NET ASSET VALUE

SUPPLEMENTARY DATA

FALCON INVESTMENT TRUST PLC

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

                                                  � 
                                                    
Portfolio                                36,584,885 
                                                    
Net current assets less current            (468,584)
liabilities                                         
                                                    
Overdraft                                (4,379,572)
                                                    
Net Assets                               31,736,729 
                                                    
Represented by:                                     
                                                    
Net asset value                          31,318,525 
                                                    
Current year revenue reserve                418,204 
                                                    
Shareholders funds                       31,736,729 

Ten Largest Holdings                             % of
                                                     
                                            Portfolio
                                                     
Morse                                             7.2
                                                     
Waste Recycling                                   6.7
                                                     
Acal                                              6.0
                                                     
Domino Printing                                   5.9
                                                     
Pendragon                                         5.6
                                                     
e-bookers                                         5.5
                                                     
ISOFT                                             5.2
                                                     
Shanks                                            5.1
                                                     
Premier Farnell                                   5.1
                                                     
Go Ahead Group                                    5.0
                                                     
Total                                            57.3

Sector Breakdown                                 % of
                                                     
                                            Portfolio
                                                     
Support Services                                 41.7
                                                     
Electronic and Electrical Equipment              14.8
                                                     
Software and Computer Services                   12.4
                                                     
Transport                                         9.5
                                                     
Automobiles and parts                             5.6
                                                     
General Retailers                                 5.5
                                                     
Speciality & Other Finance                        3.5
                                                     
Forestry & Paper                                  3.5
                                                     
Oil and Gas                                       2.6
                                                     
Personal Care & Household Products                0.9
                                                     
Total                                           100.0



END