Repurchase and Cancellation of Shares

29 July 2008

                                                                               

                        Africa Opportunity Fund Limited                        

 

                     Repurchase and Cancellation of Shares                     

                                                                               

Africa Opportunity Fund Limited ("the Company" or "AOF") announces that on 28
July 2008 the Company repurchased and cancelled 1,000,000 ordinary shares of
US$0.01 each at US$0.8558 per share. The Investment Manager believes that
purchasing shares below NAV for cancellation enhances returns to shareholders.

 

As a result of this transaction, the number of Ordinary Shares in issue, and
therefore the total number of voting rights in the Company, is 123,000,000.

 

For further information please contact:

 

Africa Opportunity Fund Limited

Francis Daniels                                                     Tel: +2711
684 1528

 

Grant Thornton UK LLP (Nominated Adviser)

Philip Secrett/Cha Patel                                       Tel:  +44 207
383 5100

 

 

LCF Edmond de Rothschild Securities Limited (Nominated Broker)

Claire Heathfield/Hiroshi Funaki                       Tel: [phone]

 

LCF Edmond de Rothschild (C.I.) Limited (Channel Islands Stock Exchange
Sponsor)

John Falla                                                              Tel +44
148 171 6336

 

 

 

For more information, see www.africaopportunityfund.com