NET ASSET VALUE

SUPPLEMENTARY DATA

FALCON INVESTMENT TRUST PLC

The Company announces following additional unaudited data as at 31 May 2003:

                                                  � 
                                                    
Portfolio                                33,347,306 
                                                    
Net current assets less current              (1,035)
liabilities                                         
                                                    
Overdraft                                (3,005,374)
                                                    
Net Assets                               30,340,897 
                                                    
Represented by:                                     
                                                    
Net asset value                          29,973,293 
                                                    
Current year revenue reserve                367,604 
                                                    
Shareholders funds                       30,340,897 

Ten Largest Holdings                             % of
                                                     
                                            Portfolio
                                                     
Morse                                             7.7
                                                     
Waste Recycling                                   7.4
                                                     
Domino Printing                                   6.2
                                                     
Pendragon                                         5.7
                                                     
Acal                                              5.6
                                                     
e-bookers                                         5.6
                                                     
Go Ahead Group                                    5.5
                                                     
ISOFT                                             5.4
                                                     
Premier Farnell                                   5.3
                                                     
Shanks                                            5.2
                                                     
Total                                            59.6

Sector Breakdown                                 % of
                                                     
                                            Portfolio
                                                     
Support Services                                 43.7
                                                     
Electronic and Electrical Equipment              15.0
                                                     
Software and Computer Services                   13.1
                                                     
Transport                                        10.1
                                                     
Automobiles and parts                             5.7
                                                     
General Retailers                                 5.6
                                                     
Forestry & Paper                                  4.1
                                                     
Oil and Gas                                       2.7
                                                     
Total                                           100.0



END