Exercise of unapproved option

Hiscox PLC
23 June 2004

23 June 2004

                                   HISCOX PLC

                         Exercise of Unapproved Options


The board of Hiscox plc ('Hiscox') advises that on 22 June 2004 it allotted a
total of 9,851 shares of 5p each at an exercise price of £1.32 and 10,148 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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