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Northern Rock PLC (NRK)

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Friday 23 January, 2004

Northern Rock PLC

Employee Share Option Scheme

Northern Rock PLC
23 January 2004

                               NORTHERN ROCK PLC

                          EMPLOYEE SHARE OPTION SCHEME

Northern Rock plc (the Company) announces that on 23 January 2004 Carey Langlois
Trust Company Limited as Trustees of the Northern Rock Employee Trust (a
discretionary trust of which all employees of the Northern Rock Group are
potential beneficiaries) transferred 11,250 Ordinary 25p Shares (Shares) in the
Company at an exercise price of £6.18 per Share and 19,000 Shares in the Company
at an exercise price of £6.41 per Share to individuals who have exercised share
options granted to them under the Company's Employee Share Option Scheme (an
Inland Revenue Approved Share Option Scheme under which options were granted to
substantially all employees). The Executive Directors are deemed for Companies
Act purposes to be interested in all Shares held by the Northern Rock Employee

Following this transaction, the Northern Rock Employee Trust holds a total of
6,380,725 Shares representing 1.51% of the Company's issued share capital.

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

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