Repurchase and Cancellation of Shares

7 October 2008

                        Africa Opportunity Fund Limited                        

                     Repurchase and Cancellation of Shares                     

Africa Opportunity Fund Limited ("the Company" or "AOF") announces that on 6
October 2008 the Company repurchased and cancelled 4,490,000 ordinary shares of
US$0.01 each at US$0.60 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 115,510,000.

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