Disclaimer

The website is directed only at Professional Clients in the UK. The website is issued by Asset Value Investors Limited (“AVI”), in respect of British Empire Trust plc (“British Empire”). AVI is authorised and regulated by the UK Financial Conduct Authority (“FCA”). British Empire is a public company listed and traded on the London Stock Exchange.

You agree that we may contact you about our products and services that we believe you might be interested in.

The price of the Shares will be determined by supply and demand in the market as well as NAV per Share. The market price of the Shares is therefore likely to fluctuate and may represent either a premium or discount to NAV per Share.

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Committees

Audit Committee

These terms of reference have been produced to accord with the relevant Principles of The AIC Code of Corporate Governance published in February 2013 (Principles 5, 13 and 21) and, where deemed applicable, to follow the Guidance on Audit Committees published by the Financial Reporting Council in September 2012 (FRC Guidance). The Financial Reporting Council has confirmed that AIC Member companies who report against the AIC Code of Corporate Governance published in July 2016 and who follow the AIC’s Corporate Governance Guide for Investment Companies will be meeting their obligations in relation its UK Corporate Governance Code published in April 2016 and Listing Rule 9.8.6.

Select to read the full Audit Committee – Terms of Reference or Non Audit Services Policy

Disclosure Committee

The Company is required to make timely and accurate disclosure of all information that is required to be so disclosed to meet the legal and regulatory obligations and requirements arising from its listing on the London Stock Exchange.  The obligations on the Company relating to the disclosure and control of its Inside Information are set out in the EU Market Abuse Regulation (Regulation 596/2014) (“MAR”) together with its associated implementing regulations and guidance. The FCA’s Disclosure Guidance (“DG”) provides further assistance in respect of interpretation of the applicable rules.

Select to read the full Disclosure Committee – Terms of Reference

Management Engagement Committee

These terms of reference have been produced to accord with the relevant Principles of The AIC Code of Corporate Governance published in July 2016 (Principles 15 and 18). The Financial Reporting Council has confirmed that AIC Member companies who report against the AIC Code of Corporate Governance and who follow the AIC’s Corporate Governance Guide for Investment Companies will be meeting their obligations in relation its UK Corporate Governance Code published in April 2016 and Listing Rule 9.8.6.

Select to read the full Management Engagement Committee – Terms of Reference

Nomination Committee

These terms of reference have been produced to accord with the relevant Principles of The AIC Code of Corporate Governance published in February 2013 (Principles 1 to 7, 9 and 10). The Financial Reporting Council has confirmed that AIC Member companies who report against the AIC Code of Corporate Governance published in July 2016 and who follow the AIC’s Corporate Governance Guide for Investment Companies will be meeting their obligations in relation its UK Corporate Governance Code published in April 2016 and Listing Rule 9.8.6.

Select to read the full Nomination Committee – Terms of Reference

British Empire Securities and General Trust p.l.c is referred to as ‘British Empire’ throughout the website. British Empire’s investment managers, Asset Value Investors are referred to as ‘AVI’

British Empire currently conducts its affairs so that its shares can be recommended by Independent Financial Advisers (“IFAs”) in the UK to ordinary retail investors in accordance with the Financial Conduct Authority (“FCA”) rules in relation to non-mainstream investment products and intends to continue to do so. The shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in an authorised investment trust. © British Empire Trust plc. 2014 Registered in England No: 00028203. An investment company under Section 833 of the Companies Act 2006. Registered Office: Beaufort House, 51 New North Road, Exeter, EX4 4EP. Managed by Asset Value Investors Ltd. which is authorised and regulated by the Financial Conduct Authority. Past performance should not be seen as an indication of future performance. The price of investments and the income may fall as well as rise and investors may not get back the full amount invested. British Empire uses gearing techniques (leverage) which will exaggerate market movements both down and up which could mean sudden and large falls in market value. Please refer to the Key Features Document for further details of the risks affecting your investment. Performance figures are cumulative and based on Price total return and do not include Plan charges. For more information, please call 03458 500181. Tax treatment depends on the individual circumstances and may be subject to change in the future. Asset Value Investors Ltd do not offer Innovative Finance ISAs.