Return of Capital and investigation into fraud

The Ottoman Fund Limited is pleased to announce a return of capital of approximately GBP 18.92 million, or 14.0369 pence per share, payable to shareholders of record as of 9 January 2015. The shares are expected to trade ex-entitlement on 8 January 2015 and the share registrar expects payment to be made on or about 16 January 2015. This return of capital primarily comprises proceeds from asset sales that have been previously announced.

Further to the Company's announcement of 20 December 2014, the Company has retained the forensic accounting department of BDO to review the books and records of the Ottoman Fund's Turkish subsidiaries in connection with an apparent fraud carried on in Turkey. The Company is taking steps to recover amounts unlawfully taken and obtain redress. The Company will update the market in due course as to the results of the BDO review, the Company's efforts to recover money wrongfully taken and further distributable amounts.

N+1 Singer    020 7496 3000James Maxwell Company Secretary: Vistra Fund Services Limited 01534 504 700