Director's Interest

Toad PLC
20 November 2001

Toad plc (the 'Company')

Notification of interests of directors - share options.

Further to his appointment as Non-executive Chairman of the Company, Peter
Ward has today been granted 500,000 options (the 'Options') over ordinary
shares of 10p each in the Company, exercisable at a price of 10p each.  The
exercise price was set at the higher of the nominal value of a Company shares
and its market price of 7p (as derived from the Daily Official List of the
London Stock Exchange) on 31 October 2001, the day before Mr Ward's
appointment.

The Options have been divided into four equal tranches that vest conditionally
upon the achievement of set milestones in the Company's share price over the
market price on the day before Mr Ward's appointment, as follows:

Tranche                        Share price target for vesting

   1                                        14p
   2                                        21p
   3                                        28p
   4                                        35p

The Options will lapse if they remain unexercised on the tenth anniversary of
their grant.

Enquiries:

Wilson Jennings                   Finance Director       020 8710 4015

20 November 2001

ENDS