Exercise of unapproved option

Hiscox PLC
30 March 2004

30 March 2004



                                   HISCOX PLC

                         Exercise of Unapproved Options


The board of Hiscox plc ('Hiscox') advises that on 26 March 2004 it allotted a
total of 6,632 shares of 5p each at an exercise price of £1.051 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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