Director/PDMR Shareholding

15 October 2008

                        Africa Opportunity Fund Limited                        

                              Director's Dealing                               

Africa Opportunity Fund Limited ("the Company" or "AOF") was informed on 14
October 2008 that on 13 October 2008 Francis Daniels, a Director of the
Company, purchased 29,000 ordinary shares of US$0.01 each at US$0.55 per share.
Following this purchase, Francis Daniels has a total of 1,279,000 ordinary
shares representing 1.1 per cent. of the Company's total voting rights.

For further information please contact:

Africa Opportunity Fund Limited

Francis Daniels Tel: [phone]

Grant Thornton UK LLP (Nominated Adviser)

Philip Secrett/Adam Suggett Tel: [phone]

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 [phone]

For more information, see www.africaopportunityfund.com