TIDMAOF 
 
Form TR-1 with annex. FSA Version 2.1 updated April 2007 
 
 
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| For filings with the FSA include the annex | 
| For filings with issuer exclude the annex  | 
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| TR-1: Notifications of Major Interests in Shares | 
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|                                        | 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)                               | 
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|                                                    | 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:            |                                  | 
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|8: Notified Details                                                                          | 
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|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      | 
+---------------------------------------------------------------------------------------------+ 
 
 
 
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|B: Financial Instruments                                                   | 
|                                                                           | 
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|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       | 
|          |          |           |                              |          | 
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+-------------------------------------------------------+ 
| Total (A+B)                                           | 
|                                                       | 
|-------------------------------------------------------| 
| Number of voting rights | Percentage of voting rights | 
|-------------------------+-----------------------------| 
| 6,433,518               | 5.57%                       | 
+-------------------------------------------------------+ 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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| 9. Chain of controlled undertakings through which the voting      | 
| rights and /or the financial instruments are effectively held, if | 
| applicable:                                                       | 
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| N/A                                                               | 
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| 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:                                                     |     | 
|                                                             |     | 
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| 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:                 |                                           | 
|                       |                                           | 
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For notes on how to complete form TR-1 please see the FSA website. 
 
=--END OF MESSAGE--- 
 
 
 
 
This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement. 
 

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