Interim Management Statement

British Empire Sec & Gen Tst PLC
15 February 2008



BRITISH EMPIRE SECURITIES AND GENERAL TRUST PLC


Interim Management Statement  -  For the period 1 October 2007 - 31 January 2008

In the four months to 31 January 2008, your Company's NAV fell 7.4% compared to
a decrease in the Datastream Global Growth Investment Trust Index of 7.2% and a
decrease of 7.5% in the MSCI World Index (£).  The Company's performance was
negatively affected over the period by widening discounts on our core areas of
investment including investment holding companies and investment trusts.    As a
precautionary measure, the Company has held liquidity of between 13.7% and 18.7%
of total assets, but widening discounts and more volatile equity markets may
provide attractive opportunities to invest this liquidity during the upcoming
year.


Strone Macpherson
Chairman
14 February 2008



Manager's January Review

Equity markets continued to be negatively affected by the 'credit crunch' and
fears over slowing economies.  Stocks have plunged, in some cases to attractive
levels.  We invested roughly 5% of our net cash position over the month, leaving
another 10% to go back in over time as investment opportunities arise.


Performance Commentary

This investment management report relates to performance figures as at 31
January 2008.

Over the month NAV was down 4.8%1.  This compares to a decrease in the benchmark
of 8.3%2, and decreases of 7.5%1 and 8.7%1 for the MSCI World (£) and FTSE All
Share indices respectively.

Financial year* to date, net asset value fell 7.4%1 compared to decreases of
7.2%2 for the Datastream index, 7.5%1 for the MSCI World (£) and 9.0%1 for the
FTSE All Share.

Over three years NAV is up 58.4%1 while the FTSE All Share is up 35.3%1.

* 1 October - 30 September

Statistics

                          Value        % 1 mo     % 1 yr       % 3 yr    % 5 yr

Price (£)1                436.0           0.2       -0.9         42.0     196.2

Net Asset Value1          463.7          -4.8        0.5         53.4     169.8

Net Asset Value Total 
Return1                                  -4.8        1.7         58.4     182.3

Benchmark2 (£)                           -8.3        1.3         43.7     111.5



Annual Returns (%)        2007           2006       2005         2004      2003

Price1                    -2.8            0.3       51.7         36.0      41.6

MSCI World1                7.7            5.8       23.0          7.2      20.6

1 Source: Fundamental Data
2 Datastream Global Growth Investment Trust Index (TR) Source: Thomson Financial



Top 10 Equity Holdings                               %

Sofina                                            3.74
Investor AB                                       3.52
Jardine Strategic                                 3.22
Deutsche Wohnen                                   2.82
GBL                                               2.82
Electra Private Equity                            2.80
Jardine Matheson                                  2.75
Paris Orleans                                     2.32
Holmen                                            2.31
Tupras Turkiye                                    2.21
                                               -------

Total                                            28.51



Capital Structure

Ordinary Shares                            160,080,089
10 3/8% Debenture stock 2011                £8,514,940
8 1/8% Debenture stock 2023                £15,000,000
Equities index unsecured loan stock 2013**   2,730,231.
** At 30 September 2007



Gross Assets/Gearing

Gross Assets                                 £773 mil.
Debt                                       £ 28.1 mil.
Actual Gearing (Debt less cash divided 
by net asset value)                             -10.2%



Fund Codes

Bloomberg                       Reuters Ticker / ISIN
BTEM                                     GB0001335081



Geographical Breakdown

Continental Europe                              30.5%
Japan                                           11.5%
Canada / US                                     10.8%
Asia Pacific                                     9.4%
UK                                              22.0%
Liquidity                                       13.7%
EMEA                                             2.1%


All figures as at 31 January 2008 unless otherwise stated.  All sources Asset
Value Investors Ltd unless otherwise stated.  British Empire Securities Trust is
managed by Asset Value Investors Ltd.  The price of shares and the income from
them may go down as well as up; they can be affected by exchange rate movements
between currencies and it is possible that investors may not get back the full
amount invested on disposal of the shares.  Past performance is no guarantee of
future performance.  Investments in emerging markets carries a greater degree of
risk, in particular the volatility of the markets and the local custody and
registration arrangements, which may be less developed than in more mature
markets.  There is no guarantee that the market price of shares in Investment
Trusts will fully reflect their underlying Net Asset Value (NAV).  This
Investment Trust should be considered only as part of a balanced portfolio, of
which it should not form a disproportionate part. Under no circumstances should
this information be considered as an offer, or solicitation, to deal in
investments.  Issued by Asset Value Investors Ltd., which is authorised and
regulated by the Financial Services Authority.

British Empire Securities and General Trust plc, Bennet House, 54 StJames's
Street, London SW1A 1JT,  United Kingdom.   Registered in England & Wales No:
28203


                      This information is provided by RNS
            The company news service from the London Stock Exchange