For immediate release
29 August 2007

Banyan Tree engaged for Bodrum development

The Ottoman 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 the signing of a management agreement and interior design services agreement with Banyan Tree Hotels & Resorts Pte. Ltd for its development project in Golturkbuku, Bodrum.

The Banyan Tree branded residences will be the first luxury spa and residence development of its kind in southern Turkey. Banyan Tree will manage the resort, residences and spa and will also provide the interior design concept which will include its signature pool villas and multi-award winning spa. The Fund’s site at Golturkbuku was selected by Banyan Tree following an extensive review of all available locations in the Bodrum area.

The development of the 185,175 square metre site, which the Fund acquired for US$38.6 million, will be positioned as Bodrum’s destination spa resort and will cater to the growing demand for luxury spas in Turkey.

The Chairman of the Fund, Sir Timothy Daunt said: “We are delighted that Banyan Tree, with their global reputation for luxury resorts and spas, have chosen our development in Golturkbuku as their first resort in Turkey. Banyan Tree’s involvement is a validation of the Fund’s decision to invest in the project and is expected to enhance both the reputation of the Fund locally and the sales prices that can be achieved for the development.”

About Banyan Tree Holdings Limited

Listed on the Singapore Stock Exchange, Banyan Tree Holdings Limited is a leading manager and developer of premium resorts, hotels, residences and spas in the Asia Pacific, with management and/or ownership interest in 22 resorts and hotels, and 59 spas, in locations including Thailand, Bahrain, the Maldives and the Seychelles.

Banyan Tree’s spas are one of the key features in their resorts and hotels, which typically have between 50 and 100 rooms and command premium room rates.

The Banyan Tree group’s primary business is centered around two award winning brands: Banyan Tree and Angsana, of which the latter includes the Colours of Angsana product line. Banyan Tree also operates the leading integrated resort in Thailand – Laguna Phuket, through the Group’s subsidiary, Laguna Resorts & Hotels Public Company Limited.

Since the launch of the first Banyan Tree resort, Banyan Tree Phuket, in 1994, Banyan Tree has received over 300 awards and accolades for the resorts, hotels and spas that the Group manages, including Conde Naste Traveller’s Favourite Overseas Spa Hotel. The Group has also received recognition for its commitment to environmental protection and emphasis on corporate social responsibility.

List of Contacts

Development Capital Management     020 7355 7600
Roger Hornett
Tom Pridmore

Buchanan Communications     020 7466 5000
Charles Ryland
Isabel Podda

Numis Securities Ltd      020 7260 1000
Bruce Garrow