Interim Results

Interim Results For the six months ended 30 September 2005 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 investment trusts is a separate limited company, but otherwise they are to all intents and purposes identical. The information contained in this Interim Report, including the financial statements, 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. Trading in the shares and warrants of the Trusts The Trusts' shares and warrants can be traded in share or warrant units. Each unit comprises 10 shares or warrants, 1 in each of the 10 trusts. It is generally cheaper for investors to trade in the units rather than the underlying shares or warrants. Financial Record Investment Policy and Objective The investment objective of the Blue Planet Financials Growth and Income Investment Trusts is to provide investors with a high level of income and capital growth and a convenient means by which to obtain an exposure to a professionally managed, diversified and geared portfolio of securities (as defined by the Financial Services & Markets Act 2000) issued by European financial companies which are traded or listed on recognised European investment exchanges. ------------------------------------------------------------------------------------ Financial Record Six months ended Six months ended Year ended 30 September 2005 30 September 2004 31 March 2005 Restated Restated ------------------------------------------------------------------------------------ Shareholders' funds (£'000) 2,944 1,800 2,174 Net asset value per share (p) 216.87 133.16 160.84 Share price (p) 144.75 96.75 117.65 Discount (%) 33.3 27.3 26.9 Gearing (%)* 35.9 39.1 28.6 -------------------------------------------------------------------------------------- Revenue available for shareholders (£'000) 32 25 16 Revenue return per share (p) 2.34 1.86 1.15 Dividend per share (p) (see note 1b) - 1.00 2.25 Dividend yield on our shares (%) - - 1.91 Dividend yield on FTSE All Share Index (%) 2.99 3.15 3.51 -------------------------------------------------------------------------------------- * Net debt as a percentage of shareholders' funds Dividend No interim dividend has been declared. Accounting Standards A number of new UK Financial Reporting Standards have been introduced and apply for the first time for the 31 March year end. These standards are part of the UK convergence programme with International Accounting Standards (IAS). The main alteration affecting the company is the recognition of dividends payable only after they have been declared. Therefore the accounts for the year ended 31 March 2005 have been restated to add back the final dividend of 1.25p per share increasing the net asset value at that date to 160.84p and the interim accounts for the six months ended 30 September 2004 have been restated to add back the interim dividend of 1.00p per share increasing the net asset value at that date to 133.16p. See note 1. Capital Gains Tax Apportionment for capital gains tax between ordinary shares and warrants based on mid-market prices on the first day of dealings (25 April 1996) in the ordinary shares and the warrants: Each ordinary share 95.24p Each warrant 23.80p The Investment Manager Blue Planet Investment Management Ltd is an Edinburgh based investment management Company which specialises in managing investments in financial companies. Its corporate philosophy is that consistent out-performance is more likely to be achieved by specialisation than it is from the generalist approach, which currently prevails across most of the fund management industry. Stock markets comprise of many sectors, which are represented in general stock market indices, such as the S&P500, FTSE All Share, Eurofirst 300, Nikkei 225 etc. However, many of these sectors are in economic decline and will produce below average returns to investors in the future. Blue Planet believes that investors should only invest in those sectors that have superior long-term economic prospects and, crucially, which are undervalued. It believes that the World's financial sector is one such sector. By concentrating only on those sectors and by using the services of expert fund managers who specialise in those sectors investors should maximise their likelihood of consistent out-performance. By focusing on only one sector Blue Planet believes that it is able to develop a level of expertise and understanding of that sector that generalist fund managers cannot. It believes that this greater expertise and understanding will allow it to produce better, more consistent investment returns for its clients than generalist fund managers. It is widely accepted in most walks of life that specialisation leads to better results than generalisation. Blue Planet believes that in future pension funds and others will increasingly use specialist advisors to advise them specifically and solely on the allocation of their assets across sectors and will then place the designated funds with specialist investment managers in those sectors. This segregation of roles and increased specialisation will, it believes, reduce conflicts of interest and lead to better investment performance. In addition to Blue Planet Financials Growth & Income Investment Trusts Nos 1-10 plc, Blue Planet Investment Management Ltd also manages the Blue Planet Worldwide Financials Investment Trust plc and the Blue Planet European Financials Investment Trust plc. Details of Blue Planet's ISA, Savings Plan, investment trusts and other products can be found on its website, www.blueplanet.eu.com. Alternatively, they may be obtained from Blue Planet Investment Management Ltd, Greenside House, 25 Greenside Place, Edinburgh, EH1 3AA (Tel no: +44 131 466 6666). Website Information Please take the time to visit our website: www.blueplanet.eu.com If you wish to receive a monthly fact sheet on the trusts please visit: http://www.blueplanet.eu.com/index.136.html To download historical Annual and Interim reports and past monthly fund fact sheets: http://www.blueplanet.eu.com/index.124.html Chairman's Statement Performance Your Company increased its record of out-performance in net asset value growth ("NAV") for the six months to 30 September 2005. Our benchmark index, the FTSE Eurofirst Financials 300, rose 8.7% in the period, whilst our net asset value rose by 34.8% to 216.87p. This means the NAV has grown at 4 times the rate of the index for the past six months and has risen by 62.9% over the past twelve months. The share price per unit rose 23.0% over the six month period to £14.47 per unit, and provided a total return in the period of 24.6%. The share price rise has lagged the rise in the NAV, and consequently the discount has widened to 33.3%. The most noteworthy change to the portfolio since our last year end has been a significant increase in our exposure to the Russian bank, Sberbank. This Bank has superior growth potential over the next 5 to 10 years with considerable room for efficiency gains which will further increase its profits. Russia itself is a country with strong economic fundamentals, with GDP forecasted at 6.4% for 2005 (Bloomberg, September 2005). It has a population of 143m, vast natural resources and an underdeveloped banking sector which will expand rapidly as the country exploits its rich resources. Sberbank, our largest single investment, generated a total return of 72% in sterling terms over the six months period, and a return of 21.6% over the 52 days since the size of the holding was increased. Bearing in mind market valuations, we aim to invest in those countries where the prospects for economic growth are strong and penetration of banking services is low. For instance Russia and Turkey have relatively low household loans as a percentage of GDP, signalling much room for further expansion and therefore returns to investors. On the other hand, the higher levels of saturation in more mature western economies reduce the likelihood for growth. Another key element to our investment process is seeking out banks which are relatively inefficient, i.e. those which have significant room to improve their profitability through cost cutting. One measure of efficiency, the cost to income ratio is frequently used as an initial signal of poor cost discipline. Those institutions with strong management coupled with room to improve efficiency should, going forward, improve profitability. Please refer to the chart in figure 1, which gives an insight into the relative positions of different banking markets. As can be seen from figure 2, these two core themes of identifying opportunities for growth potential and efficiency improvements are reflected in the reallocation of funds in the past six months. Figure 1: International banking cost to income ratios ----------------------------------------------------- Country Cost to income ratio ----------------------------------------------------- Germany 77.8% Poland 68.2% Czech Republic 65.7% Top 4 French Banks 65.3% Turkey 65.2% Top 20 European Banks 64.3% Top 5 Greek Banks 60.5% Top 5 Portuguese Banks 60.1% United States 59.6% Top 5 Spanish Banks 52.5% Top 5 UK Banks 45.4% ----------------------------------------------------- Figure 2: Portfolio movements ----------------------------------------------------- Country Mar 05 Sep 05 ----------------------------------------------------- Poland 25.9% 21.6% Russia 3.4% 17.5% France 14.2% 16.1% Hungary 12.1% 10.4% Austria 6.8% 5.7% Turkey 0.0% 5.3% Netherlands 7.3% 5.3% UK 13.0% 5.0% Switzerland 0.0% 3.3% Germany 4.0% 3.2% Denmark 0.0% 2.6% Spain 7.2% 2.5% Czech Rep 0.0% 1.5% ----------------------------------------------------- Warrants The price of our warrants rose by 40.9% over the six month period to 577.5p on 30 September 2005. Shareholders can view the warrant price on the website of Blue Planet Investment Management (www.blueplanet.eu.com). Borrowings and Gearing The use of gearing in your Company amplifies the performance of the fund's NAV. The higher the level of gearing the greater the amplification as the amount repayable on the loan is fixed whilst investments appreciate in value. Your Company took advantage of the favourable conditions in its selected stock markets to increase the gearing during the six month reporting period to close to its 50% maximum level. As can be seen from your Company's four times out-performance of its benchmark index, this is an effective way of boosting performance in a rising market. The level of gearing was cut back again by the end of the period, when the level of volatility in the market increased. As at the end of the interim period, the loan, net of cash deposits, represented 35.9% of NAV and is provided by a £1,078,000 loan facility. Dividend In my statement in the last Annual Report I warned shareholders that the repositioning of our portfolio to maximise capital gains would temporarily reduce our dividend paying capacity. The investment income has increased in the six months to 30 September 2005 over the equivalent six month period for 2004, however this represents the majority of the total income forecast for the year. In addition higher costs are being incurred than last year in part due to higher interest payments and increased management charges consequent to the growth in assets. In these circumstances the Directors have deemed it prudent to waive the interim dividend and shareholders should be aware that it is unlikely that the company will be able to pay a final dividend this year. A simple comparison is carried out in table 1 of an investment of £1,000 held for the six month reporting period of your Company against an equivalent investment held in a fund that mirrors the benchmark. It can be seen that maximising the price appreciation component of return has led to a superior level of total return. This is not to suggest that the income component provided by your Company is not important and the Directors and Managers are continually reviewing the best way to maximise the revenue available for future dividend payments. Table 1: Six monthly total return of a £1,000 investment ------------------------------------------------------------------------------------------ Calculations per £1,000 of Price appreciation Dividend return Total Return shares invested on 6 months in 6 months to in 6 months to to 31st March 2005 at the day's 30 Sept 2005 30 Sept 2005 30 Sept 2005 closing mid-price. ------------------------------------------------------------------------------------------ Blue Planet Growth & Income Unit £230.37 At 0.00% yield = £ 0.00 £230.37 ------------------------------------------------------------------------------------------ FTSE Eurofirst 300 Financials Equivalent Fund £86.57 At 2.08% yield = £22.60 £109.17 ------------------------------------------------------------------------------------------ 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.com) 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. To take out an ISA with Blue Planet Investment Management please call them on 0131 466 6666. They also offer investors a low cost stock-market dealing service. Full details of these services were given in the last annual report, and are also given on their website www.blueplanet.eu.com. Independent Rating of the Fund The excellent performance of the Fund has led our Company to be rated 12th out of 249 funds over one year, as of the end of September 2005, for net asset value performance in the conventional investment fund category by Trustnet, an independent company providing factual, unbiased assessments of funds performance to private investors and Independent Financial Advisers. In the sector for Growth and Income conventional trusts the Company was rated 1st out of 27 funds. This means Trustnet rates your Company as the top performing growth and income fund for the past year. Outlook and Extraordinary General Meeting Your Company has continued to make considerable progress in the past six months. It is our aim to build on that progress and further enhance the performance of the fund. For this reason an Extraordinary General Meeting (EGM) has been called for 24th January 2006. There are four Resolutions proposed at this EGM, two concerning the geographic remit of the fund and its name, the other two related to the use of gearing in the fund. Over the past six months your Company has placed investments into a greater range of countries within Europe. This still only represents a small part of the world, and our fund manager Blue Planet Investment Management Ltd has expertise in countries worldwide. There are many opportunities in companies in continents other than Europe. At the present time stock markets in Brazil in Latin American and Japan in Asia are benefiting from sustained growth and we believe it would be in shareholders' interests for our investment policy to be amended to enable us to invest in shares and debt securities issued by financial companies listed anywhere in the world. For this reason we are proposing Resolution 3 at the EGM. If this resolution is passed the Directors also propose resolution 4 to change the Company's name to Blue Planet International Financials Investment Trusts Nos. 1-10 plc to reflect the consequences of this change in the Company's investment policy. In addition the Company's benchmark index will be changed to the Bloomberg World Financials index to take account of this broader remit and its investment objective will also be changed: to produce a total return greater than the Bloomberg World Financials index. As described earlier, changes in the level of gearing applied to the fund have been used in an effective manner to boost the NAV performance of your Company. The more flexible the arrangements are with respect to the limits on borrowings, the more easily the optimum gearing level can be set to reflect the prevailing market conditions. To this end Resolution 1 is proposed that increases the maximum limit on borrowings to 75% of the Adjusted Total of Capital and Reserves, and Resolution 2 that allows for the Adjusted Total Capital and Reserves to reflect the NAV that is published on a monthly basis, rather than using just the audited annual accounts figure. The Board unanimously recommends that you vote in favour of these four Resolutions. In conclusion, we have an excellent portfolio of high quality banking stocks managed by a first class and award winning team. We are confident about the future prospects for the banks and other financial businesses in which we are invested. In our opinion, these banks are undervalued by the market. The Bloomberg World Banks Index in September was trading at an 18% discount to the all-sector Bloomberg World Index in terms of price-earnings ratio, despite providing a 45% premium to the overall index in terms of dividend yield. We believe that the banking sector will benefit from a continuing growth in revenues, further consolidation and efficiency gains. This, coupled with a sharp rise in profitability of banks in certain emerging markets as demand for banking services in these countries increases, should lead to an upward re-rating of the price-earnings ratios on which the banks sell. These will provide your Company with potentially profitable investment opportunities. We believe that our approach of running a relatively concentrated portfolio of well researched stocks is set to continue to deliver good returns, and we look forward with confidence. I would like to thank all shareholders for your continuing support and look forward to welcoming you at the EGM on the 24th January 2006. Victoria Killay Chairman 15 December 2005 Statement of Total Return (Unaudited) (incorporating the revenue account) ---------------------------------------------------------------------------------------------------- For the six months For the six months For the year ended ended ended 30 September 2005 30 September 2004 31 March 2005 (Restated) (Restated) Revenue Capital Total Revenue Capital Total Revenue Capital Total £ £ £ £ £ £ £ £ £ ---------------------------------------------------------------------------------------------------- Capital gains / (losses) on investments Net realised gains / (losses) - 93,931 93,931 - (131,745) (131,745) - (176,171) (176,171) Unrealised gains on investments - 685,671 685,671 - 144,764 144,764 - 612,393 612,393 Exchange (losses) / gains - (6,059) (6,059) - 4,351 4,351 - 1,255 1,255 ---------------------------------------------------------------------------------------------------- Net capital gains on investments - 773,543 773,543 - 17,370 17,370 - 437,477 437,477 Income from investments 82,513 - 82,513 62,924 - 62,924 82,555 - 82,555 Bank interest receivable 590 - 590 5,054 - 5,054 7,000 - 7,000 ---------------------------------------------------------------------------------------------------- Gross revenue and capital gains 83,103 773,543 856,646 67,978 17,370 85,348 89,555 437,477 527,032 Administrative expenses (25,949) (10,024) (35,973) (23,159) (7,430) (30,589) (46,755) (15,624) (62,379) ----------------------------------------------------------------------------------------------------- Net return before interest payable and taxation 57,154 763,519 820,673 44,819 9,940 54,759 42,800 421,853 464,653 Interest payable (13,868) (13,868) (27,736) (11,254) (11,253) (22,507) (22,443) (22,443) (44,886) ----------------------------------------------------------------------------------------------------- Return on ordinary activities before taxation 43,286 749,651 792,937 33,565 (1,313) 32,252 20,357 399,410 419,767 Taxation on return on ordinary activities (note 3) (11,536) - (11,536) (8,404) 3,509 (4,895) (4,750) - (4,750) ----------------------------------------------------------------------------------------------------- Return on ordinary activities after taxation 31,750 749,651 781,401 25,161 2,196 27,357 15,607 399,410 415,017 ----------------------------------------------------------------------------------------------------- Return per ordinary share - basic (note 5) 2.34p 55.35p 57.69p 1.86p 0.16p 2.02p 1.15p 29.51p 30.66p ----------------------------------------------------------------------------------------------------- Return per ordinary share - diluted (note 5) 2.28p 53.73p 56.01p 1.86p 0.16p 2.02p 1.15p 29.51p 30.66p ----------------------------------------------------------------------------------------------------- The supplementary revenue and capital return columns are prepared under guidance published by the AITC. Under new UK Financial Reporting Standards dividends may no longer be charged through the Statement of Total Return. No interim divided is proposed and the final dividend of 1.25p per share proposed at 31 March 2005 was paid in the current period. The Total column of the statement represents the profit & loss account 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. ------------------------------------------------------------------------------------------------- Balance Sheet (Unaudited) At 30 September 2005 At 30 September 2004 At 31 March 2005 (Restated) (Restated) £ £ £ ------------------------------------------------------------------------------------------------- Fixed assets Listed investments 4,003,130 2,488,265 2,787,651 ------------------------------------------------------------------------------------------------- Current assets 37,513 77,081 149,855 Creditors: amounts falling due within one year (18,195) (15,659) (13,674) ------------------------------------------------------------------------------------------------- Net current assets 19,318 61,422 136,181 ------------------------------------------------------------------------------------------------- Total assets less current liabilities 4,022,448 2,549,687 2,923,832 Creditors: amounts falling due after more than one year (note 6) (1,078,000) (750,000) (750,000) ------------------------------------------------------------------------------------------------- Net assets 2,944,448 1,799,687 2,173,832 ------------------------------------------------------------------------------------------------- Capital and reserves Called-up share capital 135,850 135,850 135,850 Share premium account 1,169,502 1,168,746 1,168,746 Other reserves Capital reserve - realised 341,521 344,859 277,541 Capital reserve - unrealised 1,177,271 27,067 491,600 Capital redemption reserve 8,450 8,450 8,450 Warrant reserve 63,374 63,374 63,374 Revenue reserve 48,480 51,341 28,271 ------------------------------------------------------------------------------------------------- Equity shareholders' funds 2,944,448 1,799,687 2,173,832 ------------------------------------------------------------------------------------------------- Net asset value per ordinary share - basic (note 5) 216.87p 133.16p 160.84p ------------------------------------------------------------------------------------------------- Net asset value per ordinary share - diluted (note 5) 198.08p 127.70p 150.82p ------------------------------------------------------------------------------------------------- Cash Flow Statement (Unaudited) ------------------------------------------------------------------------------------------------- For the six For the six For the year months ended months ended ended 30 September 2005 30 September 2004 31 March 2005 (Restated) (Restated) £ £ £ -------------------------------------------------------------------------------------------------- Operating activities Investment income received 79,513 76,391 97,849 Interest received 590 5,077 7,169 Investment management and administration fees paid (19,907) (16,244) (33,824) Cash paid to and on behalf of directors (1,014) - (3,574) Other cash payments (15,655) (18,029) (24,905) -------------------------------------------------------------------------------------------------- Net cash inflow from operating activities 43,527 47,195 42,715 Servicing of finance Interest paid (25,917) (22,384) (45,261) Taxation Taxation recovered 438 599 1,469 Capital expenditure and financial investment Purchase of investments (1,131,059) (1,291,805) (2,211,632) Sale of investments 695,182 1,022,364 2,066,011 Equity dividend paid (16,895) (29,208) (42,723) Financing Purchase of own shares - (6,082) (6,082) Proceeds from share issue (note5) 6,110 - - Additional loan 318,535 - - -------------------------------------------------------------------------------------------------- Decrease in cash (110,079) (279,321) (195,503) -------------------------------------------------------------------------------------------------- Notes 1.These interim accounts have been prepared under the historical cost convention, modified to include the revaluation of investments, and in accordance with applicable UK law and Accounting Standards. A number of new UK Financial Reporting Standards (FRS) have been introduced and apply for the first time for the 31 March 2006 financial year end. These standards are part of the UK convergence programme with IAS and have required the company to restate its prior period figures. The interim accounts have been prepared using the accounting policies applicable to the annual accounts except as detailed below: a) investments have been valued at fair value through the profit and loss account in accordance with FRS 26 "Financial Instruments: Measurement". The effect is to value investments using bid prices rather than middle market prices. There is no material difference between these two pricing bases and consequently prior period results have not been restated. b) in compliance with FRS 21 "Events after the Balance Sheet Date" dividends declared after the period end are no longer treated as a liability at the period end. The effect is to reduce creditors and increase revenue reserves by £16,895 at 31 March 2005 and by £13,516 at 30 September 2004 and increase net asset value per share by 1.25p per share and 1.00p per share respectively. 2. All expenses are charged to the revenue account with the exception of management fees and interest charges on borrowings, one half of which less the appropriate tax relief is charged to capital. 3. The taxation charge arises wholly from overseas withholding tax on investment income. 4. The return per ordinary share is based upon the following figures: 30 Sept 2005 30 Sept 2004 31 Mar 2005 -------------------------------------------------------------------------------------------- Revenue return £31,750 £25,161 £15,607 Capital return £749,651 £2,196 £399,410 Weighted average number of ordinary shares in issue during the period - basic 1,354,289 1,355,546 1,353,564 Weighted average number of ordinary shares in issue during the period - diluted 1,395,292 1,355,546 1,353,564 -------------------------------------------------------------------------------------------- 5. On 1 August 2005 the Company issued 6,110 ordinary shares out of its treasury shares holding of 6,930 to satisfy the exercise of warrants. £5,354 being the cost of the shares has been credited to revenue reserves and £756 to share premium account. At 30 September 2005 the Company held 820 treasury shares. These shares do not rank for dividend and are excluded from the calculation of the net asset value per ordinary share. At 1 April 2005 the Company had 266,280 warrants in issue. On 1 August 2005 6,110 warrants were exercised and 6,110 shares were issued from the company's holding of treasury shares leaving 260,170 warrants in issue. Each warrant confers the right, exercisable normally on 31 July in any of the years from 2000 to 2010 inclusive, to subscribe for one new ordinary share at a price of £1.00 per share. The net asset value per ordinary share is calculated on the 1,357,680 ordinary shares in issue at the end of the period. Net asset dilution arises from the potential exercise of outstanding warrants and is assumed only to take place if the net assets exceed the exercise price of £1.00. 6. The sterling loans are subject to a covenant which sets a maximum gearing threshold. Details of the loans outstanding at 30 September 2005 were as follows: Amount (£) Interest Rate (%) Repayment Date -------------------------------------------------------------------------------------------- Sterling loan 750,000 5.99 23 January 2012 Sterling loan 328,000 5.12 23 January 2012 -------------------------------------------------------------------------------------------- 7. The figures and financial information for the year ended 31 March 2005 are extracted from the latest published accounts of the Company and do not constitute statutory accounts for the period. Those accounts have been delivered to the Registrar of Companies and include the report of the auditors which was unqualified and did not contain a statement either under section 237(2) or 237(3) of the Companies Act 1985. Portfolio Information ----------------------------------------------------------------------------------------------- At 30 September 2005 Equities Valuation (£) % of portfolio 1,304 Sberbank RF 702,168 17.5 18,600 OTP Bank RT 414,448 10.4 9,380 BNP Paribas SA 404,503 10.1 62,912 PKO Bank Polski SA 343,113 8.6 3,710 Societe Generale 240,175 6.0 3,645 Bank Austria Creditanstalt 230,127 5.7 70,806 Finansbank AS 213,145 5.3 15,600 ABN Amro NV 211,978 5.3 1,760 Bank Przemyslowo-Handlowy BPH 199,007 5.0 5,502 Bank Pekao SA 172,016 4.3 172,637 Bank Millennium SA 148,427 3.7 15,000 Schroders plc 138,525 3.5 2,720 UBS AG 131,666 3.3 2,450 Deutsche Bank AG 129,958 3.2 6,000 Danske Bank A/S 103,993 2.6 10,000 Banco Bilbao Vizcaya Argentaria 99,271 2.5 734 Komercni Banka AS 60,557 1.5 37,500 Blue Planet European Financials Investment Trust plc 36,375 0.9 19,600 Blue Planet Worldwide Financials Investment Trust plc 22,932 0.6 281 Central Cooperative Bank AD 746 - ------------------------------------------------------------------------------------------------ Total 4,003,130 100.0 ------------------------------------------------------------------------------------------------ Geographical Regions Poland 862,563 21.6 Russia 702,168 17.5 France 644,678 16.1 Hungary 414,448 10.4 Austria 230,127 5.7 Turkey 213,145 5.3 Netherlands 211,978 5.3 UK 197,832 5.0 Switzerland 131,666 3.3 Germany 129,958 3.2 Denmark 103,993 2.6 Spain 99,271 2.5 Czech Republic 60,557 1.5 Bulgaria 746 - ------------------------------------------------------------------------------------------------ Total 4,003,130 100.0 ------------------------------------------------------------------------------------------------

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