For release at 7:00 am on
17 October 2007

Board appointment and strategic review update

The Ottoman Fund Limited (the “Fund”) is pleased to announce the appointment of John David Chapman as director of the Fund with immediate effect.

Mr Chapman, 51, is a lawyer and Chartered Financial Analyst. He is currently a Director of Central Asia Regional Growth Fund plc, an investment fund based in Ireland. He specialises in working with investment funds and, in the last twelve years, he has worked in much of emerging Europe and central Asia.

Other Directorships in the past 5 years have been Kazakhstan Investment Fund Ltd, Romania Investment Fund Ltd, Ukraine Fund Ltd and Momentum Energy International Inc.

There are no further details required to be disclosed pursuant to schedule two, paragraph (g) (i) to (viii) of the AIM Rules.

On 30 August 2007, the Fund announced a strategic review. The Fund has made good progress with this review and will announce the results shortly.

For further details please contact:

Development Capital Management     020 7355 7600
Roger Hornett
Andrew Mitchell

Buchanan Communications     020 7466 5000
Charles Ryland
Isabel Podda

Fenchurch Advisory Partners     020 7382 2220
Richard Locke
Rony Lam

Numis Securities     020 7260 1000
Bruce Garrow
Nick Westlake