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. Breakage costs incurred in these repayments were �
26,451 to Bank of Scotland and �20,417 to Lloyds TSB. Following these
repayments the Company has total assets (valued at mid-market prices) as at 29
December 2003 of �22.3 million, total borrowings of �14.4 million and net
assets of �7.9 million (28.2p per ordinary share). The indicative breakage
costs on the outstanding loans total �0.5 million.

The Company's assets and liabilities are as follows:

                                 �m      
                                         
Quoted Investments             22.085    
                                         
Net Current Assets              0.189    
                                         
Total Assets                   22.274    
                                         
Total Borrowings               14.416*      

*�8.201 million with Bank of Scotland and �6.215 million with Lloyds TSB.

30 December 2003



END