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Ottoman Fund (The ) (OTM)

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Wednesday 05 April, 2006

Ottoman Fund (The )

Announcement First Investment

Ottoman Fund Limited (The)
05 April 2006

For immediate release                                               5 April 2006

                            The Ottoman Fund Limited

                        Announcement of first investment

                               Update on progress

The Ottoman Fund is pleased to announce its first investment and update the
market on progress.

The objective of the Ottoman Fund is to invest in the development of local
housing and holiday homes in the major cities and costal resorts of Turkey.

Investment highlights:

   •The Fund has invested in an apartment resort in Alanya on the South coast
    of Turkey.

   •The resort is a gated complex bordering a river and close to the beach,
    with landscaped garden and recreation facilities (including a half Olympic
    size swimming pool, fitness centre, indoor gymnasium, club-house and tennis

   •The apartments are due for completion in October 2006, and are already
    selling off-plan.

   •Total financing of €10.4 million (107 apartments).

   •The financing is based on a price of €740 per square metre, a 30%
    discount to the estimated 'as if built' market value (€1,050 per square

   •If all of the apartments are sold at the independently estimated 'as if
    built' market value within the next 18 months, the gross internal rate of
    return on Fund's investment would be in the region of 40%.*


   •Development Capital Management (Jersey) Limited, the manager of the Fund,
    is assessing projects, including land acquisitions, in Istanbul, Izmir,
    Antalya, Mersin and the Bodrum area.

   •The tourist market is reacting positively to the change in law allowing
    foreigners to purchase properties. There is some fall-out from the 'bird
    flu' outbreak, but this is not expected to be enduring.

   •Since the launch of the Fund, interest rates have fallen from 14% to
    13.5% with 2 cuts each of 25 basis points. The currency and stock markets
    have reacted to the uncertainties regarding the appointment of a new Central
    Bank Governor.

The Chairman of the Fund, Sir Timothy Daunt said, 'I am pleased that the Fund
has been able to secure its first investment. The Alanya development is already
selling well and so should provide the Fund with early returns. Good progress is
also being made by the manager on further investments which the Board expects to
be able to announce in the coming months.'


Further details on investment

The Ottoman Fund (the 'Fund') was launched in December 2005 to invest in
residential property in Turkey. The Fund will invest in second home properties,
built for tourist and local buyers, and in local housing projects in Istanbul
and the other major cities of Turkey.

The Fund has signed an agreement to provide finance to the developer of an
apartment complex in Alanya, Turkey.

Alanya is one of Turkey's leading Mediterranean resorts, situated to the east of
Antalya City. Antalya Airport is currently the main access for foreign tourists.
A new airport is planned at Gazipasa, 35 km to the east. The total bed capacity
of Alanya is estimated at 133,400. In 2004, around 1.1 million tourists visited,
mostly from the Scandinavian countries, Germany, the UK and Ireland.

The apartment resort is being built on a 16,400 m(2) site beside the Dim Creek,
6 km to the east of Alanya town. The site allows easy access to the beach a
short distance away. A walking route will be provided by the creek.

The complex is made up of four separate blocks with 9 floors and penthouse
floor. It will be a gated complex with landscaped garden. Palm trees were
planted before the construction started. Recreation and sports facilities will
include a half Olympic size swimming pool, fitness centre, indoor gymnasium,
club house and tennis court. The complex will be served by 24 hour security and
auxiliary generator.

The apartments are due for completion in October 2006 and are already selling
off-plan. The Fund is investing in the remaining 107 unsold apartments.

The Fund's total financing is of €10.4 million. This will be lent to the
developer in two instalments:

   •60% (€6.2 million) at the outset
   •40% (€4.1 million) one month after the last apartment is completed.

On the sale of apartments, the proceeds above the Fund's €740 price are applied
such that the Fund receives the first €165 per m(2). Excess sales proceeds above
this are split 65% to the developer and 35% to the Fund.

The purchase price of €740 per square metre represents a discount of 30% to the
estimated 'as if built' current market value of the relevant properties as
determined by DTZ Pamir & Soyuer.

If all of the apartments are sold at the independently estimated 'as if built'
market value within the next 18 months, the gross internal rate of return on
Fund's investment would be in the region of 40%.*


Development Capital Management (Jersey) Limited, the manager of the Fund, is
currently actively assessing projects, including land acquisitions, in Istanbul,
Izmir, Antalya, Mersin and the Bodrum area.

The tourist market in Turkey has reacted positively to the recent change in law
which will again allow foreigners to purchase properties. There appears to have
been some reaction to the 'bird flu' outbreak in terms of numbers of visits, but
the manager would not expect this to be enduring.

List of contacts

Development Capital Management                                     020 7399 4270

Roger Hornett
Tom Pridmore

Buchanan Communications                                            020 7466 5000

Charles Ryland
Isabel Podda

Numis Securities Ltd                                               020 7776 1500

Andrew Dawber
Iain McDonald

* This internal rate of return (IRR) calculation is based on the assumption that
the apartments are sold over a period of 18 months at the estimated open market
value provided by DTZ referred to above. The calculation is before tax but net
of sales commission and other marketing costs (assumed at 13%). The Directors of
the Fund consider the IRR to be calculated after due and careful inquiry. This
statement should not be taken as an assurance that the apartments will in fact
be sold for the estimated valuation within 18 months.

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

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