For Immediate Release
01 March 2007

Joint Venture with Akfen Group and tender for state owned land

The Ottoman Fund is pleased to announce that it has formed a joint venture partnership with the Akfen Real Estate Investment Company (owned by the Akfen Group). In addition the partnership confirms it has entered into a tender process for 96,505 square metres of state owned land in the borough of Besiktas, on the European side of Istanbul. It is anticipated that several other major institutions will be competing in the tender.

Akfen Group is one of the largest conglomerates in Turkey and amongst its many activities it is a leading property developer and investor in both Turkey and the surrounding region. The joint venture has been formed between Akfen Group and Osmanli Yapi 4, a local subsidiary of the Fund.

This is an initial sealed bid tender and is subject to the approval of the Turkish Privatisation Administration. The tender committee may then invite the Fund jointly with Akfen Group, to participate in the next stage; an auction attended by the short-listed bidders. There is no guarantee that the Fund /Akfen tender will be successful.

Chairman of the Fund Sir Timothy Daunt said, "We are pleased to announce the Ottoman Fund's participation in the tender for this prestigious parcel of land, which, if successful would further strengthen the Fund's development pipeline."

The Fund, which is quoted on AIM, is managed by Development Capital Management(Jersey) Limited.

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