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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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February

BTEM’s NAV increased by a further 3.1% in February on the back of strength in several key holdings.

Last month’s largest detractor was this month’s joint star performer as Hudson’s Bay (HBC) recovered from its lows, increasing 23% over February as the market responded to speculation that HBC is poised to make a bid for its much larger rival Macy’s which, like HBC, owns valuable freehold real estate. Whether HBC can pull off a deal for Macy’s remains to be seen, but the news has certainly served to highlight the value in the real estate of both retailers. HBC is much further on the journey to monetising its property holdings, having already spun off a sizable portion of them into private JVs.  We continue to believe the ultimate end-game of Richard Baker, HBC’s Chairman and largest shareholder, involves a full separation of the retail and property assets with a listing for the latter highlighting their true value. HBC contributed 71bps to BTEM’s NAV over the month, justifying our decision to add to the position after it had fallen dramatically during the previous month.

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.