Monthly Update

British Empire Sec & Gen Tst PLC
14 March 2005


BRITISH EMPIRE SECURITIES AND GENERAL TRUST PLC

Performance Commentary

Investment management report with performance figures as at 28 February 2005.

Over the month NAV was up 3.6%1.  This compares to an increase in the benchmark
of 2.3%2 and an increase of 1.1%1 and 2.6%1 for the MSCI World (£) and FTSE All
Share indices respectively.

Financial year to date, net asset value rose 17.4%1 compared to a rise of 11.2%2
for the Datastream index, 5.5%1 for the MSCI World (£) and 10.9%1 for the FTSE
All Share.

Over three years NAV is up 54.6%1 while the FTSE All Share is up 11.7%1.


Manager's Comment

The relentless rise in the markets since August of last year has made the search
for value more difficult.   We have recently added some positions in Germany and
Turkey, two markets that we have previously avoided, but now look good value.
We have been taking profits in certain holding company, investment trust and
mining company positions.


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

Price (£)1                        325.3           2.6       39.0         79.5   121.4
Net Asset Value1                  314.8           3.6       28.8         55.9    66.8
Net Asset Value Total Return1                     3.6       29.6         59.6    73.4
Benchmark2 (£)                                    2.3       13.4         10.1    -7.1

Annual Returns (%)                 2004          2003       2002         2001    2000
Price1                             36.0          41.6      -12.2          0.8    26.0
MSCI World1                         7.2          20.6      -27.4        -14.1    -5.8


1 Source: Fundamental Data
2 Datastream Global Growth Investment Trust Index(TR) Source: Thomson Financial
3 Benchmark index changed to Datastream Global Growth Investment Trust Index(TR)



Top 10 Equity Holdings                                                 %

Hansa Trust                                                         5.73
Eurazeo                                                             4.82
Jardine Strategic                                                   4.28
Law Debenture                                                       3.42
Prospect Japan                                                      2.94
CNP                                                                 2.58
Wendel Investissement                                               2.24
European Asset Value Fund                                           2.17
Encana                                                              1.97
Lundbergs                                                           1.95



Capital Structure as at 31 December 2004

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                       3,013,267



Gross Assets / Gearing as at 31 December 2004

Gross Assets                                                  £501.5mil.
Debt                                                          £ 30.7mil.
Actual Gearing (Debt less cash dividend by net asset value)       -10.2%



Fund Codes

Bloomberg                                          Reuters Ticker / ISIN
BTEM                                                        GB0001335081



Geographical Breakdown

Continental Europe                                                 27.2%
Japan                                                              12.1%
Canada / US                                                         4.6%
Asia Pacific                                                       12.7%
UK                                                                 22.2%
Liquidity                                                          14.0%
EMEA                                                                7.2%



All figures as at 28 February 2005.  All sources Asset Value Investor 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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            The company news service from the London Stock Exchange