Final Results

BLUE PLANET FINANCIALS GROWTH & INCOME INVESTMENT TRUSTS PLC Preliminary Announcement for the year ended 31st March 2002 Blue Planet Financials Growth and Income Investment Trust No 1 plc (Registered Number 162796) Blue Planet Financials Growth and Income Investment Trust No 2 plc (Registered Number 162797) Blue Planet Financials Growth and Income Investment Trust No 3 plc (Registered Number 162798) Blue Planet Financials Growth and Income Investment Trust No 4 plc (Registered Number 162799) Blue Planet Financials Growth and Income Investment Trust No 5 plc (Registered Number 162800) Blue Planet Financials Growth and Income Investment Trust No 6 plc (Registered Number 162801) Blue Planet Financials Growth and Income Investment Trust No 7 plc (Registered Number 162802) Blue Planet Financials Growth and Income Investment Trust No 8 plc (Registered Number 162803) Blue Planet Financials Growth and Income Investment Trust No 9 plc (Registered Number 162804) Blue Planet Financials Growth and Income Investment Trust No 10 plc (Registered Number 162805) Each of the above named investment trusts is a separate limited company registered in Scotland, but otherwise they are to all intents and purposes identical. Unless otherwise stated, the information contained in this Preliminary Announcement applies equally to each of the ten Blue Planet Financials Growth and Income Investment Trusts (the "Trusts") and reference to the "Company" shall be deemed to be a reference to each of them. Financial Record As at 31 March 2002 2001 2000 1999 1998 Shareholder's funds (£'000) 1,942 1,947 1,848 2,241 1,999 Net asset value per share (p) 139.94 139.43 128.27 155.83 139.83 Share price (p) 107.25 99.75 72.50 112.25 98.75 Year to 31 March 2002 2001 2000 1999 1998 Revenue available for shareholders (£'000) 66 55 71 68 77 Return per share (p) 4.72 3.87 4.93 4.73 5.40 Dividends per share (net) (p) 4.00 4.30 4.60 4.60 4.40 Dividends An interim dividend of 1.5p net (2001 1.5p net) per ordinary share was paid on 29 January 2002. A final dividend of 2.5p net (2001 2.8p net) per ordinary share has been proposed, payable on 9 August 2002 to shareholders on the register on 12 July 2002. The Trust's shares will be quoted ex dividend on 10 July 2002. Chairman's Statement Results Once again the Trust has outperformed the FTSE 100 index by a considerable amount and has turned in a good performance despite the background of falling stockmarkets. As a consequence, I am able to report that net asset value has actually increased from 139.43 pence per share to 139.94 pence per share - a 0.4 per cent increase over the year to 31 March 2002 and our share price has increased by 7.5 per cent. This is a position which I suspect few other investment funds will be able to report given what has been a very difficult period for World stockmarkets. The FTSE 100 Index fell 6.4 per cent over the same period. The Trust's success is also highlighted by Trustnet, an independent company which monitors the performance of investment funds. Its analysis shows that on the basis of share price performance over the past year, the Blue Planet Financials Growth & Income Investment Trusts were not only in the top decile of all conventional UK investment trusts but they were also ranked 4th out of the 41 investment trusts comprising the Growth & Income subsector (source: www.trustnet.com). Our investment manager has been improving investors' awareness of the strengths, benefits and performance of the Trust and this has borne fruit in that our share price has grown at a faster rate than net asset value over the last year. The Board continued to implement its policy of increasing the equity element of the portfolio. At the start of the financial year 42 per cent of the portfolio was invested in equities, compared to 49 per cent at the financial year end. The equity holdings over the last year have, in general, shown superior capital growth when compared to the holdings in fixed interest securities although the bonds have yielded higher income. The Directors are of the opinion that equities, despite recent falls, offer better long term prospects than fixed interest securities. Indeed, the directors believe that the falls in equity prices should provide opportunities for the company to raise its equity element to approximately 75 per cent when it is prudent to do so. Although this will produce a lower dividend in the short term we believe it will result in higher total returns to shareholders over the medium term. Dividend The directors are recommending a final dividend of 2.5 pence which will make the total for 2002 4.0 pence (2001 4.3 pence). This managed reduction in the dividend, which I brought to your attention in previous accounts, reflects our policy of increasing the equity element of the portfolio in order to produce higher returns for shareholders. Authority to purchase shares Share buy back powers approved at last year's AGM have been used during the period. A total of 9,500 ordinary shares were purchased for cancellation during the year. These purchases have been beneficial to the share price and the net asset value per share. A resolution will be submitted at the Annual General Meeting that would permit the Directors to make additional share repurchases where appropriate. The Directors recommend that the authority for share buy backs be renewed. Directors Bryan J Rankin ceased to be a director on 8 March 2002. Outlook Since our year-end stockmarkets have fallen, sharply, exacerbated by deteriorating confidence in the United States as consequence of accounting irregularities, although underlying economic fundamentals have changed little. I take confidence from the economic background which sees economies in a growth phase which eventually can be expected to have a positive effect on equity prices We were right, on the advice of the manager, to invest heavily in bonds some three years ago. This has not only stood us in good stead in falling stock markets but has also made us substantial profits. The manager is now of the view that after sharp falls in equities and interest rates, equities now offer better long term returns than bonds. We share this view and look forward to the future with confidence. Philip Court Chairman 1 July 2002 Statement of Total Return (incorporating the revenue account) for the year ended 31 March 2002 2002 2001 Notes Revenue Capital Total Revenue Capital Total (£) (£) (£) (£) (£) (£) Capital gains/(losses) on investments Net realised gains - 78,664 78,664 - 55,968 55,968 Unrealised gains/(losses) on investments - (56,511) (56,511) - 105,308 105,308 Net capital gains - 22,153 22,153 - 161,276 161,276 investments Income from 141,280 - 141,280 144,897 - 144,897 investments Bank interest 4,594 - 4,594 7,579 - 7,579 receivable Gross revenue 145,874 22,153 168,027 152,476 161,276 313,752 and capital gains Administrative (45,059) (16,013) (61,072) (49,034) (7,836) (56,870) expenses Net return before interest payable and taxation 100,815 6,140 106,955 103,442 153,440 256,882 Interest payable (21,028) (21,028) (42,056) (36,249) (12,083) (48,332) Return on ordinary activities before Taxation 79,787 (14,888) 64,899 67,193 141,357 208,550 Taxation on return (13,826) 8,789 (5,037) (12,039) 5,259 (6,780) on ordinary activities Return on ordinary activities after Taxation 65,961 (6,099) 59,862 55,154 146,616 201,770 Dividends declared Interim dividend of (20,961) - (20,961) (21,394) - (21,394) 1.5p paid (2001 - 1.5p) Final dividend of (34,698) - (34,698) (39,096) - (39,096) 2.5p (2001 - 2.8p) (55,659) - (55,659) (60,490) - (60,490) Transfer to 10,302 (6,099) 4,203 (5,336) 146,616 141,280 reserves Return per 2 4.72p (0.44)p 4.28p 3.87p 10.28p 14.15p ordinary share - basic Return per 2 4.71p (0.44)p 4.27p 3.87p 10.28p 14.15p ordinary share - diluted The Revenue column of this statement represents the Profit & Loss account of the Company. All revenue and capital items in the above statement derive from continuing operations. Balance Sheet at 31 March 2002 2001 (£) (£) (£) (£) Fixed assets Equity investments 1,136,405 1,091,954 Non - equity investments 1,178,414 1,489,228 2,314,819 2,581,182 Current assets Debtors 44,741 49,167 Cash at bank 402,262 125,882 447,003 175,049 Creditors: amounts falling due (69,600) (809,354) within one year Net current assets/(liabilities) 377,403 (634,305) Total assets less current liabilities 2,692,222 1,946,877 Creditors: amounts falling due (750,000) after more than one year Net assets 1,942,222 1,946,877 Capital and reserves Called-up share capital 138,790 139,628 Share premium account 1,168,062 1,166,787 Other reserves Capital reserve - realised 180,889 140,455 Capital reserve - unrealised 355,395 411,906 Capital redemption reserve 5,450 4,500 Warrant reserve 63,517 63,784 Revenue reserve 30,119 19,817 Equity shareholders' funds 1,942,222 1,946,877 Net asset value per ordinary share 139.94p 139.43p - basic Net asset value per ordinary share 133.50p 133.08p - diluted Cash Flow Statement for the year ended 31 March 2002 2001 (£) (£) (£) (£) Operating activities Investment income received 138,369 131,273 Interest received 3,419 7,579 Investment management and secretarial (31,826) (30,662) fees paid Cash paid to and on behalf of (2,700) (2,700) directors Other cash payments (27,698) (24,252) Net cash inflow from operating 79,564 81,238 activities Servicing of finance Interest paid (47,315) (46,313) Taxation Taxation recovered 17,090 16,204 Capital expenditure and financial investment Purchase of investments (42,775) (214,554) Sale of investments 331,291 304,732 Net cash inflow from capital 288,516 90,178 expenditure and financial investment Equity dividends paid (60,057) (67,507) Financing Purchase of own shares for (2,538) (43,120) cancellation Proceeds from share issue 1,120 260 Net cash outflow from financing (1,418) (42,860) Increase in cash 276,380 30,940 NOTES: 1. The financial information set out above does not constitute the company's statutory accounts for the years ended 31 March 2002 or 2001, but is derived from those accounts. Statutory accounts for 2001 have been delivered to the Registrar of Companies and those for 2002 will be delivered following the company's annual general meeting. The auditors have reported on those accounts; their reports were unqualified and did not contain statements under s237(2) or (3) Companies Act 1985. 2. Return per ordinary share 2002 2001 The return per ordinary share is based upon the following figures: Revenue return £65,961 £55,154 Capital return £(6,099) £146,616 Weighted average of ordinary shares in issue during year - basic 1,396,787 1,426,399 Weighted average of ordinary shares in issue during year - diluted 1,399,157 1,426,399 The difference between the basic and diluted number of ordinary shares is derived from the total number of warrants in issue multiplied by a factor based on the average price of the ordinary shares in the year and the exercise price of the warrants, as required by FRS 14.

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