Directorate Change

BWD Securities PLC
24 May 2002

Confirmation of Board Appointment

The Board of BWD Securities PLC is pleased to confirm that Robert Allen has
today taken up the executive board appointment detailed in the announcement of
23 May 2002

As at 24 May 2002, Mr Allen had an interest in 10,141 ordinary shares of the
Company.  Additionally, under the Group's Savings Related Share Option Scheme Mr
Allen has options over 2,713 ordinary shares at an option price of 357 pence per
share, exercisable from 1 October 2002, has options under the Group's Executive
Share Option Scheme over 5,000 shares at an option price of 125 pence per share,
exercisable in the period up until 31 March 2004 and has options under the
Group's Employee Share Ownership Plan over 7,500 ordinary shares at an option
price of nil pence per share, exercisable from 8 April 2005.

Mr Allen has not held any other directorships in a publicly quoted company at
any time in the previous five years.

There are no disclosures to be made in respect of paragraph 6.F.2(b) to (g) of
The Listing Rules of the UK Listing Authority.


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