SAR - SVG Capital PLC

Schroders PLC
15 September 2004

                                                                      FORM SAR 3

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 acquired.

Date of disclosure

15 September 2004...............................................................

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

Date of acquisition

24 August 2004...............................................................

SVG Capital Plc.................................

1. Class of voting shares (eg ordinary shares)

Ordinary GBP 1...............................................................

Number of shares/rights over shares acquired

19,300...Shares........................Rights

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

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

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

27,049,291..........         ....24.010%

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

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

Total percentage

24.010%

3. Party making disclosure

Schroders plc...............................................................

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

Schroders plc...............................................................

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

Note 1.           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.

Note 2.           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.

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