Net Asset Value(s)

06 December 2017

Africa Opportunity Fund Limited ("AOF")

Net Asset Value - Ordinary Shares

Africa Opportunity Fund Limited (SFS: AOF) announces that as at close of business on 30 November 2017, its unaudited net asset value per Ordinary share was US$0.938.

For further information please contact:

Africa Opportunity Fund Limited

Francis Daniels Tel: +2711 684 1528

Liberum (Corporate Broker)

Andrew Davis

Henry Freeman/Rob Johnson Tel: +44 20 3100 2000

For more information about AOF, see www.africaopportunityfund.com

LEI: 213800R1UVN1T8YXS179

Prior to its release, this announcement contained inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.