REG-Africa OpportunityFd: Holding(s) in Company

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For filings with the FSA include the annex
For filings with issuer exclude the annex

TR-1: Notifications of Major Interests in Shares

1. Identity of the issuer or the underlying issuer of existing
shares to which voting rights are attached:

Africa Opportunity Fund

2. Reason for notification [Yes/No]

An acquisition or disposal of voting rights Yes

An acquisition or disposal of financial instruments which
may result in the
acquisition of shares already issued to which voting rights
are attached

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to Societe Generale Option Europe
notification
obligation:

4. Full name of shareholder(s) (if
different from 3):

5. Date of transaction (and date on 17 July 2008
which the
threshold is crossed or reached if
different):

6. Date on which issuer notified: 21 July 2008

7. Threshold(s) that is/are crossed or 7%
reached:

8: Notified Details

A: Voting rights attached to shares

Class/type of Situation previous Resulting situation after
shares to the triggering transaction
the triggering
transaction

If possible Number of Number of Number of Number of Percentage of
use shares voting shares voting rights voting rights
ISIN code rights

Direct Indirect Direct Indirect

ORD Shares 8,840,000 8,840,000 8,490,000 8,490,000 0 6.79% 0

KYG012921048

B: Financial Instruments

Resulting situation after the triggering transaction

Type of Expiration Exercise/ No. of voting Percentage of
financial date conversion rights that may be voting rights
instrument period/date acquired (if the
instrument
exercised/
converted)

Total (A+B)

Number of voting rights Percentage of voting rights

8,490,000 6.79%

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

Proxy Voting:

10. Name of proxy holder:

11. Number of voting rights proxy
holder will cease to hold:

12. Date on which proxy holder will
cease to hold voting rights:

13. Additional information:

14 Contact name: Patrick Overmeer

15. Contact telephone name: 0207 676 6885

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

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