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 2007 are included in the table below. Options held at 1 January 2007 and the related option price have been restated to reflect the bonus issue of ordinary shares in May 2007.

      Options exercised in 2007      
Options held at 31 December 2007
  Options held at 1 January 2007 Options granted in 2007 Number Market price at date of exercise
£		 Option price
£		 Number Exercise period
Sir Fred Goodwin 493,713   493,713 5.32 2.92 –  
  8,889       3.73 8,889 04.03.02 – 03.03.09
  81,918       3.99 81,918 03.06.02 – 02.06.09
  460,944       2.60 460,944 29.03.03 – 28.03.10
  131,100       5.73 131,100 14.08.04 – 13.08.11
  123,900       6.06 123,900 14.03.05 – 13.03.12
  218,400       4.12 218,400 13.03.06 – 12.03.13
  432,525       5.78 432,525 11.03.07 – 10.03.14
  477,153       5.76 477,153 10.03.08 – 09.03.15
  485,961       6.17 485,961 09.03.09 – 08.03.16
  3,801       4.35 3,801 01.10.10 – 31.03.11(1)
    695,188     5.61 695,188 16.08.10 – 15.08.17
  2,918,304         3,119,779  
Mr Cameron 57,582       3.73 57,582 04.03.02 – 03.03.09
  115,233       2.60 115,233 29.03.03 – 28.03.10
  450   450 6.77 5.21 –  
  78,600       5.73 78,600 14.08.04 – 13.08.11
  95,400       6.06 95,400 14.03.05 – 13.03.12
  157,800       4.12 157,800 13.03.06 – 12.03.13
  151,383       5.78 151,383 11.03.07 – 10.03.14
  5,595   5,595 5.24 3.28 –  
  242,916       5.76 242,916 10.03.08 – 09.03.15
  255,129       6.17 255,129 09.03.09 – 08.03.16
    374,332     5.61 374,332 16.08.10 – 15.08.17
  1,160,088         1,528,375  
Mr Fish 323,631       3.11 323,631 11.05.01 – 10.05.08
  112,809       5.76 112,809 10.03.08 – 09.03.15
  333,387       6.17 333,387 09.03.09 – 08.03.16
    523,640     5.61 523,640 16.08.10 – 15.08.17
  769,827         1,293,467  
Mr Fisher 42,843       3.08 42,843 01.04.02 – 31.03.09
  99,873       2.60 99,873 29.03.03 – 28.03.10
  65,400       5.73 65,400 14.08.04 – 13.08.11
  68,100       6.06 68,100 14.03.05 – 13.03.12
  121,500       4.12 121,500 13.03.06 – 12.03.13
  118,944       5.78 118,944 11.03.07 – 10.03.14
  182,187       5.76 182,187 10.03.08 – 09.03.15
  933   933 5.24 4.03 –  
  435       4.35 435 01.10.08 – 31.03.09(1)
  184,260       6.17 184,260 09.03.09 – 08.03.16
    262,033     5.61 262,033 16.08.10 – 15.08.17
    1,611     4.69 1,611 01.10.10 – 31.03.11(1)
  884,475         1,147,186  
Mr Pell 153,648   153,648 4.40 2.60 –  
  87,300       5.73 87,300 14.08.04 – 13.08.11
  82,800       6.06 82,800 14.03.05 – 13.03.12
  149,400       4.12 149,400 13.03.06 – 12.03.13
  141,651       5.78 141,651 11.03.07 – 10.03.14
  151,821       5.76 151,821 10.03.08 – 09.03.15
  187,095       6.17 187,095 09.03.09 – 08.03.16
    259,894     5.61 259,894 16.08.10 – 15.08.17
  953,715         1,059,961  
Mr Whittaker 170,085       6.17 170,085 09.03.09 – 08.03.16
  3,705       4.61 3,705 01.10.13 – 31.03.14(1)
    280,749     5.61 280,749 16.08.10 – 15.08.17
  173,790         454,539  

Note:

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

See the performance conditions for options granted in 2007.

No options had their terms and conditions varied during the accounting period to 31 December 2007. No payment is required on the award of an option.

See the performance condition applying to executive share options granted in 2007 and exercisable in August 2010.

For executive share options where the first exercisable date is between March 2002 and March 2009 inclusive, options are exercisable only if, over a three year period, the growth in the company's EPS has exceeded the growth in the Retail Prices Index (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 2007 was £4.44 and the range during the year to 31 December 2007 was £3.97 to £7.20.

In the ten year period to 31 December 2007, awards made that could require new issue shares under the company's share plans represented 5.5% of the company's issued ordinary share capital, leaving an available dilution headroom of 4.5%.