Christopher Clarke New Non-executive Director

BWD SECURITIES PLC
28 October 1999



The directors of BWD Securities PLC are pleased to announce the appointment of
Christopher Clarke as a non-executive director of the company.

Mr Clarke, 55 is a chartered accountant who trained in Liverpool with Hodgson
Morris & Co and since qualifying in 1968 has spent the whole of his career in
investment management in the City of London. Since 1974 he has worked for
Henderson Investors (previously Henderson Administration Group PLC) and was a
director from 1976 until Henderson's acquisition by AMP Group in 1998. Mr
Clarke is currently managing director of Witan Investment Company PLC, which
has assets in excess of £1.7bn and is the UK's fourth largest investment trust
and also a director of Henderson Technology Trust PLC. Mr Clarke was
previously a director of ENIC PLC.

Mike Burns, Chief Executive of BWD Securities, said, 'I am delighted that
Christopher Clarke has agreed to join our board. Christopher has a wealth of
experience in investment management and I am sure that we will benefit from
both this and his broad knowledge of the financial markets in which we
operate'.