Director Shareholding

BWD Securities PLC
03 November 2003

BWD SECURITIES PLC

Company Announcement

R A Allen, a director of the Company, has today exercised options under the
Company's Executive Share Option Scheme over 5,000 ordinary 10 pence shares of
the Company, at a price of £1.25 per share.  Following this exercise, the total
beneficial holding of R A Allen increased to 15,141 ordinary 10 pence shares of
the Company.




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