Interim Management Statement

Blue Planet Financials Growth & Income Investment Trust Plc
Interim Management Statement
Period: Quarter Ended the 30th June 2007

In June our fully diluted NAV fell by 2.3% to £2.98 per Share Unit against a 3.7% fall in our Benchmark Index. The share
price rose by 7.7% to £2.37 a unit. Over the past three months the NAV has risen by 2.1% and the Share Unit has risen by
3.0%. We have managed to outperform the index which rose 0.4% over the three month period. We reduced our exposure to
periods of market weakness by eliminating gearing net of cash for much of the last three months. As we go into the third
quarter of the year we have taken a more positive stance on the markets and gearing has been increased to 41.4% by the
end of June.

For the one year period the NAV has risen by 36.8% against a benchmark rise of 9.2% and the share price has risen by
55.9%. At the end of June the trust was rated as a top 10% performer in Trustnet against all other conventional
investment trusts in terms of NAV appreciation over both 1 year and 3 years.

The trend of rising interest rates in the major economies has caused weakness in both bond and equity prices this month.
This has provided your Fund with a good opportunity to selectively increase investments. The existing small holdings in
Piraeus Bank and Commerzbank were both augmented. Following a meeting with Erste Bank's CEO an investment was made in
Erste Bank. This is the second time we have invested in the stock and we made substantial profits first time round.
Erste Bank has leading banking networks in Romania, the Czech Republic, Slovakia and Hungary as well as in their home
market Austria. Performance has been very strong in Austria, the Czech Republic and Slovakia. Erste Bank acquired BCR in
Romania in 2006 and this has been a turnaround story. The restructuring of BCR has taken time and extensive management
changes have been made, however it now seems that Erste are on track, and with 6 million people in Romania without a
bank account, there are significant growth opportunities there.

Cumulative Performance (%) as of 30th June 2007
                   Current(p) 1 month 3 months 6 months 1 year 3 years 5 years
NAV (undiluted)     335.50      -2.4%     2.2%    -2.6%  39.4%  165.8%  172.6%
NAV (fully diluted) 298.30      -2.3%     2.1%    -2.4%  36.8%  145.3%  155.2%
Share Price         237.00       7.7%     3.0%     4.4%  55.9%  177.7%  155.1%
Benchmark            92.66      -3.7%     0.4%     1.0%   9.2%   51.3%   52.3%
Warrant Price     1,430.00       0.0%   -12.5%     6.7%  55.4% 1,437.6% 652.6%

Discount (%)         -20.6      -28.0    -21.3    -25.7  -30.3   -29.2   -17.8
Source: Blue Planet, share price bid to bid, net income reinvested.


Discrete Annual Performance (%) as of 30th June 2007
                Share price   Benchmark
2Q/06 - 2Q/07         55.9%        9.2%
2Q/05 - 2Q/06         46.2%       18.1%
2Q/04 - 2Q/05         21.9%       17.3%
2Q/03 - 2Q/04         -1.0%       -1.4%
2Q/02 - 2Q/03         -7.2%        2.2%
Source: Blue Planet, share price bid to bid, net income reinvested.


Portfolio Information as of 30th June 2007

No of      Security  Security             Country Valuation£ Weighting
Shares     Type      Name                            (£)       (%)
8,616,130  Equity    URSA Bank            Russia   9,564,899      14.7
128,959    Equity    BP Global Financials Eire     8,668,868      13.3
                     - A Class
126,010    Equity    Bank Zachodni WBK SA Poland   6,581,228      10.1
337,710    Equity    Piraeus Bank S.A.    Greece   6,033,016       9.3
2,319,070  Equity    Bank Millennium SA   Poland   5,375,736       8.3
6,240,980  Equity    Promstroibank        Russia   5,266,060       8.1
                     St Petersburg
473,620    Equity    PKO Bank Polski SA   Poland   4,650,733       7.2
529,840    Equity    Bank of Cyprus Ltd   Cyprus   4,536,210       7.0
189,380    Equity    Commerzbank AG       Germany  4,495,156       6.9
943,550    Equity    Unicredito Italiano  Italy    4,207,648       6.5
89,090     Equity    Erste Bank           Austria  3,471,374       5.3
129,310    Equity    Banco Nossa Caixa SA Brazil   1,027,401       1.6
55,566,670 Equity    Ural-Siberian Bank   Russia     777,292       1.2
30         Equity    Hypo Real Estate     Germany        967       0.0
120        Equity    Nordea Bank AB       Sweden         939       0.0
                                                  64,657,527      99.5

                     Liquid Assets       Sterling    294,344       0.5
                     Liquid Assets          Other     11,935       0.0
                                                     306,279       0.5

                     Total                        64,963,806       100

For more information, please visit www.blueplanet.eu

You can also contact the Company on 0131 466 6666 or by emailing [e-mail]