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 £576,956
of its loan with Lloyds TSB. Breakage costs incurred in these repayments were £
38,441 to Bank of Scotland and £26,156 to Lloyds TSB. In addition the Company
has paid a breakage cost of £65,044 in connection with the conversion of the
Lloyds TSB zero coupon loan into an interest bearing facility.

Following these repayments the Company has total assets (valued at mid-market
prices) as at 29 September 2003 of £25.0 million, total borrowings of £18.9
million and net assets of £6.1 million (21.8p 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          23.457       
                                         
Net Current Assets          1.531        
                                         
Total Assets                24.988       
                                         
Total Borrowings            18.916*      

*£10.775 million with Bank of Scotland and £8.141 million with Lloyds TSB.

30 September 2003



END