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Schroder Inc Growth (BC!)

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Wednesday 07 January, 2004

Schroder Inc Growth

Issue of Equity

Schroder Income Growth Fund PLC
07 January 2004

                                                                  7 January 2004

                           Final Exercise of Warrants

Schroder Income Growth Fund plc announces that Warrantholders have applied to
exercise their subscription rights over 4,086,488 ordinary shares of 10p each in
accordance with the Terms and Conditions of Warrants in the Company created by
resolutions of the Board on 7th March 1995. Consequently, the Company has today
issued and allotted 4,086,488 ordinary shares in respect of shares arising on
the exercise of those warrants at the subscription price of 100p per share.

Following the allotment of these shares, the Company's issued share capital has
increased to 75,515,194 ordinary shares.

A total of 1,047,149 warrants have not been exercised. In accordance with the
terms and conditions of the warrants, the Company has appointed a trustee who,
provided that in his opinion the net proceeds of sale after deduction of all
costs and expenses incurred by him will exceed the costs of subscription, shall,
on or before 14 January 2004, exercise all the rights which have not been
exercised and sell the resulting ordinary shares for the benefit of the relevant
Warrantholders. The trustee will then distribute the net proceeds to the persons
entitled thereto before the end of February, except for entitlements of less
than £3.00 which will be transferred to the Company.

Application will be made to the UK Listing Authority and the London Stock
Exchange for the admission to the Official List and to trading of the ordinary
shares arising on exercise of the warrants.

_____________________________________________________________________

Enquiries:

John Spedding

Schroder Investment Management Limited       020 7658 3206



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