Issue of options to Directors

Toad Group PLC
19 March 2004


                                 Toad Group Plc

                           ('Toad' or 'the Company')

                         Issue of options to Directors

The Board of Toad announces that it has today issued 500,000 share options over
10p ordinary shares to each of Peter Ward, Stuart Gall, Nick Grimond and Wilson
Jennings. These have been issued under the Toad 1997 Unapproved Share Option
Scheme (no3). In addition, 100,000 options over 10p ordinary shares have been
issued to David Voss under a non-executive director share option scheme. All of
the options are exercisable at 23p per share between three and seven years of
the date of grant.




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