RNS Number:1031Q
Schroders PLC
24 September 2003

                                                                    FORM 8.1/8.3
Date of Disclosure: 24/09/03

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

Date of Dealing:     23/09/03

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)

                                      302,746                       240.339

(3) Resultant total of the same class owned or controlled:     40,379,165

    Percentage of class:      7.291 %

(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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