Exel Investor Day

RNS Number:7071S
Exel PLC
02 December 2003

                         EXEL HOSTS INVESTOR CONFERENCE

Confirms expectations for another year of solid progress

(London, UK - 2 December 2003) Exel, the global leader in supply chain
management, confirmed today that trading remains in line with market
expectations and that the Group expects to record another year of solid progress
in 2003. Speaking at Exel's annual investor conference, held near London, John
Allan, Chief Executive, commented: "I am very pleased to say that Exel has
continued to trade well year to date. New business gains have remained healthy
and our pipeline of opportunities remains strong."

Commenting on recent developments, John Allan highlighted that during November
Exel had announced the acquisition of Cappelletti, a leading Italian logistics
business based in Milan. "The acquisition of Cappelletti provides Exel with
another important platform for growth in a major economy for supply chain
services in Europe. The Italian market continues to develop strongly and with
Cappelletti's good customer relationships and well developed business model,
Exel will be able to accelerate its growth in Italy."

Exel also outlined to investors and analysts the expected benefits from the
initial public offering of Sirva Inc in the US. As announced on 26 November,
Exel had a 12% equity holding in Sirva Inc, together with some preferred stock
and convertible warrants. The initial public offering was completed yesterday
and Exel expects to receive cash from the IPO of around $50m prior to the year
end. John Allan commented: "This is clearly very good news. We have not
recognised any of the interest income from the preferred stock or change in
share value related to Sirva since Exel sold the business in 1999 so this is
entirely beneficial. Including the warrants we retain around 13% of the common
stock of Sirva Inc. Based on the initial public offering price of $18.50 per
share, the residual shareholding would be valued at some $130m."

At the conference Exel also confirmed, as outlined in the interim statement,
that it would be making a modest cash contribution to one of its pension
schemes, commencing in 2004. "Following the triennial review of our principal UK
pension schemes, I am able to confirm that they remain in surplus and that the
long term funding situation remains positive. As we suggested at last year's
investor day Exel will resume modest contributions of #10m per annum from next
year" said John Allan.

Exel also went through the key elements of its strategy and the competitive
advantage it currently provides. "During the last 12 months we have made
considerable progress implementing our customer focused strategy. We have been
pleased with the development of our 'creating new value' initiative, designed to
find new and innovative ways of unlocking the real potential of our customers
supply chains." highlighted John Allan. "At the same time we have focused on
improving the performance of our underlying operations and have made progress in
most areas. Taken together with our strong new business gains and a good level
of contract renewals, we are confident that, despite the slow pace of global
economic recovery and the continued weakness of the US Dollar, Exel is well
positioned to deliver good growth in the future."

                                     -ends-

For further information contact:
John Dawson                                                     [phone]
Director of Corporate Affairs, Exel

Brian Hudspith / Martin Leeburn / Lydia Pretzlik               [phone]
The Maitland Consultancy




Notes to Editors - Exel

Exel is the global leader in supply chain management, providing customer-focused
solutions to a wide range of manufacturing and retail industries.  Exel's
comprehensive range of innovative logistics solutions encompasses the complete
supply chain from design and consulting through freight forwarding, warehousing
and distribution services to integrated information management and e-commerce
support.

Exel, a UK listed, FTSE 100 company, has turnover of #4.7 billion (over US$7
billion) and employs around 67,000 people in 1,600 locations in over 120
countries worldwide.  Exel's customers include over two thirds of the world's
largest, quoted non-financial companies.  More information is available at
www.exel.com.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

MSCQFLFBXLBFFBQ