Exeter Selective Assets Investment Trust PLC

REPAYMENT OF BANK BORROWINGS

The Company has repaid �858,000 of its loan with Bank of Scotland and �642,000
of its loan with Lloyds TSB. Swap breakage costs incurred in the repayments
were �53,824 to Bank of Scotland and �49,231 to Lloyds TSB. Following these
repayments the Company has total assets (valued at mid-market prices) as at 31
July 2003 of �26.4 million and borrowings of �21.9 million.

The Company's assets and liabilities are as follows:

                                 �m      
                                         
Quoted Investments          26.191       
                                         
Net Current Assets          0.249        
                                         
Total Assets                26.440       
                                         
Total Borrowings            21.851*      

*�12.491 million with Bank of Scotland and �9.360 million with Lloyds TSB.

1 August 2003



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