Monthly Update

British Empire Sec & Gen Tst PLC
12 April 2007


BRITISH EMPIRE SECURITIES AND GENERAL TRUST PLC


Performance Commentary

This investment management report relates to performance figures as at 31 March
2007.

Over the month NAV was up 3.4%1.  This compares to a increase in the benchmark
of 2.4%2, and an increase of 3.2%1 for the MSCI World (£) and 3.8%1 the FTSE All
Share indices.

Financial* year to date, net asset value rose 9.6%1 compared to a rise of 9.0%2
for the Datastream index, 6.0%1 for the MSCI World (£) and 9.2%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

British Empire's NAV has kept pace with a rising market despite having a healthy
net cash position throughout the first 6 months of the year.  We have held cash
because it has been difficult to find value in a market that has been rising
steadily for 4 years and because we are wary of the effect of the removal of
liquidity from the market via higher interest rates.

Despite our general concerns, we believe there are still opportunities in Japan,
mining and energy stocks, and in a further narrowing of discounts in investment
holding companies.


Statistics


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

Price (£)1                    464.3         3.2        48.0     228.7     165.6

Net Asset Value1              471.0         3.4        47.3     176.4     123.6

Net Asset Value Total Return1               3.4        48.6     182.7     133.3 

Benchmark2 (£)                              2.4        5.3       61.0      51.3


Annual Returns (%)       2006          2005         2004         2003       2002

Price1                   0.3          51.7          36.0         41.6      -12.2
                                                                      
MSCI World1              5.8          23.0           7.2         20.6      -27.4

1 Source: Fundamental Data

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


Top 10 Equity Holdings                  %

Investor AB                          3.70

Alliance Trust                       2.96

Paris Orleans                        2.95

Sofina                               2.89

Jardine Strategic                    2.82

NTT Urban Development                2.61

Tokyu Corporation                    2.47

Electra Private Equity               2.43

Lundbergforetagen                    2.29

Hutchison Whampoa                    2.12


Capital Structure


Ordinary Shares                     160,080,089

10 3/8% Debenture stock 2011        £8,514,940

8 1/8% Debenture stock 2023         £14,875,319

Equities index unsecured loan stock 
 2013                                 2,837,000


Gross Assets/Gearing


Gross Assets                        £791 mil.

Debt                                £ 30.0 mil.

Actual Gearing (Debt less cash 
 divided by net asset value)        -12.9%


Fund Codes


Bloomberg                                     Reuters Ticker / ISIN

BTEM                                          GB0001335081


Geographical Breakdown


Continental Europe                 22.3%

Japan                              16.0%

Canada / US                         8.5%

Asia Pacific                       14.4%

UK                                 22.6%

Liquidity                          16.2%

EMEA                                0.0%


All figures as at 31 March 2007 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.

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