For immediate release
24 January 2008

Valuation as at 30 November 2007

The Board of The Ottoman Fund Limited (the “Fund”) presents its quarterly valuation for the period ended 30 November 2007. The Fund invests in the development of local housing and holiday homes in the major cities and coastal resorts of Turkey.

At 30 November
At 31 August
Net assets £123,020,720 £137,386,660
Net asset value per share 91.3p 91.6p
Net assets (fair value basis) £133,236,937 £147,602,877
Net asset value per share (fair value basis) 98.9p 98.4p

The net asset value (fair value basis) is based upon the independent valuation of the property portfolio at 31 August 2007


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 30 November 2007 £123,020,720
Increase in valuation of inventory properties £10,216,217
Net assets (fair value basis) £133,236,937
Number of ordinary shares in issue 134,764,709
Net asset value per share as at 30 November 2007 (fair value basis) 98.9p

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

List of contacts

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

Buchanan Communications     020 7466 5000
Charles Ryland
Isabel Podda

Numis Securities Ltd      020 7260 1000
Bruce Garrow
Nick Westlake