Market Update

For immediate release

7.00 a.m. 5 April 2017

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

The Ottoman Fund Limited: Market Update

The Ottoman Fund Limited ("the Company") has settled all claims with its former finance director, who embezzled money from several of the Company's Turkish subsidiaries. The former finance director has transferred the shares in Mandalina registered in his name to the Company, discontinued all litigation against the Company and repaid $250,000 of the embezzled money. The Company in turn has agreed to discontinue all litigation against the embezzler. This development should enable the Company to make a final distribution and wind up the Ottoman structure. The timing of a future announcement concerning the amount and timing of the distribution will largely depend on BDO's review of Mandalina's records for tax and other issues as well as the Company's payment of various obligations. The Company cannot now predict when this review will be completed or any future distributions but will keep the market apprised of material developments.

N+1 Singer 020 7496 3000James Maxwell/Gillian Martin

Company Secretary 01534 504 735Vistra Fund Services Limited

John D. ChapmanChairmanThe Ottoman Fund Limited4th Floor, St Paul's Gate, 22-24 New Street, St Helier, Jersey, JE1 4TR