HWY Highway Ins.

    RNS Number : 7700D
  Schroders PLC
  18 September 2008
   

    FORM 8.3

    DEALINGS BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING 1% OR MORE
    (Rule 8.3 of the City Code on Takeovers and Mergers)

    1.    KEY INFORMATION

 Name of person dealing (Note 1)                       Schroders plc
 Company dealt in                                      Highway Insurance Group
 Class of relevant security to which the dealings      Ordinary 20p
 being disclosed relate (Note 2)
 Date of dealing                                       17/09/08

    2.    INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE

 (a)  Interests and short positions (following dealing) in the class of
      relevant security dealt in (Note 3)

                                                   Long            Short
                                                Number       (%)  Number  (%)
 (1) Relevant securities                      2,786,194  1.364% 
                                                       
 (2) Derivatives (other than options)
 (3) Options and agreements to purchase/sell
 Total                                        2,786,194  1.364% 
                                                       

 (b)  Interests and short positions in relevant securities of the company,
      other than the class dealt in (Note 3)

  Class of relevant security:                 Long         Short
                                              Number  (%)  Number  (%)
 (1) Relevant securities 
 (2) Derivatives (other than options)
 (3) Options and agreements to purchase/sell
 Total

    (c)    Rights to subscribe (Note 3)

 Class of relevant security:  Details



    3.    DEALINGS (Note 4)

    (a)    Purchases and sales

 Purchase/sale   Number of securities  Price per unit (Note 5)

 Sale                         332,809                   71.00p
 Sale                         152,843                   70.94p

    (b)    Derivatives transactions (other than options)

 Product name, e.g. CFD  Long/short (Note 6)  Number of securities   Price per unit (Note
                                                          (Note 7)                     5)


    (c)    Options transactions in respect of existing securities
    (i)    Writing, selling, purchasing or varying

 Product name,e.g. call option   Writing, selling,     Number of securities  Exercise price   Type, e.g. American,  Expiry date  Option
                                 purchasing, varying    to which the option                   European etc.                     
moneypaid/received
                                 etc.                      relates (Note 7)                                                      per unit
(Note 5) 




    (ii)    Exercising

 Product name, e.g. call option  Number of securities  Exercise price per unit (Note 5)



    (d)    Other dealings (including new securities) (Note 4)

 Nature of transaction (Note 8)  Details  Price per unit (if applicable) (Note 5)



    4.    OTHER INFORMATION

    Agreements, arrangements or understandings relating to options or derivatives

    Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting
rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or
disposal of any relevant securities to which any derivative referred to on this form is referenced. If none, this should be stated.

    **************************

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    Is a Supplemental Form 8 attached? (Note 9)                NO


 Date of disclosure                                        18/09/08
 Contact name                                              Taryn O'Donoghue   
 Telephone number                                          020 7658 2959
 If a connected EFM, name of offeree/offeror with which
 connected
 If a connected EFM, state nature of connection (Note 10)
    Notes
    The Notes on Form 8.3 can be viewed on the Takeover Panel's website at www.thetakeoverpanel.org.uk






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