EXETER SELECTIVE ASSETS INVESTMENT TRUST PLC

NET ASSET VALUES (UNAUDITED)

AS AT CLOSE OF BUSINESS ON 21 NOVEMBER 2003

Ordinary Shares:                        24.24p             
                        (excluding current period revenue)

Ordinary Shares:                        25.74p             
                        (including current period revenue)

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

The revenue reserve (including 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