Director Shareholding

Falkland Islands Holdings PLC
7 February 2003


FALKLAND ISLANDS HOLDINGS plc ('the Company')
FALKLAND ISLANDS HOLDINGS plc savings related Share Option Scheme ('the Scheme')

The following Directors of the Company were granted options under the Scheme on 
6th February 2003 at an exercise price of 175p per share. No consideration was 
paid for the options.

                                                       Maximum number of 
                                                       Shares to be acquired
 
                                   Mr D L Hudd                 5,400
                                   Mr B McGreal                4,320
                                   Mr A M Knightley            5,400



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