RNS Number:6183C
Schroders PLC
17 October 2002

                                                                      FORM SAR 5

Lodge with Company Announcements Office and Newstrack, if appropriate, and the
Takeover Panel. A copy must also be sent to the company the shares of which are
being sold.

Date of disclosure:     17/10/02

      DISCLOSURE UNDER NOTE 3 ON RULE 5 OF THE RULES GOVERNING SUBSTANTIAL
                        ACQUISITIONS OF SHARES ("SARs")

Date of sale     16/10/02

Sale of          Alexon Group plc
                                   Number of shares/rights over       If rights over shares sold, a
1)   Class of voting shares        shares sold                        opposed to the shares themselves,
    (e.g. ordinary shares)                                            specify nature of rights

Ordinary 10p shares                                200,000     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)

        10,319,576 (16.770%)                               ( %)          16.770%


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


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


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

(Also print name of signatory)     Duncan Murray

Telephone and extension number     020 7658 2962 (Direct line)

                          ___________________________

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
END

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