Dividend Declaration

3 July 2008

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

                           Announcement of Dividend                            

Africa Opportunity Fund Limited is pleased to announce that a dividend of
US$0.0113 per share will be paid on 17 July 2008. The shares will be marked
ex-dividend on 9 July 2008 and the record date will be 11 July 2008.

For further information please contact:

Africa Opportunity Fund Limited

Francis Daniels Tel: [phone]

Grant Thornton UK LLP (Nominated Adviser)

Philip Secrett/Cha Patel Tel: [phone]

LCF Edmond de Rothschild Securities Limited (Nominated Broker)

Claire Heathfield/Hiroshi Funaki Tel: [phone]