RNS Number:1848N
Schroders PLC
04 July 2003

                                                                      FORM SAR 3

Lodge with Company Announcements Office (which will publicise and copy to the
Panel). A copy must also be sent to the company the shares of which are
acquired.

Date of disclosure:     04/06/03

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

Date of acquisition     03/06/03

Acquisition in          Reed Health Group 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

      2p ordinary shares                  280,000 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)


             8,281,020 ( 22.140%)                                                  22.140%




(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)     Duncan Murray

Telephone and extension number     020 7658 2962 (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


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