Repayment of Bank Borrowings

    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



END