Only props Ben Moon and John Andress are retained from the side routed 33-3 at Northampton last weekend, as Baxter hands chances to young prospects.
Flanker Ben White and full-back Jack Nowell make their debuts for the Chiefs having impressed on their progression through the club's Academy.
Chiefs skills coach Ricky Pellow said: "Saturday is a great opportunity for Jack and a few of the younger lads. I know whenever we have spoken in the past about our A games, we've talked about the young guys coming through and how good they are getting."
Ospreys have also dished out the debuts, with scrum-half Tom Habberfield and flanker Sam Lewis taking their bows.
Eli Walker, Scott Baldwin, Joe Rees, Richard Kelly and Morgan Allen all start for the first time, but James Goode (groin), Gareth Owen (knee) and Nikki Walker (knee) are all ruled out.
Lloyd Peers, Ben Thomas, Tom Grabham, Will Price and Ross Jones are the other youngsters hoping for maiden appearances from the bench.
Exeter: Nowell, Foster, Dollman, Rennie, Sestaret, Steenson (capt), Barrett; Moon, Alcott, Andress, Bentley, Phillips, Ewers, White, Slade.
Replacements: Clark, Fairbrother, Rogers, Muldowney, Walker-Blair, Phibbs, Dorrian, Tatupu.
Ospreys: B Davies, K Phillips, John, S Parker, E Walker, M Morgan, Habberfield; Griffiths, Baldwin, Rees, T Smith (capt), Kelly, King, S Lewis, Allen.
Replacements: M Davies, Jarvis, Cross, Peers, B Thomas, Grabham, Price, Jones.
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The entire All Blacks apparel line has been updated for 2013/14. Check out the New Zealand All Blacks polo.
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The NEW All Blacks 2013/14 jersey has arrived at World Rugby Shop. Dare to wear the colors of the All Blacks.