Directorate Change

BWD Securities PLC
21 November 2002

BWD SECURITES PLC

Company Announcement

Board Changes

The directors of BWD Securities PLC ('BWD') announce that after six years as a
director, the Chairman, Alan Bottomley, has decided to retire from the Board at
the Company's forthcoming Annual General Meeting on 31 March 2003, at which time
Christopher Clarke, who joined the Board in 1999, will succeed him as Chairman.
Tim Jason Wood, who has served as a director of the Company since 1988,
including the last seven years in a non-executive capacity, has also decided to
retire from the Board on 25 September 2003.

Given the above changes and the appointment in July 2002 of Andrew Tyrie as a
non-executive director, the directors are now pleased to announce the
appointment of Katrina Michel as a non-executive director with immediate effect.
Ms Michel, 46, has been Head of Strategy, Planning and Research at Cheetham
Bell J. Walter Thompson since 1998.  Ms Michel's previous experience at a senior
level included seven years with Ogilvy & Mather and four years with Publicis.
During 2000 Ms Michel was appointed as a non-executive director of Teamtalk
Media PLC, a publicly quoted company, a position she held until earlier this
year when the company was acquired.

Mike Burns, Chief Executive of BWD, said 'I am delighted to welcome Katrina
Michel to the Board of BWD.  The business will benefit from her particular
skills in marketing and strategy as well as from her general business
experience.'


For further information please contact:


BWD Securities PLC
Mike Burns, Chief Executive                        Tel: [phone]

Hudson Sandler
Nick Lyon                                          Tel: [phone]


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