Interim Management Statement Interim Management...

Quarter Ended the 30th June 2009

Fund Manager's Review

In June our undiluted NAV fell 6.0% in the month to 100.6p per share unit, while our benchmark index returned 0.9%.
Shares in both European and US financials underperformed the global financials index and coupled with the gearing in the
Fund, lead to our underperformance. The share unit price fell 4.8% to 60.0p. The undiluted NAV has increased 28.2% over
the past 3 months compared to a 19.6% rise in its benchmark.  As of 30th June 2009, total shareholder funds were
£13,741,300 and total borrowings were £9,472,730. A dividend of 7.6p per share unit, payable on 7th August 2009, has
been proposed for approval by shareholders at the AGM to be held on 4th August 2009.

This month the Fund made investments in Chinese banks through their Hong Kong listed H-shares. China is a country with
good long-term growth potential. The country has not been immune to the global economic slowdown, but the Chinese
government reacted quickly with a Rmb 4 trillion stimulus package towards the end of 2008 and a series of pro-growth
government policies. These measures have been effective at boosting the economy, the property market has started to
recover, consumer confidence has stabilised and both public and private investment has begun to increase. GDP growth is
forecast to be over 8% year-on-year in 2009 and higher again in 2010. The banks in China have remained well capitalised,
the sector loan-to-deposit ratio is below 65% and loan growth is now receiving a boost, reaching a new high of 30.6%
year-on-year growth in May 2009. This is partly driven by the government's stimulus measures to infrastructure-related
projects, but also due to a recovery in mortgage loans in this underleveraged consumer population. The share price falls
in the banks in 2008 and the start of 2009 have provided a good entry point to invest in the Chinese banks' long-term
growth story.

There were no financial results from the companies we are invested in this month. In July banks start to report their
second quarter results (to the 30th June 2009). Concerns over the negative impact the global recession will have on
company earnings have been causing share price weakness over the last month as investors remain nervous and risk
appetite has again receded. We believe that results from many financial companies, in particular the investment banks,
will surprise the market positively, as they did in the first quarter. In the first quarter the actual profits at the
top 10 US & European banks in the Bloomberg Worldwide Financial Index exceeded profit estimates by almost 200%. Ahead of
the second quarter results the Fund has increased its investments in the US.


Cumulative Performance (%) as of 30th June 2009

                    Current(p)    1 month    3 months    6 months    1 year    3 years    5 years
NAV (undiluted)        100.60      -6.0%       28.2%        3.3%     -50.3%     -58.2%     -20.3%
NAV (fully diluted)    100.50      -5.1%       22.9%        2.8%     -46.1%     -53.9%     -17.4%
Share Price -           60.00      -4.8%       42.9%       27.7%     -56.8%     -60.5%     -29.7%
Total Return
Benchmark               56.96       0.9%       19.6%        6.2%     -11.7%     -28.0%      -1.6%
Warrant Price          200.00       0.0%        0.0%       73.9%     -76.5%     -78.3%     115.1%

Discount: Undiluted(%)  -40.4     -41.1       -46.5       -51.7      -31.3      -36.8      -31.8
Discount: Fully         -40.3     -40.5       -48.7       -51.9      -25.4      -30.3      -29.2
          Diluted (%)

                              Source:  Blue Planet, share price bid to bid, net income reinvested


Discrete Annual Performance (%) as of 30th June 2009

                              Share price                 Benchmark
      2Q/08 - 2Q/09              -56.8%                     -11.7%
      2Q/07 - 2Q/08              -41.4%                     -25.5%
      2Q/06 - 2Q/07               55.9%                       9.4%
      2Q/05 - 2Q/06               46.2%                      15.7%
      2Q/04 - 2Q/05               21.9%                      18.2%

                              Source:  Blue Planet, share price bid to bid, net income reinvested


Portfolio Information as of 30th June 2009

            Security             Security                  Country          Valuation       Weighting
              Type                 Name                                          £               %

    89,660   Equity      BP Global Financials-A Class      Ireland          3,387,704          14.5
 8,616,130   Equity      URSA Bank R                       Russia           1,949,103           8.4
   142,640   Equity      Bank Vozrozhdenie R               Russia           1,563,299           6.7
   171,370   Equity      Bank of America Corp              USA              1,367,186           5.9
   346,000   Equity      Union Bank India Ltd (P-Notes)    India            1,062,585           4.6
    10,890   Equity      Goldman Sachs Group Inc.          USA                974,011           4.2
   122,910   Equity      Hartford Financial Services       USA                883,487           3.8
   103,750   Equity      LIC Housing Finance - P Notes     India              814,171           3.5
 1,723,190   Equity      Royal Bank of Scotland Group      UK                 665,841           2.8
   964,000   Equity      Bank of Communications Co Ltd     China              656,765           2.8
 1,353,000   Equity      China Construction Bank Corp      China              636,447           2.7
   189,540   Equity      Federal Bank Ltd (P-Notes)        India              612,863           2.6
 1,526,000   Equity      China CITIC Bank                  China              598,188           2.6
 2,042,000   Equity      Bank of China Ltd                 China              589,138           2.5
   327,340   Equity      Allied Irish Banks Plc            Ireland            480,044           2.0
   114,760   Equity      Bank of Cyprus Ltd                Cyprus             391,385           1.7
   319,590   Equity      South Indian Bank (P-Notes)       India              376,010           1.6
   104,590   Equity      Aviva Plc                         UK                 356,913           1.5
   115,530   Equity      Irish Life & Permanent Plc        Ireland            351,655           1.5
    19,360   Equity      National Bank of Greece S.A       Greece             323,696           1.4
    24,910   Equity      Lincoln National Corporation      USA                260,182           1.1
    35,260   Equity      Banco Santander SA                Spain              257,342           1.1
    11,990   Equity      JP Morgan Chase & Co              USA                249,667           1.1
    10,770   Equity      Prudential Financial Inc          USA                243,961           1.0
    13,170   Equity      MetLife Inc.                      USA                240,389           1.0
 5,912,880   Equity      Other                             -                  795,601           3.5

                                                                           20,087,633          86.1


            Security             Cash                      Denomination     Valuation       Weighting
              Type           Security Name                                      £               %

        Liquid Assets    Near Cash Assets                  GBP                      0           0.0
        Liquid Assets    Cash                              GBP              3,236,855          13.9
        Liquid Assets    Cash                              Other Currency         507           0.0

                                                                            3,237,362          13.9

                                                                           23,324,995         100.0


A unit comprises ten shares, one share in each of the Blue Planet Financials Growth & Income Investment Trusts Nos 1-10.

For more information, please visit www.blueplanet.eu You can also contact the Company on 0845 527 7588 or by emailing
[e-mail]

END