Falcon Investment Portfolio Update

    Falcon Investment Trust Plc (the "Company")

In accordance with UKLA Listing Rule 15.4.11(2), the following list represents
the Company's 10 largest investments and where appropriate, any investment with
a value greater than 5% of the Company's gross assets as at 31st March 2007.

Name of company                        Class of share                        
                                                                             
RPS Group                              Ordinary                              
                                                                             
Synergy Healthcare                     Ordinary                              
                                                                             
RWS Holdings                           Ordinary                              
                                                                             
Domino Printing                        Ordinary                              
                                                                             
Abcam                                  Ordinary                              
                                                                             
Pendragon                              Ordinary                              
                                                                             
Sondex                                 Ordinary                              
                                                                             
NCC Group                              Ordinary                              
                                                                             
Weir Group                             Ordinary                              
                                                                             
Premier Research                       Ordinary                              
                                                                             
All of the above with the exception of                                       
Sondex, NCC Group, Weir Group and                                            
Premier Research have a value greater                                        
than 5% of the Company's gross assets.                                       

END