Asset sale

the OTTOMAN FUND LIMITED

Asset Sale

The Ottoman Fund Limited (the "Company") is pleased to announce that it has entered into a conditional agreement to sell its entire interest in the Kazikli joint venture for a total consideration of $9.5 million in cash. The sale price is in excess of the Savills' valuation ($8,663,415) as published in the Company's 2010 Annual Report and Accounts. Under the terms of the sale agreement, the buyer is obliged to pay the Company twenty-five percent of the purchase price on signing with the remainder due upon the Company's fulfilment of certain conditions. The buyer has the right to rescind the transaction if the Company fails to fulfil these conditions within four months from the signing of the agreement.

In accordance with the Company's policy, all excess cash, including sale proceeds, will be returned to shareholders.

Enquiries

Singer Capital Markets

James Maxwell 020 3205 7500

Company Secretary

Herald Fund Services Limited 01534 610610