Monthly Update

British Empire Sec & Gen Tst PLC
17 May 2007


BRITISH EMPIRE SECURITIES AND GENERAL TRUST PLC

Performance Commentary

This investment management report relates to performance figures as at 30 April
2007.

Over the month NAV was up 3.0%1.  This compares to an increase in the benchmark
of 2.4%2, and an increase of 2.5%1 for the MSCI World (£) and 2.4%1 the FTSE All
Share indices.

Financial* year to date, net asset value rose 12.9%1 compared to a rise of
11.8%2 for the Datastream index, 8.6%1 for the MSCI World (£) and 11.9%1 for the
FTSE All Share.

Over three years NAV is up 96.0%1 while the FTSE All Share is up 65.1%1.

Manager's Comment

Our liquidity position was reduced during the month, with the majority of new
purchases coming in the mining and energy sectors.  Although, the extent of the
slowdown in the US economy is still unknown, it appears that growth elsewhere in
the world will be strong enough to underpin demand for many commodities.  It has
often been remarked, but is worth repeating, that China's economy is much more
resource-intensive than the developed world and is growing at roughly 10% per
annum.  China's increasing demand appears to be outstripping any increase in
supply of commodities, especially base metals, setting the stage for a prolonged
period of elevated prices.


Statistics

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

Price (£)1                    473.5       2.0       -3.6       96.0       155.9

Net Asset Value1              485.2       3.0       5.9        90.9       131.0

Net Asset Value Total Return1             3.0       7.1        96.0       141.4      
Benchmark2 (£)                            2.4       8.3        64.0        58.8     


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                                                      4.03
Sofina                                                           3.33
Alliance Trust                                                   2.92
Jardine Strategic                                                2.83
Paris Orleans                                                    2.78
Lundbergforetagen                                                2.55
NTT Urban Development                                            2.54
Electra Private Equity                                           2.34
Petro-Canada                                                     2.23
Tokyu Corp                                                       2.21

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                                                £815 mil.
Debt                                                      £ 29.1 mil.

Actual Gearing (Debt less cash divided by net asset value)     -8.6%



Fund Codes

Bloomberg                                       Reuters Ticker/ ISIN
BTEM                                                    GB0001335081


Geographical Breakdown

Continental Europe                                             24.3%
Japan                                                          14.5%
Canada / US                                                    12.9%
Asia Pacific                                                   14.8%
UK                                                             21.6%
Liquidity                                                      11.9%
EMEA                                                           0.0%

All figures as at 30 April 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.


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