Change of Adviser

Toad PLC
18 December 2002

                                    TOAD PLC

                             Appointment of Broker

The Board of Toad plc is pleased to announce the appointment of Seymour Pierce
Limited as the Company's broker with immediate effect.

For further information please contact:

Peter Ward                   Executive Chairman           Tel:     [phone]

Wilson Jennings              Finance Director             Tel:     [phone]


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