RNS Number:1312E
Morgan Stanley Securities Ld(EMM)
15 October 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: 15 October 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:

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

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

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: 15 October 2004................................

Date of dealing: 14 October 2004....................................

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

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




Total number of securities bought: 1,150,046...

Highest price paid*: #6.03.....

Lowest price paid*: #5.91......



Total number of securities sold: 176,901............

Highest price received*: #6.04.....

Lowest price received*: #5.88.....











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

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

Date of disclosure:  15 October 2004..................

Date of dealing: 14 October 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           5.95         13.10.2005         1,100,000
LONG CFD       CLOSING           6.01         13.02.2006          127,000










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

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