares       250,000 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)                           
     4.737,418 ( 16.495%)                                       ( 16.495%)      


(3)     Party making disclosure     Schroders plc

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

       (b) Names of any other
           persons acting by agreement or
           understanding (see SAR 5)


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)

                         ___________________________

Note.     Under SAR 5, the holdings of and acquisitions by persons acting by
agreement or understanding must be aggregated and treated as a holding of or
acquisition by one person. Note 3 on SAR 5 requires persons who must aggregate
holdings to disclose certain disposals.

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