ANL Abbey Nat.

RNS Number:1724D
Morgan Stanley Securities Ld(EMM)
21 September 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: 21 September 2004..........................

Contact name: George Sobek ..........................

Telephone number: 020 7677 2488...........................

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

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

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

Date of disclosure: 21 September 2004................................

Date of dealing: 20 September 2004....................................

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

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




Total number of securities bought: 5,872,164..........

Highest price paid*: # 5.72 

Lowest price paid*: # 4.60 



Total number of securities sold: 1,661,000...........

Highest price received*: # 5.67 

Lowest price received*: # 4.20 






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

Class of security: Contract for Difference  (CFD)..........

Date of disclosure:  21 September 2004..................

Date of dealing: 20 September 2004....................................

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

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


   PRODUCT               WRITING/CLOSING                   PRICE(GBP)            MATURITY    SHARE REFERENCE
                                                                                                 QUANTITY
  LONG CFD                   WRITING                          5.72              31.03.2005        47,400
  LONG CFD                   CLOSING                          5.58              09.05.2005       145,000
  LONG CFD                   CLOSING                          5.60              30.01.2006        2,625
  LONG CFD                   CLOSING                          5.60              30.01.2006        3,600
  LONG CFD                   CLOSING                          5.60              30.01.2006        41,175
  LONG CFD                   CLOSING                          5.60              30.01.2006        16,725
  LONG CFD                   CLOSING                          5.60              30.01.2006        8,175
  LONG CFD                   WRITING                          5.60              13.02.2006       149,223
  LONG CFD                   CLOSING                          5.60              01.03.2006        1,875
  LONG CFD                   WRITING                          5.61              31.03.2006        2,777
  LONG CFD                   CLOSING                          5.60              04.05.2006         825
  LONG CFD                   WRITING                          5.60              11.05.2006       100,461
  SHORT CFD                  CLOSING                          5.62              22.11.2004      2,500,000
  LONG CFD                   WRITING                          5.60              11.09.2006        17,625


  LONG CFD                   WRITING                          5.60              11.09.2006        24,064
  LONG CFD                   WRITING                          5.60              11.09.2006        35,374
  LONG CFD                   WRITING                          5.04              19.09.2006       500,000




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

Class of security: Assignment of Options..................................

Date of disclosure:  21 September 2004..................

Date of dealing: 20 September 2004....................................

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

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





Expiry of 17 September 2004 Put Option



Number of shares bought: 107,000



Highest Price Paid: #5.50



Lowest Price Paid: #4.20





17 September 2004 OTC Option



Number of shares sold: 816,000



Highest Price Received: #5.04



Lowest Price Received: #5.00





Number of Shares Bought: 561,000



Highest Price Paid: #5.71



Lowest Price Paid: #5.50






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            The company news service from the London Stock Exchange
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