RNS Number:3206K
Abbey National PLC
24 April 2003

Abbey National plc today holds its AGM, at 11am, the Barbican Hall, Barbican
Centre, London.

AGM Agenda

The meeting will deal with the proposed resolutions as outlined in the Notice of
Meeting, and will provide a summary of the business and financial performance in
2002.

The following are extracts from the speech to be made by Lord Burns, Chairman at
the meeting.

"Last year, I spoke of the challenges we were facing. Looking back at 2002, it
is clear that these were greater than expected. The loss made in 2002 is
extremely unsatisfactory, and on behalf of the Board I would like to express our
regret for the results and dividend cut. The loss reflected the harsh impact on
Abbey National of extremely difficult market conditions.  We were not well
positioned for these market conditions, and this led to a number of material
charges and write-offs.

When we presented the 2002 results in February this year, we highlighted our
strategic goals as well as the challenges expected. These included a tough
market, and the working through into our results of various negative issues from
2002.  These challenges apply to both the Portfolio Business Unit, in the form
of realisation losses, and our PFS businesses.

Progress has already been made in 2003 in implementing the strategy of focusing
solely on UK Personal Financial Services.  The major structural changes are now
in place and many other important building blocks are coming together.

In our Portfolio Business Unit, we have made good progress on risk reduction and
asset sales since the beginning of the year and we were pleased to complete the
First National sale to GE Consumer Finance earlier this month.

Our PFS trading performance so far this year generally reflects the issues we
set out in February.  In addition, as other companies have reported,
significantly lower investment product sales have been recorded to date.

I am convinced that we have the right strategy for Abbey National and a bright
future ahead of us, despite the current problems and difficulties in financial
markets. We have a very fine business, with a strong brand and franchise and
great potential.  Our employees are key to our success and I would like to thank
them for their continued hard work and commitment. We are united in our
determination to restore Abbey National to a path of value creation for our
shareholders."



Further Updates

The Interim results on 30 July will provide a formal update of financial trading
performance in 2003 and progress on our new strategy. A summary of key trends
will also be available in the Pre-Close Statement on 18 June.

Contacts

Thomas Coops               (Director of Communications)            020 7756 5536

Jon Burgess                (Head of Investor Relations)            020 7756 4182

Christina Mills            (Head of Media Relations)               020 7756 4212

For more information:       investor@abbeynational.co.uk


Forward Looking Statement:

This document contains certain "forward-looking statements" with respect to
certain of Abbey National's plans and its current goals and expectations
relating to its future financial condition, performance and results.  By their
nature, all forward-looking statements involve risk and uncertainty because they
relate to future events and circumstances which are beyond Abbey National's
control including among other things, UK domestic and global economic and
business conditions, market related risks such as fluctuations in interest rates
and exchange rates, the policies and actions of regulatory authorities, the
impact of competition, inflation, deflation, the timing, impact and other
uncertainties of future acquisitions or combinations within relevant industries,
as well as the impact of tax and other legislation and other regulations in the
jurisdictions in which Abbey National and its affiliates operate.  As a result,
Abbey National's actual future financial condition, performance and results may
differ materially from the plans, goals, and expectations set forth in Abbey
National's forward-looking statements.




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