Holding(s) in Company

Form TR-1 with annex. FSA Version 2.1 updated April 2007


+--------------------------------------------+
| For filings with the FSA include the annex |
| For filings with issuer exclude the annex  |
+--------------------------------------------+



+--------------------------------------------------+
| TR-1: Notifications of Major Interests in Shares |
+--------------------------------------------------+



+-------------------------------------------------------------------+
|                                        | Africa Opportunity Fund  |
| 1. Identity of the issuer or the       | Ltd                      |
| underlying issuer of existing shares   |                          |
| to which voting rights are attached:   |                          |
|-------------------------------------------------------------------|
|                                                                   |
| 2. Reason for notification (yes/no)                               |
|-------------------------------------------------------------------|
|                                                    | YES          |
| An acquisition or disposal of voting rights        |              |
|----------------------------------------------------+--------------|
|                                                    | NO           |
| An acquisition or disposal of financial            |              |
| instruments which may result in the acquisition of |              |
| shares already issued to which voting rights are   |              |
| attached                                           |              |
|----------------------------------------------------+--------------|
|                                                    | NO           |
| An event changing the breakdown of voting rights   |              |
|----------------------------------------------------+--------------|
|                                                    | NO           |
| Other (please specify):______________              |              |
|-------------------------------------------------------------------|
|                                | Advance Frontier Markets Fund    |
| 3. Full name of person(s)      | Ltd                              |
| subject to notification        |                                  |
| obligation:                    |                                  |
|--------------------------------+----------------------------------|
|                                | Nortrust Nominees Limited a/c    |
| 4. Full name of shareholder(s) | FRO01                            |
| (if different from 3):         |                                  |
|--------------------------------+----------------------------------|
|                                | 11 February 2009                 |
| 5. Date of transaction (and    |                                  |
| date on which the threshold is |                                  |
| crossed or reached if          |                                  |
| different):                    |                                  |
|--------------------------------+----------------------------------|
|                                | 13 February 2009                 |
| 6. Date on which issuer        |                                  |
| notified:                      |                                  |
|--------------------------------+----------------------------------|
|                                | 5%                               |
| 7. Threshold(s) that is/are    |                                  |
| crossed or reached:            |                                  |
+-------------------------------------------------------------------+






















+---------------------------------------------------------------------------------------------+
|8: Notified Details                                                                          |
|---------------------------------------------------------------------------------------------|
|A: Voting rights attached to shares                                                          |
|                                                                                             |
|---------------------------------------------------------------------------------------------|
|Class/type of|Situation previous to the |Resulting situation after the triggering transaction|
|shares       |triggering transaction    |                                                    |
|If possible  |--------------------------+----------------------------------------------------|
|use ISIN code|Number of |Number of      |Number of  |Number of voting      |Percentage of    |
|             |shares    |voting rights  |shares     |rights                |voting rights    |
|             |          |               |           |----------------------+-----------------|
|Shares:      |5,683,518 |               |           |           |          |       |         |
|KYG012921048 |          |5,683,518      |6,433,518  |Direct     |Indirect  |Direct |Indirect |
|             |          |               |           |           |          |       |         |
|             |          |               |           |6,433,518  |n/a       |5.57%  |n/a      |
+---------------------------------------------------------------------------------------------+



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




+-------------------------------------------------------+
| Total (A+B)                                           |
|                                                       |
|-------------------------------------------------------|
| Number of voting rights | Percentage of voting rights |
|-------------------------+-----------------------------|
| 6,433,518               | 5.57%                       |
+-------------------------------------------------------+




















+-------------------------------------------------------------------+
| 9. Chain of controlled undertakings through which the voting      |
| rights and /or the financial instruments are effectively held, if |
| applicable:                                                       |
|-------------------------------------------------------------------|
| N/A                                                               |
+-------------------------------------------------------------------+



+-------------------------------------------------------------------+
| Proxy Voting:                                                     |
|                                                                   |
|-------------------------------------------------------------------|
| 10. Name of proxy holder:                                   | N/A |
|                                                             |     |
|-------------------------------------------------------------+-----|
| 11. Number of voting rights proxy holder will cease to      | N/A |
| hold:                                                       |     |
|                                                             |     |
|-------------------------------------------------------------+-----|
| 12. Date on which proxy holder will cease to hold voting    | N/A |
| rights:                                                     |     |
|                                                             |     |
+-------------------------------------------------------------------+



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


For notes on how to complete form TR-1 please see the FSA website.

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