Holding(s) in Company

    Falcon Investment Trust plc

The Company has today been informed by Dresdner Kleinwort Wasserstein Group
Limited ("DrKWG"), an indirect subsidiary of Allianz AG, that following the
sale by Merchant Investors Assurance Company Limited (Merchant IA) of 100,000
ordinary shares on 24 April 2003, Allianz AG and its subsidiaries no longer
have a disclosable material interest in the ordinary share capital of the
Company.

Allianz AG is the ultimate holding company of Merchant Investors Assurance
Company Limited ("Merchant IA"). The shares in Merchant IA are held by The MI
Group Limited ("MIG"), a direct subsidiary of Allianz UK, which is a direct
subsidiary of Allianz Europe Limited ("Allianz Europe") which is itself a
66.66% owned subsidiary of Allianz AG. The other 33.33% of shares in Allianz
Europe are owned by Allianz Lebensvericherungs AG ("Allianz Leben"), a direct
subsidiary of Jota Vermogensverwaltungs GmbH ("Jota"), which is itself a direct
subsidiary of Allianz AG. As a result of s203 (2) of the Companies Act 1985,
MIG, Allianz UK, AllianzEurope, Allianz Leben, Jota and Allianz AG are
interested in the ordinary shares in which Merchant IA are interested.



END