THE OTTOMAN FUND LIMITED

For immediate release
30 August 2007

Announcement of Strategic Review

The Ottoman Fund Limited announces a strategic review by independent advisers of the options available to enhance shareholder value.

The proceeds from the Fund’s launch in December 2005 have been fully allocated to a strong development portfolio, and promising progress has recently been reported in relation to the development projects at Bodrum, Riva and Kazikli. The Board does not consider that the Fund’s share price properly reflects the value in the Fund's portfolio.

The Board will make a further announcement in due course.

List of contacts

The Company Secretary     01534 709108
Jeremy Hamon

Development Capital Management     020 7355 7600
Roger Hornett
Tom Pridmore

Buchanan Communications     020 7466 5000
Charles Ryland
Isabel Podda

Fenchurch Advisory Partners     020 7382 2220
Richard Locke
Rony Lam

Numis Securities Ltd      020 7260 1000
Bruce Garrow
Nick Westlake