(HBOS.L) HBOS PLC Buy/Sell

RNS Number:7216S

HBOS PLC

09 March 2007

The Following replaces the Directorate Change announcement released on 9th March 2007 at 14.00 Number 6859S. The forthcoming AGM date was incorrectly stated as 27th April, and has now been corrected to 25th April. All other details remain unchanged and the amended text appears below.

HBOS Non-Executive Directors

HBOS announces that Sir Brian Ivory will retire from the Board at the forthcoming AGM on 25th April. Brian has decided to stand down after serving three consecutive terms on the Boards of Bank of Scotland and, subsequently, HBOS. While Brian continues to be fully independent both in terms of his approach and outlook, it is the Group's normal policy that non-executives should not serve longer than nine years on the Board. Karen Jones will succeed Brian as Chairman of the Remuneration Committee.

Sir Brian was appointed a director of Bank of Scotland in 1998. Following the merger of Bank of Scotland and the Halifax, he became a non-executive director of HBOS plc. Brian is also Chairman of The Scottish American Investment Company plc, a director of Remy Cointreau S.A. and chairman of the National Galleries of Scotland.

David Shearer has also decided to stand down as a non-executive director of HBOS because of the potential for conflicts with some of his other business interests in which HBOS may become involved. Earlier this week, it was announced that David will become the non-executive chairman of Crest Nicholson once the recommended acquisition by Castle Bidco of that company has been successfully completed. Bank of Scotland is providing debt and equity for that acquisition

David was previously Deloitte & Touche's senior partner in Scotland & Northern Ireland and a UK board member. He was also Director of Global Corporate Finance for Deloitte Touche Tohmatsu. David was appointed a non-executive director of HBOS plc in 2004. He is also a director of Aberdeen New Dawn Investment Trust plc, SMG plc, Scottish Financial Enterprise and a Governor of The Glasgow School of Art.

As previously announced, Richard Cousins, the CEO of Compass Group plc, joined the Board earlier this month.

Dennis Stevenson, Chairman, said:

"I would like to thank Brian and David for the exceptional contribution they have made to the Group. We wish them all the best in the future.

Brian has played a major role on the boards of both Bank of Scotland and HBOS. His stewardship of our remuneration policies has simply been second to none. Brian has worked tirelessly to deepen the relationship between HBOS and its major investors.

We are naturally sorry to lose David. We are very glad, however, that his talents are far from lost to the Group as he will continue to work with our corporate banking team on a range of projects. David will also assume the chairmanship of Crest Nicholson once Castle Bidco has successfully completed its acquisition of that company."

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Contact: Shane O'Riordain - 07770 544585

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