13 January 2010

PME AFRICAN INFRASTRUCTURE OPPORTUNITIES PLC

("PME" or the "Company") (AIM: PMEA.L; PMEW.L)

Update on Transport Investments

PME African Infrastructure Opportunities plc, the AIM listed fund investing in infrastructure projects across sub-Saharan Africa, announces an update on progress in its transportation sector portfolio companies.

PME Locomotives (Mauritius) Ltd ('PME Locomotives'), the locomotive leasing company wholly owned by PME, is in negotiations with Sheltam Holdings (Pty) Ltd ('Sheltam'), the railway operations and maintenance company in which PME has a 50% shareholding, to defer lease payments through a convertible loan note structure on up to five of the 12 locomotives it has placed on finance lease with Sheltam. Sheltam continues to pursue its strategy of regional expansion and has placed seven of the original 12 PME owned locomotives in South Africa and is also in negotiations with entities in other countries in sub Saharan Africa to place the remaining five PME owned locomotives. Sheltam's remaining locomotives from its fleet (not owned by PME) are positioned in Mozambique and the DRC. In order to assist with Sheltam's short term cash flow management, in particular, in relation to its lease obligations to PME, PME Locomotives has agreed to defer rental payments on up to five of the unplaced locomotives for the first six months of 2010 (and any outstanding as at 31 December 2009) through a loan note structure that will be repayable by the end of September 2010 ('Maturity Date'). Although it is anticipated that most of the loan notes will be redeemed in the interim period, any outstanding liability at the Maturity Date will convert to shares, increasing PME's shareholding in Sheltam.

In a separate development, and in line with its strategy to expand its services to the public domain in South Africa, Sheltam is in late stage discussions with a preferred Black Economic Empowerment ('BEE') joint venture partner. The prospective BEE joint venture partner has extensive transportation domain expertise. The transaction will enable Sheltam's core business of railway services to enter an entirely new sector and bring additional opportunities offered by the joint venture partnership.

For further information on the Company, please refer to the website at www.pmeinfrastructure.com.

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Note to Editors:

-    PME African Infrastructure Opportunities plc ('PME') is a company investing in sub-Saharan African infrastructure and infrastructure related industries. Its shares were admitted to AIM in July 2007 raising US$180 million.

-     PME was established to invest in sub-Saharan African infrastructure and infrastructure related industries with a view to generating attractive returns, principally through capital growth. It is targeting opportunities arising from years of under investment in sub-Saharan African infrastructure where that infrastructure will be instrumental in allowing the continent's economic development to continue to grow.

-     The Investment Manager is PME Infrastructure Managers Limited ('PMEIM'). The Investment Manager is responsible for identifying new investment opportunities.

-     PMEIM is a joint venture between Principle Capital Holdings S.A. (AIM: PCX.L), Unicos Partners LLP (holding company of the Helvetica Group of companies), Masazane Capital (Pty) Limited and the interests of Richard Bouma, CEO of PMEIM.