Director Shareholding

Falkland Islands Holdings PLC
15 May 2001


On 10 April 2001, the Company granted 15,000 options, at an exercise price of
150p per share, to Mr George Roger Wallace. These options were granted under the
Company's Executive Share Option Scheme and relate to shares held by the
Company's Employee' Share Ownership Plan Trust ('ESOP'). However Mr Wallace is
not eligible to benefit under ESOP. Therefore on 14th May 2001, Mr Wallace
voluntarily waived these options.