Good evening,

Today,Exel reported that its Board of Directors authorized the repurchase of up to $500 million of its shares as a result of a shift in business conditions, including potentially reduced rating agency capital charges for certain segments of the Company's business.

The share repurchases will be financed through a combination of internal resources and debt. In addition, the Board increased the quarterly dividend payable by $0.01 per share to $0.45 per share, payable on March 2, 2000 to holders of record on February 15, 2000.

Click on the news link above to read the full press release.

Keep Foolish and Prosper,

Spirit

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