Interim Management Statement

Interim Management Statement - Blue Planet Financials Growth & Income Trust Plc

Quarter Ended the 31st December 2010

In December our NAV rose 3.7% to 81.2p per share unit. The benchmark index
return was 6.7% in sterling terms. The fund underperformed the index as Asian
stocks were weak in the month. The share unit price remained flat at 58.0p per
share unit.

The US economy has been in recovery mode, and that recovery showed signs of
accelerating during December. Unemployment fell sharply from 9.8% to 9.4%.
Consumption and business confidence is improving and inflation remains subdued.
Companies had a strong third quarter 2010 reporting season. Out of 392 of the S
&P 500 companies that reported quarterly results, 77% beat profitability
expectations. Positive sentiment was reinforced by the extension of the Bush
tax cuts by the Obama government. We added to US holdings in the portfolio this
month. Investments were made in Bank of America and Capital One Financial.

December saw a bounce back in European financials. Although the European
sovereign problems will not be resolved overnight, the focus on the sovereign
concerns, mean that investors are overlooking underlying improvement in the
economic picture and the increasing profitability of banks. Across all sectors,
64% of the 204 Euro STOXX companies beat estimates in their third quarter
results. Whilst volatility will continue, many European financials are trading
on very modest valuations and represent good investment opportunities.

The strength in the US and Europe was offset by weak share prices in Asian
banks in December, as investors appeared to be realising profits made in a year
of very strong gains in many Asian markets, in particular Indonesia and India.

Third quarter 2010 results continued to be reported this month. Companies in
which we are invested reported results as listed below. The third quarter Net
Income ("NI") year-on-year growth is provided:

Sberbank NI rose 967% from a very low base a year ago
VTB NI was Rub 14.7bn compared to a loss a year ago

Cumulative Performance (%) as of 31st December 2010

                Current  1 month  3 months 6 months  1 year  3 years  5 years 
                  (p)                                                         
                                                                              
     NAV           81.20     3.7%    -5.8%   -10.4%   -38.1%   -68.7%   -65.4%
                                                                              
Share Price -      58.00     0.0%    -6.5%   -12.1%   -25.6%   -68.2%   -57.4%
 Total Return                                                                 
                                                                              
  Benchmark        73.25     6.7%     6.4%    14.6%     8.9%   -10.6%    -7.5%
                                                                              
 Discount / +      -28.6    -25.9    -28.1    -27.2    -40.5    -26.4    -39.2
 Premium (%)                                                                  

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

Discrete Annual Performance (%) as of 31st December 2010

                                  Share price                 Benchmark        
                                                                               
      4Q/09 - 4Q/10                  -25.6%                     8.9%           
                                                                               
      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%           

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

Portfolio Information as of 31st December 2010

               Security       Security        Country     Valuation   Weighting 
                 Type           Name                          £           %     
                                                                                
      89,660    Equity        BP Global       Ireland     3,150,222     17.3    
                            Financials-A                                        
                                Class                                           
                                                                                
     131,750    Equity     Bank of America       US       1,127,282      6.2    
                                Corp                                            
                                                                                
      39,580    Equity       Capital One         US       1,080,193      5.9    
                           Financial Corp                                       
                                                                                
     328,440    Equity      Citigroup Inc        US        996,422       5.5    
                                                                                
     445,990    Equity       Sberbank R        Russia      976,811       5.3    
                                                                                
   1,224,500    Equity       Bank Rakyat     Indonesia     907,300       5.0    
                              Indonesia                                         
                                                                                
 371,480,000    Equity        VTB Bank         Russia      785,687       4.3    
                                                                                
     809,500    Equity     Tisco Financial    Thailand     686,667       3.8    
                            Group (NVDR)                                        
                                                                                
     367,100    Equity        Dena Bank        India       611,486       3.3    
                              (P-Notes)                                         
                                                                                
   1,280,500    Equity    Bank Central Asia  Indonesia     583,873       3.2    
                                                                                
      35,660    Equity         SCOR SE         France      580,526       3.2    
                                                                                
      57,300    Equity     Canara Bank Ltd     India       542,790       3.0    
                              (P-Notes)                                         
                                                                                
   1,650,710    Equity       Bank Negara     Indonesia     452,783       2.5    
                              Indonesia                                         
                                                                                
     183,000    Equity       Turkiye Is        Turkey      416,548       2.3    
                          Bankasi (Isbank)                                      
                                                                                
     124,000    Equity    Grupo Financiero     Mexico      377,992       2.1    
                             Banorte SA                                         
                                                                                
   3,039,210    Equity          Other          Other      2,805,802     15.3    
                                                                                
                                                         16,082,384     88.2    
                                                                                
               Security         Cash        Denomination  Valuation   Weighting 
                 Type       Security Name                     £           %     
                                                                                
                Liquid    Near Cash Assets      GBP           0          0.0    
                Assets                                                          
                                                                                
                Liquid          Cash            GBP       2,142,399     11.8    
                Assets                                                          
                                                                                
                Liquid          Cash           Other        3,538        0.0    
                Assets                        Currency                          
                                                                                
                                                          2,145,937     11.8    
                                                                                
                                                         18,228,321      100