Monthly Update

British Empire Sec & Gen Tst PLC
19 March 2007


BRITISH EMPIRE SECURITIES AND GENERAL TRUST PLC


Performance Commentary

This investment management report relates to performance figures as at 28
February 2007.

Over the month NAV was up 0.5%1.  This compares to a decrease in the benchmark
of 0.2%2, and a decrease of 0.6%1 and 0.2%1 for the MSCI World (£) and the FTSE
All Share indices respectively.

Financial* year to date, net asset value rose 7.9%1 compared to a rise of 6.4%2
for the Datastream index, 4.1%1 for the MSCI World (£) and 5.7%1 for the FTSE
All Share.

Over three years NAV is up 95.8%1 while the FTSE All Share is up 57.0%1.


Manager's Comment

Our performance for the month was slightly positive compared with small declines
in the indices.  It is encouraging to note the positive contribution from Japan,
which was such a negative factor last year.  Much of our Japanese exposure is to
property and a recent trip to Japan has confirmed the positive trends now in
place in the Japanese urban property markets.


Statistics


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

Price (£)1               443.0      -0.4          -4.3         93.1       149.4

Net Asset Value1         463.9       0.5           3.6         90.7      130.8

Net Asset Value Total 
  Return1                            0.5           4.8         95.8      141.2

Benchmark2 (£)                      -0.2           6.4         57.1       53.8


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                            3.70

Alliance Trust                         2.97

Paris Orleans                          2.95

Sofina                                 2.89

Jardine Strategic                      2.79

Tokyu Corporation                      2.61

NTT Urban Development                  2.57

Electra Private Equity                 2.49

Lundbergforetagen                      2.17

Hutchison Whampoa                      2.14


Capital Structure


Ordinary Shares                   160,080,089

10 3/8% Debenture stock 2011       £8,514,940

8 1/8% Debenture stock 2023       £14,875,319

Equities index unsecured loan 
  stock 2013                        2,837,000


Gross Assets/Gearing


Gross Assets                         £776 mil.

Debt                               £ 29.8 mil.

Actual Gearing (Debt less cash 
  divided by net asset value)          -12.6%


Fund Codes


Bloomberg                               Reuters Ticker / ISIN

BTEM                                    GB0001335081


Geographical Breakdown


Continental Europe                     22.4%

Japan                                  16.4%

Canada / US                             6.8%

Asia Pacific                           14.1%

UK                                     24.4%

Liquidity                              15.9%

EMEA                                    0.0%


All figures as at 28 February 2007 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