Repurchase and Cancellation of Shares

31 July 2008 

                        AFRICA OPPORTUNITY FUND LIMITED                        

                           ("AOF" or the "Company")                            

                     Repurchase and Cancellation of Shares                     

Africa Opportunity Fund Limited ("AOF" or the "Company"), announces that it has
entered into irrevocable and non-discretionary arrangements with LCF Edmond de
Rothschild Securities Limited to repurchase on
its behalf and within certain pre-set parameters (and subject to obtaining all
regulatory consents including the approval of the Channel Islands Stock
Exchange), ordinary shares of US$0.01 each in the Company during the period
commencing 1 August 2008 and ending on 30 September 2008. All such repurchased
shares will be cancelled in accordance with applicable law and regulation. This
arrangement is in accordance with the Company's general authority to repurchase
shares. To date, AOF has invested circa USD $1.71 million (including
transaction costs) in purchasing 2.0 million of its shares at an average share
price of USD $0.8558.

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]
5100

 

 

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

 

Notes to Editors

Africa Opportunity Fund Limited ("AOF" or the "Company") is a Cayman Islands
incorporated closed-end investment company traded on the AIM market of the
London Stock Exchange and is also listed and traded on the Channel Islands
Stock Exchange ("CISX").