Rule 8.3 - EXEL

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 *                         BARCLAYS PLC
Company dealt in                                   EXEL
Relevant security dealt in                         ORD GBX 27.777777
If a connected EFM, name of offeree/offeror with
which connected
If a connected EFM, nature of connection #

Date of dealing                                    15 SEPTEMBER 2005

DEALINGS †

Amount bought                               Price per unit  (currency must be stated)
7,959                                       12.1100
17,311                                      12.0329

Amount sold                                 Price per unit (currency must be stated)
400                                         12.0500
700                                         12.0450
1,540                                       12.0400
13,500                                      12.1300

Resultant total amount and percentage of the
same relevant security owned or controlled  14,104,516 (4.79%)


IS A SUPPLEMENTAL FORM 8 (DERIVATIVE)/FORM 8 (OPTION) ATTACHED? YES

Date of disclosure   16 SEPTEMBER 2005
Contact name         BARCLAYS CORPORATE SECRETARIAT
Telephone number     0207 116 2913

* 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.

† 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.

SUPPLEMENTAL FORM 8 (DERIVATIVE)

DEALINGS/HOLDINGS IN DERIVATIVES
(This form should be attached to Form 8.1, Form 8.1(b)(ii), Form 8.2 or Form 8.3, as appropriate)

Description of all derivative products       CFD - A purchaser of a CFD will realise
disclosed on this form                       a gain if the price of the underlying security
                                             goes up. A seller of a CFD will realise a gain
                                             if the price of the underlying security goes down.
                                             The CFD contracts are open ended and there is no
                                             rollover into new contracts.


Full details of any agreement, arrangement   None
or understanding between the person
disclosing and any other person 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.


WRITING/ENTERING INTO A DERIVATIVE

Product name   Transaction    Writing/        Number of        Reference price   Maturity date
eg long CFD    date           entering into   securities       (currency
                              (indicate as    to which the     must be stated)
                              applicable)     derivative
                                              is referenced
Long CFD       15/09/2005     Written         13,500           12.1300
Long CFD       15/09/2005     Written         17,311           12.0329


CLOSING OUT A DERIVATIVE

Product name   Transaction    Number of        Reference price   Closing out price
eg long CFD    date           securities       (currency         (currency must be
                              to which the     must be stated)   stated)
                              derivative
                              is referenced


DETAILS OF OPEN DERIVATIVES (excluding any transaction set out above)

Product name   Transaction    Written/        Number of          Reference price   Maturity date
eg long CFD    date           entered into    securities         (currency
                              (indicate as    to which the       must be stated)
                              applicable)     derivative
                                              is referenced
Short CFD      19/11/2001     Entered into    21,365             8.2709
Long CFD       22/11/2001     Entered into    21,365             7.6450
Short CFD      28/11/2001     Entered into    19,056             7.8569
Long CFD       20/12/2001     Entered into    10,265             7.7900
Short CFD      01/03/2002     Entered into    19,928             7.7500
Short CFD      10/05/2002     Entered into    13,618             8.7702
Short CFD      06/06/2002     Entered into    272,335            8.8191
Short CFD      06/06/2002     Entered into    26,611             8.8191
Short CFD      11/06/2002     Entered into    237,846            8.8635
Short CFD      11/06/2002     Entered into    16,230             8.8635
Short CFD      18/06/2002     Entered into    65,076             8.5255
Short CFD      18/06/2002     Entered into    12,315             8.5255
Short CFD      27/06/2002     Entered into    20,619             8.3499
Short CFD      06/08/2002     Entered into    185,847            6.9525
Short CFD      07/08/2002     Entered into    17,024             6.8000
Long CFD       01/10/2002     Entered into    235,587            6.2375
Long CFD       01/10/2002     Entered into    7,949              6.2375
Long CFD       02/10/2002     Entered into    96,693             6.3580
Long CFD       02/10/2002     Entered into    3,307              6.3580
Long CFD       03/10/2002     Entered into    196,217            6.3600
Short CFD      13/11/2002     Entered into    125,227            6.5930
Short CFD      14/11/2002     Entered into    86,096             6.5673
Short CFD      10/12/2002     Entered into    24,707             7.0474
Short CFD      11/12/2002     Entered into    116,024            7.0275
Short CFD      08/01/2003     Entered into    88,615             6.9134
Short CFD      09/01/2003     Entered into    82,732             6.7292
Short CFD      10/01/2003     Entered into    45,279             6.8070
Short CFD      10/01/2003     Entered into    7,364              6.8070
Short CFD      14/01/2003     Entered into    53,504             6.7587
Short CFD      15/01/2003     Entered into    37,664             6.6458
Short CFD      31/01/2003     Entered into    20,644             5.8778
Short CFD      06/02/2003     Entered into    72,600             5.9819
Long CFD       10/02/2003     Entered into    254,945            5.8763
Long CFD       10/02/2003     Entered into    10,610             5.8763
Long CFD       11/02/2003     Entered into    236,708            5.9785
Long CFD       11/02/2003     Entered into    11,476             5.9785
Long CFD       17/02/2003     Entered into    20,886             6.0400
Long CFD       20/02/2003     Entered into    87,057             6.0383
Long CFD       20/02/2003     Entered into    8,451              6.0383
Long CFD       28/02/2003     Entered into    46,542             7.6927
Short CFD      28/02/2003     Entered into    46,542             7.6927
Long CFD       19/03/2003     Entered into    52,053             5.9350
Short CFD      28/03/2003     Entered into    39,537             5.7598
Short CFD      24/04/2003     Entered into    38,394             5.8825
Short CFD      25/04/2003     Entered into    70,300             5.6701
Short CFD      30/04/2003     Entered into    9,105              6.0000
Short CFD      01/05/2003     Entered into    127,400            6.0000
Short CFD      01/05/2003     Entered into    23,814             6.0000
Short CFD      02/05/2003     Entered into    180,418            6.0000
Short CFD      02/05/2003     Entered into    19,839             6.0000
Short CFD      06/05/2003     Entered into    104,758            6.2867
Short CFD      07/05/2003     Entered into    19,623             6.5000
Long CFD       13/06/2003     Entered into    128,041            6.7376
Short CFD      20/06/2003     Entered into    27,544             6.5303
Short CFD      20/06/2003     Entered into    11,867             6.5303
Short CFD      24/06/2003     Entered into    19,751             6.3698
Short CFD      25/06/2003     Entered into    21,623             6.2668
Short CFD      25/06/2003     Entered into    8,450              6.2668
Long CFD       01/07/2003     Entered into    90,952             6.3600
Short CFD      01/07/2003     Entered into    90,952             6.3600
Long CFD       22/08/2003     Entered into    19,983             6.9672
Long CFD       26/08/2003     Entered into    17,806             6.9992
Long CFD       02/09/2003     Entered into    108,742            7.1006
Long CFD       02/09/2003     Entered into    9,392              7.1006
Short CFD      10/09/2003     Entered into    41,496             7.0149
Long CFD       29/09/2003     Entered into    124,564            6.7400
Short CFD      29/09/2003     Entered into    124,564            6.7400
Long CFD       14/10/2003     Entered into    55,758             7.2712
Long CFD       16/10/2003     Entered into    6,940              7.3000
Long CFD       02/12/2003     Entered into    103,148            7.7300
Short CFD      06/01/2004     Entered into    38,511             7.4839
Long CFD       15/01/2004     Entered into    135,331            7.7031
Long CFD       26/03/2004     Entered into    6,998              7.1800
Long CFD       31/03/2004     Entered into    8,296              7.1950
Long CFD       27/04/2004     Entered into    6,757              7.4200
Long CFD       29/04/2004     Entered into    17,313             7.1823
Long CFD       06/05/2004     Entered into    6,969              7.1450
Long CFD       10/05/2004     Entered into    10,000             6.9200
Long CFD       17/06/2004     Entered into    15,914             7.0975
Long CFD       21/06/2004     Entered into    57,181             7.2158
Long CFD       21/06/2004     Entered into    16,671             7.2158
Long CFD       07/07/2004     Entered into    23,697             7.4829
Long CFD       09/07/2004     Entered into    16,801             7.3733
Long CFD       13/07/2004     Entered into    22,364             7.4300
Long CFD       15/07/2004     Entered into    16,490             7.4015
Long CFD       15/07/2004     Entered into    75,167             7.4015
Long CFD       19/07/2004     Entered into    56,591             7.4070
Long CFD       19/07/2004     Entered into    17,453             7.4070
Long CFD       20/07/2004     Entered into    1,377              7.3498
Long CFD       21/07/2004     Entered into    28,181             7.4431
Long CFD       21/07/2004     Entered into    17,669             7.4431
Long CFD       28/07/2004     Entered into    22,544             7.3766
Long CFD       29/07/2004     Entered into    68,414             7.4065
Long CFD       30/07/2004     Entered into    13,846             7.2435
Long CFD       30/07/2004     Entered into    17,202             7.4427
Long CFD       02/08/2004     Entered into    28,214             7.1350
Long CFD       02/08/2004     Entered into    75,716             7.1350
Long CFD       04/08/2004     Entered into    18,848             7.1150
Long CFD       04/08/2004     Entered into    42,224             7.1150
Long CFD       04/08/2004     Entered into    13,587             7.1264
Long CFD       06/08/2004     Entered into    17,644             7.0420
Long CFD       06/08/2004     Entered into    20,454             7.0420
Long CFD       10/08/2004     Entered into    45,348             6.9351
Long CFD       10/08/2004     Entered into    23,536             6.9351
Long CFD       12/08/2004     Entered into    9,026              6.9100
Long CFD       12/08/2004     Entered into    58,407             6.9100
Long CFD       16/08/2004     Entered into    62,466             6.8955
Long CFD       17/08/2004     Entered into    103,984            6.9570
Long CFD       17/08/2004     Entered into    8,320              6.9570
Long CFD       19/08/2004     Entered into    7,779              7.0617
Long CFD       19/08/2004     Entered into    66,385             7.0617
Long CFD       25/08/2004     Entered into    32,509             6.9850
Long CFD       26/08/2004     Entered into    20,071             7.0650
Long CFD       03/09/2004     Entered into    27,958             7.0408
Long CFD       09/09/2004     Entered into    41,595             7.1009
Long CFD       14/09/2004     Entered into    49,219             7.0225
Long CFD       06/10/2004     Entered into    59,736             6.9748
Long CFD       19/10/2004     Entered into    17,832             7.1286
Long CFD       25/10/2004     Entered into    16,129             6.9800
Long CFD       25/10/2004     Entered into    34,011             6.9800
Long CFD       27/10/2004     Entered into    7,117              7.0437
Long CFD       02/11/2004     Entered into    18,333             7.2355
Long CFD       11/11/2004     Entered into    10,772             7.4150
Long CFD       18/11/2004     Entered into    94,607             7.3425
Short CFD      22/11/2004     Entered into    28,141             7.2540
Short CFD      24/11/2004     Entered into    12,853             7.3697
Long CFD       01/12/2004     Entered into    6,770              7.4241
Short CFD      03/12/2004     Entered into    38,642             7.4697
Long CFD       13/12/2004     Entered into    268,942            7.2000
Short CFD      13/12/2004     Entered into    268,942            7.2000
Long CFD       14/12/2004     Entered into    47,646             7.1875
Long CFD       17/12/2004     Entered into    25,232             7.1850
Long CFD       10/01/2005     Entered into    16,972             7.3403
Long CFD       17/01/2005     Entered into    23,948             7.4022
Short CFD      03/02/2005     Entered into    51,827             8.3225
Short CFD      07/02/2005     Entered into    78,115             8.4050
Long CFD       11/02/2005     Entered into    14,961             8.4453
Short CFD      16/03/2005     Entered into    51,645             8.8175
Long CFD       16/03/2005     Entered into    51,645             8.8175
Short CFD      21/03/2005     Entered into    14,727             8.6000
Long CFD       29/03/2005     Entered into    15,395             8.5238
Short CFD      07/04/2005     Entered into    9,764              8.8488
Short CFD      11/04/2005     Entered into    15,000             8.9764
Short CFD      11/04/2005     Entered into    11,061             8.9757
Short CFD      12/04/2005     Entered into    17,346             8.9006
Short CFD      12/04/2005     Entered into    13,092             8.9014
Short CFD      26/04/2005     Entered into    14,671             8.4081
Long CFD       28/04/2005     Entered into    6,797              8.1928
Long CFD       28/04/2005     Entered into    21,860             8.1928
Short CFD      29/04/2005     Entered into    11,646             8.2100
Short CFD      05/05/2005     Entered into    5,963              8.2648
Long CFD       09/05/2005     Entered into    92,040             8.3175
Short CFD      13/05/2005     Entered into    30,231             8.4371
Short CFD      13/05/2005     Entered into    10,655             8.4371
Short CFD      18/05/2005     Entered into    7,373              8.6250
Short CFD      20/05/2005     Entered into    79,783             8.6800
Long CFD       20/05/2005     Entered into    79,783             8.6800
Short CFD      25/05/2005     Entered into    5,595              8.5238
Short CFD      25/05/2005     Entered into    39,753             8.5238
Short CFD      01/06/2005     Entered into    17,144             8.4975
Short CFD      01/06/2005     Entered into    28,750             8.4848
Short CFD      06/06/2005     Entered into    7,269              8.5737
Short CFD      06/06/2005     Entered into    23,741             8.5737
Short CFD      06/06/2005     Entered into    9,831              8.5737
Short CFD      07/06/2005     Entered into    13,909             8.6390
Short CFD      07/06/2005     Entered into    23,125             8.6390
Short CFD      09/06/2005     Entered into    5,848              8.6341
Long CFD       13/07/2005     Entered into    21,832             9.0894
Short CFD      15/07/2005     Entered into    3,813              8.9380
Short CFD      15/07/2005     Entered into    5,556              8.9380
Short CFD      15/07/2005     Entered into    10,902             8.9473
Short CFD      18/07/2005     Entered into    6,464              9.0033
Short CFD      22/07/2005     Entered into    5,491              9.3500
Short CFD      26/07/2005     Entered into    3,895              9.4731
Short CFD      26/07/2005     Entered into    7,472              9.4731
Short CFD      26/07/2005     Entered into    14,845             9.4731
Short CFD      27/07/2005     Entered into    27,984             9.2964
Short CFD      29/07/2005     Entered into    5,302              9.4224
Long CFD       12/08/2005     Entered into    4,436              9.8150
Long CFD       17/08/2005     Entered into    3,477              9.8701
Long CFD       19/08/2005     Entered into    1,626              9.7650
Short CFD      23/08/2005     Entered into    666                9.8032
Short CFD      23/08/2005     Entered into    2,618              9.8032
Short CFD      23/08/2005     Entered into    2,883              9.8032
Short CFD      24/08/2005     Entered into    4,842              9.7756
Short CFD      24/08/2005     Entered into    18,973             9.7757
Short CFD      24/08/2005     Entered into    20,894             9.7757
Short CFD      25/08/2005     Entered into    3,850              9.6151
Short CFD      25/08/2005     Entered into    7,872              9.6151
Short CFD      25/08/2005     Entered into    14,688             9.6151
Short CFD      30/08/2005     Entered into    65,057             9.7925
Long CFD       30/08/2005     Entered into    65,057             9.7925
Short CFD      31/08/2005     Entered into    3,160              9.9490
Short CFD      31/08/2005     Entered into    9,780              9.9490
Short CFD      31/08/2005     Entered into    12,060             9.9490
Long CFD       31/08/2005     Written         12,060             9.9440
Long CFD       31/08/2005     Written         36,674             9.9560
Long CFD       31/08/2005     Written         2,100             10.0200
Long CFD       01/09/2005     Written         13,300            11.3824
Short CFD      01/09/2005     Written         865,351           11.5971
Short CFD      01/09/2005     Written         112,018           11.5070
Long CFD       02/09/2005     Written         2,700             11.8250
Short CFD      02/09/2005     Written         43,746            11.7330
Short CFD      02/09/2005     Entered Into    168,394           11.7094
Short CFD      02/09/2005     Entered Into    123,181           11.7094
Long CFD       05/09/2005     Written         407,395           11.7600
Short CFD      05/09/2005     Written         46,973            11.8127
Long CFD       06/09/2005     Written         12,791            11.9863
Long CFD       06/09/2005     Written         99,067            11.9530
Long CFD       06/09/2005     Written         7,500             11.9000
Short CFD      06/09/2005     Written         78,035            11.9512
Short CFD      06/09/2005     Entered into    99,067            11.9530
Short CFD      06/09/2005     Entered into    12,791            11.9923
Short CFD      07/09/2005     Written         7,300             11.8918
Long CFD       08/09/2005     Written         22,848            12.0479
Short CFD      08/09/2005     Written         43,887            11.9295
Long CFD       09/09/2005     Written         54,686            12.0003
Short CFD      09/09/2005     Written         3,303             11.9979
Long CFD       12/09/2005     Written         8,500             12.0916
Short CFD      13/09/2005     Written         60,500            12.0500
Short CFD      13/09/2005     Written         7,643             12.0421
Long CFD       14/09/2005     Written         44,900            12.0380