Stabilisation Notice

Admiral Group PLC
23 September 2004


23 September 2004


Stabilisation Notice


Dear Sirs

Admiral Group plc (the 'Company') Global Offer of 84,109,520 existing ordinary
shares of the Company by (inter alia) the Employee Stock Ownership Trust 
('ESOT'), certain funds managed by Barclays Private Equity, Ridgewood Holdings
Limited, certain directors of the Company (together the 'Selling Shareholders')
of 0.1 pence each at an offer price of GBP 275 per share ('Ordinary Shares')
(with an over-allotment option of 12,616,428 Existing Shares)

Merrill Lynch International ('MLI') notifies you that it is the stabilising
manager and may conduct stabilising activities in relation to the Ordinary
Shares, ISIN: GB00B02J6398 ('the Ordinary Shares') and in connection with the
above transaction.  MLI confirms the following:

1.  The securities to be stabilised are the Ordinary Shares (ISIN: GB00B02J6398) 
    referred to above; no other associated securities are subject to 
    stabilisation;

2.  The stabilising manager is Merrill Lynch International (contact: John Millar 
    - Telephone: [phone]);

3.  The stabilisation period is expected to commence at 8.00 am on 23
    September 2004 and ends on 28 October 2004 inclusive (30 days after 
    Admission);

4.  The issue price of the Ordinary Shares has been calculated and
    announced on 23 September 2004.


Stabilisation will be conducted in accordance with FSA rules


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