FORM 38.5 (SUMMARY)

Use a separate form for each class of securities in which dealings have been
made.




CONNECTED EXEMPT MARKET-MAKERS:

DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS


Name of EMM: Dresdner Kleinwort Wasserstein Securities Limited

Date of disclosure: 9 August 2004


Contact name: Andrew Beech


Telephone number: 020 7475 6030


Please see attached disclosure of dealings under Rule 38.5 in the securities of
the following companies:

Abbey National plc

In the case of option business or dealings in derivatives full details should
be given on a separate sheet so that the nature of the dealings can be fully
understood. For options this include the number of securities under option, the
exercise period (or in the case of exercise, the exercise date), the exercise
price and any option money paid or received. For derivative this should
include, at least, the number of reference securities to which they relate
(when relevant), the maturity date (or if applicable the closing out date) and
the reference price.



For full details of the disclosure requirements see Rules 8 and 38 of the Code.
If in doubt contact the Monitoring Section of the Panel, Tel. No: 020 7638
0129.


Rule 38.5 (CFD)

           CONNECTED EXEMPT MARKET-MAKERS/EXEMPT PRINCIPAL TRADERS:            

     DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS      

Dealing in Contract for Differences ("CFD") referenced to: Abbey National plc

Date of Disclosure: 10 August 2004

Date of Dealing: 9 August 2004

Name of EMM/EPT: Dresdner Kleinwort Wasserstein Securities Limited

Name of offeree/offeror with whom connected: HBOS plc

Product Type Buy/Sell Quantity Price Maturity

Long Closing 1,000 �5.73 Open ended

Long Open 1,000 �5.73 Open ended

Short Closing 1,000 �5.7125 Open ended

Short Open 1,000 �5.7125 Open ended

Short Open 2,000 �5.76 Open ended

Long Closing 2,000 �5.775 Open ended

Long Closing 1,000 �5.7875 Open ended



END



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