Keelwalk Properties Limited 20 April 2005 FORM SAR 3 Date of disclosure..12-04-05 DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING SUBSTANTIAL ACQUISITIONS OF SHARES ("SARs") Date of acquisition....01.04.05 Acquisition in..HIGHWAY CAPITAL PLC.......(name of company) (1) Class of voting shares Number of shares/rights If rights over shares (eg ordinary shares) over shares acquired acquired, as opposed to the shares themselves, specify nature of rights ..ORDINARY SHARES.. .150,000....shares ..................... ...N/A..........rights (2) Resultant total holding Resultant total holding Total percentage of voting shares (and % of rights over shares of total voting shares (and % of total voting in issue) shares in issue) ..1.9 m.............(23.91%) ...............( %) .............(23.91%) (3) Party making disclosure...KEELWALK PROPERTIES LIMITED................ (4) (a) Name of person acquiring shares or rights over shares KEELWALK PROPERTIES LTD 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).ARON M FREEDMAN................... Telephone and extension number.0207 486 1233............................... 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. E-mail: monitoring@disclosure.org.uk This information is provided by RNS The company news service from the London Stock Exchange