RNS Number:5285R
Schroder Investment Management Ltd
31 October 2003

FORM SAR 5

Lodge with Company Announcements Office and Newstrack, if appropriate, and
the Takeover Panel. A copy must also be sent to the company the shares of
which are being sold.

Date of disclosure: 31/10/03

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

Date of sale 30/10/03

Sale of Incisive Media plc

                                                                              
  1) Class of voting      Number of shares/rights     If rights over shares   
  shares (e.g. ordinary   over shares sold            sold, as opposed to the 
  shares)                                             shares themselves,      
                                                      specify nature of rights
  Ordinary 1p shares      226,145 shares                                      
                                  rights                                              
                                                                              
  2) Resultant total holding    Resultant total holding of   Total percentage 
  of voting shares (and % of    rights over shares (and %                     
  total voting shares in        of total voting shares in                     
  issue)                        issue)      
                                  
  14,008,822 (16.901%)          ( %)                         16.901%          


(3) Party making disclosure Schroder Investment Management Limited

                                                                              
  4) (a) Name of person selling shares   Schroder Investment Management       
  or rights over shares and, if          Limited on behalf of institutional   
  different, beneficial owner            clients on a non-beneficial basis    

  (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) Alison Dunn

Telephone and extension number 020 7658 2959 (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.



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