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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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March

AP Alternative Assets’ shares rose strongly over the month. The 11.5% jump over the month was boosted further in Sterling terms by a strong US dollar. Despite the stellar gains already recorded on the position to date (up almost +200% in less than 3 years), we still see significant future upside from the company’s sole asset, Athene Insurance. We expect an IPO of Athene, slated for later this year, to be achieved at a value substantially in excess of the valuation used by AP Alternative in its reported NAV.

Paris Orleans has finally started to move ahead over the last couple of months. The French holding company of the Rothschild family is soon to be renamed Rothschild & Co and this may generate more attention to this little known holding company. At the same time, increased profitability from both investment banking work, as well as from the wealth management division, Provides further support for an increase in the share price.

Sales over the month included an exit from our position in Pantheon’s Ordinary shares on a 15% discount to NAV. We have also started to reduce our position in Hudson’s Bay after the company announced JV’s with Simon Property Group and RioCan REIT for their US and Canadian freehold property portfolios at the end of February.

Dolphin Capital’s share price deteriorated further over March as tensions rose between Greece and their creditors.

The weighted average discount on the portfolio at the end of March was 24.1%.

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.