RNS Number:4346R
Schroder Investment Management Ltd
29 October 2003


                                                                    FORM 8.1/8.3

Date of Disclosure: 29/10/03


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

                            ON TAKEOVERS AND MERGERS



Date of Dealing:     28/10/03

Dealing in:          DEBENHAMS Plc

(1)     Class of securities (e.g. ordinary shares):          ORDINARY 10p SHARES

(2)     Amount bought               Amount sold              Price per unit (p)

                                      85,000                        466.25
                                     1,074,557                     466.125


(3)     Resultant total of the same class owned or controlled:     22,538,859
        Percentage of class:      6.157%

(4)     Party making disclosure:     SCHRODER INVESTMENT MANAGEMENT LIMITED

(5)     EITHER     (a)     Name of purchaser/vendor (Note 1) :

        OR         (b)     If dealing for discretionary client(s), name of fund
                           management organisation:

                           SCHRODER INVESTMENT MANAGEMENT LIMITED

 6. Reason for disclosure (Note 2)

    (a) associate of     (i) offeror (Note 3)          NO
                         (ii) offeree company          YES

    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): Duncan Murray

Telephone and extension number: 020 7658 2962



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