SCHEDULE 11                                  
                                                                               
         NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS          

1)  Name of company

    Exel plc

2)  Name of director

    Ian Richard Smith


3)  Please state whether notification indicates that it is in respect of the
    holding of the shareholder named in 2 above or in respect of a non-

    beneficial interest or in the case of an individual holder if it is a

    holding of that person's spouse or children under the age of 18 or in

    respect of a non-beneficial interest

See 2) above.
   
4)  Name of the registered holder(s) and, if more than one holder, the
    number of shares held by each of them (if notified)

See 2) above.
   

5)  Please state whether notification relates to a person(s) connected with the

    Director named in 2 above and identify the connected person(s)

Not applicable.
   
6)  Please state the nature of the transaction. For PEP transactions please

indicate whether general/single co PEP and if discretionary/non

discretionary

Reinvestment of dividend income on holding of 24,365 shares under the

Company's Dividend Reinvestment Plan following payment on 1 October 2003 of

the interim dividend for the year ended 31 December 2003 of 7.9p per share.

7)  Number of shares/amount of stock acquired

     278 shares.

8)  Percentage of issued class

     0.00009%.


9)  Number of shares/amount of stock disposed

     Not applicable.


10) Percentage of issued class

Not applicable.

11) Class of security

Ordinary shares of 27 7/9p each.

12) Price per share

     682.4p per share.

13) Date of transaction

    15 October 2003.

14) Date company informed

    12 December 2003.

15) Total holding following this notification

    24,643 shares.

16) Total percentage holding of issued class following this notification

    0.00837%.

If a director has been granted options by the company please complete the
following boxes

17) Date of grant

    Not applicable.

18) Period during which or date on which exercisable

    Not applicable.

19) Total amount paid (if any) for grant of the option

    Not applicable.

20) Description of shares or debentures involved: class, number

    Not applicable.

21) Exercise price (if fixed at time of grant) or indication that price
    is to be fixed at time of exercise

    Not applicable.

22) Total number of shares or debentures over which options held
    following this notification

    Not applicable.

23) Any additional information

    Not applicable.

24) Name of contact and telephone number for queries

    Sarah Hughes

    Assistant Company Secretary

Tel: 01344 744506


25) Name and signature of authorised company official responsible for
    making this notification

    Sarah Hughes

    Assistant Company Secretary

    Date of Notification:  12 December 2003



END