Corporate Update

For Immediate Release

21 October 2016

This announcement contains inside information and is required to be issued pursuant to the Market Abuse Regulation.

the OTTOMAN FUND LIMITED ("Ottoman" or the "Company")

Kalpakçıoğlu Indicted For Aggravated Theft

Ahmet Sinan Kalpakçıoğlu (born in 1961) has been indicted for aggravated theft of money from two group companies while serving as the Company's CFO in Turkey. If convicted, Kalpakçıoğlu faces in excess of twelve years' imprisonment and fines. On 19 October the Istanbul 8th Criminal Court of First Instance accepted the indictment and set a date for the first hearing, which will take place on 7 December 2016, at 9:45a.m. local time.

John D. Chapman, the Company Chairman noted:

We are gratified that given the many issues Turkey now faces its law enforcement agencies and courts have taken a first step towards convicting and punishing Kalpakçıoğlu for stealing over a million US dollars in aggregate from two separate subsidiaries of the Ottoman Fund. We are grateful for the efforts of our lawyers in Turkey, including Dr. Kaan Karcılıoğlu, for diligently pursuing the indictment. We are hopeful that Kalpakçıoğlu will now show remorse for his actions by ensuring restitution of all of the money due to Ottoman.  

Further announcements will be made in due course.

Enquiries

N+1 Singer 020 3205 7500

James Maxwell

Company Secretary 01534 504 735

Vistra Fund Services Limited

John D. Chapman

Chairman

The Ottoman Fund Limited

4th Floor, St Paul's Gate, 22-24 New Street, St Helier, Jersey, JE1 4TR