DIRECTORS' SHAREHOLDING

DIVIDENDS REINVESTED 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 2 October 2003 that 4,377 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 1,234

J B Coghlan 716

B A Edwards 650

M P Fountain 702

D E Riddle 447

I R Smith 628

The dividend reinvestment price was �6.824.

Lizzie Chilcott

Assistant Company Secretary

Telephone: 01344 744 233



END