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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.

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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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April

Europe continues to be a successful theme for us as a number of our holding companies benefit from stronger than market NAV performance and discount contraction.

Sofina was the largest contributor to performance with its shares rising by 5% over the month.  Thus far in 2015 its discount has narrowed from 37% to 32% and remains wide in absolute terms and relative to its peer group.  We do not believe that such a wide discount is justified for a group that has consistently delivered market beating NAV performance.  Shares in Paris Orléans jumped by 15% over the month as the company announced that stronger than expected results and also that it would be renaming itself Rothschild & Co. Aker, the Norwegian oil services holding company has also had a bounce in recent weeks, helped by a stronger oil price.  Three recent acquisitions in the mining sector were also strong contributors over the month.  Detour Gold shares rose 27.5%, Blackrock World Mining increased by 7.5%, and Teck Resources went up by 5%.

On the negative side Jardine Matheson was the largest detractor from performance over the month.  A 2% decline in share price was magnified by a widening in the discount from 24% to 27% and this was further compounded by US dollar weakness against the Pound.  Other dollar priced holdings such as Harbourvest, NB Private Equity and Symphony International detracted from performance – more from Dollar weakness than share price declines.

During the month, the discount on the portfolio widened to 24.8% and cash levels remain relatively low at 3.2%.

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.