RNS Number:4573Q
Schroders PLC
02 October 2003



                                                                    FORM 8.1/8.3
Date of Disclosure: 02/10/03

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

                            ON TAKEOVERS AND MERGERS

Date of Dealing:     01/10/03

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)

                                       76,200                     231.13
                                        3,800                     230.75

(3)     Resultant total of the same class owned or controlled:     38,929,993
        Percentage of class:      7.021%

(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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