transferability for one-half of the company's ordinary shares not previously sold to the public in underwritten offerings.

Transfer restrictions on the other half of the shares will be lifted on July 19.

There are currently 18,507,280 shares held by 34 holders, exclusive of shares held by employees and shares which may be issued on exercise of options, which remain subject to transfer restrictions under EXEL's charter documents.

The board had previously announced its intention to lift restrictions no later than July 19.

The restricted shares are those owned by shareholders of the company who acquired such securities principally in connection with the 1986 formation of, or purchase of insurance from, the company.

These stockholders elected not to sell their shares in the underwritten offerings made available to them by EXEL in 1991 and 1992.