FALCON INVESTMENT TRUST PLC                          

                              Ordinary 1p shares                               

The Company announces that on 27 March 2003 it purchased in the market for
cancellation 150,000 Ordinary 1p Shares of the Company at a price of 50p per
share.

The purchase will reduce the number of Ordinary 1p Shares in issue to
38,232,376.

Enquiries:

Unicorn Asset Management Limited. 0207 253 0889.

27 March 2003



END