EXETER SELECTIVE ASSETS INVESTMENT TRUST PLC

NET ASSET VALUES (UNAUDITED)

AS AT CLOSE OF BUSINESS ON 23 JANUARY 2004

Ordinary Shares:                        29.01p             
                        (excluding current period revenue)

Ordinary Shares:                        31.14p             
                        (including current period revenue)

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

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



END