Exel Maintains Positive Trading Outlook for 2003                

(London UK, 26 June 2003) Exel, the global supply chain management business,
has today confirmed that the Group is performing in line with market
expectations for solid trading progress. The update comes ahead of the close
period preceding the Group's interim results announcement on 28 July 2003. Exel
will be briefing analysts and investors and will be hosting a conference call
for all interested parties, details of which are appended to this announcement.

In the year to date Exel's contract logistics activities have performed well,
particularly in the Americas. Airfreight performance in Europe and the Americas
has been below our expectations, partially offset by growth in seafreight and
resilient underlying trading in Asia Pacific. As a result, despite adverse
movements in exchange rates, Exel's first half results should be broadly in
line with the same period in 2002, and consistent with market expectations.

New contract gains remain ahead of the same period last year and the Group
continues to enjoy a healthy pipeline of new business opportunities,
demonstrating that Exel's business model clearly provides competitive
advantage. The Group continues to expect another year of solid trading progress
and is well positioned to deliver good growth in the medium-term.

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John Coghlan (Deputy Chief Executive and Group Finance Director) and

John Dawson (Director of Corporate Affairs) will be hosting a conference call
at 3:30pm (UK time) on Thursday, 26 June:

  * Dial in number is: +44 20 8974 7900
   
  * Verbal access code is: C452799
   
If you are unable to join the call live, a replay facility will be available
for 24 hours after the call for you to listen to a recording:

  * Replay dial in number is: +44 1296 618700
   
  * Access PIN number: 638810
   
A transcription of the call will be made available on Exel's website as soon as
possible after the call.

At other times please contact:

John Dawson

Director of Corporate Affairs

Tel: +44 1344 744409



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