RNS Number:3254K
Exel PLC
24 April 2003

AGM STATEMENT

(London UK, 24 April 2003) Speaking at today's Annual General Meeting, Nigel
Rich, Chairman of Exel plc, the world leader in supply chain management, said
that "Despite weak economic conditions and the crisis in the Middle East, Exel
has made a sound start to 2003, with first quarter trading in line with our
expectations. During the period Exel made good progress in securing new
business, which should add around #200m per annum of annualised turnover. This
reflected a particularly strong performance in contract logistics, including a
significant contract with Marks & Spencer.

"Looking forward, the Group continues to enjoy a healthy pipeline of new
business opportunities. The strengths of Exel's integrated business proposition
and the development of our "creating new value" initiative have been important
components in our continued success. More and more of Exel's business involves
bringing together freight management skills with contract logistics expertise,
underpinned by robust IT solutions. New business, such as recent gains with
Bayer and Hitachi, confirm that this strategy is working.

"Exel's overall international airfreight volumes in the first quarter were
slightly down on a very strong first quarter in 2002, reflecting weaker volumes
in March. As expected, Exel's growth in Asia Pacific slowed from the record
levels seen in the same period of 2002. It is too early to predict the full
impact of Severe Acute Respiratory Syndrome (SARS) on economic growth in the
Asian region, but to date it has only had a limited effect on Exel's business.

"Contract logistics activities have performed well during the first quarter of
2003 with a good overall performance. In particular the programme of new start
ups in the Americas has proceeded well and Exel's automotive operations
performed ahead of the same period last year. Technology activities in Europe
also made good profit progress despite weak volumes.

"The war in Iraq and the uncertain impact of the SARS virus suggest that 2003
will be a year of currency volatility and continued economic weakness, which may
lead to weaker airfreight volumes. Nevertheless, Exel's business model is
proving resilient and continues to provide competitive advantage as we grow the
business. As a result, Exel still expects to record another year of solid
trading progress."

FOR FURTHER INFORMATION CONTACT:
John Dawson                                  On 24/4/03:                                      +44 7733 301986
Director of Corporate Affairs                At other times:                                  +44 1344 744409
Exel plc

Martin Leeburn                                                                               +44 20 7379 5151
Lydia Pretzlik
The Maitland Consultancy



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