RNS Number:2845O
Schroders PLC
04 August 2003

                                                                      FORM SAR 3

Lodge with a RIS or Newstrack and the Takeover Panel. A copy must also be sent
to the company the shares of which are acquired.

Date of disclosure:     04/08/03

   DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING SUBSTANTIAL ACQUISITIONS OF
                                SHARES ("SARs")

Date of acquisition     01/08/03

Acquisition in          Low & Bonar PLC

                                    Number of shares/rights over      If rights over shares acquired, as  
(1) Class of voting shares             shares acquired                opposed to the shares themselves,
(e.g. ordinary shares)                                                specify nature of rights

50p ordinary shares                       490,800 shares

                                                  rights


                                    Resultant total holding of rights       Total percentage
(2) Resultant total holding         over shares (and % of total voting
    of voting shares (and % of      shares in issue)
    total voting shares in issue)

              23,255,520 ( 23.378%)                                          (23.378%)


(3)     Party making disclosure     Schroders plc
                                                      Schroders plc on behalf of institutional clients on
(4)     (a)     Name of person acquiring              a non-beneficial basis
        shares or rights over shares and, if
        different, beneficial owner


        (b)     Names of any other persons
        acting by agreement or understanding (see SAR
        5)


Signed, for and on behalf of the party named in (3) above

(Also print name of signatory)     Alison Dunn

Telephone and extension number     020 7658 2959 (Direct line)

                          ___________________________

Note.     Under SAR 5, the holdings of and acquisitions by persons acting by
agreement or understanding must be aggregated and treated as a holding of or
acquisition by one person. Note 3 on SAR 5 requires persons who must aggregate
holdings to disclose certain disposals.

For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs. If in doubt, contact the Panel on Takeovers and Mergers, Tel. No.: 020
7638 0129


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