13.3.7 General
The closing market price of the Group’s ordinary shares at 31 December 2004 was £8.48. The closing market price of the Group’s ordinary shares at 31 December 2003 was £7.235. The range during the year was £6.63 to £8.505.

Other than as disclosed in the notes to Table 8, there has been no change in the Directors’ interests in shares or options granted by the Group between the end of the financial year and 1 March 2005, the date of approval of this Annual Report and Accounts.

13.3.8 Statutory performance graph
The following graph illustrates the Group’s TSR performance compared to that of a “broad equity market index” since the Group’s inception on 10 September 2001. As HBOS has been a constituent of the FTSE 100 since inception and as performance against sector companies is illustrated in Chart 1, the Group believes that the FTSE 100 is a suitable comparator index to use for the purposes of this graph to satisfy regulatory requirements.

Chart 2

Signed on behalf of the Board of Directors

Brian Ivory
Chairman
Remuneration Committee
1 March 2005