Monthly update

British Empire Sec & Gen Tst PLC
11 December 2007


BRITISH EMPIRE SECURITIES AND GENERAL TRUST PLC

Performance Commentary

This investment management report relates to performance figures as at 30
November 2007.

Over the month NAV was down 5.8%1.  This compares to a decrease in the benchmark
of 3.9%2, and a decrease of 3.1%1 and 4.7%1 for the MSCI World (£) and FTSE All
Share indices respectively.

Financial* year to date, net asset value fell 3.8%1 compared to a fall of 0.9%2
for the Datastream index, 2.0%1 for the MSCI World (£) and 0.6%1 for the FTSE
All Share.

Over three years NAV is up 75.2%1 while the FTSE All Share is up 54.0%1.

Manager's Comment

Markets fell sharply over the month as the ongoing credit crisis and downturn in
the housing market continues to worry investors.  The possibility of further
easing by the US Federal Reserve and other Central Banks is supporting markets,
although a weakened global economy in 2008 is a distinct possibility.

Cash is maintained at relatively high levels both to stabilise returns and as a
source of fire power as opportunities arise.

Statistics


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

Price (£)1                    473.3      -2.1       8.5       64.3      205.3

Net Asset Value1              485.9      -5.8      10.8       70.3      175.0

Net Asset Value Total Return1            -5.8      12.1       75.2      185.2

Benchmark2 (£)                           -3.9      12.5       60.9      100.7


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                                         3.86

Sofina                                              3.60

Jardine Strategic                                   3.25

GBL                                                 2.82

Jardine Matheson                                    2.75

Electra Private Equity                              2.73

Paris Orleans                                       2.71

Deutsche Wohnen                                     2.45

Holmen                                              2.39

BIP                                                 2.14


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

** Updated annually


Gross Assets/Gearing


Gross Assets                                    £815 mil.

Debt                                          £ 29.3 mil.

Actual Gearing (Debt less cash divided 
by net asset value)                                -15.1%


Fund Codes

Bloomberg                             Reuters Ticker/ISIN
BTEM                                         GB0001335081


Geographical Breakdown

Continental Europe                                  28.3%
Japan                                                9.9%
Canada / US                                         12.8%
Asia Pacific                                         9.4%
UK                                                  19.3%
Liquidity                                           18.3%
EMEA                                                 2.0%


All figures as at 30 November 2007 unless otherwise stated.  All sources Asset
Value Investors Ltd unless otherwise stated.  British Empire Securities and
General Trust plc 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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