Investment Manager: Terms Amendment

24 November 2009
                   Africa Opportunity Fund Limited
                 Investment Manager: Terms Amendment

The Board  of  Directors  of  the  Africa  Opportunity  Fund  Limited
announces that  it  has  approved  an  amendment  to  its  Investment
Management Agreement with its investment manager, Africa  Opportunity
Partners Limited.

Background
In February 2009, the Africa Opportunity Fund Limited ("the Fund"  or
"AOF") conducted a tender  offer resulting in investors  representing
63% of AOF's outstanding shares exiting  the Fund.  Since the end  of
February, AOF's Net Asset Value has returned 67%, and the share price
62%, assuming reinvestment of dividends.

Africa Opportunity  Partners  Limited ("the  Investment  Manager"  or
"AOP") recently approached  the Board of  Directors ("the Board")  of
AOF requesting the flexibility  to manage other investment  vehicles,
including open-ended  funds with  investment strategies  that may  be
substantially  similar  to  those  of  the  Fund.   AOF's  Investment
Management Agreement (the "Management Agreement") with the Investment
Manager originally prohibited  AOP from  acting as  manager to  other
vehicles with investment strategies substantially similar to those of
AOF.

The  Board  considered  this  request  in  light  of  the   potential
beneficial economies  of scale  in  investment opportunity  flow  and
expense maintenance that  would result,  and in light  of the  strong
performance and the reduced size of AOF.  The Board determined  that,
subject to conditions on time and attention and the implementation of
conflicts  and  co-investment  policies  (described  in  more  detail
below), the granting of this request may be beneficial to the Fund.

As a  result, the  Board  approved the  amendment to  the  Management
Agreement.  The Board also approved the Investment Manager's conflict
and co-investment policies ("the Policies") to mitigate any potential
conflicts of  interests  arising  from  the  management  of  multiple
vehicles.

Amendment to Investment Management Agreement
AOF's amendment of the Management Agreement allows AOP to act as  the
investment manager to  other vehicles including  other vehicles  that
have a substantially similar investment focus to that of the Fund  so
long as:
(i)                   the Investment  Manager devotes  such time  and
attention as is required to properly  manage the affairs of the  Fund
and its related entities; and
(ii)                 the Investment Manager adopts a set of  policies
governing conflicts  and co-investments  that  is acceptable  to  the
Board.

Co-investment Policies
The  Policies  generally  require  the  Investment  Manager  to  make
applicable co-investments and  divestments on behalf  of its  managed
accounts and investment vehicles on  a pro rata basis.  In  addition,
the Policies contain certain exceptions to those general  principles,
including a  requirement  of the  Investment  Manager to  seek,  when
appropriate, a waiver from the Board.

For further information please contact:
Africa Opportunity Fund Limited
Francis Daniels
Tel: [phone]
Grant Thornton Corporate Finance (Nominated Adviser)
Philip Secrett/Adam Suggett                              Tel:  +44
207 383 5100

LCF Edmond de Rothschild Securities Limited (Nominated Broker)
Claire Heathfield/Hiroshi  Funaki                        Tel: +44  20
7845 5960

For     more      information      about      the      Fund,      see
www.africaopportunityfund.com

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