Africa Opp. Regulatory News (AOF)

For Immediate Release

This announcement is an advertisement and not a prospectus and investors should not subscribe for or purchase any securities except on the basis of information in the prospectus to be published by the Company in due course in connection with the admission of the existing ordinary shares and C shares to trading on the Specialist Fund Market of the London Stock Exchange (the "Prospectus"). Copies of the Prospectus will, following publication, be available from the offices of Lawrence Graham LLP.

14 February 2014

Africa Opportunity Fund Limited (the "Company")

Proposed cancellation of admission to trading on AIM of the Ordinary Shares

As previously announced, the Company is proposing to raise up to US$100 million by way of a placing of C shares of US$0.10 each ("C Shares") at a placing price of US$1.00 per C Share (the "Placing") in conjunction with the admission to trading of the ordinary shares of US$0.01 each ("Ordinary Shares") being moved from AIM to the Specialist Fund Market of the London Stock Exchange ("Admission").

It is currently anticipated, subject to certain resolutions being passed at an extraordinary general meeting of the Company to be held on 28 February 2014 (as more particularly described in the announcement released by the Company on 12 February 2014), that Admission will become effective and that dealings will commence before 31 March 2014.

Admission will result in the admission of the Ordinary Shares to trading on AIM being cancelled (the "Cancellation"). The Cancellation would take effect no earlier than 17 March 2014. It is also currently anticipated that the Cancellation will take place no later than 31 March 2014.

CONTACT DETAILS

Africa Opportunity Fund Limited

Francis Daniels Tel: +27 11 684 1528

Edmond de Rothschild Securities (UK) Limited, Broker & FinancialAdviser

Andrew Davies (Sales) Tel: +44 (0)20 7845 5960

William Marle Tel: +44 (0)20 7845 5950

Hiroshi Funaki Tel: +44 (0)20 7845 5960funds@lcfr.co.uk

Grant Thornton UK LLP, Nominated Adviser

Philip Secrett Tel: +44 (0)20 7383 5100

David Hignell Tel: +44 (0)20 7383 5100

philip.j.secrett@uk.gt.com

This announcement has been prepared by the Company for information purposes only and does not constitute an offer to sell, or the solicitation of an offer to acquire or subscribe for, the C Shares in any jurisdiction. Any offer and/or sale of C Shares will not be registered under the applicable securities laws of the United States, Australia, Canada, South Africa or Japan. Subject to certain exceptions, the C Shares may not be offered or sold within the United States, Australia, Canada, South Africa or Japan or to any national, resident or citizen of the United States, Australia, Canada, South Africa or Japan. This announcement does not constitute any form of financial opinion or recommendation on the part of the Company or any of its affiliates or advisers and is not intended to be an offer, or the solicitation of any offer, to buy or sell any securities in any jurisdiction.

Neither the U.S. Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of the securities referred to in this announcement or passed upon the adequacy or accuracy of this announcement. Any representation to the contrary is a criminal offence in the United States.