NET ASSET VALUE

SUPPLEMENTARY DATA

FALCON INVESTMENT Trust PLC

The Company announces following additional unaudited data as at 28 February
2003:

                                                  � 
                                                    
Portfolio                                26,961,739 
                                                    
Net current assets less current             (73,575)
liabilities                                         
                                                    
Overdraft                                (1,724,331)
                                                    
Net Assets                               25,163,833 
                                                    
Represented by:                                     
                                                    
Net asset value                          25,100,754 
                                                    
Current year revenue reserve                 63,079 
                                                    
Shareholders funds                       25,163,833 

Ten Largest Holdings                             % of
                                                     
                                            Portfolio
                                                     
Morse                                             7.7
                                                     
Waste Recycling                                   7.0
                                                     
Acal                                              6.5
                                                     
Domino Printing                                   6.1
                                                     
Go Ahead Group                                    5.6
                                                     
Shanks                                            5.6
                                                     
Pendragon                                         5.5
                                                     
ISOFT                                             5.1
                                                     
Premier Farnell                                   5.1
                                                     
Securicor                                         4.6
                                                     
Total                                            58.8

Sector Breakdown                                 % of
                                                     
                                            Portfolio
                                                     
Support Services                                 44.9
                                                     
Electronic and Electrical Equipment              14.9
                                                     
Software and Computer Services                   12.9
                                                     
Transport                                         9.5
                                                     
Automobiles and parts                             5.5
                                                     
General Retailers                                 4.4
                                                     
Forestry & Paper                                  4.3
                                                     
Oil and Gas                                       3.0
                                                     
Engineering and Machinery                         0.6
                                                     
Total                                           100.0



END