Quarterly Report

19 January 2009

           Africa Opportunity Fund Limited ("AOF" or "the Company")            

                               Quarterly Report                                

A quarterly report detailing the activities of the Company for the period ended
31 December 2008 has today been issued by Africa Opportunity Partners, the
investment manager of the Company.

The newsletter comments specifically upon the share price discount to NAV,
stating:

The shares of AOF ended the year valued at a 46% discount to NAV. In the
Manager's view this is a startling figure. The share price discount implicitly
values the fixed income portfolio at 27% of par and provides an overall cash
yield of nearly 30%. When the Manager launched AOF, it stated clearly that a
large and sustained discount would not be tolerated. The Manager will take
meaningful steps in 2009 in an effort to substantially eliminate the discount,
and further communication on this subject is forthcoming.

Electronic copies of the report have been emailed to shareholders. Copies of
the report will be available, free of charge, from the offices of Grant
Thornton UK LLP, 30 Finsbury Square, London EC2P 2YU or the offices of Africa
Opportunity Partners, PO Box 309 GT, Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands for a period of 30 days from the date of
this announcement and available from the Company's website, 
www.africaopportunityfund.com.