FALCON INVESTMENT TRUST PLC                          

                              Ordinary 1p shares                               

The Company announces that on 19 August 2003 it has purchased in the market for
cancellation 100,000 Ordinary 1p Shares of the Company at a price of 79.5p per
share.

The purchase will reduce the number of Ordinary 1p Shares in issue to
36,182,376.

Enquiries:

Unicorn Asset Management Limited. 0207 253 0889.

19 August 2003



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