RNS Number:4411P
Schroders PLC
5 September 2003





                                                                    FORM 8.1/8.3
Date of Disclosure: 05/09/03

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

                             ON TAKEOVERS AND MERGERS


Date of Dealing:     04/09/03

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)
                                                                 
                                    123,000                            251
(3)     Resultant total of the same class owned or controlled:     42,157,606

     Percentage of class:      7.612%

(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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