Over Allotment Option

Admiral Group PLC
24 September 2004

24 September 2004



Admiral Group plc



Over Allotment Option



Not for release, publication or distribution in, or into the United States,
Canada, Australia or Japan



Announcement of Exercise of Over-Allotment Option



Admiral Group plc ('Admiral' or the 'Company') announces that in connection with
the initial public offering of the Company (the 'Global Offer') Merrill Lynch
International has given notice that, as stabilising manager, it is exercising
the over-allotment option in respect of 12,616,428 Ordinary Shares in the
Company.  None of the £35 million proceeds arising from the exercise of the
over-allotment option will be received by Admiral.  Including the exercise of
the over-allotment option, the total size of the Global Offer was £266 million
(96,725,948 Ordinary Shares).


Financial Dynamics                                               020 7269 7200
Robert Bailhache
Caroline Ledosquet


Admiral                                                          020 7269 7200
Henry Engelhardt
Louisa Scadden


Merrill Lynch                                                    020 7628 1000
Rupert Hume-Kendall
Simon Fraser
Henrietta Baldock





This announcement has been issued by and is the sole responsibility of Admiral
Group plc. The contents of this announcement have been approved by Merrill Lynch
International ('Merrill Lynch') solely for the purposes of section 21 of The
Financial Services and Markets Act 2000. Merrill Lynch is acting for Admiral
Group plc and no one else in connection with the Global Offer and will not be
responsible to anyone other than Admiral Group plc for providing the protections
afforded to clients of Merrill Lynch or for providing advice in relation to the
Global Offer.

This announcement does not form part of any offer of securities, or constitute a
solicitation of any offer to purchase securities, and any acquisition of shares
in the Global Offer should only be made on the basis of information contained in
the listing particulars issued in connection with the Global Offer and any
supplements thereto, which contain certain detailed information about Admiral
Group plc and its management, as well as financial statements and other
financial data.

This announcement does not constitute an offer of securities for sale in the
United States of America. Neither this announcement nor any copy of it may be
taken or distributed into the United States of America or distributed or
published, directly or indirectly, in the United States of America. Any failure
to comply with this restriction may constitute a violation of US securities law.
The securities referred to herein have not been and will not be registered under
the US Securities Act of 1933, as amended (the 'Securities Act'), and may not be
offered or sold in the United States or to or for the benefit of US persons
unless they are registered under the Securities Act or pursuant to an available
exemption therefrom. No public offering of securities of Admiral Group plc is
being made in the United States of America. Stabilisation/FSA


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