Exercise of Options

Hiscox PLC
11 May 2005


Exercise of Unapproved Options

We wish to advise that on 10 May 2005 Hiscox plc allotted 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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