Director Shareholding

Falkland Islands Holdings PLC
16 August 2002




FALKLAND ISLANDS HOLDINGS plc ('the company')
FALKLAND ISLANDS HOLDINGS plc Executive Share Option Scheme ('the Scheme')

Mr David Hudd Executive Chairman of the Company was granted an option to
subscribe for ordinary shares in the Company on 15th August under the following
terms:

a) The maximum number of shares to be acquired under the option to be
   81,300 ordinary shares of 10 pence at a price of 184.5 pence each.

b) There is no consideration to be paid for the granting of the option.



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