NET ASSET VALUE

SUPPLEMENTARY DATA

FALCON INVESTMENT TRUST PLC

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

                                                  � 
                                                    
Portfolio                                38,505,008 
                                                    
Net current assets less current           1,201,068 
liabilities                                         
                                                    
Overdraft                                (5,337,426)
                                                    
Net Assets                               34,368,650 
                                                    
Represented by:                                     
                                                    
Net asset value                          33,681,206 
                                                    
Current year revenue reserve                687,444 
                                                    
Shareholders funds                       34,368,650 

Ten Largest Holdings                             % of
                                                     
                                            Portfolio
                                                     
Morse                                             6.8
                                                     
Pendragon                                         6.4
                                                     
e-bookers                                         6.2
                                                     
ISOFT                                             5.9
                                                     
Domino Printing                                   5.7
                                                     
Acal                                              5.5
                                                     
Go Ahead Group                                    5.4
                                                     
Premier Farnell                                   5.4
                                                     
Michael Page                                      4.8
                                                     
TT Electronics                                    4.7
                                                     
Total                                            56.8

Sector Breakdown                                 % of
                                                     
                                            Portfolio
                                                     
Support Services                                 34.4
                                                     
Electronic and Electrical Equipment              14.9
                                                     
Software and Computer Services                   12.7
                                                     
Transport                                         9.8
                                                     
Automobiles and parts                             6.4
                                                     
General Retailers                                 6.2
                                                     
Other                                             5.5
                                                     
Speciality & Other Finance                        3.7
                                                     
Forestry & Paper                                  3.2
                                                     
Personal Care & Household Products                3.2
                                                     
Total                                           100.0



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