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     ORD GBX 27.777777
the dealings being disclosed relate
(Note 2)
Date of dealing                         16 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     22,441,643               (7.63%)     10,980,569               (3.73%)

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

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

Total                       22,449,916               (7.63%)     11,480,569               (3.90%)


(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                        5,085                             Transfer
Sale                            402                               12.1000
Sale                            29,511                            12.1200
Sale                            2,400                             12.1208
Sale                            34,758                            12.1400
Sale                            2,890                             12.1410
Sale                            5,040                             12.1496
Sale                            520                               12.1500
Sale                            2,259                             12.1508
Sale                            3,255                             12.1509
Sale                            3,550                             12.1510
Sale                            3,995                             12.1610
Sale                            167                               12.1822



(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                                       17 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