Acquisition of Shares

Falkland Islands Holdings PLC
28 July 2004


                         Falkland Islands Holdings plc


For immediate release                                            28 July 2004


           Purchase of shares in Portsmouth Harbour Ferry Company plc


On 19 May 2004 the Board announced the purchase of approximately 21.6% of the
issued share capital of Portsmouth Harbour Ferry Company Public Limited Company
('PHFC') by Falkland Islands Holdings plc.

On 27 July 2004 FIH acquired 8,248 PHFC shares for consideration of £126k and it
now holds a total of 60,789 PHFC shares representing approximately 26.4% of
PHFC's issued share capital.










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