EMM Disclosure

RNS Number:0937C
Morgan Stanley Securities Ld(EMM)
18 August 2004

FORM 38.5 (SUMMARY)

Lodge with Company Announcements Office and the Panel. 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: Morgan Stanley Securities Limited.........

Date of disclosure: 18 August 2004..........................

Contact name: Espen Marthinussen..........................

Telephone number: 020 7677 5468...........................

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

Abbey National Plc

HBOS Plc

If the attached Rule 38.5 disclosure is to amend a previous disclosure, please
state which element(s) of previous disclosure was incorrect:

........................................................................

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

FORM 38.5

CONNECTED EXEMPT MARKET-MAKERS:
DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS

Dealing in: HBOS Plc ...(name of company)

Class of security: Ordinary Shares..................................

Date of disclosure: 18 August 2004................................

Date of dealing: 17 August 2004....................................

Name of EMM: Morgan Stanley Securities Limited.............

Name of offeree/offeror with whom connected: Abbey National Plc

Total number of securities bought: 45,000............

Highest price paid*: #6.81

Lowest price paid*: #6.75

Total number of securities sold: 12,259...........

Highest price paid*: #6.85

Lowest price paid*: #6.74

Dealing in: HBOS Plc.......................

Class of security: Hedging against Contract for Difference'
(CFD)..................................

Date of disclosure: 18 August 2004..................

Date of dealing: 17 August 2004....................................

Name of EMM: Morgan Stanley Securities Limited......................

Name of offeree/offeror with whom connected: Abbey National Plc

PRODUCT BUY/SELL PRICE MATURITY SHARE REFERENCE QUANTITY

LONG CFD CLOSING 6.84 13.02.2006 8,000
LONG CFD WRITING 6.79 13.02.2006 45,000
LONG CFD CLOSING 6.77 27.03.2006 4,259

Dealing in: Abbey National Plc.......................(name of company)

Class of security: Ordinary Shares..................................

Date of disclosure: 18 August 2004................................

Date of dealing: 17 August 2004....................................

Name of EMM: Morgan Stanley Securities Limited......................

Name of offeree/offeror with whom connected: Abbey National Plc

Total number of securities bought: 339,061..........

Highest price paid*: #5.82

Lowest price paid*: #5.80

Total number of securities sold: 633,000...........

Highest price received*: #.5.80

Lowest price received*: #5.00

Dealing in: Abbey National Plc.......................

Class of security: Hedging against Contract for Difference'
(CFD)..................................

Date of disclosure: 18 August 2004..................

Date of dealing: 17 August 2004....................................

Name of EMM: Morgan Stanley Securities Limited......................

Name of offeree/offeror with whom connected: Abbey National Plc

BASKET BUY/SELL PRICE MATURITY SHARE REFERENCE
QUANTITY
SHORT CFD WRITING 5.80 16.05.2005 50,000
LONG CFD WRITING 5.80 25.02.2005 11,061
LONG CFD WRITING 5.81 13.02.2006 15,000
SHORT CFD CLOSING 5.81 13.02.2006 37,000
LONG CFD WRITING 5.81 23.03.2006 250,000
LONG CFD WRITING 5.82 31.03.2006 26,000

Exercise of Oct 04 500 Call Option

Number of shares delivered: 15,000

Price: #5.00

Exercise of Sep 04 500 Call Option

Number of shares delivered: 68,000

Price: #5.00

Exercise of 17 Sep 04 OTC Call Option

Number of shares delivered: 500,000

Price: #5.045

This information is provided by RNS
The company news service from the London Stock Exchange
END

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