AGM Statement

Sherwood International Plc

AGM statement

At the Annual General Meeting of Sherwood International held today,
chief executive Mike Shinya told shareholders-

"I  am  pleased to report to shareholders that Sherwood has successfully
completed the corporate re-structure and reduction in force announced in
February. Sherwood has realised the expected cost savings, resulting  in
a  halving  of  the run-rate loss - the loss of the company  before  any
licence  revenue - when compared with the second half of  2001.  At  the
same  time,  careful management of working capital means  that  Sherwood
expects  to finish the half comfortably ahead of the 2001 year-end  cash
balance of £6M, despite more than £2M payments relating to the reduction
in work-force.

Greater  sales  focus  on closure of licence contracts  earlier  in  the
period  has  resulted  in  an encouraging and  increased  visibility  of
business. Sherwood is currently executing on a record number of  project
implementation reviews; historically, we would expect to close on around
80% of these opportunities.

As  a result, Sherwood is comfortable with consensus market expectations
for  the  year.  We  now have in place an experienced board  capable  of
growing  this business organically in the pursuit of the group's  stated
"drive for five" objectives. We have also appointed Steven Bessellieu as
President of North American operations, bringing 20 years experience  of
insurance business leadership to the position.

We  are  addressing the fast growing mid tier market of the life  sector
with   the   imminent  launch  of  Amarta  Fast  Start,   completing   a
comprehensive  product portfolio. In addition, the  upcoming  launch  of
Amarta Risk focuses on Sherwood's London market heritage.

These  measures,  in  tandem  with  the  restructuring  programme,  have
significantly  streamlined  and  rationalised  our  business  making  it
thoroughly focused on delivering quantifiable returns. I look forward to
seeing these benefits come through as the year progresses".

Press enquiries:-

Mike Shinya, Chief Executive, Sherwood International Plc
Tel: [phone]

Mark Williams, Chief Financial Officer, Sherwood International Plc
Tel: [phone]

Shane Dolan, Biddicks
Tel: [phone]