Trading Statement

12 January 2012

Charlemagne Capital Announces Unaudited Revenues and Assets under Management and Advice ("AuM") for the year ended 31 December 2011

Charlemagne Capital Limited ("Charlemagne" or the "Group") today issues a trading update for year ended 31 December 2011 in advance of the preliminary results announcement scheduled for 20 March 2012.

Key figures for the 12 months ended 31 December 2011

·; Group AuM US$2.3 billion, up 0.1% in the quarter, down 33.2% over the full year and 29.3% since June.

·; Total revenue for the year was US$27.8 million, down 2.5%.

·; Net management fees for the year were US$22.6 million, up 1.8%.

·; Net performance fees for the year were US$4.9 million, down 19.7%.

·; Interim dividends of 1.3 US cents in respect of 2010 and 0.4 US cents in respect of 2011 have been paid during the year.

·; Financial strength maintained with cash balances held of US$25 million.

·; AuM stable in Q4 with net positive inflows in key areas.

Key Financial Items for the year ended 31 December 2011

The key financial items and AuM for the financial year which ended on 31 December 2011 are set out below. Values in relation to 2011 are unaudited and may be subject to adjustment during the audit process.

Unaudited revenue numbers for the year

 Performance fees crystallised in 2011 were US$4.7 million earned from OCCO (2010: US$ 4.2 million) and US$0.2 million from other funds (2010: US$ 1.9 million). As at 31 December 2011, there were no accruing, uncrystallised performance fees (2010: US$0.3 million).

As at 31 December 2011, the Group maintained its financial strength with unaudited net assets of approximately US$26 million (2010: US$27 million) and cash balances of approximately US$25 million (2010: US$24 million).

Group AuM as at 3 January 2012(i)

The table below shows the distribution of the Group's AuM across it product ranges as at 3 January 2012 and the movements experienced during 2011.

(i) Data is reported as at the first business day of the following period in order to capture all subscription and redemption orders placed during the period but not processed until the next dealing date for the funds concerned. AuM data is net of any crossholdings and is unaudited and may be subject to adjustment during the audit process.

(ii) "Reorganisations" mainly reflects significant movements between categories at the request of the investing institutions.

(iii) The percentage for net performance is calculated based upon the average AuM for the year.

Summary

Emerging markets declined sharply in the second half of 2011 leading to negative market performance and a consequent fall in AUM for the year as a whole. The fund industry as a whole has experienced significant outflows over the year, and dedicated emerging markets funds recorded their second-largest annual historic outflows, the highest being 2008. The majority of the outflows for the Group were experienced in Q3, the period which corresponds with the sharpest fall in markets in which the funds invest. Q4 saw a return to positive flows in all categories except White Label. The White Label sub-advisory business experienced consistent outflows throughout the year from its US retail clients, however its Asian retail clients proved more resilient and experienced only marginal outflows over the period. On a positive note, the Specialist Funds saw inflows for the year as a whole, as did the OCCO hedge fund which completed a successful closing in Q2. The Group benefitted from its areas of specialisation and several key strategies within the Magna range had net inflows for the year, including Latin America, Frontier Markets, GEM Dividend, MENA and the Undervalued Asset Fund.

The year was a difficult one for our bottom-up investment process, with renewed levels of market volatility in the second half of the year. In this challenging environment, the OCCO hedge fund produced an impressive positive return for the full year and within the private equity funds, further direct investments have been completed in Brazil and China. Stock price movements have led to some very attractive valuations in the asset class, at a time when inflationary concerns in emerging markets are starting to abate. Recent company meetings confirm that, although the global economic slowdown has affected the asset class, the emerging world should continue to produce a positive environment for corporate earnings in the coming years.

Charlemagne remains well-capitalised with substantial cash balances and is actively monitoring its current trading position. The cost base remains under close review in order to ensure efficiencies and possible savings are identified and implemented whilst maintaining the infrastructure the Group considers vital to managing, retaining and attracting investors' funds. In this regard, we are pleased to announce that, subject to regulatory approval, the team will be strengthened by the appointment of Mark Bickford-Smith as co-Chief Investment Officer with effect from 31 January 2012. Mark has 27 years of investment experience, managing portfolios and providing investment leadership. He has a wealth of emerging market expertise with a bias towards Asia and is committed to fundamental bottom-up stock picking which is a cornerstone of Charlemagne Capital's investment process.

Results presentation

It is intended that there will be an analyst presentation on 20 March 2012 to discuss the results for 2011.

Enquiries:

This announcement is not for publication or distribution to persons in the United States of America, its territories or possessions or to any US person (within the meaning of Regulation S of the US Securities Act of 1933, as amended). Neither this announcement nor any copy of it may be taken or transmitted into Australia, Canada or Japan or to Canadian persons or to any securities analyst or other person in any of those jurisdictions. Any failure to comply with this restriction may constitute a violation of United States, Australian, Canadian or Japanese securities law. The distribution of this announcement in other jurisdictions may be restricted by law and persons into whose possession this announcement comes should inform themselves about and observe any such restrictions.

This announcement contains certain forward-looking statements with respect to the financial condition, results of operations and businesses of the Group. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. Nothing in this announcement should be construed as a profit forecast.

This statement is aimed at providing estimates regarding revenue and trading conditions experienced by Charlemagne Capital Limited in the year ended 31 December 2011. The unaudited data contained in this statement are currently provisional and all such data are subject to change and may differ materially from the final numbers that are expected to be reported on 20 March 2012. This statement is produced in order to provide greater disclosure to investors and potential investors of currently expected outcomes, and to ensure that they all receive equal access to the same information at the same time.