Directors' Dealings

Woolwich PLC
15 December 1999

Letter to Company Announcements Office

In accordance with our Listing obligations, we write to advise you of a grant of
options of shares that have been made to the Directors of Woolwich plc, pursuant
to the rules of the Woolwich plc 1998 Executive Share Option Plan.  Details of
the options are set out in the schedule below.

The options in the second column of the schedule were granted under the Woolwich
plc 1998 Executive Share Option Plan on 14 December 1999 at 334p 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.

From:  C Fletcher Smith (Group Secretary)

Schedule referred to in the above letter
 
Director              No. of Ordinary Shares of   Total no. of Ordinary
                      10p each granted under the  shares held under the
                      Woolwich plc 1998 Exec.     Woolwich plc 1998 Exec.
                      Share Option Plan on 14     Share Option Plan
                      December 1999               (following further grant)

Mrs J M Baddeley            183,383                     285,013

Mr R H Meddings             187,125                     240,696

Mrs L M Peacock             190,868                     295,814

Mr J M Stewart              295,658                     456,305