RNS Number:4898D
Morgan Stanley Securities Ld(EMM)
29 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.


AMENDMENT TO ANNOUNCEMENT 1724D MADE AT 13:28 ON 21 SEPT 2004


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: 29 September 2004..........................

Contact name: Vala Kristinsdottir ..........................

Telephone number: 020 7677 3773...........................

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:

Amendment to CFD in 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




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: 29 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: 3,436,164..........

Highest price paid*: # 5.72

Lowest price paid*: # 4.60



Total number of securities sold: 475,000...........

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:  29 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
    SHORT CFD            CLOSING               5.72             16.05.2005             500,000



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

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

Date of disclosure:  29 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


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

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