RNS Number:4665O
Low & Bonar PLC
07 August 2003

DEALINGS BY SUBSTANTIAL SHAREHOLDERS
1)   NAME OF COMPANY

LOW & BONAR PLC

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

SCHRODER INVESTMENT MANAGEMENT LIMITED AND SUBSIDIARY AND AFFILIATED COS

3)   Please state whether notification indicates that it is in respect of a holding of the Shareholder named in 2 above 
or in respect of a non-beneficial interest or in the case of an individual holder if it is a holding of that person's 
spouse or children under the age of 18

4)   Name of the registered holder(s) and, if more than one holder, the number of shares held by each of them.

SEE BELOW

5)   Number of shares/amount of stock acquired.

N/A

6)   (N/A %) of issued Class

7)   Number of shares/amount of stock disposed

N/A

8)   ( N/A %) of issued Class

9)   Class of security

ORDINARY 50 PENCE SHARES

10) Date of transaction

N/A

11) Date company informed

7/8/03

12) Total holding following this notification

23,256,320

13) Total percentage holding of issued class following this notification

23.379%

14) Any additional information

SEE BELOW

15) Name of contact and telephone number for queries

AMANDA WHALLEY, COMPANY SECRETARY
TELEPHONE NUMBER 0207 2698 6820

16) Name and signature of authorised company official responsible for making
this notification

Date of Notification .......7 August, 2003...............

To: Low & Bonar Plc

50p ORDINARY SHARES ("SHARES")

We write to advise you that we, Schroder Investment Management Limited, have an
interest in 19,552,360 shares which are held in portfolios managed by us on a
discretionary basis for clients under investment management agreements.

Included in this figure are:-

(i) 10,150,000 shares held in (a) unit trust(s) operated and managed by an
affiliated company, Schroder Unit Trusts Limited (SUTL), and registered or to be
registered in the name of Chase Nominees Limited,

(ii) 9,402,360 shares neither registered nor to be registered in the name of
Schroder Nominees. The registration details are shown on the schedule below.

An affiliated company, Schroder Investment Management North America Inc (SIMNA
Inc), is managing (a) portfolio(s) on a similar basis holding a further
3,703,960 shares. These shares are registered or to be registered in the name of
Chase Nominees Limited.

We believe that we and our affiliated company are therefore interested in an
overall aggregate of 23,256,320 shares, representing some 23.379% of the total
number of shares in issue, namely 99,474,690 shares.

This notification is made to you:-

(a) in respect of our interest as investment mangers,

(b) on behalf of SUTL and SIMNA Inc in relation to the interests they are
treated as having respectively under the Companies Act 1985 (the Act), and

(c) on behalf of Schroders plc., our holding company, which is treated as having
an interest in all of the above shares under the Act by virtue of its ownership
SIMNA Inc, SUTL and ourselves.

LOW & BONAR PLC 50P ORDINARY SHARES
SCHEDULE

REGISTRATION AMOUNT

British Coal Staff Superannuation Scheme (Client) Nominees Ltd a/c: P 2,716,017

BT Globenet Nominees Ltd a/c 6B 750,000

Chase Manhattan Bank 523,630

Imperial Pensions Nominees Limited 1,000,000

Mineworkers Pension Scheme (Client) Nominees Ltd a/c: R 2,692,543

Nortrust Nominees Ltd 1,000,000

Nutraco Nominees Limited 720,170

9,402,360

From: Schroder Investment Management Limited


                      This information is provided by RNS
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