Business Update Announcement

10 June 2011

Business Update Announcement

Charlemagne Capital Limited ("Charlemagne" or the "Company") anticipates that a Trading Statement for the half year to 30 June 2011 will be published on 7 July 2011. In advance of this, the Company is pleased to provide a business update.

Following the successful completion of the US$120m further fund raising announced in March 2011, the OCCO Eastern European Fund will be closed again after dealing on 1 July 2011. It is estimated that the total AUM of the fund will then be approximately US$440m. Annualised returns since the launch of this fund in 2002 are 14.8% with volatility of sub 10%.

The Magna Umbrella Funds have recently been approved for sale in Finland and Sweden and Charlemagne intends to grow its presence in these markets going forward.

Charlemagne is also actively seeking to enhance its Portfolio Advisory team by the appointment of a new Co-CIO as Gabor Sitanyi, one of the current Co-CIOs, plans to step aside from this full-time role in the autumn in order to study for a Ph.D. at University College London. While he is undertaking his studies, Gabor will continue to act as a Director of Charlemagne Capital (UK) Limited, the Company's UK operating subsidiary, and to provide stock coverage, research and advice as an employee of the Charlemagne Group.

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