Largest Holdings

    Falcon Investment Trust Plc (the "Company")

In accordance with UKLA Listing Rule 21.20(l)(ii), the following list
represents the Company's 10 largest investments and where appropriate, any
investment with a value greater than 5% of the Company's gross assets:

Name of company                        Class of share                        
                                                                             
Acal                                   Ordinary                              
                                                                             
Business Post                          Ordinary                              
                                                                             
Domino Printing Services               Ordinary                              
                                                                             
Go-Ahead Group                         Ordinary                              
                                                                             
Isoft Group                            Ordinary                              
                                                                             
Michael Page International             Ordinary                              
                                                                             
Morse                                  Ordinary                              
                                                                             
Premier Farnell                        Ordinary                              
                                                                             
Renishaw                               Ordinary                              
                                                                             
TT Group                               Ordinary                              
                                                                             
Of the above Domino Printing, Isoft,                                         
Michael Page, Morse, and Premier                                             
Farnell have a value greater than 5%                                         
of the Company's gross assets                                                

5 January 2004



END