For immediate release
29 July 2008

Valuation as at 31 May 2008

The Board of The Ottoman Fund Limited (the “Fund”) presents its quarterly valuation for the period ended 31 May 2008. The Fund invests in the development of local housing and holiday homes in the major cities and coastal resorts of Turkey.


At 31 May 2008

At 29 February 2008

Net assets £121,903,384 £122,404,820
Net asset Value Per Share 90.5p 90.8p
Net assets (fair value basis) £131,613,376 £132,114,812
Net asset value per share (fair value basis) 97.7p 98.0p

The net asset value (fair value basis) for 29 February and 31st May 2008 is based upon the independent valuation of the property portfolio at 29 February 2008.

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

Net assets as at 31 May 2008 £121,903,384
Increase in valuation of inventory properties £9,709,992
Net assets (fair value basis) £131,613,376
Number of ordinary shares in issue 134,764,709

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

For further details please contact:

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

Numis Securities Limited      020 7260 1000
Nominated Adviser
Nick Westlake

Corporate Broker
Charles Farquhar