Exercise of Options

Hiscox PLC
01 February 2005


Exercise of Approved Options

We wish to advise that today Hiscox plc allotted 10,339 shares 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 today Hiscox plc allotted 6,079 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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