For immediate release
6 March 2007

Land purchase and shareholder agreement signed in respect of Kazikli coastal development

The Ottoman Fund Limited (“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 purchase of a 50% share of 274,524m2 of land in Kazikli village in Milas, Mugla, details of which were previously announced at the memorandum of understanding stage on 18 January, 2007.

Following the acquisition the shareholders agreement for the new 50/50 joint venture company with Ado Group has also been signed by the parties.

Approval of the application of a new zoning plan for the site has been received from the local authorities. Subsequent to this approval, a revaluation of the site has been carried out by Colliers International which would indicate that the current market value of the Fund’s share of the property has increased to US$12,350,000 from the acquisition price of US$10,000,000 (excluding taxes and fees).

The Chairman of the Fund, Sir Timothy Daunt, said:

“The Board of the Fund is pleased to announce the completion of the acquisition of the Kazikli site and signing of the shareholders agreement. The pace of the approvals obtained, and reflected in the revised valuation, clearly demonstrate that the Fund’s aim in creating value during the land development phase has been achieved.”

List of Contacts

Development Capital Management     020 7355 7600
Roger Hornett
Ertan Sevinc
Tom Pridmore

Buchanan Communications     020 7466 5000
Charles Ryland
Isabel Podda

Numis Securities Ltd     020 7776 1500
Iain McDonald
Bruce Garrow