PME African Infrastructure Opps PLC 12 July 2007 Not for release, publication or distribution in, or into, the United States, Canada, Australia and Japan. PME African Infrastructure Opportunities plc ('PMEAIO' or 'the Company') First Day of Dealings on AIM PME African Infrastructure Opportunities plc is pleased to announce the commencement of trading in its ordinary shares and warrants on AIM, following the placing of such shares, raising US$180.45 million (before expenses). The ordinary shares will trade on AIM under the RIC code 'PMEA' and the warrants will trade under the RIC code 'PMEW' at 8:00am today. PMEAIO is a newly incorporated Isle of Man company with an investment objective to achieve significant total return to investors through investing in various infrastructure projects and related opportunities across a range of countries in sub-Saharan Africa. The Company's investment strategy is to identify infrastructure opportunities across the region and the Company will focus on projects involving contracts or concessions with creditworthy clients. The Company intends to invest in the transportation, telecommunications, energy, water and sanitation and infrastructure-related real estate sectors and to form part of public private partnerships. Investments will be made throughout sub-Saharan Africa with particular focus on investment into existing infrastructure operations and greenfield projects in Angola, Botswana, the Democratic Republic of Congo, Ethiopia, Ghana, Mozambique, Nigeria, South Africa, Tanzania and Zambia. The Company will, where possible, invest in infrastructure projects and related opportunities through special purpose companies or other entities. The Company will seek to obtain controlling interests or significant minority interests in the projects in which it invests which will carry board representation and/or meaningful shareholder rights. The Board comprises five Non-executive Directors who, together, have significant experience. The following individuals currently serve as Directors: Graca Machel, the internationally recognised political and social activist with particular interests in women and children's rights as well as social and economic reconstruction and development in the region; David von Simson, a co-founder of London based investment bank, Europa Partners Limited, and former managing director of Warburg Dillon Read; Larry Kearns, chairman of Anglo Irish Bank Corporation (I.O.M.) PLC and former managing partner of Ernst & Young in Isle of Man; Paul Macdonald, a former director of Pilkington in Germany; as well as Brian Myerson, current chief executive officer and founder of Principle Capital Group. The Investment Manager, PME Infrastrucuture Managers Limited ('PMEIML'), is responsible for sourcing investment opportunities through referrals, direct approaches and general and direct strategies employed by it to specific industries. PMEIML is a joint venture between the Principle Capital Group (a group of companies specialising in alternative investment management, the holding company of which is Principle Capital Holdings S.A. (AIM: PCH)), Dunkeld Trust, Sonrise Investment Limited and Unicos Partners LLP. Based on current market conditions and in the absence of unforeseen circumstances, the Investment Manager anticipates that the Company should be substantially invested or committed for investment within 12 months of Admission, although there can be no guarantee of this. David von Simson, Chairman of PMEAIO, commented, 'We believe that the launch of this investment company enables us, both Directors and shareholders, to participate in the development of a region that is rich in natural resources but, historically, has suffered a lack of investment in infrastructure. We hope that the Company will not only achieve excellent returns for its shareholders but that it will be a valuable participant in the future of sub-Saharan Africa.' Smith & Williamson Corporate Finance Limited is acting as the Company's nominated adviser and Fairfax I. S. PLC is acting as the Company's broker. PME Infrastructure Managers Limited has been retained to provide investment management services to the Company. Placing Statistics: Placing Price USD1.00 Number of Ordinary Shares being issued pursuant to the Placing 180,450,000 Number of Warrants being issued pursuant to the Placing 36,090,000 Expenses of the Placing payable by the Company USD7.25 million Net proceeds of the Placing receivable by the Company USD173.20 million Market capitalisation at the Placing Price USD180.45 million For further information, please contact: Azhic Basirov Smith & Williamson Corporate Finance Limited 020 7131 4000 James King Fairfax I. S. PLC 020 7460 4373 Anne Dalen Principle Capital Group for 020 7240 3222 PME Infrastructure Managers Limited 12 July 2007 The Company accepts responsibility for the information contained in this announcement. To the best of the knowledge and belief of the Company (which has taken all reasonable care to ensure that such is the case) the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information. Fairfax I. S. PLC, which is authorised and regulated by the Financial Services Authority and is a member of the London Stock Exchange, is acting exclusively for the Company and no one else in connection with the Placing and the Admission. Fairfax I. S. PLC will not regard any other person as its customer or be responsible to any other person for providing the protections afforded to customers of Fairfax I. S. PLC nor for providing advice in relation to the transactions and arrangements detailed in this document. The responsibilities of Fairfax I. S. PLC as the Company's broker for the purposes of the AIM Rules are owed solely to the London Stock Exchange and are not owed to the Company or any Director or to any other person. Fairfax I. S. PLC is not making any representation or warranty, express or implied, as to the contents of this announcement. Smith & Williamson Corporate Finance Limited, which is authorised and regulated by the Financial Services Authority and is a member of the London Stock Exchange, is acting exclusively for the Company and no one else in connection with the Placing and the Admission. Smith & Williamson Corporate Finance Limited will not regard any other person as its customer or be responsible to any other person for providing the protections afforded to customers of Smith & Williamson Corporate Finance Limited nor for providing advice in relation to the transactions and arrangements set out in this announcement. The responsibilities of Smith & Williamson Corporate Finance Limited as the Company's nominated adviser for the purposes of the AIM Rules are owed solely to the London Stock Exchange and are not owed to the Company or any Director or to any other person. Smith & Williamson Corporate Finance Limited is not making any representation or warranty, express or implied, as to the contents of this announcement. The subject matter of this announcement is directed only (i) at persons who are in the United Kingdom and have professional experience in matters relating to investments falling within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and (ii) to persons to whom it may otherwise be lawful to distribute it (all such persons together being referred to as 'relevant persons'). This announcement must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with relevant persons. This announcement does not constitute an offer of, or the solicitation of any offer to buy, any of the ordinary shares which are proposed to be offered to any person in any jurisdiction to whom or in which such offer or solicitation is unlawful. The distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of such jurisdiction. The ordinary shares which are proposed to be offered have not been, nor will they be, registered under the United States Securities Act of 1933 (as amended) (the 'Securities Act') and may not be offered or sold, directly or indirectly, in or into the United States absent registration or an exemption from registration. There will be no public offer of securities in the United States or any other jurisdiction. This announcement does not constitute or form part of an offer, or any solicitation of an offer, for securities and any purchase or application for shares in the placing should only be made on the basis of information contained in the formal AIM admission document issued by the Company in connection with the Placing.