Directors' Notification of Dealing in Shares

BWD Securities PLC
5 July 2000


BWD SECURITIES PLC

DIRECTORS' DEALINGS IN SHARES

N. C. Williams, a director of the Company, has today gifted 1,500 ordinary
shares in the Company to a charitable trust.  The mid-market price at the time
of this gift was 595p per ordinary share.  His total beneficial holding
following the disposal is 442,500 ordinary shares.  His total non-beneficial
holding remains at 6,606 ordinary shares.

T. C. Jason Wood, a director of the Company, has today gifted 5,000 ordinary
shares in the Company to a charitable trust.  The mid-market price at the time
of this gift was 595p per ordinary share.  His total beneficial holding
following the disposal is 423,800 ordinary shares.