RNS Number:9279Q
Schroders PLC
15 October 2003

                                                                      FORM SAR 5

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

Date of disclosure:     15/10/03

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

Date of sale     14/10/03

Sale of          Photo-Me International Plc

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

    Ordinary 0.5p shares                      500,000     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)


               61,395,645 (16.900%)                               ( %)          16.900%




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