Rule 8.3 - EXEL

FORM 8.3

    DEALINGS BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING 1% OR MORE
              (Rule 8.3 of the City Code on Takeovers and Mergers)


1.   KEY INFORMATION

Name of person dealing        BARCLAYS PLC
(Note 1)
Company dealt in              EXEL PLC
Class of relevant security    ORD GBX 27.777777
to which the dealings being
disclosed relate (Note 2)
Date of dealing               09 DECEMBER 2005



2.   INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE

(a)  Interests and short positions (following dealing) in the class of relevant
security dealt in (Note 3)

                           Long                     Short

                     Number       (%)         Number       (%)

(1) Relevant      7,708,657   (2.61%)              0   (0.00%)
securities
(2) Derivatives           0   (0.00%)             27   (0.00%)
(other than
options)
(3) Options and           0   (0.00%)        500,000   (0.17%)
agreements to
purchase/sell
Total             7,708,657   (2.61%)        500,027   (0.11%)



(b)  Interests and short positions in relevant securities of the company, other
     than the class dealt in (Note 3)

Class of                    Long                     Short
relevant
security:

                  Number                    Number
                  (%)                       (%)
(1)     Relevant
securities

(2)  Derivatives
(other than
options)

(3) Options and
agreements to
purchase/sell

Total


(c)  Rights to subscribe (Note 3)

Class of relevant security:   Details



3.   DEALINGS (Note 4)

(a)  Purchases and sales


Purchase/sale Number of Securities Price per unit
                                   (GBP)
Purchase      501                  12.2680
Purchase      2,558                12.2800
Purchase      216                  12.2600
Purchase      3,150                12.2600
Purchase      2,112                12.2820
Purchase      1,300                12.2661
Purchase      875                  12.2783
Purchase      219                  12.2800
Sale          2,782                Transfer
Sale          16,464               Transfer
Sale          1,470,055            Transfer
Sale          3,100                12.2997
Sale          14,801               Transfer
Sale          314,653              Transfer
Sale          55,205               Transfer
Sale          53,966               Transfer
Sale          11,608               12.3000
Sale          20                   12.2600
Sale          28,165               Transfer
Sale          633                  12.2907


(b)  Derivatives transactions (other than options)

Product    Long/Short    Number of Securities  Price Per
name,      (Note 6)      (Note 7)              Unit (GBP)
e.g. CFD
CFD        Long          3,100                 12.2997
CFD        Short         1,300                 12.2661


(c)  Options transactions in respect of existing securities

(i)  Writing, selling, purchasing or varying

Product   Writing,    Number of    Exerc Type,      Expi  Option
name,     selling,    securities   ise   e.g.       ry    money
e.g. call purchasing  to which     price American,  date  paid/recei
option    , varying   the option         European         ved per
          etc.        relates            etc.             unit (Note
                      (Note 7)                            5)


(ii) Exercising

Product name, e.g.  Number of           Exercise price per
call option         securities          unit (Note 5)



(d)  Other dealings (including new securities) (Note 4)


Nature of transaction Details           Price per unit
(Note 8)                                (if applicable)
                                        (Note 5)


4.   OTHER INFORMATION

Agreements, arrangements or understandings relating to options or derivatives


Full details of any agreement, arrangement or understanding between the
person disclosing and any other person relating to the voting rights of
any relevant securities under any option referred to on this form or
relating to the voting rights or future acquisition or disposal of any
relevant securities to which any derivative referred to on this form is
referenced.  If none, this should be stated.





Is a Supplemental Form 8 attached? (Note 9)                 NO


Date of disclosure                         12 DECEMBER 2005
Contact name                               BARCLAYS CORPORATE SECRETARIAT
Telephone number                           020 7116 2913
If a connected EFM, name of
offeree/offeror with which connected
If a connected EFM, state nature of
connection (Note 10)


Notes

The Notes on Form 8.3 can be viewed on the Takeover Panel's website at
www.thetakeoverpanel.org.uk