Exel agrees acquisition of Turkish logistics provider

    EXEL AGREES ACQUISITON OF TURKISH                       
                  LOGISTICS PROVIDER TO THE HEALTHCARE SECTOR                  

(London, UK 16 June, 2003) Exel, the world leader in supply chain management,
announced today that it has agreed to acquire Transbeynak, a leading regional
supply chain management business, based in Turkey. Transbeynak provides supply
chain services to the pharmaceutical and healthcare markets. The acquisition is
expected to be earnings enhancing in its first full year.

Transbeynak, founded in 1967, operates both bonded and non-bonded, temperature
controlled facilities with a mixture of manual and automated specialist
packaging and labelling operations. The Company has a significant share of the
market in Turkey and works in partnership with 12 of the world's leading
pharmaceutical and healthcare companies, including Boehringer Ingelheim and
Bayer from its two facilities in Avcilar, west of Istanbul. Transbeynak
reported net operating assets of around US$0.5m (as at 30/09/02).

The all cash acquisition will strengthen Exel's healthcare operations in
Europe, through combining Transbeynak's strong customer relationships in Turkey
with Exel's significant experience in managing global supply chains and ongoing
healthcare activity across Europe. This should allow the Group to develop other
sales opportunities, as well as providing an enhanced platform for further
expansion in Europe.

Graham Inglis, President, Healthcare Worldwide at Exel, commented: "The
acquisition of Transbeynak will enable us to offer a wider range of services to
our key healthcare clients. Transbeynak's reputation as a highly customer
focused business fits well with Exel's philosophy and we are looking forward to
working with our enhanced management team to grow the business in this region
where we already have significant operations for leading consumer customers."

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For more information, please contact:

Exel plc

John Dawson

Director of Corporate Affairs

Tel: [phone]



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