NET ASSET VALUE

SUPPLEMENTARY DATA

FALCON INVESTMENT TRUST PLC

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

                                                  � 
                                                    
Portfolio                                41,919,037 
                                                    
Net current assets less current              23,897 
liabilities                                         
                                                    
Overdraft                                (4,680,781)
                                                    
Net Assets                               37,262,153 
                                                    
Represented by:                                     
                                                    
Net asset value                          36,537,200 
                                                    
Current year revenue reserve                724,953 
                                                    
Shareholders funds                       37,262,153 

Ten Largest Holdings                             % of
                                                     
                                            Portfolio
                                                     
Morse                                             6.8
                                                     
Pendragon                                         6.6
                                                     
e-bookers                                         6.2
                                                     
Premier Farnell                                   6.0
                                                     
ISOFT                                             5.7
                                                     
Acal                                              5.5
                                                     
Michael Page                                      5.3
                                                     
Go Ahead Group                                    5.1
                                                     
Domino Printing                                   5.1
                                                     
RPC                                               4.5
                                                     
Total                                            56.8

Sector Breakdown                                 % of
                                                     
                                            Portfolio
                                                     
Support Services                                 35.7
                                                     
Software and Computer Services                   15.2
                                                     
Electronic and Electrical Equipment              13.8
                                                     
Transport                                         9.0
                                                     
Automobiles and parts                             6.6
                                                     
General Retailers                                 6.2
                                                     
Speciality & Other Finance                        3.9
                                                     
Construction and Building Materials               3.9
                                                     
Personal Care & Household Products                3.3
                                                     
Oil and Gas                                       2.4
                                                     
Total                                           100.0



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