Update on asset sale

THE OTTOMAN FUND LIMITED

Update on Asset Sale

Further to the announcement released on 5 April 2011, The Ottoman Fund Limited (the "Company") has agreed to extend the buyer's time to pay the remainder of the purchase price for the Company's interest in the Kazikli joint venture up to and including 31 March 2012. As of the date of this release, the Company is working with the buyer to consummate the transaction, including accepting a partial payment before 31 March. A further announcement will be made in due course.

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

Vistra Fund Services Limited 01534 504700