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

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