THE OTTOMAN FUND LIMITED

For immediate release
24 January 2007

Annual General Meeting

The Ottoman Fund Limited (the “Fund”), which invests in the development of local housing and holiday homes in the major cities and coastal resorts of Turkey, is pleased to announce that all resolutions put to shareholders at the Fund’s annual general meeting held today in Jersey, including a special resolution to approve the Fund’s share buy-back authority, were duly passed.

The Fund is managed by Development Capital Management (Jersey) Limited.

For further details please contact:

Development Capital Management     020 7355 7600
Roger Hornett
Tom Pridmore

Buchanan Communications     020 7466 5000
Charles Ryland
Isabel Podda

Numis Securities Ltd      020 7776 1500
Iain McDonald
Bruce Garrow