Fairfax I.S. PLC (“Fairfax”) has successfully raised $90.4m for Advance Frontier Markets Fund Limited (the “Company”) in a secondary fund raising. The Company is a closed ended investment company established to invest in a portfolio of funds and other investment products which predominately derive their value from ‘Frontier Markets’. The Company continues to benefit from the proven management skills of Progressive Developing Markets Limited and has delivered strong performance since inception in June 2007.

The gross proceeds of the placing will be used to fund further investments in line with the Company’s investment strategy. Following the admission of the new Ordinary Shares to AIM and the CISX there will be 169,400,000 Ordinary Shares in issue.

Further information on the Company is available on the Company's website at www.frontiermarketsfund.com

Placing statistics:

Diluted NAV per existing Ordinary Share as at 2 June 2008 - $1.0508

Placing Price per new Ordinary Share - $1.0716

Number of new Ordinary Shares being issued pursuant to the Placing - 84,400,000

Number of Ordinary Shares in issue following the Placing - 169,400,000

Gross proceeds of the Placing - $90,443,040