THE OTTOMAN FUND LIMITED

For immediate release
13 February 2007

Valuation as at 30 November 2006

The Board of The Ottoman Fund Limited (the “Fund”) presents its quarterly valuation for the period ended 30 November 2006.  The Fund invests in the development of local housing and holiday homes in the major cities and coastal resorts of Turkey.

Basic net asset value £138,777,391 92.52p per share
Adjusted net asset value £140,810,893 93.87p per share

In order that shareholders may identify value created by the Fund from investing in locations and markets with strong growth potential, independent valuations of the property portfolio are obtained on a regular basis.  As noted in the Fund’s last report and accounts an independent valuation of the land purchased at Bodrum has been prepared showing an increase in value to $38.4m (£19.5m) against the $34.4m (£17.5) cost.

Below is set out the revaluation of the Fund’s assets that cannot be reflected on the balance sheet under IFRS.

Net assets as at 30 November 2006 £138,777,391
Increase in valuation of inventory properties £2,033,502
Adjusted net asset value £140,811,893
Number of ordinary shares in issue 150,000,000
Adjusted net asset value per share as at 30 November 2006 93.87p

Audited net assets as at 31 August 2006:  £139,037,098 (92.69p per share)

The Fund is due to prepare interim accounts as at 28 February which will include an up to date valuation of the investments announced previously at Riva and Kazikli as well as Bodrum.  The Board will look to update the market when the valuations are complete.

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 7260 1000
Iain McDonald
Bruce Garrow