Exercise of Approved Options

Hiscox PLC
30 June 2004

30 June 2004





                                   HISCOX PLC



                          Exercise of Approved Options





The board of Hiscox plc ('Hiscox') advises that on 30 June 2004 it allotted a
total of 2,736 shares of 5p each 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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