RNS Number:6439P
Schroders PLC
11 September 2003



                                                                    FORM 8.1/8.3
Date of Disclosure: 11/09/03

                   DISCLOSURE UNDER RULES 8.1 (a), 8.1 (b)(i), AND 8.3 OF THE CITY CODE

                                         ON TAKEOVERS AND MERGERS


Date of Dealing:     10/09/03

Dealing in:     TAYLOR WOODROW PLC

(1)     Class of securities (e.g. ordinary shares):          ORDINARY 25p SHARES

         (2) Amount bought                     Amount sold                     Price per unit (p)

                                                  30,000                             248.75

                                                  10,000                               249

                                                  7,780                               248.5

                                                 152,082                               250

(3)     Resultant total of the same class owned or controlled:     41,369,428

        Percentage of class:      7.469%

(4)     Party making disclosure:     SCHRODERS PLC

(5)     EITHER     (a)     Name of purchaser/vendor (Note 1) :

     OR     (b)     If dealing for discretionary client(s), name of fund management organisation:

               SCHRODERS PLC

 6. Reason for disclosure (Note 2)


    (a) associate of     (i) offeror (Note 3)               YES
                              (ii) offeree company          YES

    Specify which category or categories of associate (1-8 overleaf):     6

        If category (8), explain:

        (b) Rule 8.3 (i.e. disclosure because of ownership or control of 1% or more of the class of
        relevant securities dealt in).                    YES


Signed on behalf of the party named in (4) above: ......................................................
......

(Also print name of signatory): Alison Dunn

Telephone and extension number: 020 7658 2959



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