Result of EGM

21 July 2008

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

        EGM result: Shareholders vote to Amend Articles of Association         

Africa Opportunity Fund Limited is pleased to announce that at an Extraordinary
General Meeting ("EGM") of shareholders held on 18 July 2008 it was voted to
approve a change to the provisions in the articles of association dealing with
the powers of the Company to repurchase its shares.

The Company proposed to rationalise the powers of the Company to directly
purchase its own shares. The intention of this change is to give the Company a
permanent general authority to purchase its shares provided that:

  * purchases are made for cash at prices below the net asset value per share
    prevailing at the time the Company purchases or commits to purchase the
    Shares; and
   
  * the price to be paid per share is not more than the higher of (i) five (5%)
    per cent. above the volume weighted average price of the shares for the
    five (5) business days before the Company purchases or commits to purchase
    the Shares; or (ii) the higher of the price of the last independent trade
    and the highest current independent bid at the time the Company purchases
    or commits to purchase the Shares.
   
The Board believes this general authority will give greater flexibility to the
Company in the timing of direct share buy-backs allowing it to react more
quickly to market movements and actively manage any discount that may arise
between the quoted price of the shares and their underlying net asset value.

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]