Full time, Liverpool 3-1: Exeter battled hard throughout the match, but Liverpool flexed its muscle and proved to be just too much.
Luis Suarez led the way for the Reds with a goal and two assists, while Andy Carroll entered the lineup and provided a spark as well.
Maxi Rodriguez and Carroll notched Liverpool's second and third goals, respectively.
The Reds will now go into the hat for Saturday's draw, as the club advances to the third round of the Carling Cup.
90', Liverpool 3-1: Billy Jones' free-kick opportunity goes just wide to the right side of the goal, as this match will wind down after three minutes of stoppage time.
Exeter's been playing with much more desperation here late, but it will likely be too little, too late.
80', Liverpool 3-1: Liverpool still has the 3-1 advantage but Exeter has at least gotten on the scoreboard.
After Tom Nicholls slipped the ball over to Daniel Nardiello, Martin Skrtel tripped up Nardiello, which meant a penalty for Exeter. Nardiello didn't disappoint, striking it past Pepe Reina for Exeter's first goal of the day.
Nardiello drilled it right down the middle to ensure The Grecians don't walk away shutout.
78', Liverpool 3-0: Jonjo Shelvey has checked into the match for Liverpool, which continues to dictate play, although far less conservatively with the big advantage.
68', Liverpool 3-0: Just an update on an earlier injury: Exeter's Chris Shephard has played on despite Suarez stepping on his ankle earlier.
Liverpool has continued to attack in the recent minutes, with Jack Robinson and Stewart Downing each attempting crosses to Carroll. Robinson's sailed too far, though, and Carroll was called offsides on Downing's bid.
Downing had come on for Suarez after the third Liverpool goal.
59', Liverpool 3-0: It's all Liverpool now, as the Reds have come out and hit the ground running in the second half.
Just minutes after Maxi Rodriguez's goal gave them a 2-0 lead, Andy Carroll extended it further with an absolute rocket past a diving Krysiak. The goal was set up by, who else, Luis Suarez
The goal could really increase Carroll's confidence even more, as he really capitalized on a fortuitous bounce to deliver the laser of a shot.
Suarez exits the match with a goal and two assists — not a bad day's work.
55', Liverpool 2-0: Luis Suarez has really played fantastic today after being inserted into the starting lineup. In addition to scoring the first goal of the match, his patience can largely be credited for the Reds' second goal.
Suarez and Carroll broke ahead on the Exeter goal. Rather than fire a shot on net, Suarez held it, hoping to hit Carroll with a cross. He was unable to find Carroll, but a streaking Maxi Rodriguez was able to come and deliver the feed from Suarez for the matche's second goal.
The goal gives the Reds a 2-0 cushion and could catapult them to the third round of the Carling Cup
51', Liverpool 1-0: Henderson and Flanagan put together a solid give-and-go as play resumed. Henderson was tripped up, but the referee ruled that it was a dive — no argument from Henderson.
49', Liverpool 1-0: Suarez appeared to step on the ankle of Exeter's Chris Shephard, which led to some stoppage in play.
Suarez, the true gentleman that he is, showed a lot of concern for Shephard. We'll continue to monitor the situation, but the two clubs play on.
47', Liverpool 1-0: Exeter started off the second half with a bang in the first minute, as they nearly tied the game at one.
Pepe Reina charged out of the Liverpool goal, which prompted Daniel Nardiello to loft one over the head of the the Liverpool goalkeeper. It bounced off the mark, though, and the Reds were able to regroup.
Half, Liverpool 1-0: Suarez had another opportunity to extend the Reds' lead late in the first half, but his shot sailed just high of the goal.
Quick medical update on Raul Miereles, who left with an apparent shoulder injury. Word is that the shoulder popped out and the club will decide whether to bring him to a local hospital or wait until the club returns home.
The match has featured pretty much what was expected thus far. Liverpool has controlled possession and has had a majority of the scoring opportunities. Exeter, however, is by no means out of the match. They'll need to up the tempo offensively and cut down on turnovers, though, or we might not be able to say that for long.
40' Liverpool 1-0: Carroll's presence has really led to much more aggressive play from the Reds, particularly Adam, who continues to look for the long diagonal to the big guy.
James Dunne also looked to get under the skin of Suarez a bit after Exeter had been awarded a free kick. He handed the ball back to Suarez right back in his face. It didn't amount to much, though.
Exeter had their first real scoring chance in awhile, but Pepe Reina charged out of the net and was able to gather it.
30', Liverpool 1-0: Exeter had their first corner kick of the day, but it didn't amount to much, as Liverpool regained control and started back the other way before Henderson kicked it out of bounds.
After a nice play to regain possession by David Noble, Scott Golbourne let one loose that sailed just left of the net.
Liverpool's Maxi Rodriguez then had an excellent scoring chance but was unable to deliver a cross from Suarez. He fanned on the pass, keeping the game at 1-0.
The Reds have really looked exceptional since Andy Carroll's come on. He, Suarez and Charlie Adam seem to be in sync, which is not only indicative on the goal, but also by the sustained pressure that they've put on Krysiak. The trio nearly combined for the second goal of the match just moments ago, but Adam's shot sailed just to the right of net past a diving Krysiak.
Charlie Adam had pulled up a little bit earlier in the match. I'm not sure if it was a hamstring issue or not, but it doesn't seem to be an issue at all, as he's looked just as sharp — if not sharper — since.
22', Liverpool 1-0: Exeter put together its first sustained pressure of the match, but after Reina again snatched a cross out of the air, Liverpool went on the attack. And this time, they came up with a goal.
Andy Carroll has made an immediate impact since coming on. After Suarez's pass up to Jordan Henderson, Henderson lofted it back up to Carroll, who wasn't able to put home a header. But Suarez was there to control the lob and put it past the goalkeeper for the first goal of the day.
20', 0-0: Raul Miereles was shaken up on the aforementioned slide tackle, which means Andy Carroll is on the pitch for his first action of the day.
19', 0-0: Great ball movement by Charlie Adam and Luis Suarez again tested Krysiak, but the result was the same, as the Reds again couldn't put a goal on the board.
Another Exeter turnover looked like it could have been costly, but a great slide tackle by Exeter put it to a quick stop.
14', 0-0: Another corner kick for the Reds resulted in solid scoring opportunity on the Exeter goalkeeper, Artur Krysiak, but he was able to stear it aside.
Luis Suarez then looked to capitalize off an Exeter turnover moments later, but his scoring bid went just to the right of the goal.
Exeter has been a bit sloppy thus far, giving Liverpool far too many opportunities off of turnovers.
Exeter did have a nice scoring chance back down the other end, but Pepe Reina was able to snag it out of the air and set up the Liverpool attack the other way.
11', 0-0: The Reds again looked poised to apply some pressure, but it was cleared back out by Exeter.
A long pass up ahead to Luis Suarez led him just a little too far.
The Reds are showing a lot of patience in the early going, but they clearly have had the upper hand when it comes to the time of possession.
7', 0-0: Martin Skrtel had a good opportunity off a corner kick in the early going, as the Reds have dictated the pace thus far. But his attempt hit the side of the net.
2:40 p.m.: We're just under 20 minutes away from kickoff and the starting lineups are in. It looks like Luis Suarez will be in action for the Reds as they take on Exeter. Here's a look at the full lineups below.
Liverpool
Reina
Robinson
Skrtel
D. Wilson
Flanagan
Maxi
Adam
Spearing
Henderson
Meireles
Suarez
Substitutes:
Doni
Enrique
Carroll
Kuyt
Downing
Carragher
Shelvey
Exeter
Krysiak
Jones
Arch-Henville
Coles
Golbourne
Shephard
Noble
Nardiello
Bauza
Substitutes:
Pidgeley
Keohane
Logan
Frear
Bennett
Nicholls
McNish
11:59 p.m. ET: After an opening day draw with Sunderland, which featured some good moments and some bad moments for Liverpool, the Reds responded with a 2-0 win over Arsenal on Sunday. They'll look to keep the momentum of that win going when they enter St James Park to take on Exeter in the second round of the Carling Cup.
Skipper Steven Gerrard and Glen Johnson will again be sidelined because of injuries. We'll have the complete lineups, though, and plenty more updates throughout the day leading up to game time so keep checking back.
Kickoff is scheduled for 2:45 p.m. ET.