THE OTTOMAN FUND LIMITED

For immediate release
01 November 2007

Conclusion of Strategic Review

On 30th August 2007 The Ottoman Fund Limited (the “Company”) announced a Strategic Review. The Board of the Company, having been advised by Fenchurch Advisory Partners and Numis Securities, has considered a range of options.

The Strategic Review concluded that a portfolio of considerable value has been assembled by the Manager but the value of this portfolio is not reflected in the Company’s share price.

The Board has therefore determined that:

  1. The portfolio of the Company be progressively realised in a managed way over the next 18- 24 months so as to maximise the portfolio’s value potential and shareholder returns. It is intended to return sale proceeds to shareholders; and
  2. A share buy back scheme be implemented to return US$30m cash to shareholders, which will be initiated shortly after the announcement of the Company's results in mid November

For further details please contact:

The Company Secretary     01534 709108
Jeremy Hamon

Development Capital Management     020 7355 7600
Roger Hornett
Tom Pridmore
Andrew Mitchell

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