Director/PDMR Shareholding

16 December 2008

                        Africa Opportunity Fund Limited                        

                              Director's Dealing                               

Africa Opportunity Fund Limited ("the Company" or "AOF") was informed on 15
December 2008 that on 12 December 2008 Robert Knapp, a Director of the Company,
purchased 278,000 ordinary shares of US$0.01 each at US$0.35 per share.

On 15 December 2008, Robert Knapp purchased an additional 165,000 ordinary
shares of US$0.01 each at US$0.35 per share. Following these purchases, Robert
Knapp has a total of 6,983,000 ordinary shares representing 6.0 per cent. of
the Company's total voting rights.

Additionally, Africa Opportunity Fund Limited ("the Company" or "AOF") was
informed on 15 December 2008 that on 12 December 2008 Francis Daniels, a
Director of the Company, purchased 278,827 ordinary shares of US$0.01 each at
US$0.35 per share. Following this purchase, Francis Daniels has a total of
1,907,827 ordinary shares representing 1.7 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 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