Final Results

BLUE PLANET FINANCIALS GROWTH & INCOME INVESTMENT TRUSTS PLC


Preliminary Announcement of Results
for the year ended 31st March 2003

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 (including the Notes) 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                  2003            2002         2001           2000 
                                                                 
Shareholders' funds (£'000)    1,346           1,942        1,947          1,848
Net asset value per share (p)  98.72          139.94       139.43         128.27
Share price (p)                80.65          107.25        99.75          72.50
Discount                       18.3%           23.4%        28.5%          43.5%
                                                  
Year to 31 March                2003            2002         2001           2000
                                                                 
Revenue available
 for shareholders (£'000)         50              66           55             71             
Return per share (p)            3.65            4.72         3.87           4.93
Dividends per share (net) (p)   3.60            4.00         4.30           4.60



Dividend
A final dividend of  2.25p net has been proposed, payable on 27 June 2003 to
shareholders on the register on 13 June 2003. The ex-dividend date is 11 June
2003. This dividend, together with the interim dividend of 1.35p net paid during
the year, makes a total of 3.60p net (2002 4.0p net) per ordinary share costing
£49,082 (2002 - £55,659). This gives rise to a transfer of  £1,052
(2002 - £10,302) to revenue reserve.



Portfolio Information
At 31 March 2003
Top 10 Holdings 
                                                                        
                                                             % of       % of
Equities                                        Valuation  Portfolio  Portfolio
                                                       £     2003       2002
16,000 Alliance & Leicester Ordinary 50p Shares  124,080      8.1        6.2    
 3,166 BNP Paribas                                80,144      5.2        4.7    
10,600 Irish Life & Permanent                     69,271      4.5        4.0    
 2,000 Societe Generale Eur 1.25                  65,278      4.3          -      
       Other holdings                            483,801     31.5       34.2   
                                                          
                                                 822,574     53.6       49.1    
Debt Securities                                                                
                                                                        
80,000 First Active 11.75% Subord Bonds          129,944      8.5        5.2 
80,000 BUPA Finance 10 *% Subord Guar Bonds 2018  95,955      6.2        5.2 
70,000 Scottish Life 9% Subordinated Bond         77,070      5.0        3.4    
43,000 Skipton Building Society                   75,888      4.9        5.3    
45,500 Coventry Building Society 12 1/8% PIBS     74,760      4.9        5.4 
70,000 NPI 9 5/8% Subordinated Bonds              68,110      4.4        3.9    
       Other holdings                            191,005     12.5       22.5   
                                                                        
                                                 712,732     46.4       50.9    
                                                                        
                                               1,535,306    100.0      100.0    

Classification of Investments
At 31 March 2003
                       Life        Investment          Fixed      Total   Total
               Banks   Assurance   Companies   Other   Interest   2003    2002
                  %           %           %       %          %      %       %
Austria           -           -           -       -          -      -     6.9
Belgium         3.4           -           -       -          -    3.4      
France          9.5           -           -       -          -    9.5     4.7
Germany         2.8           -           -       -          -    2.8     5.3
Eire              -         4.5           -       -        8.5   13.0     9.2
United Kingdom 23.3         9.3         0.7     0.1       37.9   71.3    73.9
Totals 2003    39.0        13.8         0.7     0.1       46.4  100.0   
Totals 2002    43.9         5.2           -       -       50.9          100.0





Chairman's Statement

Stockmarket Overview & Performance of the Trust.

I have pleasure in announcing a relatively good set of results when compared to
the background of disappointing stock markets.  Shareholders will be all too
aware of the impact that the war with Iraq had on markets.  Falling stock
markets also placed significant challenges on insurance companies to maintain
solvency requirements in the face of declining equity values.  In the UK this
impacted the FTSE 100 Index, which fell 31% for the year to March 31, 2003. The
UK was not alone in experiencing significant falls.  The Dow Jones Industrial
Average Index in the United States fell 31% over the same period.

As a result of the challenges mentioned above, the insurance sector was a
notable under performer in this period.  In the UK the FTSE 350 Life Assurance
Sector fell 53% whilst the Eurotop Insurance Index in sterling terms fell 61.6%.  

The unit price of Blue Planet Financials Growth and Income Investment Trust fell
24.8%, which was less than the reduction in its net asset value per share of
29.4%.  These movements allowed the discount of the share price to the net asset
value at the year end to improve to 18% from 23% last year.                                                  
Despite difficult equity markets, I am delighted to tell shareholders that your
Trust continues to be the best performing fund in its sector and has received
two awards from Standard and Poor's in 2003.  It was awarded first place out
of all of the funds in the Financials sector over 1 year and 3 years.
Furthermore, its outstanding performance was also recognised by Trustnet who
ranked it third out of forty-one investment trusts in the Growth and Income
sector over one year and third out of thirty-seven over three years.  Trustnet
(www.trustnet.co.uk) is an independent company which measures the performance
of individual investment trusts.

In addition, the performance of your Trust when measured against the performance
of all other investment trusts listed on the London Stock Exchange also
continues to be very good.  Figures from Trustnet, shows that your Trust was
twelfth out of two hundred and forty-three investment trusts listed on the
London Stock Exchange over three years.  This puts it in the top decile of all
investment trusts.

Outlook

The outlook for stock markets and, in particular the financial sector, has
improved in recent weeks following the cessation of hostilities in Iraq.  In our
view, the stock market was materially oversold and we expect further recovery
from these levels. 

This will be assisted by steps taken by regulatory authorities to reduce the
solvency requirements of insurance companies and the high levels of liquidity
currently being held in low interest bearing money market accounts some of which
will be switched into equities over the coming months. 

We have started the new year well and as we anticipated, our net asset value has
risen by 14% in the month to 30 April 2003 as compared to an 9% rise in the
FTSE 100 index.

The outlook for the financial sector and your Trust is excellent.  We expect
continuing dividend growth; appreciating share prices; improved efficiencies
and more takeovers and consolidation.  We have a good portfolio of high quality
stocks, a record of outperformance and a market that is seriously undervalued
on a historical basis.  We are therefore very confident that we will do very
well over the next 12 to 24 months.

Dividend

The Company increased the equity element of the portfolio from 49% to 54% in
anticipation of a recovery in equity markets.  The recovery in equity markets
has since materialised and we are benefiting from this.  As I have mentioned in
my previous Annual Statements, this switch is aimed at obtaining higher capital
gains and total returns in the long term, but will reduce income in the short
term.  This has resulted in a modest reduction in the dividend for the current
year.  

Operating Efficiency

The Board regularly reviews with the Investment Manager the operating efficiency
of the Company to see if costs can be reduced in order to pass any savings on to
shareholders.  This review of costs has resulted in the decision to change
custodians and consolidate the information published in newspapers so that the
share price is only published in The Times.  Shareholders can view the share
price on the Blue Planet website (www.blueplanet.eu.com) and the London Stock
Exchange website (www.londonstockexchange.com). The Companys' custodian was
changed to Royal Trust Corporation of Canada and their contact details are in
the Trusts Report and Accounts that will be sent to shareholders shortly.

Shareholder Services

I would again take the opportunity to remind shareholders of the services
available to them which include a full range of ISA facilities and a low cost
stock market dealing facility.  Full details of these services can be reviewed
on our Investment Managers website at www.blueplanet.eu.com or by contacting 
them on 0131 466 6666.  

We constantly review the value for money of services to shareholders.  A review
of the costs of the Company has resulted in two initiatives to reduce expenses.
The Company has recently changed custodians and has already consolidated the
information published in newspapers so that the share price is only published
in The Times.  Shareholders can also view the share price on the Blue Planet
website (www.blueplanet.eu.com) and the London Stock Exchange website
(www.londonstockexchange.com).

Authority to Purchase Shares

Share buy back powers approved at last year's AGM have been used during the
period when 25,000 shares were bought back.  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 which would permit the Directors
to make share repurchases where appropriate.  The Directors recommend that the
authority for share buy backs be renewed.


Philip Court
Chairman
30 May 2003






Investment Manager's Report

Investment Policy and Objective

The objective of the ten Blue Planet Financials Growth and Income Investment
Trusts is to provide investors with a high level of income combined with capital
growth and the opportunity to profit from the ongoing rationalisation of the
Financial Services sector.

Investments

The Trusts invest in UK and European equities and bonds issued by quoted
financial companies (including former mutuals), and PIBS and bonds issued by
building societies and life assurance companies or their subsidiaries with the
objective of obtaining both capital growth and a dividend yield in excess of the
FTSE All-Share Index.

Portfolio Performance Analysis

As noted in the Chairman's report, this has been a relatively good period for
the Trust against the major equity indices, as the table below clearly
illustrates:

Index name                             Change year to       Change 31 March 2003
                                        31 March 2003        to 30 April 2003
BP Financials G&I Investment Trusts plc NAV  -29%                    +14%
FTSE 100                                     -31%                     +9%
Eurotop 100                                  -34%                    +12%
Eurotop Financials                           -39%                    +18%
Dow Jones Industrial                         -31%                     +5%
FT Fixed Interest                             +4%                      0%
as at May 14 2003                
Returns are expressed in Sterling Terms
Source: Data from Bloomberg, Table by Blue Planet Investment Management Ltd.

Over the period, the Net Asset Value has fallen 29% and the share price 25%.
In the period March 2003 to April 2003, the Net Asset Value has increased 14%
and the share price is unchanged.

It is encouraging to note that despite such a disappointing environment, the
Trust had a number of outstanding successes.  Notable amongst them were:

*  Credit Lyonnais which rose 35.1% from last year end until the holding was
   sold.  The holding benefited from the agreed merger with Credit Agricole of
   France. 

*  Erste Bank which rose 21.1%. This holding has performed very well in the
   previous year and was sold following the announcement of a rights issue.

*  First Active subordinated bonds rose 6% slightly outperforming the trend in
   other corporate bonds.

It is therefore reassuring to see that despite the difficult markets the
majority of banks have continued to see growth both in earnings and dividends.

The Trust has performed extremely well both relative to the major stockmarket
indices and against other similar investment trusts.  This record of
outperformance has been steadily built up over a number of years and has now
been recognised by Standards & Poor's and Trustnet, to which the Chairman has
already referred. 

Transactions

As you are aware, the Board, advised by the Investment Manager, believe that
long term returns will be maximised by building up the equity element of the
portfolio and reducing the fixed interest element.  This is because your Board
believes that we are now at or near the bottom of the interest rate cycle and
that equities are undervalued and are well placed to show appreciation over the
coming years.  Holdings of fixed interest securities were reduced over the
period and holdings of equities increased.  Transactions during the period
reflect this policy.  

Gearing

Blue Planet Financials Growth and Income Investment Trusts employ gearing in
anticipation that returns from stock markets over the medium term will exceed
the cost of borrowing money.  When portfolio values fall as they have done in
the last year the gearing acts to amplify the reduction in value.  The total
portfolio fell 22.1% before the impact of gearing is taken into account.  With
the gearing adjustment the net value of the portfolio fell 30.7%.


Outlook

Your Investment Manager feels very positive about the outlook for stock markets
and, in particular, the financial sector.  The UK equity market has reacted
positively to the end of military action in Iraq, bouncing significantly from
its oversold mid-March position. Valuations, however, remain undemanding by any
conventional yardstick, with many Blue Chip financial stocks yielding in excess
of cash deposits and government bonds.

To exploit this opportunity, we will continue to increase the overall equity
component of the Trusts over the coming months.  We anticipate that the
financial sector will be in the vanguard of a steady equity market re-rating,
which augurs well for the performance of the Trusts over the coming years.

We believe that the prospects for steady medium term performance by the Trusts
are exceptional.


Blue Planet Investment Management Ltd
30 May 2003






Statement of Total Return
(incorporating the revenue account) 
for the year ended 31 March 2003
                                      2003                          2002
                   Notes Revenue   Capital     Total    Revenue  Capital  Total
                             (£)        (£)       (£)      (£)       (£)     (£)
                                                                               
Capital gains
 /(losses) on investments

Net realised gains            -    288,424   288,424       -    78,664   78,664
Unrealised (losses)           -   (833,002) (833,002)      -   (56,511) (56,511)                                       
                                                         
Exchange gain                 -      2,013     2,013         
Net capital (losses)
 /gains on investments        -   (542,565) (542,565)      -    22,153   22,153

Income from investments 122,845          -   122,845  141,280        -  141,280

Bank interest receivable  6,905          -     6,905    4,594        -    4,594
                                                                               
Gross revenue and 
 capital gains/(losses) 129,750   (542,565) (412,815) 145,874   22,153  168,027
  
                                                                                    
Administrative expenses (49,079)   (14,252)  (63,331) (45,059) (16,013) (61,072)
                                                                                      
Net return before
 interest payable
 and taxation            80,671   (556,817) (476,146) 100,815    6,140  106,955                                        
                    

Interest payable        (22,446)   (22,446)  (44,892) (21,028) (21,028) (42,056)
                                                                                      
Return on ordinary
 activities before
 taxation                58,225   (579,263) (521,038)  79,787  (14,888)  64,899
                                                                               
Taxation on return
 on ordinary activities  (8,091)     6,535    (1,556) (13,826)   8,789   (5,037)                                       
                                                                        
                                                                                      
Return on ordinary
 activities after
 Taxation                50,134   (572,728) (522,594)  65,961   (6,099)  59,862
                                                                               
                                                                               
Dividends                                                                             
 Interim dividend
  of 1.35p paid
  (2002 - 1.5p)        (18,406)         -   (18,406) (20,961)       -  (20,961)
  Final dividend
   of 2.25p
   (2002 - 2.5p)        (30,676)         -   (30,676) (34,698)       -  (34,698)
                                                          
                        (49,082)         -   (49,082) (55,659)       -  (55,659)
                                                                                      
Transfer to/(from)
 reserves                 1,052   (572,728) (571,676)  10,302   (6,099)   4,203
                                                                                      
                                                                                      
Return per ordinary
 share - basic       2     3.65     (41.72)   (38.07)    4.72    (0.44)    4.28
                                                                                      
Return per ordinary
 share - diluted     2     3.65     (41.72)   (38.07)    4.71    (0.44)    4.27
       


                                                                               
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 2003
                                                                 
                                             2003                     2002
                                       (£)         (£)         (£)          (£)
Fixed assets                                                     
Equity investments                             822,574                1,136,405
Non - equity investments                       712,732                1,178,414
                                             1,535,306                2,314,819
                                                          
Current assets                                                          
Debtors                             32,834                  44,741           
Cash at bank                       571,933                 402,262       
                                   604,767                 447,003          
Creditors: amounts falling    
 due within one year               (44,185)                 (69,600)        

Net current assets                             560,582                  377,403

Total assets less current liabilities        2,095,888                2,692,222

Creditors: amounts due after
 more than one year                            750,000                  750,000

Net assets                                   1,345,888                1,942,222
                                                          
Capital and reserves                                                  
Called-up share capital                        136,338                  138,790
Share premium account                        1,168,609                1,168,062
Other reserves                                                                  
     Capital reserve - realised                414,012                  180,889
     Capital reserve - unrealised             (475,595)                 355,395
     Capital redemption reserve                  7,950                    5,450
     Warrant reserve                            63,403                   63,517
     Revenue reserve                            31,171                   30,119
Equity shareholders' funds                   1,345,888                1,942,222
                                                          
Net asset value per ordinary share - basic       98.72                   139.94
Net asset value per ordinary share - diluted      n/a                    133.50
 





                     
Cash Flow Statement
for the year ended 31 March 2003

                                                                        
                                             2003                    2002
                                        (£)        (£)          (£)        (£)
Operating activities                                                           

Investment income received                     125,859                 138,369
Interest received                                7,440                   3,419
Investment management and 
 secretarial fees paid                         (32,280)                (31,826)
Cash paid to and on behalf of
directors                                       (2,733)                 (2,700)
Other cash payments                            (32,853)                (27,698)
Net cash inflow from operating 
activities                                      65,433                  79,564
                                                           
Servicing of finance                                                           

Interest paid                                  (44,891)                (47,315)
                                                          
Taxation                                                         

Taxation recovered                                   -                  17,090
Corporation tax paid                           (10,057)                      
                                                         
Capital expenditure and 
financial investment                                                                

Purchase of investments            (696,720)                (42,775)           
Sale of investments                 931,654                 331,291            
Net cash inflow from capital
 expenditure and financial investment          234,934                 288,516
                                                          
Equity dividends paid                          (53,103)                (60,057)
                                                          
Financing                                                        

Purchase of own shares for
 cancellation                      (25,138)                  (2,538)          
Proceeds from share issue              480                    1,120            
Net cash outflow from financing                (24,658)                 (1,418)
                                                          
Increase in cash                               167,658                 276,380






NOTES:                                              
1. The financial information  set  out  above does not constitute the Company's
statutory accounts for the years ended 31 March 2003 or 2002, but is derived
from those accounts. Statutory accounts  for 2002 have been delivered to the
Registrar of Companies and those for 2003  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
                                              2003                         2002
The return per ordinary share is 
based upon the following figures: 
                                                
Revenue return                              50,134                       65,961
Capital return                            (572,728)                      (6,099)
Weighted average of ordinary shares
 in issue during year - basic            1,372,946                    1,396,787
Weighted average of ordinary shares
 in issue during year - diluted          1,372,946                    1,399,157                                        
                                                                     

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.  No dilution occurred in the
current year as the warrant exercise price exceeded the average market price of
one share during the year.  The net asset value per ordinary share is calculated
on 1,363,380 being the number of ordinary shares in issue at the year end.  Net
asset dilution occurs from the potential exercise of outstanding warrants and is
assumed only to take place if the net assets per share exceeds the exercise
price of £1.


[END]