Monthly Update

British Empire Sec & Gen Tst PLC 14 March 2008 BRITISH EMPIRE SECURITIES AND GENERAL TRUST PLC Performance Commentary This investment management report relates to performance figures as at 29 February 2008. Over the month NAV was up 2.3%1. This compares to an increase of 1.7%2 in the benchmark and 0.8%1 for the FTSE All Share, and a decrease of 0.6%1 for the MSCI World (£) index. Financial* year to date, net asset value fell 5.3%1 compared to a decrease of 5.5%2 for the Datastream index, 8.1%1 for the MSCI World (£) and 8.3%1 for the FTSE All Share. Over three years NAV is up 56.9%1 while the FTSE All Share is up 32.9%1. Manager's Comment Equity markets continue to be adversely affected by the negative sentiment towards the state of credit markets. Further rate cuts are expected from the US Fed. Discounts remain wide in the investment holding companies and property companies. Although our liquidity stands at over 10% we are adding to positions where we see attractive discounts as we position the portfolio for good future performance. Statistics Value % 1 mo % 1 yr % 3 yr % 5 yr Price (£)1 447.0 2.5 2.1 41.8 198.8 Net Asset Value1 474.5 2.3 2.3 51.9 173.7 Net Asset Value Total Return1 2.3 3.5 56.9 186.4 Benchmark2 (£) 1.7 3.3 42.7 110.8 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 % Investor AB 3.72 Sofina 3.68 Jardine Strategic 3.53 Jardine Matheson 2.94 Electra Private Equity 2.92 GBL 2.89 Deutsche Wohnen 2.59 Holmen 2.37 Lundberforetagen 2.35 Paris Orleans 2.27 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 £790 mil. Debt £ 27.9 mil. Actual Gearing (Debt less cash divided by net asset value) -11.1% Fund Codes Bloomberg Reuters Ticker/ ISIN BTEM GB0001335081 Geographical Breakdown Continental Europe 31.1% Japan 10.6% Canada / US 10.0% Asia Pacific 9.6% UK 21.3% Liquidity 14.6% EMEA 2.8% All figures as at 29 February 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. This information is provided by RNS The company news service from the London Stock Exchange D PFUFKQKNNBKDQND
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