THE OTTOMAN FUND LIMITED

For immediate release
13 July 2007

Valuation as at 31 May 2007

The Board of The Ottoman Fund Limited (the “Fund”) presents its quarterly valuation for the period ended 31 May 2007. 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 £137,454,786 91.6p per share.
Adjusted net asset value £ 155,839,355 103.9p per share.

The adjusted net asset value is based upon regular independent valuations of the property portfolio. It is provided in order that shareholders may identify value created by the Fund from investing in locations and markets with strong growth potential.

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

Net assets as at 31 May 2007 £137,454,786
&Increase in valuation of inventory properties £18,384,568
Adjusted net asset value £155,839,355
Number of ordinary shares in issue 150,000,000
Adjusted net asset value per share as at 31 May 2007 103.9p
Net assets as at 28 February 2007 £137,958,806 (92.0p per share)
Adjusted net assets as at 28 February 2007 £152,981,452 (101.99p per share)

The Fund is managed by Development Capital Management (Jersey) Limited.

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     020 7260 1000
Bruce Garrow
Iain McDonald