Over Allotment Option

Admiral Group PLC 24 September 2004 24 September 2004 Admiral Group plc Over Allotment Option Not for release, publication or distribution in, or into the United States, Canada, Australia or Japan Announcement of Exercise of Over-Allotment Option Admiral Group plc ('Admiral' or the 'Company') announces that in connection with the initial public offering of the Company (the 'Global Offer') Merrill Lynch International has given notice that, as stabilising manager, it is exercising the over-allotment option in respect of 12,616,428 Ordinary Shares in the Company. None of the £35 million proceeds arising from the exercise of the over-allotment option will be received by Admiral. Including the exercise of the over-allotment option, the total size of the Global Offer was £266 million (96,725,948 Ordinary Shares). Financial Dynamics 020 7269 7200 Robert Bailhache Caroline Ledosquet Admiral 020 7269 7200 Henry Engelhardt Louisa Scadden Merrill Lynch 020 7628 1000 Rupert Hume-Kendall Simon Fraser Henrietta Baldock This announcement has been issued by and is the sole responsibility of Admiral Group plc. The contents of this announcement have been approved by Merrill Lynch International ('Merrill Lynch') solely for the purposes of section 21 of The Financial Services and Markets Act 2000. Merrill Lynch is acting for Admiral Group plc and no one else in connection with the Global Offer and will not be responsible to anyone other than Admiral Group plc for providing the protections afforded to clients of Merrill Lynch or for providing advice in relation to the Global Offer. This announcement does not form part of any offer of securities, or constitute a solicitation of any offer to purchase securities, and any acquisition of shares in the Global Offer should only be made on the basis of information contained in the listing particulars issued in connection with the Global Offer and any supplements thereto, which contain certain detailed information about Admiral Group plc and its management, as well as financial statements and other financial data. This announcement does not constitute an offer of securities for sale in the United States of America. Neither this announcement nor any copy of it may be taken or distributed into the United States of America or distributed or published, directly or indirectly, in the United States of America. Any failure to comply with this restriction may constitute a violation of US securities law. The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the 'Securities Act'), and may not be offered or sold in the United States or to or for the benefit of US persons unless they are registered under the Securities Act or pursuant to an available exemption therefrom. No public offering of securities of Admiral Group plc is being made in the United States of America. Stabilisation/FSA This information is provided by RNS The company news service from the London Stock Exchange