Exercise of Options

Hiscox PLC
11 July 2005


Exercise of Unapproved Options

We wish to advise that today Hiscox plc allotted 45,000 shares of 5p each at an
exercise price of £1.622 under the Unapproved Share Option Scheme.

These shares will rank pari passu with the existing class of ordinary 5p shares
in issue.

The issued share capital of Hiscox plc is now 294,394,653 ordinary shares of 5p
each.


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