RNS Number:9028P
Schroders PLC
18 September 2003



                                                                    FORM 8.1/8.3
Date of Disclosure: 18/09/03

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

                              ON TAKEOVERS AND MERGERS


Date of Dealing:     17/09/03

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)

           7,200                                                   242.13

(3)     Resultant total of the same class owned or controlled:     40,876,911

        Percentage of class:      7.381%

(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                NO
   
    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



                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

DCCLPMMTMMTBBJJ