SAR - Smith(James)Estates

Schroders PLC
26 June 2001


                                                            FORM SAR 5

                                       Date of disclosure...26/06/01..

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

                 
Date of sale...22/05/01....................................................

Sale of........James Smith Estates plc....................(name of company)


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

    ..Ordinary 25p shares     .....195,650.....shares   .....................
                              ...N/A...........rights


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

    ..5,013,127...(25.756%)   ...............(    %)    ..(25.756%).....


(3) Party making disclosure...Schroders plc................................  

(4)  (a)  Name of person selling shares or rights over shares ..............
          and, if different, beneficial owner.....Schroders plc on behalf of    
                                                  institutional clients on 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  (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 7382 9026.