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                            30 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               9,838,276  (3.33%)                      43,108   (0.01%)
(2) Derivatives (other                7,373      (0.00%)                      0        (0.00%)
than options)
(3) Options and agreements            0          (0.00%)                      500,000  (0.17%)
to purchase/sell
Total                                 9,845,649  (3.33%)                      543,108  (0.18%)

(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)
Sale                       416                                      12.1200
Sale                       700                                      12.1200
Sale                       900                                      12.1200
Sale                       416                                      12.1200
Sale                       1,165                                    12.1200
Sale                       554                                      12.1200
Sale                       500                                      12.1111
Sale                       500                                      12.1200
Sale                       700                                      12.1211
Sale                       554                                      12.1211
Sale                       1,500                                    12.1200
Sale                       500                                      12.1111
Sale                       416                                      12.1200
Sale                       832                                      12.1200
Sale                       300                                      12.1200
Sale                       550                                      12.1211
Sale                       430                                      12.1200
Sale                       1,400                                    12.1200
Sale                       277                                      12.1200
Sale                       2,774                                    12.1200
Sale                       650                                      12.1111
Sale                       499                                      12.1200
Sale                       2,219                                    12.1200
Sale                       6,934                                    12.1200
Sale                       20,649                                   12.1100
Sale                       7,029                                    12.1100
Sale                       4,685                                    Transfer
Sale                       1,128                                    12.1150
Sale                       360,687                                  12.1185
Sale                       5,209                                    12.1150
Sale                       1,752                                    12.1150
Sale                       149,634                                  12.1185
Sale                       667                                      12.1150
Sale                       2,478                                    12.1100
Sale                       4,163                                    12.1150
Sale                       140,506                                  12.1185
Purchase                   900                                      12.0960



 (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                    900                                 12.0960

 (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                                           01 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