Monthly Update

British Empire Sec & Gen Tst PLC
15 April 2008



BRITISH EMPIRE SECURITIES AND GENERAL TRUST PLC



Performance Commentary

This investment management report relates to performance figures as at 31 March
2008.

Over the month NAV was down 1.1%1.  This compares to a decrease of 2.3%2 in the
benchmark and a decrease of 2.1%1 and 0.8%1 for the FTSE All Share and MSCI
World (£) indices respectively.

Financial* year to date, net asset value fell 6.3%1 compared to a decrease of
7.5%2 for the Datastream index, 8.8%1 for the MSCI World (£) and 10.2%1 for the
FTSE All Share.

Over three years NAV is up 54.2%1 while the FTSE All Share is up 31.3%1.



Manager's Comment



The NAV fell over the first half of the year, but slightly less than our
benchmark.  The duration of the 'credit crunch' is indeterminate but, outside
the financial sector, value is appearing again in the equity markets.  Discounts
on our universe of stocks are widening and it is possible to argue once again
that one can invest with a 'margin of safety'.  As an example, many UK property
stocks which traded at a premium to NAV a year ago, trade on substantial
discounts today.  As a result, we have been slowly increasing our exposure to UK
listed property companies.




Statistics





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

Price (£)1                          476.0        6.5       3.7       49.2       231.4

Net Asset Value1                    474.5       -1.1      -0.7       49.3       180.3

Net Asset Value Total Return1                   -1.1       0.5       54.2       193.2

Benchmark2 (£)                                  -2.3      -1.8       40.9       109.4




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                                    4.15

Sofina                                         4.04

Jardine Strategic                              3.67

Jardine Matheson                               3.35

GBL                                            2.96

Electra Private Equity                         2.74

Holmen                                         2.39

Paris Orleans                                  2.33

Lundberforetagen                               2.31

Deutsche Wohnen                                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                                                     £786 mil.

Debt                                                           £ 28.0 mil.

Actual Gearing (Debt less cash divided by net asset value)          -12.5%





Fund Codes

Bloomberg                                     Reuters Ticker/ ISIN

BTEM                                          GB0001335081





Geographical Breakdown



Continental Europe                         31.3%

Japan                                      10.8%

Canada / US                                 8.3%

Asia Pacific                               10.0%

UK                                         21.0%

Liquidity                                  15.9%

EMEA                                        2.7%



All figures as at 31 March 2008 unless otherwise stated.  All sources Asset
Value Investors Ltd unless otherwise stated.  British Empire Securities &
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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