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               23 FEBRUARY 2006


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              27,031,393     (3.60%)      10,737    (0.00%)
securities
(2) Derivatives               10,737     (0.00%)           0    (0.00%)
(other than options)
(3) Options and                    0     (0.00%)         150    (0.00%)
agreements to
purchase/sell

Total                     27,042,130     (3.60%)      10,887    (0.00%)


(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           4,250       (0.01%)
securities

(2) Derivatives
(other than
options)

(3) Options and
agreements to
purchase/sell

Total                  4,250       (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      5,353                5.1350
Purchase      5,416                5.1400
Sale          1,700                5.1400
Sale          3,500                5.1401
Sale          355                  5.1400
Sale          1,680                5.1400
Sale          1,050                5.1400
Sale          2,350                5.1400
Sale          440                  5.1400
Sale          2,000                5.1400
Sale          1,000                5.1400
Sale          1,500                5.1400
Sale          5,000                5.1400
Sale          1,275                5.1400
Sale          6,500                5.1400
Sale          4,000                5.1400
Sale          900                  5.1400
Sale          422                  5.1400
Sale          1,100                5.1400
Sale          3,450                5.1400
Sale          4,350                5.1400
Sale          2,000                5.1400
Sale          6,500                5.1401
Sale          7,500                5.1400
Sale          650                  5.1401
Sale          1,850                5.1400
Sale          635                  5.1401
Sale          700                  5.1400
Sale          475                  5.1400
Sale          352                  5.1401
Sale          3,000                5.1400
Sale          1,600                5.1400
Sale          750                  5.1401
Sale          6,500                5.1400
Sale          450                  5.1401
Sale          2,000                5.1400
Sale          2,000                5.1400
Sale          5,500                5.1426
Sale          1,800                5.1400
Sale          300                  5.1400
Sale          1,850                5.1401
Sale          7,000                5.1424
Sale          1,500                5.1400
Sale          750                  5.1400
Sale          430                  5.1400
Sale          1,550                5.1400
Sale          1,910                5.1400
Sale          3,000                5.1400
Sale          1,550                5.1400
Sale          330                  5.1401
Sale          435                  5.1400
Sale          1,500                5.1401
Sale          1,280                5.1400
Sale          2,058                5.1426
Sale          2,000                5.1401
Sale          800                  5.1400
Sale          4,000                5.1400
Sale          500                  5.1400
Sale          171                  5.1400
Sale          1,785                5.1400
Sale          400                  5.1401
Sale          1,000                5.1400
Sale          1,150                5.1401
Sale          3,000                5.1400
Sale          385                  5.1401
Sale          365                  5.1401
Sale          2,000                5.1400
Sale          1,500                5.1401
Sale          3,500                5.1400
Sale          700                  5.1400
Sale          2,000                5.1400
Sale          1,300                5.1400
Sale          1,400                5.1400
Sale          493                  5.1400
Sale          440                  5.1400
Sale          5,575                5.1400
Sale          400                  5.1401
Sale          1,500                5.1401
Sale          2,280                5.1400
Sale          1,250                5.1400
Sale          800                  5.1400
Sale          3,000                5.1400
Sale          1,000                5.1400
Sale          900                  5.1400
Sale          1,160                5.1400
Sale          18,624               5.1400
Sale          10,737               5.1420



(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         Long          10,737               5.1420


(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 (GBP)
                varying 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                         24 FEBRUARY 2006
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