BWD Securities PLC

Directorate Change

BWD Securities PLC
23 July 2002



BWD SECURITIES PLC

Company Announcement


The directors of BWD Securities PLC ('BWD') are pleased to announce the
appointment of Andrew Tyrie MP as a non-executive director of the Company with
immediate effect.

Mr Tyrie, 45, has been the Conservative MP for Chichester since 1997.  Mr
Tyrie's previous experience included nearly five years as a Special Adviser to
Nigel Lawson and John Major during their respective periods as Chancellor of the
Exchequer, and subsequently five years as a Senior Economist at the European
Bank for Reconstruction and Development.  Mr Tyrie has published a number of
economic and financial papers and articles.

Mike Burns, Chief Executive of BWD Securities, said 'I am delighted that Andrew
Tyrie has agreed to join the Board of BWD.  We will benefit from Andrew bringing
his broad economic and financial experience to the business'.



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