EXETER SELECTIVE ASSETS INVESTMENT TRUST PLC

NET ASSET VALUES (UNAUDITED)

AS AT CLOSE OF BUSINESS ON 25 JULY 2003

Ordinary Shares:                        9.68p               
                        (excluding prior/current period revenue)

Ordinary Shares:                        13.98p             
                        (including prior/current period revenue)

The Net Asset Values are based on the mid-market valuations of the investments
held.

The revenue reserve (including prior/current period revenue) is not available
for distribution, as the distribution tests of the Companies Act 1985 are not
satisfied.

No account is taken in the above figures of breakage costs on future loan
repayments.



END