Note the Warship to the far left, for the Waterloo services.

Peter Kerslake adds "With its massive coaling facility and substantial water tank, both seen here, Exmouth Junction was situated just to the east of Exeter Central station.
The down grade from here into the station allowed light engines coming off shed and on to their workings down at Central an easy tender first run if they were coming on to a Waterloo bound duty which had come up into Central on the severe climb from St. David's station, such workings having begun their journies at Plymouth or North Cornwall and invariably taking a fresh engine from here at Exmouth Junction at Central for their onward and eastward run.
The main line is at a lower level and is hidden by the wagons on the extreme right".