Interim Management Statement

Interim Management Statement - Blue Planet Financials Growth & Income 
Investment Trusts (1-10) (LSE:BPFU)

Quarter Ended the 31st December 2009

Fund Manager's Review

In December, our undiluted NAV rose 2.9% to 131.2p per share unit. The Fund
outperformed the benchmark index return of 1.5% over the month. Turkish bank
stocks were notable outperformers as Fitch Ratings upgraded the country by two
notches to BB+ in recognition of the improvement in the country's economic
position. The share unit price rose 1.3% in the month to 78.0p per share unit.
Over the past 3 months the NAV has fallen 18.3% compared to a 0.5% fall in its
benchmark. As of 31st December 2009, total shareholder funds were £17,928,370
and total borrowings were £11,222,730.

Many of the World's stock markets posted very strong returns for 2009, led in
the main by the emerging market countries that had suffered such steep share
price falls in 2008. The MSCI Developed Market World Index rose 27% in 2009 in
US Dollar terms, whereas the MSCI Emerging Market Index rose 59%. In the UK the
FTSE-100 index rose 22% to 5412. This is still 16% below its closing level in
2007 of 6456. The Financials sector was the 3rd best performing sector of the
global market after Basic Materials and Technology. The Bloomberg World
Financials Index returned 30% in 2009 in Sterling terms and the Bloomberg
European Financials Index total return was 28%. In 2009 the Fund's NAV has
returned 42% and the share unit price has returned 84%, significantly
outperforming its benchmark in 2009.

Going into 2010 key themes are the sustainability of the recovery of the global
economy, as central banks and governments begin to implement exit strategies
from their fiscal stimulus measures and ultra-low interest rate environments.
In the Financial sector the level of bad loans and the changes to capital
adequacy rules for banks are central.

In the Fund in 2010, we are continuing our focus on emerging market countries
that have well-run economies and under-leveraged banking markets, as well as
selected recovery stocks. We intend to maintain a concentrated portfolio, but
wish to minimise exposure to illiquid stocks, as there are a number of
economies, notably the UK, that we feel are in a very poor state and we expect
to head into a further crisis. This would trigger a reversal in the stock
market gains. To this end we have further reduced our exposure to the smaller
Russian banks in which we have been invested for a long period.

Cumulative Performance (%) as of 31st December 2009

                Current  1 month  3 months 6 months  1 year  3 years  5 years 
                  (p)                                                         
                                                                              
     NAV          131.20     2.9%   -18.3%    37.8%    42.4%   -59.7%   -12.0%
 (undiluted)                                                                  
                                                                              
  NAV (fully      126.40     2.6%   -16.3%    33.2%    36.9%   -56.2%    -9.5%
   diluted)                                                                   
                                                                              
Share Price -      78.00     1.3%   -23.5%    44.1%    84.0%   -61.9%    -5.9%
 Total Return                                                                 
                                                                              
  Benchmark        69.05     1.5%    -0.5%    22.3%    29.9%   -18.4%     5.8%
                                                                              
Warrant Price     180.00   -14.3%     0.0%   -10.0%    56.5%   -86.6%   -37.9%
                                                                              
  Discount:        -40.6    -39.6    -36.4    -40.4    -51.7    -34.1    -41.4
Undiluted (%)                                                                 
                                                                              
  Discount:        -38.3    -37.5    -32.5    -40.3    -51.9    -25.7    -37.6
Fully Diluted                                                                 
     (%)                                                                      

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

Discrete Annual Performance (%) as of 31st December 2009

                                  Share price                 Benchmark        
                                                                               
      4Q/08 - 4Q/09                  84.0%                      29.9%          
                                                                               
      4Q/07 - 4Q/08                  -76.7%                    -36.8%          
                                                                               
      4Q/06 - 4Q/07                  -11.0%                     -0.6%          
                                                                               
      4Q/05 - 4Q/06                  50.3%                      4.0%           
                                                                               
      4Q/04 - 4Q/05                  64.3%                      24.6%          

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

Portfolio Information as of 31st December 2009

           Security          Security           Country    Valuation  Weighting
             Type              Name                            £          %    
                                                                               
   89,660   Equity    BP Global Financials-A    Ireland    3,863,710    13.1   
                              Class                                            
                                                                               
  144,220   Equity   LIC Housing Finance - P     India     1,554,860     5.3   
                              Notes                                            
                                                                               
   32,250   Equity       Deutsche Bank AG       Germany    1,416,140     4.8   
                                                                               
  506,110   Equity   Turkiye Garanti Bankasi     Turkey    1,326,448     4.5   
                                AS                                             
                                                                               
3,385,080   Equity          MDM Bank R           Russia    1,273,494     4.3   
                                                                               
2,174,590   Equity       China CITIC Bank        China     1,148,100     3.9   
                                                                               
  165,890   Equity         DNB NOR ASA           Norway    1,111,080     3.8   
                                                                               
  358,440   Equity     China Life Insurance      China     1,096,292     3.7   
                                                                               
2,173,090   Equity    Bank Rakyat Indonesia    Indonesia   1,072,631     3.6   
                                                                               
  192,360   Equity      Ping An Insurance        China     1,042,434     3.5   
                             Company                                           
                                                                               
3,313,710   Equity      Bank Central Asia      Indonesia   1,029,043     3.5   
                                                                               
3,245,750   Equity         Bank Mandiri        Indonesia    992,024      3.4   
                                                                               
  840,060   Equity     Dena Bank (P-Notes)       India      933,043      3.2   
                                                                               
   30,060   Equity     State Bank of India       India      906,710      3.1   
                            (P-Notes)                                          
                                                                               
  772,540   Equity    Allied Irish Banks Plc    Ireland     828,382      2.8   
                                                                               
  168,460   Equity      Bank of Cyprus Ltd       Cyprus     729,122      2.4   
                                                                               
  140,430   Equity     Turkyie Halk Bankasi      Turkey     683,933      2.3   
                                                                               
  319,590   Equity      South Indian Bank        India      613,062      2.1   
                            (P-Notes)                                          
                                                                               
  386,890   Equity   Asya Katilim Bankasi AS     Turkey     552,504      1.9   
                                                                               
                                                           22,173,012   75.2   
                                                                               
           Security            Cash           Denomination Valuation  Weighting
             Type         Security Name                        £          %    
                                                                               
            Liquid       Near Cash Assets         GBP          0         0.0   
            Assets                                                             
                                                                               
            Liquid             Cash               GBP        76,069      0.3   
            Assets                                                             
                                                                               
            Liquid             Cash              Other     7,219,378    24.5   
            Assets                              Currency                       
                                                                               
                                                           7,295,447    24.8   
                                                                               
            Total                                          29,468,459    100   

A unit comprises ten shares, one share in each of the Blue Planet Financials
Growth & Income Investment Trusts No 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]