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

In accordance with UKLA Listing Rule 21.20(l)(ii), the following list
represents the Company's 10 largest investments and where appropriate, any
investment with a value greater than 5% of the Company's gross assets at 31
December 2003:

Name of Company                         Class of Share             
                                                                   
Invesco Geared Opportunities Trust      8.5% Culs 2005             
                                                                   
M&G High Income Investment Trust        Income                     
                                                                   
BC Property Securities                  Zero Dividend Preference   
                                                                   
Murray Emerging Growth & Income Trust   Zero Dividend Preference   
                                                                   
BFS US Special Opportunities Trust      Zero Dividend Preference   
                                                                   
Rights & Issues Investment Trust        Capital                    
                                                                   
Gartmore SNT                            Income                     
                                                                   
Morley Absolute Growth Investment Co    Zero Dividend Preference   
                                                                   
Martin Currie Income & Growth Trust     Income                     
                                                                   
BFS US Special Opportunities Trust      Units                      
                                                                   

* This represents approximately 53.4% of the Company's gross assets at 31st
December 2003.

05.01.04



END