Offer Document Posted

Falkland Islands Holdings PLC
11 October 2004



                          Falkland Islands Holdings plc

                                   offer for
                    The Portsmouth Harbour Ferry Company PLC

                             Offer document posted

For immediate release

                                                                 11 October 2004

The board of Falkland Islands Holdings plc ('FIH') announces that the document
containing the offer by Dawnay, Day Corporate Finance Limited on behalf of FIH
for the whole of the issued share capital of The Portsmouth Harbour Ferry
Company public limited company ('PHFC') not already owned by FIH has been posted
to PHFC shareholders today.

The first closing date of the offer is 3pm on 1 November 2004.

Enquiries:

Falkland Islands Holdings PLC - David Hudd                 07771 893267
Dawnay Day - David Floyd                                   020 7509 4570

College Hill - Ben Brewerton                               020 7457 2020
Tony Friend

The persons responsible for this announcement are the directors of FIH.

Dawnay, Day Corporate Finance Limited ('Dawnay Day'), which is authorised and
regulated in the United Kingdom by the FSA, is acting exclusively for FIH and
for no one else in connection with the Offer and will not be responsible to
anyone other than FIH for providing the protections afforded to its customers or
for providing advice in relation to the Offer.

Dawnay Day has approved the contents of this announcement for the purposes of
s21 of the Financial Services and Markets Act 2000 and has given its consent to
the publication of this announcement containing references to its name in the
form and context in which they appear.

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, SOUTH AFRICA OR
JAPAN



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