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Thursday 27 June, 2002

HSBC Asst Man Europe

SAR - BWD Securities PLC

HSBC Asset Management Europe Ld
27 June 2002


                                                             FORM SAR 3


                                       Date of disclosure..27 JUNE 2002........

                 DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING
                   SUBSTANTIAL ACQUISITIONS OF SHARES ('SARs')

                 
Date of acquisition..31 MAY 2002..............................

Acquisition in.......BWD SECURITIES LTD.......................(name of company)


(1) Class of voting shares    Number of shares/rights   If rights over shares
    (eg ordinary shares)      over shares acquired      acquired, as opposed
                                                        to the shares
                                                        themselves, specify
                                                        nature of rights

       ORD........             69,615.........shares    .....................
                              ...N/A..........rights


(2) Resultant total holding   Resultant total holding   Total percentage
    of voting shares (and %   of rights over shares
    of total voting shares    (and % of total voting
    in issue)                 shares in issue)

    4,034,615.........(18.30%)   ...............(    %)    .............(18.30%)


(3) Party making disclosure..HSBC ASSET MANAGEMENT (EUROPE) LIMITED............  

(4)  (a)  Name of person acquiring shares or rights over shares ............
          and, if different, beneficial owner...DISCRETIONARY CLIENTS....... 

     (b)  Names of any other persons acting by
          agreement or understanding (see SAR 5)....N/A.....................


Signed, for and on behalf of the party named in (3) above...................

(Also print name of signatory)..PETER HEAD.....................................

Telephone and extension number..020 7336 5802..................................

Note. Under SAR 5, the holdings of and acquisitions by persons acting by
agreement or understanding must be aggregated and treated as a holding of or
acquisition by one person.  Note 3 on SAR 5 requires persons who must aggregate
holdings to disclose certain disposals.

For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs.  If in doubt, contact the Panel on Takeovers and Mergers, Monitoring
Section, Tel. No: 020 7638 0129.


                 HSBC Asset Management (Europe) Limited

                  BWD Securities Limited Ord. 10p Shares

Summary of transactions and resultant totals in BWD.

Date      Amount Bought  Price Per Unit   Resultant Total    % Total

13-Mar-02    16,500        GBP 4.65         3,310,000          15.02
19-Apr-02   117,700        GBP 4.85         3,552,700          16.12
01-May-02   155,000        GBP 4.70         3,765,000          17.08


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