BWD Securities PLC

Directorate Change

BWD Securities PLC
24 May 2002

Confirmation of Board Appointment

The Board of BWD Securities PLC is pleased to confirm that Nick Lane Fox has
today taken up the executive board appointment detailed in the announcement of
23 May 2002.

As at 24 May 2002, Mr Lane Fox had no interest in the ordinary shares of the
Company.  Under the Group's Savings Related Share Option Scheme Mr Lane Fox has
options over 2,713 ordinary shares at an option price of 357 pence per share,
exercisable from 1 October 2002 and has options under the Group's Employee Share
Ownership Plan over 7,500 ordinary shares at an option price of nil pence per
share, exercisable from 8 April 2005.

Mr Lane Fox has not held any other directorships in a publicly quoted company at
any time in the previous five years.

There are no disclosures to be made in respect of paragraph 6.F.2(b) to (g) of
The Listing Rules of the UK Listing Authority.

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