Stmnt re Gabetti Holding SpA

Woolwich PLC
21 July 2000


The following statement was issued by Gabetti Holding SpA to the Milan Stock
Exchange at 16.30 BST today.  The Woolwich Group has a 20% interest in
Gabetti.

'In relation to the recent trend of Gabetti shares on the stock market, the
Woolwich Group and Gabetti Holding consider it opportune to inform that the
commercial relationship started between the two parties some years ago, and
further reinforced with the recent investment by Woolwich in the capital of
Gabetti Holding, is continuing with mutual satisfaction.

The Woolwich confirms that it has no interest in modifying the extent of its
shareholding.'