Exercise of Options

Hiscox PLC
18 October 2004

                               Exercise of Options

Exercise of Approved Options

The board of Hiscox plc advises that today it allotted 10,945 shares of 5p each
at an exercise price of £1.32 and 14,795 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 7,096 shares of 5p each
at an exercise price of £1.051 and 10,945 shares of 5p each at an exercise price
of £0.831 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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