Statement re UKLA Listing Rule 21.20(l)(i)

    Exeter Selective Assets Investment Trust PLC (the "Company")

In accordance with UKLA Listing Rule 21.20(l)(i), the following list represents
the Company's investments, as at 31st December 2003, in other UK listed
investment companies (including investment trusts) which themselves do not have
a stated investment policy to invest no more than 15% of their gross assets in
other UK listed investment companies (including investment trusts):

Name of company                        Class of Share            £'000         
                                                                               
BC Property Securities                 Zero dividend preference  1606          
                                                                               
BFS Income & Growth                    Zero coupon preference    122           
                                                                               
BFS Managed Properties                 Ordinary                  255           
                                                                               
BFS UK Dual Return Trust               Capital                   15            
                                                                               
BFS UK Dual Return Trust               Zero dividend preference  633           
                                                                               
BFS UK Dual Return Trust               Geared Unit               62            
                                                                               
Blue Chip Value & Income Fund          Ordinary                  210           
                                                                               
Blue Chip Value & Income Fund          Warrants                  11            
                                                                               
Britannic UK Income                    Ordinary                  37            
                                                                               
ESCIF Securities                       Zero dividend preference  364           
                                                                               
Edinburgh Pacific & Income             Ordinary                  6             
                                                                               
Electra                                Ordinary                  440           
                                                                               
ELIT Zeros                             Zero dividend preference  3             
                                                                               
Framlington Global Financial & Income  Ordinary                  6             
                                                                               
GAGIT Securities                       Zero dividend preference  615           
                                                                               
Investment Trust of Investment Trusts  Zero dividend preference  8             
                                                                               
Jove                                   Income                    111           
                                                                               
Jupiter Financial                      Ordinary                  281           
                                                                               
Morley Absolute Growth                 Zero dividend preference  728           
                                                                               
Recovery                               Zero dividend preference  311           

These holdings represent 26.3% of the value of the Company's investment
portfolio at

31st December 2003.

05.01.04



END