Acquisition of Axiom Integrated Comms & Smartphone

Woolwich PLC
27 April 2000

 ACQUISITION OF AXIOM INTEGRATED COMMUNICATIONS LIMITED AND SMARTPHONE LIMITED

Woolwich plc has acquired the equity of Axiom Integrated Communications Limited
('Aicom') and Smartphone Limited. The portfolio of services to be offered by
Aicom and Smartphone will integrate the converging markets of fixed and mobile
telephony together with Internet access.

The Woolwich has acquired the equity in the two companies for a nominal sum.
Deferred consideration, solely dependent on future performance, may also be
payable. At completion, The Woolwich assumed net liabilities of approximately
£1m.