Director Shareholding

BWD Securities PLC
10 February 2004

BWD SECURITIES PLC

Company Announcement

R A Allen, a director of the Company, has today sold 10,000 ordinary shares of
the Company at £5.06 per share.  His total beneficial holding following this
disposal is 5,141 ordinary 10 pence shares of the Company.

B A Anysz, a director of the Company, has today sold 3,000 ordinary shares of
the Company at £5.13 per share.  His total beneficial holding following this
disposal is 197,000 ordinary 10 pence shares of the Company.


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