BWD Securities PLC
23 May 2002

                                                                   23rd May 2002

                               BWD Securities PLC




                               Board Appointments



The Board of BWD Securities PLC is pleased to announce the executive board
appointments of Nick Lane Fox as Head of Sales of BWD Rensburg and Robert Allen
as Operations Director, with effect from 24th May 2002.

Nick Lane Fox (aged 38) has been at BWD Securities for five years and worked in
a number of positions within the Company.  His most recent role was as joint
Regional Director of the Group's Investment Management business, BWD Rensburg
which included managing the integration of the new London office following the
acquisition of Dennis Murphy Campbell.  Prior to working at BWD Securities, Nick
served for ten years in the Army (The Blues and Royals) from which he retired as
a Major.  He is married with five young children and is a graduate of the
University of Newcastle-upon-Tyne.

Following Nick's appointment we are pleased to announce that Nicko Williams,
after 25 years of service, will remain on the board as an executive director
with specific responsibility for Group Development.

Robert Allen (aged 43) has been appointed to the newly created role of
Operations Director with day to day responsibility for administration and
management of BWD Rensburg.  He joined the Company in 1987 and like Nick Lane
Fox his most recent position was as joint Regional Director of BWD Rensburg.
Previously Robert was IT Director after having served as Group Financial
Controller for seven years.  He is married with two daughters and has an MBA
from Huddersfield University.

Michael Burns, Chief Executive, BWD Securities PLC said 'I am delighted that
these roles have been filled internally by such strong candidates and I know
that their abilities and in-depth knowledge of our business will further
strengthen the development of BWD Securities.

'I am equally pleased that Nicko Williams will be supporting me as we seek to
expand the Group both organically and by acquisition.'





Enquiries:
Michael Burns, Chief Executive                Tel:  0151 227 2030
BWD Securities PLC


Nick Lyon
Hudson Sandler                                Tel:  020 7796 4133



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