Monthly Newsletter

British Empire Sec & Gen Tst PLC
16 December 2005


BRITISH EMPIRE SECURITIES AND GENERAL TRUST PLC

Performance Commentary

This investment management report relates to performance figures as at 30
November 2005.

Over the month NAV was up 5.8% 1.  This compares to an increase in the benchmark
of 7.1% 2, and an increase of 3.3% 1  and 5.5% 1 for the FTSE All Share and MSCI
World (£) indices respectively.

Financial year to date, net asset value rose 3.3% 1 compared to a rise of 2.2% 2
for the Datastream index, 3.2% 1 for the MSCI World (£) and 0.3% 1 for the FTSE
All Share.

Over three years NAV is up 127.6% 1 while the FTSE All Share is up 51.6% 1.


Manager's Comment

The equity markets bounced back from a weak October to post strong gains for
November.

Economic growth in the US has continued to be strong despite the effects of
Hurricane Katrina and high energy prices.

It may be wrong to get too negative on the prospects for the markets at a time
when corporate balance sheets and strong private equity players are stalking the
public markets.

In addition, next year may bring a measure of good news for equities as we may
see the peak in both oil prices and interest rates.


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

Price (£) 1                         427.5      7.1     45.3    170.1    148.8
Net Asset Value 1                   398.2      5.8     38.9    124.2     91.4
Net Asset Value Total Return 1                 5.8     39.8    127.6     98.1
Benchmark2 (£)                                 7.1     26.4     57.1      9.6


Annual Returns (%)                   2004     2003     2002     2001     2000

Price 1                              36.0     41.6    -12.2      0.8     26.0
MSCI World 1                          7.2     20.6    -27.4    -14.1     -5.8


1 Source: Fundamental Data

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



Top 10 Equity Holdings                        %

Jardine Strategic                          2.77
Prospect Japan                             2.72
PD Ports                                   2.69
Mitsubishi Estates                         2.44
Deutsche Wohnen                            2.40
Investor AB                                2.25
Fording Canadian Coal                      2.22
Hansa Trust                                2.09
European Asset Value Fund                  1.97
Paris Orleans                              1.82



Capital Structure as at 30 September 2005

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                            2,906,267



Gross Assets/Gearing as at 30 September 2005

Gross Assets                                                        £648 mil.
Debt                                                                  .4 mil.
Actual Gearing (Debt less cash divided by net asset value)             -10.0%



Fund Codes

Bloomberg                                               Reuters Ticker / ISIN
BTEM                                                             GB0001335081



Geographical Breakdown

Continental Europe                                                      20.3%
Japan                                                                   18.7%
Canada / US                                                              7.9%
Asia Pacific                                                            13.8%
UK                                                                      19.9%
Liquidity                                                               11.5%
EMEA                                                                     7.9%



All figures as at 30 November 2005.  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.


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