NET ASSET VALUE

SUPPLEMENTARY DATA

FALCON INVESTMENT TRUST PLC

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

                                                  � 
                                                    
Portfolio                                40,469,119 
                                                    
Net current assets less current            (952,916)
liabilities                                         
                                                    
Overdraft                                (5,011,692)
                                                    
Net Assets                               34,504,511 
                                                    
Represented by:                                     
                                                    
Net asset value                          34,409,591 
                                                    
Current year revenue reserve                 94,920 
                                                    
Shareholders funds                       34,504,511 

Ten Largest Holdings                             % of
                                                     
                                            Portfolio
                                                     
Morse                                             6.7
                                                     
Michael Page                                      6.0
                                                     
Premier Farnell                                   5.9
                                                     
ISOFT                                             5.4
                                                     
Domino Printing                                   5.3
                                                     
Renishaw                                          4.7
                                                     
Acal                                              4.5
                                                     
Go Ahead Group                                    4.5
                                                     
Business Post                                     4.3
                                                     
National Express                                  4.3
                                                     
Total                                            51.6

Sector Breakdown                                 % of
                                                     
                                            Portfolio
                                                     
Support Services                                 35.0
                                                     
Software and Computer Services                   16.8
                                                     
Electronic and Electrical Equipment              13.8
                                                     
Transport                                         8.8
                                                     
Speciality & Other Finance                        7.0
                                                     
Personal Care & Household Products                4.0
                                                     
Construction and Building Materials               4.0
                                                     
Media and Photography                             3.7
                                                     
Media and Entertainment                           3.5
                                                     
Automobiles and parts                             3.4
                                                     
Total                                           100.0



END