Scheme of Arrangement

Schroders PLC
17 April 2000

Court Sanctions Scheme of Arrangement
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The  Board of Schroders plc announces that, at a hearing held today, the High
Court  sanctioned the Scheme of Arrangement to create a new holding  company,
New Schroders plc, as part of the divestment of Schroders' investment banking
business.

Dealings in the shares of the new holding company, to be immediately  renamed
Schroders  plc,  will commence tomorrow, Tuesday, 18th  April  2000,  ex  the
approximately £3 per share to be received directly by the shareholders.

Completion of the divestment is expected to take place at the end of April.

Enquiries:

N.R. MacAndrew                                    Tel:  [phone]
Group Managing Director, Finance