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 these repayments were £
14,949 to Bank of Scotland and £11,878 to Lloyds TSB. Following these
repayments the Company has total assets (valued at mid-market prices) as at 31
October 2003 of £24.6 million, total borrowings of £17.4 million and net assets
of £7.2 million (25.7p per ordinary share). The indicative breakage costs on
the outstanding loans total £0.3 million.

The Company's assets and liabilities are as follows:

                                 £m      
                                         
Quoted Investments          23.482       
                                         
Net Current Assets          1.097        
                                         
Total Assets                24.579       
                                         
Total Borrowings            17.416*      

*£9.917 million with Bank of Scotland and £7.499 million with Lloyds TSB.

3 November 2003



END