Monthly Update

British Empire Sec & Gen Tst PLC
13 April 2006


BRITISH EMPIRE SECURITIES AND GENERAL TRUST PLC


Performance Commentary

This investment management report relates to performance figures as at 31 March
2006.

Over the month NAV was up 3.4%(1).  This compares to an increase in the
benchmark of 3.5%(2), and an increase of 3.8%(1)  and 3.2%(1) for the FTSE All
Share and MSCI World (£) indices respectively.

Financial year to date, net asset value rose 21.5%(1) compared to a rise of 
16.4%(2) for the Datastream index, 12.3%(1) for the MSCI World (£) and 12.7%(1) 
for the FTSE All Share.

Over three years NAV is up 182.7%(1) while the FTSE All Share is up 93.8%(1).

Manager's Comment

First half performance for British Empire has been strong with standout returns
from mining stocks, Japan, and UK ports companies.  Global economic growth is
now more balanced with Japan and Europe now carrying some of the burden
alongside the US.  While that is a positive, the potential negative for equity
markets is rising interest rates in the US, Europe, and Japan which may remove
some of the speculative 'fuel' for the markets.


Statistics


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

Price (£)(1)                  483.0      3.2           48.0         228.7      165.6

Net Asset Value(1)            462.7      3.4           47.3         176.4      123.6

Net Asset Value Total Return(1)          3.4           48.6         182.7      133.2

Benchmark(2) (£)                         3.5           35.2         100.3       37.1


Annual Returns (%)             2005     2004         2003          2002       2001

Price(1)                       51.7     36.0         41.6         -12.2        0.8

MSCI World(1)                  23.0      7.2         20.6         -27.4      -14.1


1 Source: Fundamental Data

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



Top 10 Equity Holdings                             %

Investor AB                                    3.39

Deutsche Wohnen                                2.88

Jardine Strategic                              2.73

Vivendi                                        2.17

Paladin Resources                              2.11

Alliance Trust                                 2.09

Lundbergforetagen                              2.01

Forth Ports                                    1.95

Tokyu Corporation                              1.95

NTT Urban Development                          1.90



Capital Structure as at 31 March 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 31 March 2005

Gross Assets                                                    £773 mil.

Debt                                                          £ 39.7 mil.

Actual Gearing (Debt less cash divided by net asset value)          11.5%


Fund Codes

Bloomberg                                           Reuters Ticker/ ISIN

BTEM                                                GB0001335081


Geographical Breakdown

Continental Europe                  23.0%

Japan                               16.1%

Canada / US                          4.3%

Asia Pacific                        16.0%
                                    
UK                                  21.4%

Liquidity                           16.1%

EMEA                                 3.1%



All figures as at 31 March 2006 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.


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