Monthly Update - Replacement

British Empire Sec & Gen Tst PLC
12 April 2007


BRITISH EMPIRE SECURITIES AND GENERAL TRUST PLC


This announcement replaces announcement 7470U released at 11.16 am on 12 April
2007 which contained two incorrect figures in the Performance Commentary.



Performance Commentary

This investment management report relates to performance figures as at 31 March
2007.

Over the month NAV was up 1.6%1.  This compares to a increase in the benchmark
of 2.4%2, and an increase of 1.8%1 for the MSCI World (£) and 3.3%1 the FTSE All
Share indices.

Financial* year to date, net asset value rose 9.6%1 compared to a rise of 9.0%2
for the Datastream index, 6.0%1 for the MSCI World (£) and 9.2%1 for the FTSE
All Share.

Over three years NAV is up 91.8%1 while the FTSE All Share is up 64.4%1.



Manager's Comment

British Empire's NAV has kept pace with a rising market despite having a healthy
net cash position throughout the first 6 months of the year.  We have held cash
because it has been difficult to find value in a market that has been rising
steadily for 4 years and because we are wary of the effect of the removal of
liquidity from the market via higher interest rates.

Despite our general concerns, we believe there are still opportunities in Japan,
mining and energy stocks, and in a further narrowing of discounts in investment
holding companies.



Statistics

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

Price (£)1                     464.3          4.8      -2.8       98.1     148.3
Net Asset Value1               471.0          1.6       1.8       86.8     127.3
Net Asset Value Total Return1                 1.6       2.9       91.8     137.6
Benchmark2 (£)                                2.4       5.3       61.0      51.3



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                                                              2.96
Paris Orleans                                                               2.95
Sofina                                                                      2.89
Jardine Strategic                                                           2.82
NTT Urban Development                                                       2.61
Tokyu Corporation                                                           2.47
Electra Private Equity                                                      2.43
Lundbergforetagen                                                           2.29
Hutchison Whampoa                                                           2.12



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                                                           £791 mil.
Debt                                                                 £ 30.0 mil.
Actual Gearing (Debt less cash divided by net asset value)                -12.9%



Fund Codes

Bloomberg                                                    Reuters Ticker/ISIN
BTEM                                                                GB0001335081



Geographical Breakdown

Continental Europe                                                         22.3%
Japan                                                                      16.0%
Canada / US                                                                 8.5%
Asia Pacific                                                               14.4%
UK                                                                         22.6%
Liquidity                                                                  16.2%
EMEA                                                                        0.0%


All figures as at 31 March 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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