SAR - NHP PLC

Schroders PLC
03 November 2003

                                                                      FORM SAR 5

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

Date of disclosure:     31/10/03

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


Date of sale     03/11/03

Sale of          NHP 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 1p shares       544,299     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)   
                        
  33,776,104 (16.754%)             ( %)                           16.754% 
    
(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)     Alison Dunn (Regulatory Reporting Officer)

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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