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                            11 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         22,543,280           (7.67%)            10,891,973           (3.71%)

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

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

Total                           22,551,553           (7.67%)            11,391,973          (3.88%)


(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                         2,266                                12.1300
Sale                             2,056                                12.0710
Sale                             587                                  12.0810
Sale                             15,200                               12.0905
Sale                             3,500                                12.0908
Sale                             800                                  12.0910
Sale                             500                                  12.1000
Sale                             3,110                                12.1008
Sale                             1,000                                12.1010
Sale                             1,200                                12.1018
Sale                             700                                  12.1020
Sale                             2,576                                12.1022
Sale                             1,705                                12.1110
Sale                             16,610                               12.1200
Sale                             7,575                                12.1208
Sale                             550                                  12.1210
Sale                             400                                  12.1230
Sale                             1,100                                12.1411
Sale                             500                                  12.1444
Sale                             450                                  12.1644


(b)  Derivatives transactions (other than options)

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



(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                                           14 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