Director/PDMR Shareholding

Africa Opportunity Fund Limited
10 August 2007


                        Africa Opportunity Fund Limited
                            Director's Shareholding


Africa Opportunity Fund Limited (the 'Company') (AIM: AOF) was informed
yesterday that on 7 August 2007, a discretionary trust of which a director of
the Company, Myma Belo-Osagie, is a beneficiary, acquired 100,000 ordinary
shares of $0.01 each in the capital of the Company (the 'Ordinary Shares') in a
market transaction at a price of $1.055 per share.


Following this share purchase, Ms. Belo-Osagie's family holds 100,000 Ordinary
Shares representing 0.08 per cent. of the Company's current issued share
capital.


10 August 2007



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