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Share options

Options to subscribe for ordinary shares of 25p each in the company granted to, and exercised by, directors during the year to 31 December 2006 are included in the table below:

Options exercised in 2006
Options held at
1 January		 Options
granted in		 Market price at
date of exercise		 Option price Options held at 31 December 2006
2006 2006 Number £ £ Number Exercise period
Sir George Mathewson (2) 69,257 9.33 69,257 11.05.01 – 10.05.08
147,247 7.81 147,247 29.03.03 – 28.03.10
150 12.40 150 09.08.03 – 08.08.06 (1)
20,100 17.18 20,100 14.08.04 – 13.08.11
19,500 18.18 19,500 14.03.05 – 13.03.12
36,400 12.37 36,400 13.03.06 – 12.03.13
36,044 17.34 36,044 11.03.07 – 10.03.14
41,570 17.29 41,570 10.03.08 – 09.03.15
1,347 13.64 1,347 01.10.08 – 31.03.09(1)
371,615 371,615
Sir Fred Goodwin 164,571 8.75 164,571 07.12.01 – 06.12.08
2,963 11.18 2,963 04.03.02 – 03.03.09
27,306 11.97 27,306 03.06.02 – 02.06.09
153,648 7.81 153,648 29.03.03 – 28.03.10
43,700 17.18 43,700 14.08.04 – 13.08.11
41,300 18.18 41,300 14.03.05 – 13.03.12
72,800 12.37 72,800 13.03.06 – 12.03.13
144,175 17.34 144,175 11.03.07 – 10.03.14
159,051 17.29 159,051 10.03.08 – 09.03.15
1,267 13.04 1,267 01.10.10 – 31.03.11(1)
161,987 18.52 161,987 09.03.09 – 08.03.16
810,781 161,987 972,768
Mr Cameron (3) 19,194 11.18 19,194 04.03.02 – 03.03.09
38,411 7.81 38,411 29.03.03 – 28.03.10
150 15.63 150 04.04.04 – 03.04.07(1)
26,200 17.18 26,200 14.08.04 – 13.08.11
31,800 18.18 31,800 14.03.05 – 13.03.12
52,600 12.37 52,600 13.03.06 – 12.03.13
50,461 17.34 50,461 11.03.07 – 10.03.14
1,865 9.85 1,865 01.10.07 – 31.03.08(1)
80,972 17.29 80,972 10.03.08 – 09.03.15
85,043 18.52 85,043 09.03.09 – 08.03.16
301,653 85,043 386,696
Mr Fish 107,877 9.33 107,877 11.05.01 – 10.05.08
150 150 17.36 12.40 —
37,603 17.29 37,603 10.03.08 – 09.03.15
111,129 18.52 111,129 09.03.09 – 08.03.16
145,630 111,129 150 256,609
Mr Fisher (3) 14,281 9.24 14,281 01.04.02 – 31.03.09
33,291 7.81 33,291 29.03.03 – 28.03.10
21,800 17.18 21,800 14.08.04 – 13.08.11
22,700 18.18 22,700 14.03.05 – 13.03.12
40,500 12.37 40,500 13.03.06 – 12.03.13
283 283 18.27 13.07 —
39,648 17.34 39,648 11.03.07 – 10.03.14
311 12.09 311 01.10.07 – 31.03.08(1)
60,729 17.29 60,729 10.03.08 – 09.03.15
145 13.04 145 01.10.08 – 31.03.09(1)
61,420 18.52 61,420 09.03.09 – 08.03.16
233,688 61,420 283 294,825
Mr Pell 51,216 7.81 51,216 29.03.03 – 28.03.10
29,100 17.18 29,100 14.08.04 – 13.08.11
27,600 18.18 27,600 14.03.05 – 13.03.12
49,800 12.37 49,800 13.03.06 – 12.03.13
47,217 17.34 47,217 11.03.07 – 10.03.14
50,607 17.29 50,607 10.03.08 – 09.03.15
62,365 18.52 62,365 09.03.09 – 08.03.16
255,540 62,365 317,905
Mr Watt (4) 70,148 12.83 70,148 04.09.03 – 03.09.10
23,300 17.18 23,300 14.08.04 – 13.08.11
22,100 18.18 22,100 14.03.05 – 13.03.12
42,500 12.37 42,500 13.03.06 – 12.03.13
43,253 17.34 43,253 11.03.07 – 10.03.14
57,259 17.29 57,259 10.03.08 – 09.03.15
258,560 258,560
Mr Whittaker (5) 56,695 18.52 56,695 09.03.09 – 08.03.16
1,235 13.84 1,235 01.10.13 – 31.03.14(1)
57,930 57,930

Notes:

(1) Options held under the sharesave and option 2000 schemes, which are not subject to performance conditions.

(2) Sir George Mathewson retired from the Board on 28 April 2006. The figures quoted above are as at cessation. Subsequently, Sir George exercised his option over 150 shares on 8 June 2006.

(3) Options held at 1 January 2006 by Mr Cameron and Mr Fisher were granted prior to their appointment to the Board on 1 March 2006.

(4) Mr Watt resigned from the Board on 31 January 2006. The figures quoted above are as at cessation. Subsequently, Mr Watt exercised all of his options on 10 October 2006.

(5) Mr Whittaker was appointed to the Board on 1 February 2006.

The performance conditions for options granted in 2006 are detailed on page 116.No options had their terms and conditions varied during the accounting period to 31 December 2006. No payment is required on the award of an option.

The executive share options which are exercisable from March 2002 onwards are subject to the satisfaction of an EPS growth target which provides that options are exercisable only if, over a three year period, the growth in the company’s EPS has exceeded the growth in the RPI plus 9%. In respect of executive share options exercisable before March 2002 the performance condition is that the growth in the company’s EPS over three years has exceeded the growth in the RPI plus 6%.

The market price of the company’s ordinary shares at 31 December 2006 was £19.93 and the range during the year to 31 December 2006 was £16.69 to £19.99.

In the ten year period to 31 December 2006, awards made that could require new issue shares under the company’s share plans represented 4.8% of the company’s issued ordinary share capital, leaving an available dilution headroom of 5.2%.

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