NET ASSET VALUE

SUPPLEMENTARY DATA

FALCON INVESTMENT TRUST PLC

The Company announces following additional unaudited data as at 30 April 2003:

                                                  � 
                                                    
Portfolio                                30,431,285 
                                                    
Net current assets less current              19,916 
liabilities                                         
                                                    
Overdraft                                (3,126,696)
                                                    
Net Assets                               27,324,505 
                                                    
Represented by:                                     
                                                    
Net asset value                          27,079,881 
                                                    
Current year revenue reserve                244,624 
                                                    
Shareholders funds                       27,324,505 

Ten Largest Holdings                             % of
                                                     
                                            Portfolio
                                                     
Waste Recycling                                   7.9
                                                     
Morse                                             7.7
                                                     
Premier Farnell                                   6.2
                                                     
Acal                                              6.0
                                                     
Domino Printing                                   5.9
                                                     
Pendragon                                         5.6
                                                     
ISOFT                                             5.5
                                                     
Go Ahead Group                                    5.4
                                                     
Shanks                                            5.2
                                                     
Securicor                                         4.8
                                                     
Total                                            60.2

Sector Breakdown                                 % of
                                                     
                                            Portfolio
                                                     
Support Services                                 46.8
                                                     
Electronic and Electrical Equipment              14.2
                                                     
Software and Computer Services                   13.2
                                                     
Transport                                         9.9
                                                     
Automobiles and parts                             5.6
                                                     
Forestry & Paper                                  4.1
                                                     
General Retailers                                 3.4
                                                     
Oil and Gas                                       2.8
                                                     
Total                                           100.0



END