But form suggests Davies' side still have an excellent chance of continuing their European campaign.
"To still be in with a chance of the Amlin is great for us. This has been a really learning curve for my players. It's a campaign we can look back on with great satisfaction," said Davies.
"Yes we have got to rely on other people but after what's gone on this year with the way the squad has been disrupted at times it's a great credit to my players to still be in with a shout.
"The period we have had since the autumn has been the biggest progression we've had since I came here.We haven't always got the results but people can see we are getting better."
Davies admits his side blew their chance to secure an Amlin Challenge place outright, which they could have done with a win and three tries against Exeter.
"It's massively disappointing to lose but we are proud of the way the players fought back. Exeter started like a train but we got ourselves back into the game, we just didn't have the control to finish them off," added Davies.
"They had a couple of key moments in the second half and managed to sneak the win. We had a young team out on the field and I was pleased with how they performed. But we want to win games."