Exercise of approved options

Hiscox PLC
05 April 2004

5 April 2004

                                   HISCOX PLC

                          Exercise of Approved Options


The board of Hiscox plc ('Hiscox') advises that on 2 April 2004 it allotted a
total of 10,945 shares of 5p each at an exercise price of £1.051, 4,378 shares
of 5p each at an exercise price of £1.754, 8,209 shares of 5p each at an
exercise price of £1.622 and 6,567 shares at an exercise price of £1.32 under
the Approved Share Option Scheme.

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


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