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  (Note 1)        BARCLAYS PLC

Company dealt in                        THE PENINSULAR AND ORIENTAL STEAM NAVIGATION COMPANY PLC
Class of relevant security to which     ORD GBP 1.00
the dealings being disclosed relate
(Note 2)
Date of dealing                         25 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          30,056,541   (4.00%)                    60,077     (0.01%)
(2) Derivatives (other             60,077     (0.01%)                    16,047     (0.00%)
than options)
(3) Options and                      0        (0.00%)                      150      (0.00%)
agreements to
purchase/sell
Total                            30,116,618   (4.01%)                    76,274     (0.01%)

(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:
5.5% concessionary
redeemable non-
cumulative preferred
                               Number                   (%)         Number                   (%)

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

(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)
Sale                     750                                    4.3100
Sale                     1,530                                  4.3376
Sale                     2,000                                  4.2950
Sale                     600                                    4.2950
Sale                     1,850                                  4.2950
Sale                     500                                    4.2950
Sale                     900                                    4.2950
Sale                     580                                    4.2950
Sale                     1,000                                  4.2950
Sale                     1,000                                  4.2950
Sale                     1,500                                  4.2950
Sale                     570                                    4.3626
Sale                     2,000                                  4.2850
Sale                     1,550                                  4.2950
Sale                     1,580                                  4.2950
Sale                     820                                    4.2950
Sale                     2,000                                  4.2950
Sale                     960                                    4.2950
Sale                     500                                    4.2950
Sale                     500                                    4.3126
Sale                     700                                    4.2950
Sale                     800                                    4.2950
Sale                     1,100                                  4.2950
Sale                     1,300                                  4.2950
Sale                     750                                    4.2950
Sale                     700                                    4.2950
Sale                     800                                    4.2950
Sale                     700                                    4.2950
Sale                     1,000                                  4.2950
Sale                     1,000                                  4.2950
Sale                     600                                    4.3261
Sale                     1,050                                  4.2950
Sale                     950                                    4.3126
Sale                     1,500                                  4.2950
Sale                     500                                    4.2950
Sale                     1,750                                  4.2950
Sale                     600                                    4.2775
Sale                     820                                    4.2950
Sale                     1,000                                  4.2950
Sale                     850                                    4.2950
Sale                     880                                    4.2950
Sale                     1,000                                  4.2950
Sale                     1,000                                  4.2950
Sale                     650                                    4.2950
Sale                     660                                    4.2950
Sale                     3,800                                  4.3150
Sale                     1,100                                  4.2950
Purchase                 19,203                                 4.3469
Purchase                 39,757                                 4.3294
Sale                     50,000                                 4.3293
Sale                     3,300                                  4.3825



 (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          3,300                4.3825
 CFD         Short         19,203               4.3469
 CFD         Short         39,757               4.3294

 (c)  Options transactions in respect of existing securities

 (i)  Writing, selling, purchasing or varying

 Product    Writing,    Number of   Exerc  Type,      Expi Option
 name,      selling,    securities  ise    e.g.       ry   money
 e.g. call  purchasing  to which    price  American,  date paid/recei
 option     , varying   the option         European        ved per
            etc.        relates            etc.            unit (Note
                        (Note 7)                           5)



 (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                         28 NOVEMBER 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