Director/PDMR Shareholding

Africa Opportunity Fund Limited                        

                              Director's Dealing                               

Africa Opportunity Fund Limited (the "Company") (AIM: AOF) was informed on 21
May 2008 that on that day, Robert Knapp the Chairman of the Company, purchased
500,000 ordinary shares of $0.01 each at $0.935 per share. Following this
purchase, Robert Knapp has a total of 2,500,000 ordinary shares representing 2
per cent. of the Company's total voting rights.

21 May 2008

For further information please contact:

Africa Opportunity Fund Limited

Francis Daniels Tel: [phone]

Grant Thornton Corporate Finance (Nominated Adviser)

Philip Secrett/Cha Patel Tel: [phone]

LCF Edmond de Rothschild Securities Limited (Nominated Broker)

Claire Heathfield/Hiroshi Funaki Tel: [phone]