Director Shareholding

First Derivatives PLC
05 February 2004

                                  SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS


1)  Name of company


First Derivatives

2) Name of director


Brian Conlon


3)  Please state whether notification indicates that it is in respect of
    holding of the shareholder named in 2 above or in respect of a
non-beneficial interest or in the case of an individual holder if it is a
holding of that person's spouse or children under the age of 18 or in respect of
a non-beneficial interest


As above

4)  Name of the registered holder(s) and, if more than one holder, the
    number of shares held by each of them (if notified)


As above


5)  Please state whether notification relates to a person(s) connected
    with the Director named in 2 above and identify the connected person(s)



6)  Please state the nature of the transaction. For PEP transactions
    please indicate whether general/single co PEP and if discretionary/non
    discretionary


Sale of shares


7)  Number of shares/amount of stock acquired




8)  Percentage of issued class



9)  Number of shares/amount of stock disposed


922,400


10) Percentage of issued class

7.5%


11) Class of security



12) Price per share


58.5p


13) Date of transaction


4th February 2004


14) Date company informed


4th February 2004


15) Total holding following this notification


9,076,600


16) Total percentage holding of issued class following this notification


73.7%


If a director has been granted options by the company please complete the
following boxes

17) Date of grant



18) Period during which or date on which exercisable



19) Total amount paid (if any) for grant of the option



20) Description of shares or debentures involved: class, number



21) Exercise price (if fixed at time of grant) or indication that price
    is to be fixed at time of exercise



22) Total number of shares or debentures over which options held
    following this notification


23) Any additional information


24) Name of contact and telephone number for queries


Brian Conlon 0283 0252242


25) Name and signature of authorised company official responsible for
    making this notification


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