Share Option Scheme

Hiscox Ltd
26 March 2008

                                        
                       HISCOX UK SAYE SHARE OPTION SCHEME

It was noted that the following valid applications to exercise share options
under the Hiscox UK SAYE Share Option Scheme ('UK SAYE Options') had been
received:

Option Holder                           No. Options      Exercise Price

Michael Dobson                                7,168            £1.32166
Deborah Reid                                  1,290            £1.32166
Adele Mary Foster                               716            £1.32166
Pascal Paul Christian Lecointe                7,168            £1.32166
Maureen Frances Price                           869             £1.5759
Yogan Sabaratnam                              3,395             £1.5759
Victoria Armstrong                            2,866            £1.32166
Victoria Armstrong                            1,740             £1.5759
Victoria Armstrong                              225               £2.22
Zoe Bucknell                                    112               £2.22
David Whitaker                                2,866            £1.32166
Suzanne Kemble                                7,168            £1.32166
Richard Ian Smellie                           1,238               £2.22

Total                                        36,821


Accordingly IT WAS RESOLVED THAT 36,821 ordinary shares of 5p each be allotted
to the individuals as set out in the table above.

The Secretary would ensure that the necessary forms were filed, would ensure
that the shares were listed and would make the appropriate announcement.

These shares will rank pari passu with the existing ordinary shares of the
company.

                                   SECRETARY


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