PRESS RELEASE


                               [FALCON logo]

FOR FURTHER INFORMATION
AT THE COMPANY:
Franklin A. Jacobs
9387 Dielman Industrial Drive
St. Louis, MO 63132
(314) 991-9200

FOR IMMEDIATE RELEASE:  Wednesday, December 15, 2004

FALCON PRODUCTS UTILIZES 30-DAY GRACE PERIOD UNDER BOND INDENTURE
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         ST. LOUIS, MISSOURI, December 15, 2004 - Falcon Products, Inc.
(Pink Sheets: FCPR.PK), a leading manufacturer of commercial furniture,
announced today that it will utilize the 30-day grace period relating to the
payment of interest under its outstanding $100 million 11 3/8% Senior
Subordinated Notes due 2009 (the "Notes"). The non-payment of the interest
due December 15, 2004 does not constitute an event of default under the Note
indenture unless such non-payment continues following the expiration of the
30-day grace period on January 14, 2005. No determination has been made as
to whether the Company will make the interest payment prior to the
expiration of the grace period and there can be no assurance that the
Company will be able to make such payment.

         The Company plans to utilize the grace period to continue the
initiatives it has undertaken to improve its liquidity position. The
decision to utilize the grace period is not expected to affect the Company's
ability to serve its customers and pay its employees and vendors in the
ordinary course. All of the Company's facilities are continuing to operate
and to fulfill orders for customers.

         The Company also announced that it is currently not in compliance
with one of its covenants under its senior credit facilities. The Company is
seeking a waiver for this covenant violation as well as a modification of
the covenant, and a waiver of any default under the senior credit facilities
that may result from the utilization of the grace period for interest on the
Notes.

         The Company has retained Imperial Capital LLC to serve as its
financial advisor and assist with its liquidity improvement initiatives.


Falcon Products
Add  - 2 -


                               PRESS RELEASE


                               [FALCON logo]

         Falcon Products, Inc. is the leader in the commercial furniture
markets it serves, with well-known brands, the largest manufacturing base
and the largest sales force. Falcon and its subsidiaries design, manufacture
and market products for the hospitality and lodging, food service, office,
healthcare and education segments of the commercial furniture market.
Falcon, headquartered in St. Louis, Missouri, currently operates 8
manufacturing facilities throughout the world and has approximately 2,100
employees.

         Certain statements in this press release that are not historical
facts may be "forward-looking statements." Actual events may differ
materially from those projected in any forward-looking statement. There are
a number of important factors involving risks and uncertainties beyond the
control of the Company that could cause actual events to differ materially
from those expressed or implied by such statements. Such factors include the
success of Falcon with its liquidity improvement initiatives and its ability
to obtain necessary waivers from lenders. The Company disclaims any
intention or obligation to update publicly or revise such statements,
whether as a result of new information, future events or otherwise.