Monthly Update

British Empire Sec & Gen Tst PLC
16 November 2007


BRITISH EMPIRE SECURITIES AND GENERAL TRUST PLC


Performance Commentary

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

Over the month NAV was up 2.2%1.  This compares to an increase in the benchmark
of 3.1%2, an increase of 1.1%1 and 4.3%1 for the MSCI World (£) and FTSE All
Share indices respectively.

Over three years NAV is up 94.3%1 while the FTSE All Share is up 65.6%1.


Manager's Comment

We have taken some profits following the market's recent strong rise.
Injections of liquidity by Central Banks have pushed the equity markets close to
their levels before the correction in July / August.  In some cases, such as
Hong Kong, booming liquidity has pushed markets to all time highs.  This appears
to be somewhat dangerous given further bad news on credit losses in financial
institutions is all but guaranteed.


Statistics

                              Value    % 1 mo    % 1 yr     % 3 yr     % 5 yr
Price (£)1                    483.5       1.6       7.9       82.3      223.4

Net Asset Value1              516.2       2.2      18.2       88.9      201.9

Net Asset Value Total Return1             2.2      19.7       94.3      215.8

Benchmark2 (£)                            3.1      17.2       71.0      115.7

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                                                3.79
Sofina                                                     3.26
Jardine Strategic                                          3.15
Jardine Matheson                                           2.81
Electra Private Equity                                     2.71
GBL                                                        2.63
Paris Orleans                                              2.59
Hutchinson Whampoa                                         2.49
Novagold Resources                                         2.26
Deutsche Wohnen                                            2.24

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

** Updated annually





Gross Assets/Gearing

Gross Assets                                                  £864 mil.

Debt                                                        £ 29.0 mil.

Actual Gearing (Debt less cash divided by net asset value)       -12.0%

Fund Codes

Bloomberg                                    Reuters Ticker/ ISIN

BTEM                                         GB0001335081


Geographical Breakdown

Continental Europe                           26.7%
Japan                                         9.5%
Canada / US                                  14.2%
Asia Pacific                                 13.0%
UK                                           19.5%
Liquidity                                    15.1%
EMEA                                          2.0%

All figures as at 31 October 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.

British Empire Securities and General Trust plc, 54 St James's Street, London
SW!A 1JT.  Registered in England No: 28203


                      This information is provided by RNS
            The company news service from the London Stock Exchange