Holding(s) in Company

TR-1: Notifications of Major Interests in Shares                               

1. Identity of the issuer or the underlying     AFRICA OPPORTUNITY FUND        
issuer of existing shares to which voting                                      
rights are attached:                                                           
                                                                               
2. Reason for notification (yes/no)                                            
                                                                               
An acquisition or disposal of voting rights                          Yes       
                                                                               
An acquisition or disposal of financial instruments which may result No        
in the acquisition of shares already issued to which voting rights             
are attached                                                                   
                                                                               
An event changing the breakdown of voting rights                     No        
                                                                               
Other (please specify):                                              No        
                                                                               
3. Full name of person(s) subject to    Advance Frontier Markets Fund Limited. 
notification obligation:                                                       
                                                                               
4. Full name of shareholder(s) (if      NORTRUST NOMINEES LIMITED a/c FRO01    
different from 3):                                                             
                                                                               
5. Date of transaction (and date on                   9 JUNE 2008              
which the threshold is crossed or                                              
reached if different):                                                         
                                                                               
6. Date on which issuer notified:                    20 JUNE 2008              
                                                                               
7. Threshold(s) that is/are crossed or                    3%                   
reached:                                                                       

8: Notified Details                                                            
                                                                               
A: Voting rights attached to shares                                            
                                                                               
Class/type  Situation         Resulting situation after the triggering         
of shares   previous to the   transaction                                      
            triggering                                                         
If possible transaction                                                        
use ISIN                                                                       
code                                                                           
                                                                               
                                                                               

Number of    Number of Number of Number of voting    Percentage of            
shares       voting    shares    rights              voting rights            
             rights                                                           
                                 Direct    Indirect  Direct   Indirect        
                                                                              
   SHARES    1,300,000 1,300,000 4,869,518 4,869,518 N/A      3.90%    N/A    
                                                                              
KYG012921048                                                                  

B: Financial Instruments                                                       
                                                                               
Resulting situation after the triggering transaction                           
                                                                               
Type of        Expiration     Exercise/       No. of voting      Percentage of 
financial      date           conversion      rights that may be voting rights 
instrument                    period/date     acquired (if the                 
                                              instrument                       
                                              exercised/                       
                                              converted)                       
                                                                               
NIL                                                                            

Total (A+B)                                                                    
                                                                               
Number of voting rights                 Percentage of voting rights            
                                                                               
4,869,518                               3.90%                                  

9. Chain of controlled undertakings through which the voting rights and /or the
financial instruments are effectively held, if applicable:                     
                                                                               
Proxy Voting: n/a                                                              
                                                                               
10. Name of proxy holder:               N/A                                    
                                                                               
11. Number of voting rights proxy       N/A                                    
holder will cease to hold:                                                     
                                                                               
12. Date on which proxy holder will     N/A                                    
cease to hold voting rights:                                                   

13. Additional information:             Progressive Developing Markets Ltd is  
                                        investment manager to Advance Frontier 
                                        Markets Fund Limited                   
                                                                               
14 Contact name:                        Anthony Lee                            
                                                                               
15. Contact telephone name:             020 7490 4355