BSX Approves Listing Of The Ordinary Shares Of Nowe Finanse Limited

Hamilton, Bermuda: 19 September 2007 - The Listing Committee of the Bermuda Stock Exchange (BSX) today announced the approval of the listing of the Ordinary Shares of Nowe Finanse Limited, (the "Company"). The listing was effective from 17 September 2007.

The investment objective of the Company is to achieve capital appreciation through direct or indirect investment in the securities issued by PZU, Poland's largest, unlisted Insurance Company.  The Investment Manager, Charlemagne Capital (IOM) Limited, will initially seek to invest the assets of the Company in shares of PZU and other products which provide exposure to shares of PZU.  Initially up to 20% of the Company's assets may be held in cash which may be used to acquire further exposure to PZU.

The Placing closed at 5.00pm UK time on 18 September 2007 and the Directors resolved to allot 5,045,000 Shares to Qualified Investors at a price of ‚¬10 per Share.

The Investment Manager intends to seek to establish an arrangement with an emerging markets specialist broker to make a market in the Shares of the Company.  However, there can be no guarantee of such an arrangement being established and there is no guarantee as to liquidity of the Shares of the Company.

The issue is being introduced for listing under the Restricted Marketing provisions of the Exchange and is for securities that are aimed at Qualified Investors, being individuals or institutions that invest either a minimum of $100,000 (or its equivalent in other currencies) or otherwise meet one of the suitability tests defined by the Exchange.

"The BSX is delighted to welcome Nowe Finanse Limited to listing", said Mr. James S. McKirdy, Chief Compliance Officer of the BSX.

For further information on Nowe Finanse Limited please contact:-