Directorate Change

BWD Securities PLC
01 April 2003

BWD SECURITIES PLC



Company Announcement



As previously announced, at the Company's Annual General Meeting held yesterday
afternoon A. I. Bottomley retired as non-executive Chairman and Director of the
Company and was succeeded as non-executive Chairman by C.G. Clarke, a
non-executive director of the Company since October 1999.



The board are also pleased to announce that with effect from 31 March 2003, A.
Tyrie a non-executive director of the Company since July 2002, has succeeded
C.G. Clarke as Senior Independent Non-Executive Director of the Company.


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