Final Results Revised

Preliminary Announcement

Final Accounts
of Blue Planet Financials Growth & Income Investment Trust Nos 1 plc for year
ending 31 March 2007

Financial Record and Key Performance Indicators
_______________________________________________________________________
As at 31 March                    2007     2006    2005    2004   2003
_______________________________________________________________________
Total assets less  current       6,402    5,827   2,924   2,558  2,127
liabilities (£'000)
Loans (£'000)                  (1,925)  (1,923)   (750)   (750)  (750)
_______________________________________________________________________
Shareholders' funds (£'000)      4,477    3,904   2,174   1,808  1,377
Net asset value per share (p)#   32.86    28.76   16.08   13.31  10.10
Share price (p) - (Bid)          23.00    19.20   11.58    9.50   7.88
Discount (%)                      30.0     33.2    28.0    28.6   22.0
Gearing (%)*                      28.9     46.5    28.7    23.7   12.9
_______________________________________________________________________
Year to 31 March                  2007     2006    2005    2004   2003
Revenue available for                0        1    16        47     50
shareholders (£'000)
Revenue Return per share (p)#     0.00     0.01    0.16    0.35   0.37
Dividend per share (net) (p)         -        -   0.225    0.34   0.36
Dividend yield on our shares (%)     -        -    1.94    3.58   4.57
Dividend yield on FTSE All        3.23     3.35    3.51    3.71   3.87
Share Index (%)
Expenses ratio                    3.38     2.95    3.27    3.64   3.87
- net basis (%)**
Expenses ratio                    2.29     1.72    2.35    2.53   2.61
- gross basis (%)***
_______________________________________________________________________
*   Net debt as a percentage of shareholders' funds
**  Net  basis - Administrative expenses as a percentage of the average net asset value of the Company
*** Gross  basis  -  Administrative expenses as a percentage of the average gross asset value of the Company

#Comparative per share data has been adjusted to reflect the 10 for 1 share split approved by shareholders on 2 August
2006



Portfolio Information
______________________________________________________________________________________
At 31 March 2007                                            Valuation            % of
                                                                  (£)  Portfolio 2007
______________________________________________________________________________________
Equities
   12,619  Blue Planet Global Financials       Ireland       896,915             20.1
   15,625  Bank Zachodni WBK SA                 Poland       740,818             16.6
   74,940  Bank of Cyprus Ltd                   Cyprus       574,689             12.9
  244,896  Bank Millennium SA                   Poland       473,729             10.6
  624,098  Promstroibank St Petersburg          Russia       459,863             10.3
   19,565  Piraeus Bank SA                      Greece       335,924              7.5
   33,882  Banco Nossa Caixa SA                 Brazil       246,106              5.5
    1,217  Bank Przemyslowo-Handlowy SA         Poland       210,637              4.7
  169,167  URSA Bank                            Russia       199,440              4.5
      300  DJ Euro Stoxx 50*                    Germany      143,125              3.2
    2,823  Amagerbanken AS                      Denmark       98,606              2.2
5,256,667  Ural Siberian Bank                   Russia        86,816              1.9
______________________________________________________________________________________
Total                                                      4,466,668            100.0
______________________________________________________________________________________
At 31 March 2007 the portfolio yield, as reported to the Association of
Investment Trust Companies, was 1.7% (2006 - 1.7%).
*Equities include put option

Classification of Investments
______________________________________________________________________________________
At 31 March                               Investment             Total    Total
2007                   Banks  Insurance    Companies    Other     2007     2006
                           %          %            %        %        %        %
______________________________________________________________________________________
Poland                  31.9          -            -        -     31.9     12.1
Ireland                    -          -         20.1        -     20.1      4.9
Russia                  16.7          -            -        -     16.7     15.8
Cyprus                  12.9          -            -        -     12.9        -
Greece                   7.5          -            -        -      7.5      4.8
Brazil                   5.5          -            -        -      5.5      9.5
Germany                  3.2          -            -        -      3.2      2.8
Denmark                  2.2          -            -        -      2.2      2.2
France                     -          -            -        -        -     10.5
Austria                    -          -            -        -        -     10.4
Turkey                     -          -            -        -        -      8.3
Spain                      -          -            -        -        -      6.0
Norway                     -          -            -        -        -      4.9
Mexico                     -          -            -        -        -      4.8
Switzerland                -          -            -        -        -      3.0
______________________________________________________________________________________
Totals 2007             79.9          -         20.1        -    100.0    100.0
______________________________________________________________________________________
Totals 2006             95.1         --          4.9        -    100.0        -
______________________________________________________________________________________
Benchmark*              63.6       14.9          2.6     18.9    100.0    100.0
______________________________________________________________________________________

*Our benchmark is the Bloomberg World Financials Index (sterling denominated).



Chairman's Statement
______________________________________________________________________________________
Performance
Your  Company's share price made a total return of 19.8% over the year to 31
March 2007, and the Fund's net asset value ("NAV") made a return of  14.2%  as
it rose to 32.86p per share (or £3.29 per Share  Unit). This  contrasts very
favourably with the fund's benchmark  index,  the Bloomberg  Worldwide
Financials Index, which made a  total  return  in sterling  terms of -1.0% over
the same period. Over three  years,  the Share  Unit  has  made a total return
of 153.7% compared  to  a  51.9% return from its benchmark index.

As  was  reported  in the interim statement, the  first  half  of  the financial
year, from March 2006 to September 2006 was  a  challenging period  with a
widespread market downturn in May and June. At the  end of  September  2006, the
share price was down 8.3% from  its  previous year end figure. Once the markets
stabilised in July/August 2006, your Company's  share  price  made  a good
recovery.  Towards  the  end  of February  2007 a sharp sell-off in shares
occurred again, meaning  the share price has ended the financial year at 23p per
share or £2.30 per Share  Unit, off its highs of £2.82 per Share Unit. These
prices  are all  bid prices and reflect the 10 for 1 share split which took
place in August 2006.

The  market volatility in the first half of 2006 was largely due to  a reduction
in investor's risk appetite, as concern over rising interest rates  in a number
of major western economies and rising inflation  in the  US fuelled fears of a
global economic slowdown. Again in 2007 the US  economy  has been causing unease
due to problems in  the  mortgage market.  This  factor,  in conjunction with
the  unwinding  of  carry trades,  in  which borrowings in yen are used to fund
investments  in economies  with  higher  interest rates, and concerns  in  China
over restrictions on domestic investing in Chinese equities, were  the  key
triggers of the February downturn. Both of these sell-offs serve as  a note  of
caution  on  how  stocks, and particularly  emerging  market
stocks,  can  be  affected  by  events in  the  major  economies,  and
especially  by events in the US. We monitor the gearing  used  in  the Fund
closely,  and are able to reduce this rapidly  if  economic  and market events
indicate this is desirable.

Independent Rating of the Fund
Even  with the more difficult market conditions, the fund ranks highly against
its  peers.  Trustnet  is an  independent  company  providing factual,  unbiased
assessments  of  fund's  performance  to   private investors and Independent
Financial Advisers. At the Fund's  year  end it  was  ranked  16th  out of all
211 investment  trusts  analysed  by Trustnet  for  NAV performance, and 24th
out of 224  funds  for  share price performance over the three year period to
the end of March  2007 in the conventional investment trust category.  This
equates to a 7.6% and  10.7% percentile ranking respectively. Over one year, the
recent share price weakness means that the Fund has dropped down the rankings to
the 18.3% percentile for share price appreciation over one year.

Share Trading
A  number  of investor queries have been received this year  regarding the  wide
bid-offer spread (the difference between the price at  which shares  may  be
sold  or bought), particularly for  the  Blue  Planet Financials  Growth and
Income Investment Trust Number 1. Although  the Blue  Planet Growth and Income
Investment Trusts numbers 1 through  to 10  are each separate legal entities, to
all intents and purposes each is  identical and treated as a tenth of a single
fund. The Blue Planet Financials  Growth  and Income Share Unit was  created  to
trade  the shares in the ten trusts as one unit. Internal analysis has shown
that since  inception the Financials Growth and Income Share Unit  (Ticker:
BPFU) has had more than 150 times the volume of trading and on average just
1/14th the spread of the No.1 Trust's shares. In other words,  on a  historical
basis, it has been significantly easier to buy  or  sell the Share Unit and this
has been accomplished at keener prices.

Portfolio
Your  Company's  investments have performed well over the  past  year. Figure 1
shows the geographical movements in the portfolio. As you can see  the  Fund
has taken profits from some investments and  withdrawn from a number of
countries. Total profits in sterling from France were 35%, Austria 43%, Turkey
4%, Spain 30%, Norway 5% and Switzerland 37%.

The  changes in the holdings have been made in order to reposition the portfolio
to  capture  the  best  growth  opportunities  in   strong
economies.  In  the past year changes have been more frequent  as  the gearing
in the Fund has been adjusted to match the prevailing  market conditions.

With  regards  to  geographic distribution,  we  continue  to  have  a sizeable
proportion  of  the fund invested  in  Central  and  Eastern Europe. Our two key
markets in this region at the end of the financial year were Poland and Russia.
The Company increased its investments  in Poland.  Poland's  GDP growth was 6.1%
in 2006, the  fastest  rate  of annual  growth  since 1997, and in the first
quarter  of  2007  growth approached  7%. Domestic demand and exports have both
been strong  and inflation  is  moderate,  although rising,  at  2.5%.  The
Investment Manager visited Russia in June 2006 to meet a number of banks. Each
of the   banks  reported  rapid  business  growth  in  all  sectors   and
particularly  in  retail banking. This is being fuelled  by  the  very strong
macroeconomic picture in the country, the strength of commodity prices, a
significant increase in real household income and a surge in foreign  direct
investment. At the end of the financial year  we  held investments  in  three
Russian  banks.  We  sold  our  investment  in Raiffeisen  in  Austria as its
principal attraction  was  its  banking operations  in Russia, and we continue
to think that direct investment in Russian banks is a better strategy to this
end.

Independent Rating of the Fund
Trustnet   is  an  independent  company  providing  factual,  unbiased
assessment  of  the  performance of funds  to  private  investors  and
Independent Financial Advisers.  The excellent performance of the Fund has  led
to it being ranked 1st out of 26 funds in the Equity  Growth and Income Sector
for NAV appreciation over one year and 3rd out of 28 trusts  for share price
appreciation over one year.  Over the  longerterm  the  NAV  and  share price
appreciation are  rated  in  the  1st quartile over both three and five years.

This  year  an investment was made in Blue Planet's Global  Financials Fund,
listed in Dublin. At times during the past year there have  been periods  of
market weakness. This is a hedge fund and thus is designed to provide protection
in the event of a market fall.

Your  Company continued to invest in South Eastern Europe. Investments were
made in Greece and Cyprus, both of which had GDP growth in  2006 of
approximately  4% and banking sectors that are expanding  rapidly. Profits  were
taken in the holdings in Turkey in the  early  part  of 2006,  as  Turkey's
current account deficit  ballooned  and  consumer inflation and interest rates
rose.

Elsewhere your Company remained invested in Brazil, but the number  of holdings
was  reduced to one as the previously fast  rate  of  profit growth  in
Brazilian banks slowed and non-performing loans increased. We  sold  our
investments in France, as revenues in retail banking  in France  declined
considerably and political risks increased  with  the approaching elections.

A  fuller  analysis  of the portfolio movements  is  provided  in  the
Investment Manager's Report.

Figure 1  Portfolio movements 2006 to 2007


  Country                                2007                     2006
  Poland                                 31.9                     12.1
  Ireland                                20.1                      4.9
  Russia                                 16.7                     15.8
  Cyprus                                 12.9                        -
  Greece                                  7.5                      4.8
  Brazil                                  5.5                      9.5
  Germany                                 3.2                      2.8
  Denmark                                 2.2                      2.2
  France                                    -                     10.5
  Austria                                   -                     10.4
  Turkey                                    -                      8.3
  Spain                                     -                      6.0
  Norway                                    -                      4.9
  Mexico                                    -                      4.8
  Switzerland                               -                      3.0


Our Warrants
The  price of our warrants rose by 27.7% over the year to a bid  price of
£16.35  for  the Warrant Unit on the 31st March 2007.  Over  three years  the
warrant price has increased 1,322%. Shareholders  can  view the  warrant price
on the website of Blue Planet Investment Management (www.blueplanet.eu). The
warrants are exercisable on 31st July or,  if later,  30  days  after  the
distribution of  the  Annual  Report  and Accounts in any year, up to and
including 2010. Each warrant costs  £1 to  exercise  and  will  entitle  the
holder  to  10  shares  in  the corresponding Growth and Income Trust. As for
the shares,  considering the  warrant in terms of a Unit, where a Unit
represents one share  in each  of  the trusts numbered 1 through to 10, then
each Warrant  Unit confers the right to subscribe to 10 Financials Growth &
Income  Share Units at a price of £10.

Dividend
The board has recommended that no final dividend is paid this year. As we
highlighted in the interim accounts, there is insufficient revenue to  support
paying a dividend. The level of investment income received by  your  Company
increased by 59% over the year.  Unfortunately  the costs  that  were set
against that income also rose. As a  result  the revenue return per share was
reduced to zero.
The  company  continues  to provide capital  returns  well  above  its
benchmark. This year the capital growth of the share price was  19.8%, compared
to a capital fall of 3.6% in its benchmark index, which  was reduced  to  a
1.0%  fall  if  dividends are  included.  However,  we appreciate  the
importance of dividends to shareholders  and  plan  to resume a dividend payment
when it is possible to do so.

Borrowings and Gearing
Gearing for the fund is provided by a £750,000 fixed loan facility and a
£1,175,000 revolving loan facility. The purpose of the loans is  to fund  the
acquisition  of  investments in the  expectation  that  the returns  from  these
will exceed the cost of the loans. The  level  of gearing, net of cash deposits
ended the financial year at                               28.9%.  This
is  considerably lower than the 46.5% level at the end of the previous financial
year and the reduction reflects our concerns  about  rising levels  of  risk.
The level of gearing was in the  process  of  being reduced  at  the year end
and subsequently gearing, net of  cash,  has been eliminated from the Fund.

Generally,  gearing beneficially affects the Company's  NAV  when  the value  of
its  investments are rising, but adversely  affects  it  in periods when the
value of investments are falling.

Blue Planet Services and Price Information Sources
Shareholders  can  view  the  Company's  share  price  and  additional
information  about  the Fund on the website of Blue Planet  Investment
Management  Ltd  (www.blueplanet.eu) and  the  London  Stock  Exchange
(www.londonstockexchange.com). To find the Company's  share  price  on the
London Stock Exchange website go to the Home page and type "BPFU" in  the "Price
Search" field. Our share price is also published in the Financial Times.

Blue Planet Investment Management offers a Blue Planet Savings Plan to enable
lump  sum investments or regular savings. This is administered on  their  behalf
by Lloyds TSB plc and may be obtained by  completing and  returning  the  form
enclosed with these accounts  or  from  Blue Planet by calling them on 0131 466
6666. Blue Planet has also arranged a  low  cost stock-market dealing service
via Stocktrade. Full details of  these  services are in this annual report, and
are also  given  on their website www.blueplanet.eu.

Outlook
Your  Company has continued to make sound progress over the past  year and  the
growth  in the Fund's share price and underlying  net  asset value has
outstripped its benchmark index. We aim to stay ahead of the markets  in 2007,
which we predict will be a more difficult  year  for equities. We are now
locking in profits we have made in recent  years, by  selling  investments and
holding cash. This is in anticipation  of the  US  economy  going into recession
in 2007 -  an  event  which  we believe will happen, and which will lead to
substantial falls in stock markets  throughout  the world. This will provide
your  Company  with great  opportunities  to  buy stocks cheaply and  we  are
positioning ourselves to take advantages of these opportunities when they come.

In the US the housing market is in trouble. The current market is weak with
median house prices starting to decline. The view going  forward
is even bleaker. Residential construction, which increased 80% between 2000 and
2005 is now consistently slowing. The rise in US house prices has  tallied  with
a  corresponding decline in the  savings  rate  as individuals  used their
positive housing equity to fuel  the  consumer boom,  resulting in a record
trade imbalance in the US. As these gains evaporate consumers will need to
return to more traditional  means  of savings, which will mean a significant
reduction in consumer spending. The  persistent inflation concerns mean that the
Fed will not be  able to  respond quickly to the housing downturn by cutting
interest rates, exacerbating the problem.

A  slowdown in the US will affect share prices globally and within the banking
sector, banks with significant exposure to the  property  and unsecured  lending
sectors in the US and the  UK  (two  very  heavily geared countries) seem most
at risk. Whilst we are confident about the future prospects for the banks and
other financial businesses in which we  are  invested, we believe that it is
prudent to  hold  large  cash balances and to reduce our portfolio of equities
to a few outstanding, well-positioned banks whose earnings growth will be little
affected by a downturn, and wait for events to unfold.

We  believe  that our approach of specialising in only  the  financial sector
and  running  a  relatively  concentrated  portfolio  of  well researched stocks
is set to continue to deliver good returns,  and  we look forward to the future
with confidence.

I  thank you for your continuing support and look forward to welcoming you to
the Annual General Meeting on the 31 July 2007.



Victoria Killay
Chairman
30 May 2007





Investment Manager's Report
______________________________________________________________________________________


Portfolio Performance Analysis
As  has  already  been  highlighted in the Chairman's  Statement,  the Fund's
NAV made a total return of 14.2% over the year, as opposed  to the  Fund's
benchmark index which fell by 1.0% in Sterling terms.  The Trust's  share  price
rose  19.8% over  the  same  period.  The  outperformance of the fund has been
achieved by a combination  of  sector specialisation,   good  predictive
economic  analysis,   a   rigorous investment  process,  sound  asset
allocation  and  discerning  stock selection.

Blue  Planet  Investment  Management is a specialist  financials  only manager
who achieves outperformance through specialisation. Our  goal is to become the
best manager of financial portfolios in the world. We back  our  investment
process with our own money, and are the  largest investor in all of our long-
only funds.

Asset Allocation
Blue  Planet Investment Management's investment process is  top  down. First,
we  identify  countries  with  good  economic  prospects   and acceptable levels
of political risk. The economic backdrops  in  these countries  are assessed in
detail and ranked accordingly.  The  listed banks and other financial
institutions in the highest ranked countries are  then investigated.  Capital is
allocated to those banks and other financial institutions which we believe are
likely to offer  the  best total returns over the long term.  This process
involves meeting  with the  senior  management  of companies in which  we  are
contemplating investments.  Where possible, we also like to meet with local
Central Banks  to discuss the economic policies being pursued in the countries
concerned. Once we are invested in a company, we aim to meet regularly with  its
senior management to monitor its progress.  Since the  last year  end  we  have
visited financial institutions in  India,  Italy, Russia,  Sweden and Ukraine.
In addition, we had meetings  in  the  UK with the management of many overseas
financial institutions.

At  the  year end Poland was our largest geographic holding.  Poland's GDP
growth was 6.1% in 2006 and it is expected to remain over  5%  in 2007.  It  has
made a strong start to 2007 with the first quarter  GDP growth  approaching 7%.
Domestic demand and exports were  both  strong and  are forecast to remain so.
Inflation remained at a low level  for 2006, although this has now risen to
2.5%. The labour market improved, with  unemployment dropping from 17.6% in
December 2005  to  14.9%  in December  2006. Across the whole banking market in
2006 deposits  were up almost 10% and loans up 33%, with mortgage loans
increasing by more than  50%.  Your Company holds investments in Bank Zachodni
WBK,  Bank Millennium and Bank Prezemyslowo-Handlowy.

In  Eastern Europe Russia was another key market. The Russian  economy and  the
Russian banking sector are growing strongly. In  a  mid-year visit  to  the
country,  the eight banks visited  by  the  Investment Manager  all  reported
that business was booming.  In  2006  corporate lending  was  growing at a rate
of 30% per annum and retail  loans  at 80%.  Retail  loans had already grown by
a factor of 12 from  2001  to 2005  and  reached  19%  of  total  bank  loans.
During  Blue  Planet Investment   Management's  visit  to  Russia,  the  best
banks were identified  and investments were made in Promstroibank St  Petersburg,
Sibacadembank-CLS and Ural-Siberian Bank. In March 2007 the Fund  sold its
investment in Sberbank. The initial investment was made in  March 2005 and was
added to several times. The revenue from the sale was 3.5 times  the  total
investment costs, meaning that the share  price  had increased 350% from the
average purchase price.

During  the  year the Fund invested in banks in Greece and  Cyprus  in South
East Europe. Greece enjoys one of the highest growth  rates  in the EU, at 4% in
2006. Between 1995 and 2003 Greece's sovereign rating was  increased five times
by Fitch. The country benefits from a strong financial sector. Your Company held
an investment in Piraeus Bank S.A. This  has  subsequently  been  sold  as  we
build  up  liquidity   in anticipation of market weakness in 2007. The fund
invested  in  Cyprus for  the  first  time in January 2007. Cyprus is
experiencing  healthy economic  growth  and  it is building its status as  an
international business centre, fuelled by a corporate tax rate of 10% and
favourable double  taxation treaties, especially with Russia. Your Fund
invested in  Bank of Cyprus. The Fund is no longer invested in Turkey due to  a
considerably  weakened macroeconomic situation in  the  country  after increases
in both inflation and interest rates.

The  Fund made an investment in Blue Planet's Global Financials  Fund, listed
in  Dublin, which has been added to during  the  year.  A  key motivation  for
this investment is protection against  falling  stock markets  in  2007.  As  a
hedge  fund  this  investment  provides  an opportunity  to  benefit from periods
of market weakness  as  well  as market strength through its ability to take short
positions.

The fund remains invested in Brazil. Interest rates have been steadily declining
in Brazil. They were at 16.5% at the end of March  2006  and ended  March  2007
at 12.75%. Inflation also fell  during  2006.  The strong macroeconomic climate
did not have as positive an affect on GDP growth as  was  hoped, which was at 2.8%
for 2006, but credit  growth remained strong and financial sector loans in Brazil
increased 20%  in 2006.  The past few years of strong loan growth led to a rise
in  the levels  of  non  performing loans in 2006, but as  salaries  rise  and
interest  rates continue to fall this trend should not continue.  Your Fund
retained its investment in Nossa Caixa in Brazil.  Elsewhere  in Latin  America
profits  were  taken in  Mexico  because of concerns regarding the economic
impact of a weakening US economy on Mexico and in anticipation of elections in
2006 in the country.

During  the  year investments were also made in Sweden as the  Swedish election
result in 2006 gave power to Sweden's opposition, who have  a reform  and tax
cutting mandate. However the rising concerns  over  an overheating  in  the
Baltic State economies, to which  all  the  major Swedish  banks are exposed,
and concerns about the markets in general, led to the Fund taking profits from
these investments.

There  are  a number of investments that your company took profits  in this
year. In Western Europe your Company realised the gains  on  its investments in
France, as revenues dwindled in retail banking, and  in Spain  as concerns
persisted regarding the over-supply in the  housing market.  2005 was a very
successful year for Investment Banks and  the Fund had exposure via UBS in
Switzerland and Deutsche Bank in Germany. In  2006, as conditions became more
difficult, the profits from  these investments were realised.

Currency
The  fund  is exposed to a range of currencies. The table below  shows the
percentage  of the portfolio holdings in each  currency  and  how those
currencies have performed against the pound over the period  in which the
investments have been held in the Trust during the financial year.



          Currency        % of equity    Appreciation/depreciation
                         portfolio in                against £ for
                             currency       the length of time the
                                         currency has been held in
                                                the portfolio
          Euro                  43.7%                        -2.8%
          Polish Zloty          31.9%                        -1.3%
          US Dollar             16.7%                       -12.9%
          Brazilian Real         5.5%                        -7.8%
          Danish Krone           2.2%                        -2.8%


All   the   currency  movements  were  negative,  which  reduced   the
performance  of  the  shares  denominated  in  these  currencies  when
translated into sterling. The US dollar has been very weak in 2006. It is  the
currency in which our Russian shares are denominated. However, as  the currency
underlying these stocks is the Russian Rouble the  US dollar  currency
fluctuations should be  reflected  by  corresponding changes in the share price.
The risks associated with this exposure to a range of currencies is discussed
below.

Risk
Market  risk arises mainly from the uncertainty regarding  the  future price
performance of the equities held by your Company. This risk  is magnified by the
gearing that is used to bolster performance  and  the fact  that the company is
invested in a single industry sector.  Being invested  in  a  single sector
exposes the Fund to the risk  that  the Financial Sector will under perform
relative to other sectors  of  the market

In  mitigation of these risks the financials sector in  which  we  are invested
is   the   largest  sector  of  the  market,   constituting
approximately  a quarter of the Bloomberg World Index. The  prices  of the
individual securities held are monitored on a daily basis and the Board,  which
meets  quarterly, imposes borrowing  limits  to  ensure gearing  levels  are
appropriate to market conditions. The  securities dealt  in  are  all  listed on
recognised exchanges  and  are  readily realisable. The Fund also has the
ability to use futures or options as a  hedge against a fall in the market. At
the year end the Fund had  a put   option  on  the  DJ  Eurostoxx  50  index.
This  position has subsequently been closed out.

The  Fund  is exposed to currency risk, due to the range of currencies in  which
investments  are held. The largest  risk  is  in  the  Euro currency.  The Fund
Manager tracks currency movements on  a  month-bymonth  basis  and hedging is
considered on an individual  case-by-case basis.  In  the  2007 financial year
there were short-term  hedges  in place for the US dollar, Polish Zloty and
Turkish Lira.

Credit  risk arises from the exposure to non-delivery of an investment that  has
been purchased. The Company only buys and sells  investment through  brokers
approved by Blue Planet Investment  Management,  and recognised to be of good
standing and reputation in their home market.


Review of the Top 10 Investments at year end
______________________________________________________________________________________

1. Blue Planet Global Financials
The  Blue  Planet  Global  Financials Fund, is  an  open-ended  Cayman Islands
exempted  company.  The Company listed  on  the  Irish  Stock Exchange on 31
March 2006. Its objective is to achieve a high level of capital  growth  by
taking long and/or short positions  in  securities issued by or relating to
banks and other financial institutions  on  a Worldwide  basis. Shares are
available denominated  in  Euros  and  US Dollars.

The  Blue  Planet Global Financials Fund reported its first  year  end figures
on  31  December 2006. The NAV price for  the  Class  B  EURO Restricted  shares
was €116.990 at the end of the company's  financial year.  Over the period since
its launch on 31 March 2006, the Fund has returned 16.99% gross and 13.59% net.
If annualised the net return  of 13.59%  would  equate  to  an  annual return
of  18.12%.  The  fund's performance  led  it to be ranked as the second best
performing  hedge fund  over six months to the end of December in the Euro
Global Equity category in the Eurohedge magazine January 2007 edition.

Investing  in  the  Blue Planet Global Financials Fund  provides  your Company
with the opportunity to take advantage of this fund's ability to make both
strategic and tactical assets allocations that can profit from both rising and
falling market conditions.

Your Company has been invested in this fund since its launch. The size of  its
holding was increased in December 2007. Its total return  for the 12 month
period it has been held in the portfolio is 4%.

Key statistics relating to this investment are given below:
          For the year ended        2006         2005    Change
                31 December:

          Total Assets           € 35.7m          n/a         -
          Cost:Income Ratio          n/a          n/a         -
          Net  Profit after       € 2.8m          n/a         -
          Taxation
          Net Asset Value      € 113.592          n/a         -
           per Share
          (Class B Euro shares)
          Dividends per Share        € 0          n/a         -

          Dividend Cover             n/a          n/a         -
          Return on Equity           n/a          n/a         -


2. Bank Zachodni WBK SA

Bank  Zachodni  WBK S.A. ("BZW") is a universal bank that  provides  a wide
range  of banking services. Historically its niche was  business banking.  BZW
was formed as a result of a merger between Bank Zachodni WBK  S.A.  and
Wielkopolski Bank Kredytowy  S.A.  on  13  June  2001. Concentrated   mainly  in
the  western  part  of   Poland, it has approximately a 5% market share. Its
major shareholder is Allied Irish Banks Group, who holds 70.5% of BZW's stock.

In  Poland  GDP growth accelerated through 2006. The full year  figure for  GDP
growth was 5.8%, reaching 6.5% in the final quarter of  2006 and  7%  in  the
first quarter of 2007. The Polish banking sector  has huge development potential.
The penetration of residential mortgages, mutual  funds and credit cards, as a
percentage of GDP, are less  than half those found in the more developed European
Union countries.

BZW  has  a  highly  regarded management team who have  an  aggressive expansion
plan in place. The bank is developing its presence in  large
cities  throughout the country and plans to increase its  distribution network
from  400 branches to 450 by mid-2008. In 2006 BZW  increased its  profits by
47%. Revenue grew by 24% as BZW sold more mutual funds and its brokerage
business had a very successful year. Total loans  at the  bank grew by 22% in
2006, with mortgages increasing by 36%. Costs rose by almost 12% as personnel
expenses increased.
BZW's  first quarter 2007 results continued on the same positive trend as  their
2006 results. Net Income was up 49% as business continued to grow  strongly  in
all areas, especially mutual funds  and  brokerage. BZW's  cost:income
efficiency ratio dropped below 50%  for  the  first time, as revenues grew twice
as fast as costs.

We  purchased this stock in August 2006 and increased our holdings  in both
December 2006 and January and March 2007. The total  return  for the  part  of
the holding held since August 2006 is 45%  in  sterling terms.

Key statistics relating to this investment are given below:

For the year ended 31              2006           2005       Change
December:
Total Assets                 PLN 33.0bn     PLN 29.3bn       +12.6%
Cost:Income Ratio                 55.1%          61.4%       -6.3pp
Net Profit after Taxation     PLN 758 m      PLN 516 m       +46.9%
Earnings per Share            PLN 10.39       PLN 7.08       +46.8%
Dividends per Share             PLN 6.0        PLN 6.0           0%
Dividend Cover                     1.7x           1.2x
Return on Equity                  23.7%          18.0%       +5.7pp

3. Bank of Cyprus Ltd

Bank  of  Cyprus  is the largest bank in Cyprus and  offers  universal banking
services  to  retail and corporate  clients.   Their  banking operations  are
in Cyprus (46%), Greece (43%), UK and  Australia  and they are due to commence
operations in Romania and Russia from 2007.

Cyprus' GDP grew by 3.8% in 2006 having recovered strongly from a  dip in
2002/3.  Growth in corporate lending has jumped to 9% from 1-2% in 2004/5 and
retail lending has accelerated to nearly 30% over the  same period. It has low
inflation and unemployment, a corporate tax rate of 10%, an educated workforce,
strong legal and accountancy systems,  and accession  to  EMU  is  projected for
2008.   Due  to  double-taxation treaties with various countries, Cyprus is an
established and  growing international business centre, particularly for
companies from  Russia and  South-Eastern  Europe.  Its international business
accounts  for almost half the bank's profits from Cyprus.

The  bank  has  a market share of 4% in Greece where it  has  a  young network
(120 branches).  Another 70 branches are planned by the end of 2009, and growth
in Greek profit is expected to accelerate rapidly  as the network matures.

In  2006,  Bank  of  Cyprus achieved growth  in  net  profit  of  153%
(following  88% growth in 2005) and set a target of 31% profit  growth for
2007.  The increase in 2006 was driven by strong revenue  growth, good  control
of costs and an improvement in the quality of  the  loan book.   The bank also
published its strategy and targets for the  next three  years.  The targets
include: net profit growth of at least  25% per year,  loans  to  grow  at
least 20%  per  year,  and  continued improvement in  the cost:income, asset
quality and return  on  equity ratios.   They  aim to have 20% of a
significantly larger  total  loan portfolio  outside  Greece and Cyprus by
2011, and are  interested  in selected acquisitions in the Ukraine as well as
Romania and Russia.

Marfin Popular Bank hold 8% of the shares of Bank of Cyprus, purchased from
Piraeus Bank SA in March 2007 and have indicated their  interest in  a possible
merger. This is not likely to find favour with the Bank of  Cyprus  management
who  prefer to  pursue  their  organic  growth strategy.

We  purchased Bank of Cyprus for the investment portfolio  in  January 2007.
The total return of the investment is currently 2% in  sterling terms.

Key statistics relating to this investment are given below:

For the year ended 31               2006           2005       Change
December:
Total Assets                    € 25.2bn       € 22.1bn       +14.0%
Cost:Income Ratio                  46.7%          56.7%      -10.0pp
Net Profit after Taxation         € 317m         € 125m      +153.6%
Earnings per Share (diluted)       57.7c          24.9c      +131.7%
Dividends per Share                29.0c          12.0c        +143%
Dividend Cover                      2.0x           2.1x
Return on Equity                   21.7%          11.9%       +9.8pp


4. Bank Millennium SA

Bank Millennium SA was founded in Poland in 1989. It is principally  a
commercial bank, but has four separate business lines, Millennium  for retail
customers, Millennium Biznes for small businesses,  Millennium PRESTIGE  for
affluent  customers and  Bankowosc  Predsiebiorstw  for medium  and  large sized
businesses. It offers core banking  services, brokerage, investment funds,
leasing services and pension and  savings plans  and  is  the  fifth largest
bank in Poland. Millennium  bcp  of Portugal  increased its ownership share of
Millennium at  the  end  of 2006 to 65.51% from its previous 50% holding.

Millennium  has a strong organic growth strategy that is  particularly focused
on  the retail sector. It is investing in a branch  expansion and upgrading
programme that began in 2006, and is due to complete  in mid-2008. This
programme will add 158 new branches to its network. The company  is  growing
its  market share  of  the  mortgage  market  by capturing 14% of the new
mortgage production in Poland. This  has  led its  market share of the Polish
mortgage market to increase from 7.1% at  the  end  of  2005 to 9.7% at the
end of 2006.  Their  total  loan portfolio grew 56% over the year.

Millennium's  2006 results showed an impressive 44%  increase  in  net earnings
per  share over 2005, once the gain from  the  sale  of  its subsidiary PZU has
been excluded from the 2005 results. The growth  in business  was achieved with
a 12% increase in operating  costs,  as  a result  of  the branch expansion and
remodelling programme. Millennium anticipate  that  continued  strong domestic
consumption  will  drive performance in 2007, and that a slowing in the growth
in the  mortgage market in 2007 will be offset by an increase in corporate
lending.

Their  first  quarter 2007 results were excellent. Loans continued  to grow
strongly  and  their mortgage market share increased  again,  to 10.3%.   Fees
and  commissions  increased  47%  year-on-year.   Their expansion programme
meant that costs increased 19% year-on-year in the first  quarter. Without the
expansion, costs would only have increased 5%. Overall net income was up 21%.

We held Millennium in the investment portfolio throughout the year. We added to
the holding during the year. The total return for the portion of the investment
held for the entire year is 68% in sterling terms.

Key statistics relating to this investment are given below:
For the year ended 31               2006           2005    Change
December:
Total Assets                  PLN 24.7bn     PLN 22.2bn    +11.3%
Cost:Income Ratio                  67.7%          74.4%    -6.7pp
Net  Profit after  Taxation   PLN 300.8m     PLN 567.1m    -47.0%
(Underlying Net Profit)*                       (208.3m)  (+44.4%)
Earnings per Share              PLN 0.35       PLN 0.67    -47.8%
Dividends per Share             PLN 0.17       PLN 0.54    -68.5%
Dividend Cover                      2.1x           1.2x
Return on Equity                   13.6%          28.0%   -14.4pp
(underlying Return on Equity)*                  (10.5%)  (+3.1pp)

*  Underlying excludes gain of PLN 465m before tax on the sale of  PZU in 2005.


5. Promstroibank St Petersburg

Promstroibank St Petersburg ("PSB"), Russia's tenth largest  bank,  it is
primarily concentrated in the St. Petersburg and Leningrad region. It  controls
15% of the regional market, a share similar  to  that  of Sberbank  in its home
region. PSB is mainly a corporate-oriented  bank and as such has a small branch
network, standing at 53 branches at the end of September 2006. Its share of the
total retail deposit market is just  0.9%.  The  bank's shares are admitted  to
trading  on  the  St Petersburg  Stock  Exchange  and  on  the  Moscow
Interbank  Currency Exchange.  It  has  been owned 75% by the OAO Bank for
Foreign  Trade (Vneshtorgbank)  since  the  end of 2005.  Vneshtorgbank  is  the
2nd largest bank in Russia after Sberbank, and is currently owned 99.9% by the
Russian Federation Government.

On  the  22  September 2006 PSB agreed to a merger with Vneshtorgbank. Both  PSB
and  Vneshtorgbank shareholders have approved  the  merger. Since  this
announcement PSB has traded based on the expected  merger terms. VTB's announced
IPO plan has fuelled PSB's minority demand  for stock.  VTB  have  an  IPO
scheduled for May 2007.  This is to  be undertaken  first, before the merger
proceeds further and the  current swap ratio  of 385 Vneshtorgbank shares per
PSB share may be  revised later this year and be re-submitted for approval in
September 2007.

Whilst  PSB  have a strong position in the northwestern Russia  market and
their standalone performance is good - PSB have issued their IFRS financials for
the first nine months of 2006 and it shows net  profits increasing 35% on a year-
on-year basis - it is a bank with very little retail  exposure, and its main
attraction is the access  it  gives  to Vneshtorgbank shares, which will
undoubtedly be highly sought after in the current IPO.

We  have held this stock since October 2006 and in its five months  in the
portfolio has made a total return of 11%.

Key statistics relating to this investment are given below:

For the nine month ended :                 2006              2005     Change
Total Assets                      Rouble 152 bn     Rouble 150 bn      +1.3%
Cost:Income Ratio                           n/a               n/a
Net Profit after Taxation        Rouble 3,554 m    Rouble 2,628 m     +35.2%
Earnings per Share                   Rouble 2.8        Rouble 2.1     +25.0%
Dividends per Share                  Rouble 0.1        Rouble 0.1         0%
Dividend Cover                              28x               21x
Return on Equity                            n/a               n/a


6. Piraeus Bank SA

Piraeus Bank SA ("Piraeus") is the fifth largest bank in Greece.  They offer
universal banking services to consumers and businesses in Greece and  South
Eastern Europe via a rapidly expanding network. At the  end of  2006,  they had
536 branches, of which 301 are in Greece  and  235 abroad, and they also have
the electronic banking network of Winbank.

In  2006 Greek GDP grew by 4%.  The fundamental engines of growth  for the
banking sector remain in place: it is one of the fastest  growing economies   of
Europe,  the  banking  sector  is   gradually   being deregulated, and credit
penetration is low versus other EMU countries. Outside Greece, Piraeus is active
in Albania (estimated GDP growth for 2007:  6%), Romania (6%), Bulgaria (6.5%),
Serbia (5%) and Egypt (6%), all  of  which are offer high credit and deposit
growth from an underpenetrated base.  They have also indicated interest in
buying  a  bank in the Ukraine.

In  2006, Piraeus published underlying earnings growth of 28%,  driven by  an
overall  growth of 31% in customer loans and good  control  of costs   despite
the  increase  in  the  number  of  branches.    They outperformed the market in
all loan categories, with growth of 31%  in mortgage loans, 25% in unsecured
consumer loans, 36% in loans to small businesses and 26% in loans to large
corporate clients.  Asset quality improved  significantly, with the ratio of
Loans in Default  to  Total Loans  one  of the lowest in the market.  They
remain well-capitalised and highly profitable.

In  the  newly-published Business Plan for 2007-2010,  they  target  a compound
annual growth rate of 24% in net income and 26% in loans  as well  as  further
improvement in the profitability,  cost:income  and asset  quality  ratios.
They aim to increase  the  return  on  equity invested  in their international
operations and to have 25% of  profit coming from outside Greece by 2010, via
continued branch expansion and selected acquisitions.

We  have  held the stock since the start of the year and added  to  it several
times. The portion of the investment held for the  full  year has made a total
return of 31% in sterling terms.


Key statistics relating to this investment are given below:

For the year ended 31 December:     2006           2005       Change
Total Assets                    € 30.9bn        €23.5bn        31.5%
Cost:Income Ratio                  48.4%          57.9%       -9.5pp
Net Profit after Taxation          €435m         € 264m        64.8%
(Underlying Net Profit)*         (€337m)                     (27.7%)
Earnings per Share                € 1.66         € 1.33        24.8%
(Underlying Earnings per         (€1.28)                     (-3.8%)
Share )**
Dividends per Share               € 0.64         € 0.50        28.0%
Dividend Cover                      2.6x           2.7x
Return on Equity                   29.0%          21.0%       +8.0pp

*    Piraeus  booked  a gain on the sale of their  stake  in  a  joint venture
with ING Group in the first quarter of 2006.
** underlying earnings per share fell due to the issuance of shares in 2006.


7. Banco Nossa Caixa SA

Banco  Nossa Caixa SA ("Nossa Caixa") is the third largest state-owned financial
institution in Brazil in terms of total assets. It is  based in  the  prosperous
Sao Paulo region of Brazil and  had  5.4  million customers  as of the end of
2006. It is a multiple-service  commercial bank  that  offers a wide range of
financial products and  it  is  the exclusive  financial  agent for the Sao
Paulo  state  government.  Its balance sheet has considerable scope to support
the expansion  of  the loan book.

Nossa  Caixa  made a Secondary Public Share Offering in October  2005. This was
10 times oversubscribed with 30.8 million common shares being sold.  In  July
2006 it was announced that there would  be  a  further public offering. However
this announcement was subsequently rescinded. This  led  to  speculation that
the bank may  be  sold  instead  to  a strategic   international  investor.
There  has   been   no further developments on this front so far.

During  2006 Nossa Caixa expanded its branches and service outlets  to meet  the
demand it expected from the transfer of nearly 600,000 state public  civil
servant  accounts, previously with  Santander  Banespa. These new accounts led
to an increase in revenues in 2006. However the costs of the expansion to develop
the infrastructure of the bank  were high  and had  a negative effect on the banks
recurring  net  income, which fell by 20% in 2006.

At  the start of 2007 Nossa Caixa held negotiations with the State  of Sao
Paolo  to  renew  its contract to service the  1.1million  public servant
payrolls for the next five years. When the terms of the  deal were announced in
March they seemed disadvantageous to Nossa Caixa, as the  total  fee  appeared
high and the contract fee  was  to  be  paid upfront.  In  addition  there are
concerns  that  the  public  payroll contracts  will  be opened up to public
tender at some  point  in  the future  and  the  validity  of  this contract
might  be  called  into question.

This  investment has been held in the portfolio throughout the  Fund's financial
year.  The recent news from the company has  been  received very  negatively  by
the market and has led to a  sharp  fall  in  the company's share price, which
has resulted in the shares making a total return of -41% over the year in
sterling terms.


Key statistics relating to this investment are given below:

For the year ended 31               2006         2005    Change
December:
Total Assets                  BRL 39.3bn   BRL 33.4bn    +17.8%
Cost:Income Ratio                  56.1%        54.0%    +2.1pp
Net  Profit after  Taxation     BRL 454m     BRL 766m    -40.7%
(Underlying Net Profit)                        (565m)   (19.6%)
Earnings per Share              BRL 4.22     BRL 7.15    -41.0%
(Note : 3-fold increase in
shareholders)
Dividends per Share                 1.75         2.60    -32.7%
Dividend Cover                      2.4x        2.75x         -
Return on Equity                   17.8%        33.7%   -15.9pp


8. Bank Przemyslowo-Handlowy SA

Bank  Przemyslowo-Handlowy SA ("BPH") is the  third  largest  bank  in Poland in
terms of assets, and is 71.03% owned by the Unicredit Group. It  is  currently
in the process of being split into two  parts.  When Unicredito  Italiano
announced its merger with HVB in June  2005,  the combined  company, the
Unicredit Group, majority owned  both  BPH  and Bank Pekao. Unicredit indicated
it intended to merge Bank BPH and Bank Pekao, provided that all necessary
regulatory approvals were obtained. Unicredit reached agreement with the Polish
authorities early in April 2006. As a result Unicredit will sell 200 branches of
BPH, and related banking   services   operating  under  the  BPH   logo,
through an international  bidding process. The remaining  BPH  branches  will
be merged into Bank Pekao's network. It is expected that the sale of  the 200
BPH branches will be completed in the second half of  2007,  and potential bidders
for BPH have already started their due diligence  on the  bank.  The list of
potential bidders is currently being  whittled down to the most serious
contenders.


BPH  had a strong financial performance in 2006. Revenues grew by  14% and
profits were up 23%. Customer loans grew 12% and deposits by  11% in  the  year.
The cost/income ratio reached a record low  of  46.7%, setting a benchmark in
the Polish market. BPH are positive about 2007. They  see retail and corporate
loans continuing to grow strongly (they currently have the 2nd largest market
share in retail loans)  and  the pay rises in Poland fuelling retail deposits
and loans.

We  held  this  stock  throughout the  Company's  financial  year.  It generated
a total return of 31% in sterling terms. The nature  of  the bank  is about to
be transformed dramatically, as the new BPH spun-off from  Unicredit  will  have
a new strategic shareholder.  The  leading contender is GE Money EMEA, part of
the GE Group.

Key statistics relating to this investment are given below:

For the year ended 31               2006           2005       Change
December:
Total Assets                 PLN 64.8 bn    PLN 57.9 bn       +11.9%
Cost:Income Ratio                  46.7%          49.5%       -2.8pp
Net Profit after Taxation    PLN 1,268 m    PLN 1,027 m       +23.5%
Earnings per Share             PLN 44.15      PLN 35.78       +23.4%
Dividends per Share            PLN 30.00      PLN 22.10      +154.0%
Dividend Cover                      1.5x           1.6x
Return on Equity                   19.4%          16.7%       +2.7pp


9. URSA Bank (formerly Sibacadembank CLS)

Sibacadembank  CLS  ("URSA  Bank") was established  in  1990.  It  has rapidly
expanded  over the past 16 years and is now  a  full  service bank. It is partly
owned by international financial institutions,  and partly owned by the founders
of the bank and management.  Historically it  was largely based in the Siberian
Federal District which comprises 30%  of  Russian territory and has 21 million
inhabitants.   As  of  1 October 2006 it had 153 branches and 260 ATMs.  In 2006
it initiated a merger with Uralvneshtorgbank, a leader in the Urals Federal
District. This  was completed on 22 December 2006, and has considerably expanded
the  scope  of  the bank with Uralvneshtorgbank's 80 branches  and  80 ATMs,
and has led to the renaming of the bank to URSA Bank. This  new combined entity
is now one of the top 20 Russian banks.

The  Russian economy continues to surge ahead. GDP growth was 6.7%  in 2006  and
the  current  account surplus exceeds  10%  With  its  vast population  of  143m
and its huge reserves of natural  resources  the underdeveloped  banking
sector, is,  and  will  continue,  to  expand rapidly.   URSA has released its
2006 IFRS financials which show  that total  loans  increased 133% year-on-year
in 2006  with  retail  loans increasing 136%, against a banking sector retail
loan growth  rate  of 80%.  Retail  deposits increased 46% and corporate deposits
increased 81%.  Net profits increased 192% in the year. This  increase  is  not
reflected in the earnings per share figure as the number of shares  in issue also
increased in 2006. The bank is significantly outgrowing the market,  and due to
this rate of growth it is expected to  follow  its 2005  and 2006 share issues
with a further share issue this year.  The bank  forecasts continued strong
performance in 2007 when it plans  to expand  its  range  of retail products,
place an emphasis  on gaining business from small and medium sized enterprises
and improve its cross selling  to  corporate customers, as well as continuing to
expand  the size of the bank through branch and ATM network expansion.

We  purchased  our  holding in the bank in January 2007.  In its two months
in  the portfolio the shares total return was 1%  in  sterling terms

Key statistics relating to this investment are given below:

For the year ended 31                       2006           2005       Change
December:
Total Assets                      Rouble 111.6bn  Rouble 44.5bn      +150.8%
Cost:Income Ratio                          48.3%          61.7%      -13.4pp
Net Profit after Taxation          Rouble 1,464m    Rouble 501m      +192.2%
Earnings per Share                   Rouble 1.38    Rouble 1.44        -4.2%
Dividends per Share                            0              0
Dividend Cover                               n/a            n/a
Return on Equity                           31.6%          28.6%       +3.0pp


10. Amagerbanken

Amagerbanken  was founded in 1903. Its head office is  on  Amager,  an island
off the coast of Denmark's capital city, Copenhagen. It  is  a small
independent regional bank, with 27 branches,  the  majority  of which are on
either Amager or in Greater Copenhagen. In March 2007  it had  more  than
120,000 customers and 580 employees.  It  is  a  full service bank for both
business and private customers. Its loan book is split 75% corporate and 25%
retail.

In  2006 Amagerbanken reported record profits. This was based  on  the volume
of  business increasing 27% in 2006 compared to 2005.  Lending increased  by
38%, and the growth was in both the corporate  and  the retail  sector.  There
was also a significant increase  in  securities trading over the internet and
custody services grew by a total of 26%. The  bank predicts that overall lending
will continue to grow in 2007, but  that  home loan activities will slow. They
also see the  positive trends in their securities operations continuing.

We purchased our holding in the bank in April 2006. Despite its strong banking
results, Amagerbanken's overall profits are heavily influenced by  the  value
adjustments it needs to make, which are largely due  to the  bank's investment
in Jeuden A/S. Amagerbanken holds approximately 10% of Jeudan's share capital
and the value of this holding depends on trends in the financial market and on
Jeuden's performance, which  has unfortunately been poor for the first 3 months
of 2007. In its  eleven months  in the portfolio the shares total return was -
17% in  sterling terms. This holding has subsequently been sold.

Key statistics relating to this investment are given below:

For the year ended 31               2006           2005       Change
December:
Total Assets                  DKK 24.7bn     DKK 18.5bn       +33.5%
Cost:Income Ratio                  53.5%          55.5%       -2.0pp
Net Profit after Taxation     DKK 502.9m     DKK 431.3m       +16.6%
Earnings per Share              DKK 45.6       DKK 39.5       +15.4%
Dividends per Share              DKK 7.8        DKK 6.4       +21.9%
Dividend Cover                      5.8x           6.2x
Return on Equity                   27.5%          30.4%       -2.9pp


Transactions
Over the year, sales of investments realised £7.2m and purchases totalled £6.4m


Blue Planet Investment Management Ltd
30 May 2007


Income Statement
(incorporating the revenue account)                                  2007                           2006
for the year ending 31 March 2007  Notes  Revenue   Capital       Total    Revenue    Capital      Total
                                             (£)        (£)         (£)        (£)        (£)        (£)
_________________________________________________________________________________________________________
Capital gains on investment
Net realised gains on investments              -  2,247,192   2,247,192          -    691,532    691,532
Unrealised (losses)/gains on                   - (1,480,561) (1,480,561)         -  1,129,272  1,129,272
investments
Exchange (losses) / gains                      -    (98,697)    (98,697)         -    (28,264)   (28,264)
_________________________________________________________________________________________________________
Net capital gains on investments               -    667,934     667,934          -  1,792,540  1,792,540
Income from investments                  147,686          -     147,686     94,980          -     94,980
Bank interest receivable                   5,889          -       5,889      1,705          -      1,705
_________________________________________________________________________________________________________
Gross revenue and capital gains          153,575    667,934     821,509     96,685  1,792,540  1,889,225
Administrative expenses                  (86,228)   (50,599)   (136,827)   (55,356)   (23,997)   (79,353)
_________________________________________________________________________________________________________
Net return before interest payable        67,347    617,335     684,682     41,329  1,768,543  1,809,872
and taxation
Interest payable                         (48,329)   (48,329)    (96,658)   (28,442)   (28,441)   (56,883)
_________________________________________________________________________________________________________
Return on ordinary activities             19,018    569,006     588,024     12,887  1,740,102  1,752,989
before taxation
Taxation on ordinary activities          (19,420)         -     (19,420)   (11,925)         -    (11,925)
_________________________________________________________________________________________________________
Return on ordinary                          (402)   569,006     568,604        962  1,740,102  1,741,064
activities after taxation
_________________________________________________________________________________________________________
Return per ordinary share -basic       2    0.00p      4.18p       4.18p      0.01p     12.83p     12.84p
_________________________________________________________________________________________________________
Return per ordinary share -diluted     2    0.00p      3.82p       3.82p      0.01p     12.10p     12.11p


The  total  columns  of  the statement represent  the  profit  &  loss accounts
of the Company. All revenue and capital items in  the  above statement derive
from continuing operations.  There were no recognised gains  and  losses  other
than those disclosed above.   Accordingly  a statement  of total recognised
gains and losses is not required.   The Statement  of  Total  Return together
with the movements  in  reserves shown in note 5 comprise all changes in equity
during the year. Comparative per share data has been adjusted to reflect the 10
for  1 share split approved by shareholders on 2 August 2006.


Balance Sheet
_____________________________________________________________________________

                                                  2007              2006
at 31 March 2007                Notes     (£)      (£)      (£)      (£)
_____________________________________________________________________________

Fixed assets
Listed Equity investments*                    4,466,668           5,780,791


Current assets
Debtors                               1,329,402            13,271
_____________________________________________________________________________
Cash at bank                            628,964           108,814
                                      1,958,366           122,085


Creditors: amounts falling due          (23,189)          (75,636)
within one year


Net current assets                            1,935,177              46,449
_____________________________________________________________________________


Total assets less current                     6,401,845           5,827,240
liabilities
Creditors: amounts falling due               (1,925,000)         (1,923,129)
after more than one year
_____________________________________________________________________________
Net assets                                    4,476,845           3,904,111
_____________________________________________________________________________

Capital and reserves
Called-up share capital                         136,226             135,850
Share premium account                         1,175,092           1,170,956
Other reserves
 Capital reserve - realised                   2,956,042             906,475
 Capital reserve - unrealised                   122,207           1,602,768
 Capital redemption                               8,450               8,450
 Warrant reserve                                 60,810              61,920
Revenue reserve                                  18,018              17,692
_____________________________________________________________________________


Shareholders' funds                           4,476,845           3,904,111
_____________________________________________________________________________

Net  asset value per  ordinary      2            32.86p              28.76p
share - basic
_____________________________________________________________________________


Net  asset value per  ordinary      2             29.25p              25.74p
share - diluted
_____________________________________________________________________________
* Equity investments include a put option.
Comparative per share data has been adjusted to reflect the 10  for  1 share
split approved by shareholders on 2 August 2006.



Victoria W Killay
Chairman



Reconciliation of Movements in Shareholders' Funds

                                              For the year ended 31 March 2007
________________________________________________________________________________________________________
                 Share      Share      Capital    Capital      Capital   Warrant   Revenue         Total
               capital    premium   redemption   reserve-     reserve-   reserve   reserve shareholders'
                                       reserve   realised   unrealised                             funds
                     £          £            £          £            £         £         £             £
________________________________________________________________________________________________________
Shareholders'  135,850  1,170,956        8,450    906,475    1,602,768    61,920    17,692     3,904,111
funds at
1 April 2006
Proceeds of        376      3,476            -          -            -         -       728         4,580
share issues
Expense of
share issue                 (450)            -          -            -         -         -         (450)
Transfer from
warrant reserve      -      1,110            -          -            -   (1,110)         -             -
Return on ordinary   -          -            -  2,049,567  (1,480,561)         -     (402)       568,604
activities after
taxation
________________________________________________________________________________________________________

Shareholders'
funds at
31 March 2007  136,226  1,175,092        8,450  2,956,042      122,207    60,810    18,018     4,476,845
________________________________________________________________________________________________________



                        For the year ended 31 March 2006
________________________________________________________________________________________________________
                 Share      Share      Capital    Capital      Capital   Warrant   Revenue         Total
               capital    premium   redemption   reserve-     reserve-   reserve   reserve shareholders'
                                       reserve   realised   unrealised                             funds
                     £          £            £          £            £         £         £             £
________________________________________________________________________________________________________
Shareholders'
funds at
1 April 2005   135,850  1,168,746        8,450    277,541      491,600    63,374     28,271    2,173,832
Proceeds of
share issues         -        756            -          -            -         -          -          756
Transfer from
warrant reserve      -      1,454            -          -            -   (1,454)          -            -
Return on            -          -            -    628,934    1,111,168         -        962    1,741,064
ordinary
activities
after
taxation
Dividend paid        -          -            -          -            -         -   (16,895)     (16,895)
during
the period
Purchase of          -          -            -          -            -         -      5,354        5,354
treasury
shares
________________________________________________________________________________________________________
Shareholders'  135,850  1,170,956        8,450    906,475    1,602,768    61,920     17,692    3,904,111
funds at
31 March 2006
________________________________________________________________________________________________________



Cash Flow Statement
_________________________________________________________________________
                                                 2007               2006
For the year ended 31 March 2007         (£)      (£)       (£)      (£)
_________________________________________________________________________

Operating activities
Investment income received                    132,534             90,859
Interest received                               5,889              1,705
Investment management and                    (90,283)           (46,078)
administration fees paid
Cash paid to and on behalf                    (4,820)            (2,700)
of Directors
Other cash payments                          (38,337)           (25,756)
_________________________________________________________________________

Net cash inflow from                            4,983             18,030
operating activities

Servicing of finance
Interest paid                                (95,450)            (56,583)


Taxation
Taxation recovered                              3,819              1,679

Capital expenditure and
financial investment
Purchase of investments          (6,459,693)        (3,604,477)
Sale of investments                7,159,187          2,489,311
_________________________________________________________________________
                                              699,494         (1,115,166)
_________________________________________________________________________

Cash inflow/(outflow)                         612,846         (1,152,040)
before financing
_________________________________________________________________________

Equity Dividend paid                                -            (16,895)

Management of liquid resources
Cash placed on deposit           (1,147,893)          (315,471)
Cash withdrawn from deposit        1,147,893            314,181

                                                    -             (1,290)
Financing

Proceeds from share issue              4,130              6,110
Loan advanced                       (18,278)          1,144,860

                                             (14,148)           1,150,970
_________________________________________________________________________

Increase/(Decrease) in cash                   598,698            (19,255)
_________________________________________________________________________



Notes
_________________________________________________________________________

1.The  financial  information set out in this  announcement  does  not
  constitute the Company's statutory accounts for the years  ended  31 March
  2007  or  31 March 2006 but is derived from  those  accounts. Statutory
  accounts for 2006 have been delivered to the Registrar  of Companies  and
  those  for  2007 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 a statement under s237 (2) or
  (3) Companies Act 1985.

2.Return and Net Assets per ordinary share
_____________________________________________________________________________


                                                             2007        2006
_____________________________________________________________________________
The return per ordinary share is based upon the
following figures:
Revenue return                                             £(402)        £962
Capital return                                           £569,006  £1,740,102

Weighted average number of ordinary shares in issue    13,607,375  13,559,850
during the year - basic
Weighted average number of ordinary shares in issue    14,880,840  14,381,850
during the year - diluted
_____________________________________________________________________________

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.     The net  asset
value per ordinary share is calculated on 13,622,600  being the
number  of  ordinary shares in issue.  Net asset dilution  occurs from the
potential exercise of the 255,590 outstanding warrants and is assumed  only  to
take place if the net assets per share  exceed  the exercise price of £0.10.

3.The  board have decided that no final dividend will be declared this year
  (0.00p - 2006).

4.The  financial  information set out in this  announcement  has  been prepared
  on the basis of the accounting policies as stated  in  the previous  year's
  financial statements, and are consistent  with  the current  year's  full
  financial statements  which  are  yet  to  be published.

The above figures relate to the No. 1 Trust but all 10 Trusts are identical.  A unit comprises ten shares, one share in
each of the Blue Planet Financials Growth & Income Investment Trusts Nos 1-10.

For more information, please visit www.blueplanet.eu

You can also contact the Company on 0131 466 6666 or by emailing [e-mail]