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  (Note 1)           BARCLAYS PLC

Company dealt in                           EXEL PLC
Class of relevant security to which the    ORD GBX 27.777777
dealings being disclosed relate (Note 2)
Date of dealing                            08 NOVEMBER 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 securities         22,641,015           (7.70%)            11,363,212           (3.86%)

(2) Derivatives (other               8,273           (0.00%)
than options)

(3) Options and agreements                                                 500,000           (0.17%)
to purchase/sell

Total                           22,649,288           (7.70%)            11,863,212           (4.03%)


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

Class of relevant                           Long                                   Short
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                         2,034                                Transfer
Purchase                         1,537                                12.1000
Purchase                         467                                  12.1000
Purchase                         2,700                                12.0860
Sale                             450                                  12.1208
Sale                             250                                  12.1008
Sale                             275                                  12.0820
Sale                             345                                  12.1111
Sale                             600                                  12.1111
Sale                             800                                  12.1208
Sale                             400                                  12.1208
Sale                             430                                  12.1208
Sale                             425                                  12.1008
Sale                             325                                  12.1008
Sale                             540                                  12.1208
Sale                             400                                  12.1008
Sale                             1,941                                12.1208
Sale                             624                                  12.0920
Sale                             450                                  12.1208
Sale                             350                                  12.1008
Sale                             450                                  12.1008
Sale                             970                                  12.1208
Sale                             636                                  12.1053
Sale                             17,350                               12.1000


(b)  Derivatives transactions (other than options)

Product name,      Long/short (Note 6)      Number of securities (Note 7)     Price per unit (GBP)
e.g. CFD
CFD                Short                    2,700                             12.0860



(c)  Options transactions in respect of existing securities

(i)  Writing, selling, purchasing or varying

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


(ii) Exercising

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



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


Nature of transaction (Note 8)          Details                         Price per unit (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                                           10 NOVEMBER 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