Offer Update

Falkland Islands Holdings PLC
15 November 2004

                                        
                                  Press Release

                         Falkland Islands Holdings plc

                                    Offer for

                    The Portsmouth Harbour Ferry Company PLC


                       Offer extended to 29 November 2004

                      For immediate release 15 November 2004

The Board of Falkland Islands Holdings plc ('FIH') is pleased to announce that
the closing date of the Offer for the whole of the issued share capital of The
Portsmouth Harbour Ferry Company PLC ('PHFC') not already owned by FIH ('the
Offer') has been extended to 3pm on 29 November 2004.

As at 3pm today acceptances of the Offer have been received in respect of
37,471 PHFC Shares representing 16.29% of its issued share capital. Prior to the
commencement of the offer period FIH held 61,149 PHFC Shares representing 26.58%
of PHFC's issued share capital. The aggregate of acceptances received and PHFC
Shares held is 98,620 PHFC Shares, representing 42.87% of PHFC's issued share
capital.

Enquiries

Falkland Islands Holdings plc
David Hudd, Chairman                                          Tel:[phone]

Dawnay, Day Corporate Finance Ltd
David Floyd, Director                                         Tel: [phone]

College Hill Associates Ltd
Ben Brewerton                                                 Tel: [phone]



The issue of this announcement has been approved by the board of FIH. The
Directors of FIH are the persons responsible for the information contained in
this announcement. To the best of their knowledge and belief (having taken all
reasonable care to ensure that such is the case) the information contained in
this announcement is in accordance with the facts and does not omit anything
likely to affect the import of such information. Each of the directors of FIH
accepts responsibility accordingly.

This announcement has been approved for the purposes of section 21 of the
Financial Services and Markets Act 2000 by Dawnay, Day Corporate Finance Limited
('Dawnay Day'). Dawnay Day, which is regulated by the Financial Services
Authority, is acting for FIH and no-one else and will not be responsible to
anyone other than FIH for providing the protections afforded to customers of
Dawnay Day.

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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