Directorate

COHEN(A.) AND COMPANY PLC
10 August 1999


IN VIEW OF THE DIFFICULT TRADING CONDITIONS THE GROUP HAS EXPERIENCED OVER THE
PAST FEW YEARS AND THE RESULTANT EFFECT THAT HAS HAD ON THE PROFITABILITY OF THE
COMPANY IT HAS BEEN RESOLVED BY THE BOARD TO APPOINT AN EXECUTIVE CHAIRMAN OF
THE COMPANY AND GROUP.

IT IS PROPOSED TO APPOINT MR ROYCE RITCHIE TO THE POSITION .  THE BOARD
CONSIDERS THAT MR RITCHIE HAS THE SKILLS AND EXPERIENCE NECESSARY TO IMPROVE THE
PERFORMANCE OF THE COMPANY AND GROUP AND WILL PROVIDE HIM WITH THE AUTHORITY TO
MAKE THE NECESSARY CHANGES TO DO SO.  IN RECOGNITION OF THE IMPORTANCE OF THE
COMPANY INVESTMENT IN NONFERRAL PTY LTD, MR RITCHIE, WHO RESIDES IN AUSTRALIA,
WILL ALSO BECOME EXECUTIVE CHAIRMAN OF NONFERRAL IN AUSTRALIA.

AS A RESULT OF THE CHANGES AT NONFERRAL MR PETER FREBURG HAS RESIGNED BUT HAS
AGREED TO REMAIN AVAILABLE TO ASSIST MR RITCHIE IN THE HANDOVER THERE.  AS A
FURTHER RESULT OF THE CHANGES, THE POSITION OF MANAGING  DIRECTOR HAS CEASED TO
EXIST.

IN THE UNITED KINGDOM MR ROGER COHEN WILL REMAIN AS MANAGING DIRECTOR WHILST MR
C.A. COHEN WILL STEP DOWN AS CHAIRMAN BUT REMAIN AS A DIRECTOR.