Exercise of Options

Hiscox PLC
10 May 2005


Exercise of Unapproved Options

We wish to advise that on 9 May 2005 Hiscox plc allotted 53,592 shares of 5p
each at an exercise price of £1.051 and 54,728 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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