Warrant price adjustment

26 February 2010

PME AFRICAN INFRASTRUCTURE OPPORTUNITIES PLC

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

Warrant price adjustment

PME African Infrastructure Opportunities plc, an investment company established to invest in sub-Saharan African infrastructure and infrastructure related industries, announces that, further to the Investment Update and Special Dividend Payment announcement on 15 February 2010, an opinion in respect of the adjustment of the rights of holders of warrants ("Warrant Holders") to subscribe for ordinary shares in the Company, has been received from the Company's auditors PricewaterhouseCoopers, Isle of Man ("the Auditors").

In accordance with the terms of the warrant instrument dated 6th July 2007, the adjusted subscription price per warrant, which has been confirmed as fair and reasonable by the Auditors is $1.21, effective from 11.59pm on 23 February 2010. This represents a reduction of $0.04 from the original subscription price of $1.25.

In addition at the same time as the adjustment takes effect, additional warrants shall be issued to each Warrant Holder. The number of additional warrants to which a Warrant Holder will be entitled shall be the number of existing warrants held by him multiplied by the following fraction:

X - Y

Y

Where:

X = the subscription price immediately before the adjustment

Y = the subscription price immediately after the adjustment

On the basis of the above, Warrant Holders will be entitled to approximately 0.033 warrants for every existing warrant held. No fractions of warrants will be issued and the total number of additional warrants to be issued is 1,193,042.

Application will be made for these warrants to be admitted to trading on AIM.

All Warrant Holders will either receive a warrant certificate despatched on or before 19 March 2010 if a certified holder, or a credit to the CREST account of the Warrant Holder holding warrants in uncertificated form will be made for value on 19 March 2010.

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

Further enquiries:

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.