BWD Securities PLC
01 April 2003

BWD SECURITIES PLC



Company Announcement



As previously announced, at the Company's Annual General Meeting held yesterday
afternoon A. I. Bottomley retired as non-executive Chairman and Director of the
Company and was succeeded as non-executive Chairman by C.G. Clarke, a
non-executive director of the Company since October 1999.



The board are also pleased to announce that with effect from 31 March 2003, A.
Tyrie a non-executive director of the Company since July 2002, has succeeded
C.G. Clarke as Senior Independent Non-Executive Director of the Company.


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