FALCON INVESTMENT TRUST PLC                          

                              Ordinary 1p shares                               

The Company announces that on 9 December 2003 it purchased in the market for
cancellation 475,000 Ordinary 1p Shares of the Company at a price of 76p per
share.

The purchase will reduce the number of Ordinary 1p Shares in issue to
34,557,376.

Enquiries:

Unicorn Asset Management Limited. 0207 253 0889.

9 December 2003



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