Valuation as at 30.11.06

RNS Number:1295R
Ottoman Fund Limited (The)
13 February 2007




For Immediate Release                                           13 February 2007

                            The Ottoman Fund Limited

                        Valuation as at 30 November 2006


The Board of The Ottoman Fund Limited (the "Fund") presents its quarterly
valuation for the period ended 30 November 2006. The Fund invests in the
development of local housing and holiday homes in the major cities and coastal
resorts of Turkey.

Basic net asset value           #138,777,391;      92.52p per share.
Adjusted net asset value        #140,810,893;      93.87p per share.

In order that shareholders may identify value created by the Fund from investing
in locations and markets with strong growth potential, independent valuations of
the property portfolio are obtained on a regular basis. As noted in the Fund's
last report and accounts an independent valuation of the land purchased at
Bodrum has been prepared showing an increase in value to $38.4m (#19.5m) against
the $34.4m (#17.5) cost.

Below is set out the revaluation of the Fund's assets that cannot be reflected
on the balance sheet under IFRS.

Net assets as at 30 November 2006                                   #138,777,391

Increase in valuation of inventory properties                       #2,033,502

Adjusted net asset value                                            #140,811,893

Number of ordinary shares in issue                                  150,000,000

Adjusted net asset value per share as at 30 November 2006           93.87p


Audited net assets as at 31 August 2006: #139,037,098 (92.69p per share)

The Fund is due to prepare interim accounts as at 28 February which will include 
an up to date valuation of the investments announced previously at Riva and Kazikli 
as well as Bodrum.  The Board will look to update the market when the valuations 
are complete.

The Fund is managed by Development Capital Management (Jersey) Limited.


List of Contacts

Development Capital Management                                     020 7355 7600
Roger Hornett
Ertan Sevinc
Tom Pridmore

Buchanan Communications                                            020 7466 5000
Charles Ryland
Isabel Podda

Numis Securities                                                   020 7776 1500
Iain McDonald
Bruce Garrow




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

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