Mannheim February 2006

1. Mannheim February 2006

2. Kommera Chakradhar (KC) Reddy – CFA Previously with Thames River - UK Credit Agricole – Hong Kong Peregrine - India MBA, Indian Institute of Management (associated with MIT’s Sloan School) Introduction KC Reddy – the Manager 10 years experience investing in India

3. Introduction KC Reddy - historic track record Source: JP Morgan Fleming country fund research * End Oct 1997 - end Dec 1997 ** End Dec 1999 – end March 2000

4. Introduction The Magna fund range Magna Umbrella Fund plc Magna Turkey € 69.8m Magna Eastern European € 399.1m Magna Russia € 61.7m Magna Greater China € 30.5m Magna Latin America € 45.0m Magna India € 21.1m Magna EMEA € 36.3m Magna Global Emerging Markets € 212.7m Comprehensive emerging markets offering Source: Charlemagne Capital – end December 2005

5. India Broad market opportunities • Convincing macroeconomic case • Diversified market: bottom-up opportunities • Our process aims to find these Positive outlook

6. India Macroeconomic summary Improving economic fundamentals Source: CSFB – Sept 2005

7. India Reform-minded administration • UPA election win in 2004: Manmohan Singh (Prime Minister) and P. Chidambaram (Finance Minister) both widely respected reformers • Liberalisation of key areas (telecommunications, construction, infrastructure…) • Improved relations with Pakistan Improved political outlook

8. India Young population, vibrant economy • Favourable demographics: 75% of population under 40 • Middle income and higher to rise from 18% of total to 41% 1995-2007 India Favourable demographic & income trends Source: UBS – Nov 2005

9. India The last great underleveraged economy A credit boom waiting to happen Source: Citigroup – Nov 2005

10. India A stock picker’s paradise • Over 5,000 listed companies • No industry group exceeds 20% of market cap • Massive improvement in corporate balance sheets Broad market, good fundamentals Source: Citigroup – Nov 2005

11. India The investment process The Market IN OUT Charlemagne Capital Universe Selected opportunity set Company visits Special situations Liquidity test IN OUT Portfolio Focused Low volatility Based on client objectives Aiming for superior risk-adjusted returns

12. India Qualitative screen checklist Valuation (relative & absolute) Disciplined bottom-up research Price target

13. India Magna India Fund: our top ideas Large loads = active management * MSCI India Index Source: Charlemagne Capital / MSCI – 30 Dec 05

14. India Magna India Fund: active management e.g. property Large loads = active management * MSCI India Index Source: Charlemagne Capital / MSCI – 30 December 2005

15. India Summary • India – a market for stock pickers • Our process seeks these opportunities • Magna India Fund – our best ideas Good outlook for this changing market

16. The Disclaimer This document is issued by Charlemagne Capital (UK) Limited which is authorised and regulated by the Financial Services Authority (“FSA”). Magna Umbrella Fund plc is an open ended investment company authorised by the Financial Regulator as a UCITS, recognised by the FSA under section 264 of the Financial Services and Markets Act 2000 for marketing to persons in the UK, registered for public distribution in Germany and Luxembourg, authorised for public distribution in Austria, registered by the Autoriteit Financiële Markten in The Netherlands and authorised for public offering and solicitation in and from Switzerland by the Swiss Federal Banking Commission (the Fund is not subject to supervisions by the Swiss Federal Banking Commission or other Swiss public authority). This document must not be relied on for the purposes of making any investment decisions. Before investing in any fund(s) recipients who are not professional investors should contact their independent financial adviser and should read all documents relating to the particular fund(s) such as any report and accounts and offering memorandum/prospectus, which specifies the particular risks associated with the fund(s), together with any specific restrictions applying and the basis of dealing. The value of any investments and any income generated may go down as well as up and is not guaranteed. Past performance will not necessarily be repeated. Changes in rates of exchange may have an adverse effect on the value, price or income of an investment. There are additional risks associated with investments (made directly or through investment vehicles which invest) in emerging or developing markets. The information in this document does not constitute investment, tax, legal or other advice and is not a recommendation or an offer to sell nor a solicitation of an offer to buy shares in the fund(s), which may only be made on the basis of the fund’s prospectus/ offering memorandum which can be obtained from the address below. An investor in the United Kingdom who enters into an investment agreement to acquire an interest in the fund will not have the right to cancel the agreement under any cancellation rules made by the FSA. Charlemagne Capital (UK) Limited reasonably believes that the information contained herein is accurate as at the date of publication but no warranty or guarantee (express or implied) is given as to accuracy or completeness. The information and any opinions expressed herein may change at any time. This document and shares in the fund shall not be distributed, offered or sold in any jurisdiction in which such distribution, offer or sale would be unlawful and until the requirements of such jurisdiction have been satisfied. The purchase of shares in the fund constitutes a high risk investment and investors may lose a substantial portion or even all of the money they invest in the fund. Issued by Charlemagne Capital (UK) Limited - Authorised and Regulated by the FSA. Charlemagne Capital (UK) Limited 39 St. James‘s Street London SW1A 1JD United Kingdom Tel: + 44 (0)20 7518 2100 Fax: + 44 (0)20 7518 2198/9 www.charlemagnecapital.com marketing@charlemagnecapital.com