Interim Management Statement

Interim Management Statement - Blue Planet Financials Growth & Income Investment
Trusts (Nos 1-10)
Period: Quarter Ended the 30th June 2008


Fund Manager's Review
In June our Benchmark Index fell 14.1% while our diluted NAV fell by 15.8% to
£1.86 per Share Unit. Our share price fell 4.8% to £1.39 a unit. Over a three
month period the fully diluted NAV has fallen by 19.4% and the share price by
10.9%, whilst the Fund's benchmark fell by 10.7%. Over five years our NAV has
risen by 73.1% against a benchmark rise of 9.9% and the share price has risen by
61.3%. The gearing, which has been at zero for an extended period, ended this
month at 46.6%.

June was a month of unprecedented weakness in banking stocks. In the US the S&P
500 Banks index fell 25% in sterling terms and our benchmark, the Bloomberg
Worldwide Financials Index fell 14%. The falls occurred globally, with little
discrimination between good and bad banks. We believe that shares in banking
stocks, particularly good quality ones, have just about fallen as far as they
are going to fall in this downturn. We believe the upside potential in stocks
from these levels is far greater than the downside. For this reason we have been
selectively adding good quality, undervalued banking stocks in economies where
there is ample scope to grow earnings. This process commenced in May when the
first indicators started to appear that the US housing market is bottoming.
Sales of existing homes in the US have risen for the last 2 months, indicating
buyers are returning to the market.

The sharp falls in equities in June caused our NAV to fall and was exaggerated
by the gearing in the Fund. It has been an uncomfortable month. It is ironic
that problem banks are now being sold off more aggressively then they were, say,
six months ago, despite the fact that the risks associated with them have
diminished considerably. We see positive signs in the capital raisings and
reduction in liquidity problems at banks and anticipate a re-emergence of M&A
activity. We have spoken to senior management contacts at the banks we are
invested in and they have re-confirmed near-term profit targets and that despite
some difficult areas, overall business is good and they are on-track to meet
longer-term goals. For these reasons we have largely maintained our investments
through June and intend to continue to do so.

With effect from 18 June 2008 Blue Planet Investment Management Ltd, a company
registered in Malta, (BPIM Malta) replaced Blue Planet Investment Management
Ltd, the UK incorporated company, (BPIM UK) as the Company's investment manager
on the same terms as the current management agreement. BPIM UK has changed its
name to Blue Planet Investment Advisers Ltd and will provide BPIM Malta with
investment advice. It will continue to provide administration and secretarial
services to the Company and such fees will remain unchanged.


Cumulative Performance (%) as of 30th June 2008
                              Current (p)   1 month    3 months   6 months   1 year    3 years  5 years
NAV (undiluted)                    202.43    -17.0%      -20.8%     -26.3%    -39.7%    19.1%     73.1%
NAV (fully diluted)                186.45    -15.8%      -19.4%     -24.6%    -37.5%    17.7%     64.6%
Share Price                        139.00     -4.8%      -10.9%     -31.2%    -41.4%    33.7%     61.3%
Benchmark                           66.74    -14.1%      -10.7%     -23.9%    -25.5%    -5.7%      9.9%
Warrant Price                      850.00     -2.9%      -12.8%     -20.9%    -40.6%   157.6%    900.0%
                                                                                                          Discount:
Undiluted (%)             -31.3     -40.1       -39.0      -26.4     -29.4    -38.8     -24.8
Discount : Fully Diluted (%)        -25.4     -34.1       -32.6      -18.3     -20.5    -34.4     -22.5
Source: Blue Planet, share price bid to bid, net income reinvested.

Discrete Annual Performance (%) as of 30th June 2008
                               Share price            Benchmark
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%
2Q/03 - 2Q/04                        -1.0%                -1.4%
Source: Blue Planet, share price bid to bid, net income reinvested.

Portfolio Information as of 30th June 2008
            Security                         Security        Country        Valuation Weighting       Type
Name                                                                £         %
8,616,130     Equity                        URSA Bank         Russia        5,016,670       9.7
2,156,920     Equity               Bank Millennium SA         Poland        3,420,778       6.6
   53,225     Equity     BP Global Financials-A Class        Ireland        2,638,311       5.1
  198,210     Equity             EFG Eurobank Ergsias         Greece        2,366,602       4.6
   83,600     Equity                Bank Vozrozhdenie         Russia        2,265,924       4.4
  154,000     Equity                Piraeus Bank S.A.         Greece        2,101,766       4.1
   20,860     Equity                      BRE Bank SA         Poland        1,728,871       3.3
  666,200     Equity             Turkyie Halk Bankasi         Turkey        1,558,216       3.0
   37,650     Equity   Erste Bank Der Osterreichische        Austria        1,177,130       2.3
  153,600     Equity                      DNB NOR ASA         Norway          981,720       1.9
  588,880     Equity               Turkiye Is Bankasi         Turkey          961,741       1.9
  307,260     Equity                     Barclays Plc United Kingdom          894,895       1.7
  273,070     Equity           Federal Bank Ltd - IPC          India          579,611       1.1
   47,710     Equity        Bank of Georgia-Reg S GDR        Georgia          565,154       1.1
   65,000     Equity           Halyk Savings Bank GDR     Kazakhstan          502,434       1.0
5,250,000     Equity             Raiffeisen Bank Aval        Ukraine          428,491       0.8
   12,680     Equity             Bank Zachodni WBK SA         Poland          407,577       0.8
52,014,920    Equity               Ural-Siberian Bank         Russia          381,176       0.7
   11,460     Equity     National Bank of Greece S.A.         Greece          259,345       0.5
   62,250     Equity        Corporation Bank (P-Notes)         India          189,503       0.4
  148,900     Equity       South Indian Bank (P-Notes)         India          175,081       0.3
                                                                           28,600,996      55.3

            Security                             Cash   Denomination        Valuation  Weighting
                Type                    Security Name                               £          %
               Bonds   VozrozhdenieBank 8.95% 03/10 R         Russia        1,702,133        3.3
               Bonds               Rosbank 8% 09/09 R         Russia        1,428,797        2.8
               Bonds     Rusfinan Bank3 7.55% 05/09 R         Russia        1,306,743        2.5
               Bonds   Eurokommerz-1 Var11.5% 12/09 R         Russia        1,211,662        2.3
               Bonds    Trancreditbank1 7.29% 06/10 R         Russia        1,121,476        2.2
               Bonds       Bank Kedr-2 12.30% 09/09 R         Russia        1,123,974        2.2
               Bonds           Other Smaller Holdings        Various        3,583,655        7.1
                                                                           11,478,440       22.4

            Security                             Cash    Denomination      Valuation   Weighting
                Type                    Security Name                              £           %
       Liquid Assets                 Near Cash Assets             GBP      5,720,000        11.2
       Liquid Assets                             Cash             GBP      1,465,674         2.8
       Liquid Assets                             Cash  Other Currency      4,245,266         8.3
                                                                          11,430,940        22.3

                                                                          51,510,376         100



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].