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. Breakage costs incurred in the repayments were £
36,861 to Bank of Scotland and £31,870 to Lloyds TSB. Following these
repayments the Company has total assets (valued at mid-market prices) as at 29
August 2003 of £25.9 million, total borrowings of £20.4 million and net assets
of £5.6 million (20.1p per ordinary share). The estimated breakage costs on the
outstanding loans total £0.9 million.

The Company's assets and liabilities are as follows:

                                 £m      
                                         
Quoted Investments          25.887       
                                         
Net Current Assets          0.058        
                                         
Total Assets                25.945       
                                         
Total Borrowings            20.351*      

*£11.633 million with Bank of Scotland and £8.718 million with Lloyds TSB.

2 September 2003



END