THE OTTOMAN FUND LIMITED

For immediate release
27 January 2010

EGM to Approve Restructuring Proposals

The Ottoman Fund Limited the (“Company”) has today published a circular setting out restructuring proposals whereby the Company will terminate the manager, internalize Company management, and retain a new investment advisor. The Board’s objectives in seeking shareholder approval for these proposals are to reduce operating costs and ultimately increase shareholder value.

Summary of the Proposals

The proposals are conditional on shareholder approval at an extraordinary general meeting. A circular setting out the details of the proposals and incorporating a notice convening an extraordinary general meeting will be posted to shareholders today. The circular and form of proxy will also be available on the Company’s website.

John D. Chapman, Chairman of the Ottoman Fund commented: “After a lengthy process involving changes to our Board, regulatory approvals, and the selection of a new advisor, we have completed the structural changes at the Board level and regulatory approvals prerequisite to internalizing Company management. We now have in place a Board that includes representatives of several major shareholders and an advisor with the requisite expertise and incentive structure to create shareholder value. Our objective is the monetization of the Company’s portfolio, and we have consequently announced the distribution of a substantial portion of the Company’s excess cash. Notwithstanding this distribution, our capital structure remains robust with no debt and no foreseeable need to raise cash. We hope and expect that the implementation of the proposals outlined above will result in an efficient and cost effective structure for the realization of shareholder value though assets sales - but only at prices that reflect the full and fair value of our assets.”

Enquiries

Singer Capital Markets     020 3205 7500
Roger Clarke
Jos Trusted

Company Secretary: Herald Fund Services Limited      01534 610610
Michael Capraro