RNS Number:7472P
Schroders PLC
15 September 2003



                                                                    FORM 8.1/8.3
Date of Disclosure: 15/09/03

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

                         ON TAKEOVERS AND MERGERS


Date of Dealing:     12/09/03

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)

                                  200,000                             241.562

(3)     Resultant total of the same class owned or controlled:     40,869,711

        Percentage of class:      7.379%

(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



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