FALCON INVESTMENT TRUST PLC                          

                              Ordinary 1p shares                               

The Company announces that on 12 September 2003 it has purchased in the market
for cancellation 500,000 Ordinary 1p Shares of the Company at a price of 81p
per share.

The purchase will reduce the number of Ordinary 1p Shares in issue to
35,682,376.

Enquiries:

Unicorn Asset Management Limited. 0207 253 0889.

12 September 2003



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