Exeter Selective Assets Investment Trust PLC

Update on Financial Position

The Company has repaid �572,000 of its loan with Bank of Scotland and �428,000
of its loan with Lloyds TSB. Swap breakage costs incurred in the repayments
were �42,200 to Bank of Scotland and �38,100 to Lloyds TSB. Following these
repayments the Company has total assets (valued at mid-market prices) as at 30
June 2003 of �25.9 million and borrowings of �23.4 million.

The Company's assets and liabilities are as follows:

                                 �m      
                                         
Quoted Investments          25.290       
                                         
Net Current Assets          0.575        
                                         
Total Assets                25.865       
                                         
Total Borrowings            23.351*      

*�13.349 million with Bank of Scotland and �10.002 million with Lloyds TSB.

2 July 2003



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