Rule 8.3 - THE PENINSULAR AND ORIENTAL STEAM NA...

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        BARCLAYS PLC
(Note 1)
Company dealt in              THE PENINSULAR AND ORIENTAL STEAM
                              NAVIGATION COMPANY PLC
Class of relevant security    ORD GBP 1.00
to which the dealings being
disclosed relate (Note 2)
Date of dealing               14 DECEMBER 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       29,297,903      (3.90%)     105,467     (0.01%)
securities
(2) Derivatives       105,467      (0.01%)       8,600     (0.00%)
(other than
options)
(3) Options and             0      (0.00%)         150     (0.00%)
agreements to
purchase/sell
Total              29,403,370      (3.91%)     114,217     (0.02%)



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

Class of                    Long                     Short
relevant
security:
5.5%
concessionary
redeemable non-
cumulative
preferred
                        Number       (%)              Number    (%)

(1)     Relevant        4,850      (0.01%)
securities

(2)  Derivatives
(other      than
options)

(3) Options and
agreements to
purchase/sell

Total                   4,850      (0.01%)


(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      371,000               4.6900
Purchase      15,520                Transfer
Purchase      1,198                 4.6875
Purchase      8,637                 4.7114
Purchase      12,900                4.6704
Sale          1,000                 4.6660
Sale          2,224                 4.6675
Sale          450                   4.7200
Sale          1,150                 4.7200
Sale          1,750                 4.7200
Sale          1,075                 4.7200
Sale          500                   4.7230
Sale          3,250                 4.6701
Sale          1,550                 4.7200
Sale          1,500                 4.7200
Sale          1,200                 4.7200
Sale          1,700                 4.7200
Sale          250                   4.7200
Sale          1,857                 4.6676
Sale          3,600                 4.6655
Sale          595                   4.7203
Sale          925                   4.7200
Sale          1,501                 4.7200
Sale          1,000                 4.7200
Sale          375                   4.7200
Sale          500                   4.7150
Sale          2,250                 4.6675
Sale          650                   4.7200
Sale          2,100                 4.6925
Sale          400                   4.7200
Sale          612                   4.7200
Sale          2,000                 4.7200
Sale          1,650                 4.6900
Sale          450                   4.7200
Sale          1,000                 4.7200
Sale          900                   4.7200
Sale          1,000                 4.7200
Sale          1,500                 4.7200
Sale          200                   4.7200
Sale          750                   4.7150
Sale          700                   4.6678
Sale          500                   4.7225
Sale          3,359                 4.7225
Sale          600                   4.7200
Sale          3,000                 4.6676
Sale          1,200                 4.6825
Sale          1,500                 4.7200
Sale          1,000                 4.7200
Sale          1,750                 4.7200
Sale          1,250                 4.7150
Sale          1,238                 4.7200
Sale          1,000                 4.7200
Sale          750                   4.7200
Sale          425                   4.7200
Sale          3,420                 4.7225
Sale          4,500                 4.7200
Sale          1,075                 4.7200
Sale          1,780                 4.7200
Sale          400                   4.7200
Sale          1,000                 4.7200
Sale          560                   4.7150
Sale          800                   4.7200
Sale          1,000                 4.7200
Sale          1,650                 4.6900
Sale          1,000                 4.7225
Sale          438                   4.7200
Sale          1,725                 4.6676
Sale          2,250                 4.7150
Sale          3,500                 4.6655
Sale          1,500                 4.7200
Sale          2,700                 4.6725
Sale          850                   4.7200
Sale          1,800                 4.6675
Sale          2,400                 4.7200
Sale          2,250                 4.7150
Sale          1,640                 4.6675
Sale          350                   4.6928
Sale          1,500                 4.7200
Sale          800                   4.7200
Sale          700                   4.7200
Sale          2,000                 4.7200
Sale          625                   4.7200
Sale          2,900                 4.7200
Sale          1,650                 4.7200
Sale          950                   4.7200
Sale          1,520                 4.6655
Sale          600                   4.7225
Sale          1,150                 4.7200
Sale          9,554                 4.7442
Sale          5,037                 4.7111



 (b)  Derivatives transactions
 (other than options)

 Product     Long/Short    Number of Securities Price Per
 name,       (Note 6)      (Note 7)             Unit (GBP)
 e.g. CFD
 CFD         Short         12,900               4.6704



 (c)  Options transactions in
 respect of existing securities

(i)  Writing, selling, purchasing
 or varying

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

 (ii) Exercising

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




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


 Nature of transaction  Details          Price per unit
 (Note 8)                                (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                         15 DECEMBER 2005
 Contact name                               BARCLAYS CORPORATE SECRETARIAT
 Telephone number                           0207 116 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