NET ASSET VALUE

SUPPLEMENTARY DATA

FALCON INVESTMENT TRUST PLC

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

                                                  � 
                                                    
Portfolio                                41,396,962 
                                                    
Net current assets less current            (843,974)
liabilities                                         
                                                    
Overdraft                                (5,577,364)
                                                    
Net Assets                               34,975,624 
                                                    
Represented by:                                     
                                                    
Net asset value                          34,844,373 
                                                    
Current year revenue reserve                131,251 
                                                    
Shareholders funds                       34,975,624 

Ten Largest Holdings                             % of
                                                     
                                            Portfolio
                                                     
Morse                                             6.9
                                                     
Michael Page                                      5.9
                                                     
ISOFT                                             5.7
                                                     
Premier Farnell                                   5.2
                                                     
Domino Printing                                   5.1
                                                     
Acal                                              4.7
                                                     
TT Electronics                                    4.6
                                                     
Renishaw                                          4.6
                                                     
Go Ahead Group                                    4.5
                                                     
Business Post                                     4.4
                                                     
Total                                            51.6

Sector Breakdown                                 % of
                                                     
                                            Portfolio
                                                     
Support Services                                 33.5
                                                     
Software and Computer Services                   17.4
                                                     
Electronic and Electrical Equipment              14.3
                                                     
Transport                                         8.7
                                                     
Speciality & Other Finance                        7.3
                                                     
Construction and Building Materials               4.1
                                                     
Personal Care & Household Products                4.0
                                                     
Media and Entertainment                           3.8
                                                     
Media and Photography                             3.6
                                                     
Automobiles and parts                             3.3
                                                     
Total                                           100.0



END