Net Asset Value Weekly Estimate

20 May 2016

Africa Opportunity Fund Limited (the "Company")

Weekly Estimate

Net Asset Value - Ordinary and C Shares

Africa Opportunity Fund Limited (SFM: AOF / AOFC) announces that as at close of business on 13 May 2016, its estimated net asset value per Ordinary share was US$0.913.  Its estimated net asset value per C share was US$0.834. 

For further information please contact:

Africa Opportunity Fund Limited

Francis Daniels                                                 Tel: +2711 684 1528

The estimated weekly NAVs are provided by the Investment Manager of the Company as calculated by the administrator and are, by their nature, based on incomplete and estimated data.  The making of such estimates involves known and unknown risks, uncertainties and other factors which may cause the estimated results or performance to be different from actual results or performance.

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