Exercise of Option

First Derivatives PLC
20 December 2004

                             First Derivatives plc



                              Exercise of options



David Anderson, chairman of First Derivatives, exercised 30,000 options at an
exercise price of 50p per share on 19 November 2004.  In addition, a member of
staff exercised 20,000 options at an exercise price of 26.5p per share on 19
November 2004.



Application has been made for the 50,000 ordinary shares, to be admitted to
trading on AIM. Dealings in these shares are expected to commence on 24 December
2004.



The shares will rank pari passu in all respects with the existing shares in
issue.



Further information:

David Anderson - First Derivatives 02830 252242






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