Exercise of Options

Hiscox PLC
12 July 2004

12 July 2004
Hiscox plc
Exercise of Options

Exercise of Approved Options

The board of Hiscox plc advises that today it allotted 1,136 shares of 5p each
at an exercise price of £1.051 under the Approved Share Option Scheme.

Exercise of Unapproved Options

The board of Hiscox plc advises that today it allotted 26,228 shares of 5p each
at an exercise price of £1.051 and 27,364 shares of 5p each an exercise price of
£1.32 under the Unapproved Share Option Scheme.

These shares will rank pari passu with the existing class of ordinary 5p shares
in issue.



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