Exercise of Unapproved Option

Hiscox PLC
11 May 2004

11 May 2004
Hiscox plc
Exercise of Unapproved Options

The Board of Hiscox plc advises that today it allotted 30,000 shares of 5p each
at an exercise price of £1.29 and 30,000 shares of 5p each at an exercise price
of £1.51 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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