Director/PDMR Shareholding

22 October 2008

                        Africa Opportunity Fund Limited                        

                              Director's Dealing                               

Africa Opportunity Fund Limited ("the Company" or "AOF") was informed on 22
October 2008 that on 21 October 2008 Robert Knapp, a Director of the Company,
purchased 250,000 ordinary shares of US$0.01 each at US$0.65 per share.
Following this purchase, Robert Knapp has a total of 3,010,000 ordinary shares
representing 2.6 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