DIRECTORS' SHAREHOLDING

DIVIDENDS RE-INVESTED AS SHARES UNDER THE COMPANY'S LONG TERM INCENTIVE PLAN
(the "LTIP")

Mourant & Co. Trustees Limited, St Helier, Jersey - the Trustee of the
discretionary trust established for the purposes of the LTIP - have advised us
on 16 May 2003 that 11,986 ordinary shares of 27 7/9p each in Exel plc were
added to the existing LTIP awards of the following Directors as a result of
dividends paid which have been reinvested as shares:

J M Allan 3,392

J B Coghlan 1,966

B A Edwards 1,243

M P Fountain 1,704

D E Riddle 1,756

I R Smith 1,925

The dividend reinvestment price was �6.422.

Lizzie Jackson

Assistant Company Secretary

Telephone: 01344 744 233

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