On 23rd September 2004, we entered a new and exciting phase when we floated on the London Stock Exchange. Admiral Group plc announced the successful pricing of its initial public offering at an Offer Price of 275 pence per existing ordinary share.

Based on the Offer Price, the market capitalisation of Admiral at the commencement of dealings on the London Stock Exchange was £711 million.

Demand for shares was high and oversubscribed. The gross aggregate demand received for the Global Offer amounted to approximately £1.5 billion, compared with gross proceeds of the Global Offer amounting to £231.3 million.

Admiral's ordinary shares were admitted to the Official List of the London Stock Exchange and unconditional dealings commenced on 28th September 2004.

The float represents the biggest capital raising for a Welsh company ever and Admiral Group became the highest valued public company in Wales.

Alastair Lyons, Chairman of Admiral said of the IPO: "I am very pleased to welcome our new investors. We look forward to continuing to create value for all our shareholders as we pursue our successful focused business strategy."