Valuation as at 31 May 07

RNS Number:0916A
Ottoman Fund Limited (The)
12 July 2007




For immediate release                                               12 July 2007


                            The Ottoman Fund Limited
                                        
                                        
                          Valuation as at 31 May 2007


The Board of The Ottoman Fund Limited (the "Fund") presents its quarterly
valuation for the period ended 31 May 2007. 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                     #137,454,786; 91.6p per share.

Adjusted net asset value                  #155,839,355; 103.9p per share.


The adjusted net asset value is based upon regular independent valuations of the
property portfolio. It is provided in order that shareholders may identify value
created by the Fund from investing in locations and markets with strong growth
potential.


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

Net assets as at 31 May 2007                                  #137,454,786


Increase in valuation of inventory properties                  #18,384,568


Adjusted net asset value                                      #155,839,355


Number of ordinary shares in issue                             150,000,000


Adjusted net asset value per share as at 31 May 2007           103.9p



Net assets as at 28 February 2007:              #137,958,806 (92.0p per share)

Adjusted net assets as at 28 February 2007:     #152,981,452 (101.99p per share)



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 7260 1000

Iain McDonald

Bruce Garrow








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

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