Director Shareholding

BWD Securities PLC
02 April 2003

BWD SECURITIES PLC



Company Announcement



BWD SECURITIES PLC - SAVINGS RELATED SHARE OPTION SCHEME



The following Options granted to directors on 13 August 1999 at an option price
of £ 3.57 per Ordinary Share in the Company have today lapsed:


R.A. Allen                                   2,713

B.A. Anysz                                   2,713

M.H. Burns                                   2,713

G.C.N. Lane Fox                              2,713

N.C. Williams                                2,713

J.P. Wragg                                   2,713



END


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