Portfolio Update Quarterly Portfolio Update

Blue Planet Financials Growth & Income Investment Trusts Nos 1-10 plc
Quarterly Portfolio Announcement as at 31 December 2004

                                                  % of
                                                 total
Stock                          Origin        portfolio

Bank Polski                    Poland             11.1
OTP                            Hungary            10.8
ABN-Amro Holdings              Netherlands         7.8
Lloyds TSB                     UK                  7.8
BNP Paribas                    France              7.1
Bank Austria Creditanstalt     Austria             6.2
Societe Generale               France              6.1
HBOS                           UK                  5.8
Bank Przemyslowo-Handlowy      Poland              4.9
Bank Pekao                     Poland              4.8