Exercise of Options

Hiscox PLC
16 December 2004


Exercise of Approved Options

We wish to advise that on 15 December 2004, Hiscox plc allotted 5,472 shares of
5p each at an exercise price of £1.32 and 9,527 share of 5p each at an exercise
price of £0.831 under the Approved Share Option Scheme.

Exercise of Unapproved Options

We wish to advise that on 15 December 2004, Hiscox plc allotted 1,418 shares of
5p each at an exercise price of £0.831 under Unapproved Share Option Scheme.

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




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