For immediate release
20 January 2010

Return of Capital

The Board of Directors of the Ottoman Fund Limited is pleased to announce the return of £8 million of capital, or approximately 5.9363 pence per share, to shareholders of record as at 29 January 2010 with payment expected as soon as possible thereafter.

Substantial progress has been made in fulfilling the regulatory requirements prerequisite to internalizing management. It is now expected that a circular will presently be sent to shareholders describing the proposed structural changes and introducing the new investment advisor. These proposed changes should result in substantial benefits to shareholders from reduced costs and increased on the ground expertise in Turkey.

The Board expects to present a more detailed discussion and evaluation of the Ottoman Fund’s assets and strategy when the Company’s results to the end of August 2009 are released next month.

For further details, please contact:

Singer Capital Markets     020 3205 7500
Roger Clarke
Jos Trusted

Company Secretary: Herald Fund Services Limited      01534 610610