First Day of Dealings on AIM

RNS Number:1868W
Ottoman Fund Limited (The)
28 December 2005


For Immediate Release                                           28 December 2005

                            The Ottoman Fund Limited

                           FIRST DAY DEALINGS ON AIM
                  Placing of #150 million and Admission to AIM

Unless stated otherwise, capitalised terms used in this announcement have the
meanings ascribed to them in the admission document of The Ottoman Fund Limited
dated 21 December 2005.

The Ottoman Fund Limited (the "Fund"), established to provide early stage
wholesale financing to developers of new-build residential developments in
Turkey, is pleased to announce its flotation on AIM. Dealings in Shares commence
today.

   * Based on the Placing Price, the market capitalisation of the Fund on
     commencement of dealings is #150 million.
   * Gross proceeds of the Placing are approximately #150 million.
   * The Company's ticker symbol will be OTM.
   * Numis Securities Limited acted as Nominated Adviser, Broker and Placing
     Agent to the Placing.

Sir Timothy Daunt, Chairman of the Fund, said:"We are extremely pleased with the 
reaction we have received from investors during our flotation. Turkey offers 
considerable opportunity to make significant returns for shareholders with 
long-term capital appreciation. Our first project in Alanya is already well
under-way. We look forward to updating our shareholders on further
developments."

The Fund

   *Offers the opportunity to participate in the Turkish property market via
    an AIM listed vehicle.
   *Will provide early stage wholesale financing to developers in return for
    a profit share on the sale of the units in the development. The Fund will be
    actively involved in the process relating to the sale of properties by
    developers "off-plan".
   *Will focus on new-build residential developments in the major cities and
    coastal destinations, targetting both the local and tourist markets. The
    Fund's investment scope will also include land purchase and joint venture
    projects (which could include golf course projects) with local and other
    partners (including banks).
   *Is managed and promoted by Development Capital Management (Jersey)
    Limited, part of the DCM Group. The DCM Group is a specialist real estate
    fund management group with approximately #100 million of assets under
    management prior to the Fund's launch.
   *The Board of the Fund is chaired by Sir Timothy Daunt (former British
    ambassador to Turkey).

The Opportunity

   * The Manager believes that there are substantial returns to be achieved
     through exposure to new-build residential developments in Turkey.
   * The economic and political climate in Turkey has improved and there are
     prospects for greater prosperity in the longer term and stability, helped 
     by IMF restraints, potential further westernisation and the commencement of
     negotiations for EU entry.
   * The residential market in Istanbul and other major conurbations has
     grown in strength and is expected to be supported by (i) the continuing
     demand for new stock as a result of an expected increase in the population
     and greater prosperity, and (ii) the expected emergence of a local mortgage
     market.
   * The second home/holiday market in Turkey (both for local and foreign
     buyers) is also strong and, in the view of the Manager, is competing well
     against other similar destinations (Spain, Portugal, Croatia etc.) where
     prices tend to be higher and undeveloped premium front-line sites are rarer.
   * Profit margins in Turkey are generally substantial for developers due to
     relatively low labour and material costs and the relatively limited
     availability of undeveloped land in desirable locations. The Manager
     believes that the Fund will be able to negotiate profit sharing 
     arrangements with developers which are based on substantial discounts to 
     the current "as if built" market values of units.

For further information please contact:

Development Capital Management                        +44 (0) 20 7399 4270
Tom Pridmore/Andrew Mitchell/Roger Hornett

Numis Securities                                      +44 (0) 20 7776 1500
Andrew Dawber/Bruce Garrow

Buchanan Communications                               +44 (0) 20 7466 5000
Charles Ryland/Isabel Podda




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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