Investment Policy

British Empire Sec & Gen Tst PLC
29 October 2003


British Empire Securities and General Trust p.l.c.

('British Empire', the 'Company')

29 October 2003

Further to the publication of the Investment Entities (Listing Rules and Conduct
of Business) Instrument 2003, the Board of British Empire confirms no change
will be made to the Company's investment objective, which 'is to achieve capital
growth through a focused portfolio of investments, particularly in companies
whose share prices stand at a discount to estimated underlying net asset value.'
It remains the Board's policy not to limit investment in other listed investment
companies to a maximum of 15% of the gross assets of the Company.


Enquiries

Asset Value Investors Limited
020 7647 2900




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