SAR - Jacques Vert

Schroders PLC
10 July 2003



                                                                      FORM SAR 3

Lodge with a RIS or Newstrack and the Takeover Panel. A copy must also be sent
to the company the shares of which are acquired.

Date of disclosure:     10/07/03

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

Date of acquisition     09/07/03

Acquisition in          Jacques Vert plc
                                   
    1)     Class of voting shares  Number of shares over shares      If rights over shares acquired, as
    (e.g. ordinary shares)         acquired                          opposed to the shares themselves,                  
                                                                     specify nature of rights

    10p ordinary shares                          622,881 shares

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

    43,832,327 shares (23.260%)
                                                                                 23.260%

 (3)     Party making disclosure     Schroders plc

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


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