Directors' Dealings

WOOLWICH PLC
1 September 1999


LETTER TO:      COMPANY ANNOUNCEMENTS OFFICE

In accordance with our Listing obligations, we write to advise you that Mr R H
Meddings, a Director of Woolwich plc, was granted on 1 September 1999 an option
over 53,571 ordinary shares of 10p each under the rules of the Woolwich plc 1998
Executive Share Option Plan and an allocation of 35,014 ordinary shares of 10p
each under the rules of the Woolwich plc 1998 Performance Share Plan.

The options which were granted under the Woolwich plc 1998 Executive Share
Option Plan were granted at an option price of 350p per ordinary share of 10p
each and are normally exercisable in whole or in part between the third and
tenth anniversaries of the date of grant, subject to the prior satisfaction of
the performance condition. No amount was payable on the grant of option.

The number of shares that were initially allocated under the Woolwich plc 1998
Performance Share Plan by the Trustee thereof on 1 September 1999 were based on
the Company's share price prevailing at the end of 1998 of 357p. The number of
shares, if any, over which an award may be granted will depend upon the extent
to which the performance target is satisfied over a period of three years (which
commenced on 1 January 1999) and will also be at the discretion of the Trustee.
An award will be exercisable thereafter for a period of seven years for the
nominal sum of £1 in total. No amount is payable on the initial allocation.


LETTER FROM:        WOOLWICH PLC