For immediate release
22 November 2007

Transaction in own shares

The Ottoman Fund Limited (the “Fund”) announces that it has yesterday purchased through Numis Securities Limited 15,235,291 ordinary shares at an average price of 95 pence per share.

The highest price and the lowest price paid for these shares were 95 pence and 95 pence respectively. The purchased shares will all be cancelled.

Following the above purchase, the Fund has a total of 134,764,709 ordinary shares in issue. The number of ordinary shares purchased represented 10.16% of the voting rights attributable to the total ordinary shares in issue prior to such purchases.

For further details please contact:

The Company Secretary     01534 709108
Jeremy Hamon

Development Capital Management     020 7355 7600
Roger Hornett
Tom Pridmore
Andrew Mitchell

Buchanan Communications     020 7466 5000
Charles Ryland
Isabel Podda

Numis Securities     020 7260 1000
Bruce Garrow
Nick Westlake