Update on asset sale

the OTTOMAN FUND LIMITED

Update on Asset Sale

Further to the announcements released on 5 April 2011 and 13 January 2012, The Ottoman Fund Limited (the "Company") is pleased to announce the completion of the sale of its entire interest in the Kazikli joint venture for a total consideration of USD$9.5 million in cash. The sale concluded on 18 April 2012.

In accordance with the Company's policy, all excess cash will be returned to shareholders. A further announcement will follow.

Enquiries

Singer Capital Markets

James Maxwell 020 3205 7500

Company Secretary

Vistra Fund Services Limited 01534 504700