Board Change

BWD Securities PLC
5 October 2000

                               BWD SECURITIES PLC
                                  BOARD CHANGE

The Board of BWD Securities PLC announces that Michael Dickinson, Finance
Director, has informed the Board of his intention to leave the company on 30
November 2000.

After 12 years as Finance Director of BWD Securities he wishes to take a
career break and prepare for a long-held ambition to sail his yacht around the
world. He is a founder director of the company which floated on the Stock
Market in 1988.

The Board thanks Michael for all his hard work and his contribution over the
years and wishes him well in his future pursuits.

The Board is pleased to announce that Jonathan Wragg (33), currently Company
Secretary and Group Financial Controller of BWD Securities, has been appointed
Finance Director with effect from 1 December 2000.  Jonathan qualified as a
Chartered Accountant in 1993 and gained post-qualification experience with
Arthur Andersen and then SIG plc prior to joining BWD Securities four years
ago. He is married and is a graduate from York University with an honours
degree in Mathematics and Physics.

Michael Burns, Chief Executive, BWD Securities PLC, said: 'Jonathan is an
ideal candidate for the role of Finance Director with his in-depth knowledge
of our business together with his broader financial background.'

For further information please contact:

Michael Burns, Chief Executive                   Tel: [phone]
Michael Dickinson, Group Finance Director        Tel: [phone]
BWD Securities PLC

Keith Hann / Nick Lyon                           Tel: [phone]
Hudson Sandler