Interim Management Statement Interim Management...

Quarter Ended the 31st December 2008

Fund Manager's Review

In December the return from our Benchmark Index was 8.7% in sterling terms while our diluted NAV returned 4.0%, rising
to 97.8p per share unit. The return of the index in its base currency, of US dollars, was 3.0%, with the strength of the
US dollar against Sterling providing the bulk of the return. The Fund's underperformance of the index was due to
weakness in Russian equity prices and one Russian bond, counterbalanced by strength in Indian stocks in December. Our
share price fell 27.7% to 47.0p a unit. Over the past three months the diluted NAV has fallen 29.1%, the share price
46.0% and the benchmark 14.5%.  As of 31st December 2008, shareholder funds were £13,308,780 and total borrowings were
£11,150,000.

December provided some respite in the markets, but ended a miserable year for all equities. The main stock indices
around the world almost all declined significantly in 2008. In financial stocks, the Bloomberg Worldwide financial index
fell 55.2% in its base currency in 2008. We retain our conviction that, despite all the economic woes, there are many
financial stocks that now offer excellent value and look forward to a better year in 2009.

Eurokommerz, the largest factoring company in Russia, saw a sharp falls in its bond prices towards the end of December,
one of which is held in the portfolio and there are also holdings in the Blue Planet Global Financials Fund. These were
as a result of Eurokommerz announcing delays in coupon payments on its bonds and failing to meet a put option on one of
its bonds. The company announced that the current economic downturn had slowed collections of receivables and led to
problems with loan refinancing. We are pursuing an update from the company.

This month we sold down our holdings in Bank Millennium and Sberbank. We also reduced our holding in Raiffeisen Bank
Aval. The bank itself performs well, however, economic uncertainties continue in the Ukraine. We bought a holding in Man
Group in the UK, as we felt the price fall after it announced its fund de-gearing was overdone. A holding in New Star
Asset Management was also added to the portfolio as its share price declined, after its deal to offload its debt to the
banks, left the company substantially undervalued in our view.

The following nine month financial result has been issued this month by a bank in the portfolio:
Halyk Savings Bank Net Income fell 44% over the equivalent period last year.

Cumulative Performance (%) as of 31st December 2008

                    Current(p)    1 month    3 months    6 months    1 year    3 years    5 years
NAV (undiluted)        97.40        4.8%      -32.8%      -51.9%     -64.5%     -60.8%     -25.9%
NAV (fully diluted)    97.80        4.0%      -29.1%      -47.5%     -60.5%     -56.4%     -22.1%
Share Price -          47.00      -27.7%      -46.0%      -66.2%     -76.7%     -68.9%     -49.0%
Total Return
Benchmark              54.69        8.7%      -14.5%      -16.9%     -36.8%     -34.6%      -8.0%
Warrant Price         115.00      -54.0%      -79.1%      -86.5%     -89.3%     -83.8%      -4.2%

Discount:Undiluted(%)  -51.8       -30.0       -40.0       -31.3      -26.4      -39.2      -28.8
Discount:Fully         -51.9       -30.9       -36.9       -25.4      -18.3      -32.7      -25.6
Diluted (%)
                              Source:  Blue Planet, share price bid to bid, net income reinvested


Discrete Annual Performance (%) as of 31st December 2008

                              Share price                 Benchmark
      4Q/07 - 4Q/08              -76.7%                     -36.8%
      4Q/06 - 4Q/07              -11.0%                      -0.6%
      4Q/05 - 4Q/06               50.3%                       4.0%
      4Q/04 - 4Q/05               64.3%                      24.6%
      4Q/03 - 4Q/04               -0.2%                      13.0%

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

Portfolio Information as of 31st December 2008

            Security             Security                  Country          Valuation       Weighting
              Type                 Name                                          £               %
89,660       Equity      BP Global Financials-A Class       Eire             3,583,913         15.1
405,570      Equity      Bank Of India (P-Notes)            India            1,636,183          6.9
428,660      Equity      LIC Housing Finance - P Notes      India            1,389,024          5.9
8,616,130    Equity      URSA Bank                          Russia           1,319,486          5.6
569,240      Equity      Power Finance Corp - P Notes       India            1,065,031          4.5
447,540      Equity      Federal Bank Ltd (P-Notes)         India            1,008,836          4.3
142,640      Equity      Bank Vozrozhdenie                  Russia             846,459          3.6
306,300      Equity      Bank of Cyprus Ltd                 Cyprus             782,544          3.3
664,750      Equity      South Indian Bank (P-Notes)        India              531,488          2.2
185,540      Equity      DNB NOR ASA                        Norway             495,770          2.1
20,845,630   Equity      New Star Asset Management          United Kingdom     375,221          1.6
15,430       Equity      National Bank of Greece S.A.       Greece             199,320          0.8
4,000        Equity      BRE Bank SA                        Poland             182,521          0.8
78,800       Equity      Halyk Savings Bank GDR             Kazakhstan         148,956          0.6
47,580       Equity      Man Group plc                      United Kingdom     111,932          0.5
5,498,630    Equity      Raiffeisen Bank Aval               Ukraine            110,570          0.4
56,670       Equity      Bank Millennium SA                 Poland              37,294          0.2
                                                                            13,824,548         58.4

            Security             Cash                      Denomination     Valuation       Weighting
              Type           Security Name                                      £                %
             Bonds       Rusfinan Bank-3 7.55% 05/09 R      Russia           1,187,230          5.0
             Bonds       Rosbank 8% 09/09 R                 Russia             912,912          3.8
             Bonds       Bank Kedr-2 12.30% 09/09 R         Russia             764,104          3.2
             Bonds       Transcreditbank1 7.29% 06/10 R     Russia             737,356          3.1
             Bonds       Renaissance Sec 8.75% 11/09 $      Russia             170,005          0.7
             Bonds       Eurokommerz-1 Var11.5% 12/09 R     Russia             105,610          0.4
             Bonds       Promsvyazbk-12 9.58% 05/12 $       Russia              69,814          0.3
                                                                             3,947,031         16.5

            Security             Cash                      Denomination     Valuation       Weighting
              Type           Security Name                                      £               %
        Liquid Assets    Near Cash Assets                   GBP                     0           0.0
        Liquid Assets    Cash                               GBP                56,890           0.2
        Liquid Assets    Cash                               GBP             5,890,582          24.9
                                                                            5,947,472          25.1

                                                                           23,719,051         100.0

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 0845 527 7588 or by emailing [e-mail]


END