Repurchase and Cancellation of Shares

1 October 2008

                        Africa Opportunity Fund Limited                        

                     Repurchase and Cancellation of Shares                     

Africa Opportunity Fund Limited ("the Company" or "AOF") announces that on 30
September 2008 the Company repurchased and cancelled 3,000,000 ordinary shares
of US$0.01 each at US$0.65 per share. The Investment Manager believes that
purchasing shares below NAV for cancellation enhances returns to shareholders.

As a result of this transaction, the number of Ordinary Shares in issue, and
therefore the total number of voting rights in the Company, is 120,000,000.

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]

LCF Edmond de Rothschild (C.I.) Limited (Channel Islands Stock Exchange
Sponsor)

John Falla Tel [phone]

For more information, see www.africaopportunityfund.com