SAR - RAC PLC

RNS Number:1543T
Schroders PLC
11 December 2003

                                                                      FORM SAR 3

Lodge with a RIS or Newstrack if appropriate and the Takeover Panel.

A copy must also be sent to the company the shares of which are acquired.

Date of disclosure

11 December 2003...............................................................

DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING

SUBSTANTIAL ACQUISITIONS OF SHARES ("SARs")

Date of acquisition

10 December 2003...............................................................

Acquisition in (name of company)

RAC PLC...............................................................

1. Class of voting shares (eg ordinary shares)

25p...............................................................

Number of shares/rights over shares acquired

150,000...Shares........................Rights

If rights over shares acquired, as opposed to the shares themselves, specify
nature of rights

...............................................................

2. Resultant total holding of voting shares (and % of total voting shares in
issue)

17,782,744..........         ....15.071%

Resultant total holding of rights over shares (and % of total voting shares in
issue)

..........         ..........%

Total percentage

15.071%

3. Party making disclosure

Schroders plc...............................................................

4. (a) Name of person acquiring shares or rights over shares

Schroders plc...............................................................

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)

Alison Dunn......................................................

Telephone and extension number

020 7658 295...............................................................

Note 1.     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.

Note 2.     The resultant total percentage holding of voting shares and rights
over shares is to be calculated by reference to the percentage held and in issue
outside treasury.

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, Monitoring
Section. Tel. No: 020 7638 0129.

Email:[e-mail]




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