RNS Number:4388H
Arbuthnot Limited
13 February 2003

FORM SAR 3

Lodge with a RIS or Newstrack and the Takeover Panel. A copy must also be sent
to the company the shares of which are acquired.

                                             Date of disclosure 13 February 2003

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

Date of acquisition:     12 February 2003

Acquisition in:     Transware plc (name of company)

(1)     Class of voting shares        Number of shares/rights over shares   If rights over shares acquired,
                                      acquired                              as opposed to the shares
     (eg ordinary shares)                                                   themselves, specify nature of
                                                                            rights

     Ordinary Shares
                                      50,000 shares


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

     8,250,148 (18.62%)                                                       18.62%


(3)     Party making disclosure: Arbuthnot Securities Limited

(4)     (a)     Name of person acquiring shares or rights over shares: Oyster
               Technology Investments Limited

          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): Dru Danford

Telephone and extension number: 020 7002 4600

                     ______________________________________


        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, Monitoring
Section, Tel. No: 020 7638 0129. E-mail: monitoring@disclosure.org.uk




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