SAR - RAC

Schroders PLC
07 April 2005

                                                                      FORM SAR 5

Lodge with a RIS or 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

07 April 2005...............................................................

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

Date of sale

06 April 2005...............................................................

Sale of (name of company)

RAC Plc......................................................

1. Class of voting shares (eg ordinary shares)

25p...............................................................

Number of shares/rights over shares sold

140,396........................Shares........................Rights

If rights over shares sold, as opposed to the shares themselves, specify nature
of rights

...............................................................

2. Resultant total holding of voting shares (and % of total voting shares in
issue)

20,081,507                             16.901%

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

..........        ..........%

Total percentage

16.901%



3. Party making disclosure

Schroders Plc..........................................

4. (a) Name of person selling shares or rights over shares

Schroders Plc

and, if different, 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)

Duncan Murray ...............................................................

Telephone and extension number

020 7658 2962...............................................................

Note. The resultant total percentage holding of voting shares and rights over
shares is to be calculated by reference to the percentage held and in issue
outside treasury.

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, Monitoring
Section, Tel. No: 020 7638 0129. E-mail: [e-mail]


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