Rule 8.3 - EXEL

Lloyds TSB - Securities Administration
                  

FORM 8.3

DEALINGS BY PERSONS WHO OWN OR CONTROL 1% OR MORE OF ANY CLASS OF RELEVANT
SECURITY

(Rule 8.3 of The City Code on Takeovers and Mergers)


Name of purchaser/vendor *                  Lloyds TSB Group Plc
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Company dealt in                            Exel Plc (EXL)
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Relevant security dealt in                  Ord GBX27.777777
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If a connected EFM, name of offeree/offeror
 with which connected                       N/A
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If a connected EFM, nature of connection #  N/A
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Date of dealing                             27/09/05
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DEALINGS (a)


Amount bought                               Price per unit (currency must be stated)
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Amount sold                                 Price per unit (currency must be stated)
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34,573                                      12.18 GBP
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Resultant total amount and percentage of the
 same relevant security owned or controlled                                          5,165,100 (1.760 %)
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IS A SUPPLEMENTAL FORM 8 (DERIVATIVE)/FORM 8 (OPTION) ATTACHED? NO


Date of disclosure                          28/09/05
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Contact name                                Michael Sterling
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Telephone number                            020 7921 3133
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* Specify the owner or controller in addition to the person dealing. The naming
of nominees or vehicle companies is insufficient. In the case of disclosure of
dealings by fund managers on behalf of discretionary clients, the clients need
not be named.

# See the definition of "connected fund managers and principal traders" in the
Definitions Section of the Code.

(a) If disclosing dealings/holdings in derivatives or options, please attach
Supplemental Form 8 (Derivative) or Supplemental Form 8 (Option), as
appropriate.

For details of the Code's dealing disclosure requirements, see Rule 8 and its
Notes which can be viewed on the Takeover Panel's website at
www.thetakeoverpanel.org.uk.