For immediate release
22 April 2008

Realisation of assets and amendment to Management Agreement

On 1 November 2007 the Board of the Ottoman Fund announced that the Company’s real estate projects (located in Alanya, Golturkbuku/Bodrum, Kazikli and Riva) were to be progressively realised in a managed way over eighteen to twenty-four months.

The Company and its advisers are in discussions with investors who have expressed interest in the assets. Summary information can be viewed on the Company’s website Prospective purchasers include private equity real estate investors and local and international real estate development and investment companies

Following discussion between the Company and Development Capital Management (Jersey) Limited, it has been agreed that, with effect from 21 April 2008 the notice period for termination of the Management Agreement dated 21 December 2005 will be reduced from twelve to six months. Such notice shall not, however, be given before 28 June 2008 and the notice period reverts to twelve months from the date it is given in the event that, prior to 31 December 2008, (i) an offer is made to acquire control of the Company; (ii) a request is made by shareholder(s) to appoint Directors resulting in them controlling a majority of the Board; (iii) a resolution is passed to wind up the Company, or proceedings commenced to make a court-approved arrangement with any of the Company’s members.

For further details please contact:

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

Numis Securities Ltd      020 7260 1000
Nick Westlake