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MORGAN STANLEY DEAN WITTER
AFRICA INVESTMENT FUND, INC.
Morgan Stanley Dean Witter Investment Management Inc.
1221 Avenue of the Americas
New York, New York 10020
DEAR STOCKHOLDER:
At a meeting held on April 19, 2000, the Board of Directors of Morgan
Stanley Dean Witter Africa Investment Fund, Inc. (the "Fund"), voted in favor of
a proposal to conduct a tender offer for shares of the Fund's common stock.
Accordingly, the Fund is hereby commencing an offer to purchase up to 10% of the
Fund's outstanding shares of common stock. The offer is for cash at a price
equal to 95% of the Fund's net asset value per share ("NAV") as of the close of
regular trading on the New York Stock Exchange ("NYSE") on September 15, 2000,
or such later date to which the Offer is extended, upon the terms and conditions
set forth in the enclosed Issuer Tender Offer Statement and the related Letter
of Transmittal (which together constitute the "Offer").
The Offer is intended to provide tendering Stockholders with a monetary
benefit to the extent that the tender price is above the trading price of the
Fund's shares of common stock. The deadline for participating in the Offer is
5:00 p.m., New York City time, September 15, 2000, or such later date to which
the Offer is extended (the "Termination Date"). The pricing date for the Offer
is the close of regular trading on the NYSE on September 15, 2000, unless the
Offer is extended (the "Pricing Date"). Should the Offer be extended, the
Pricing Date will be at the close of regular trading on the NYSE on the same
date as the Termination Date, as extended. Stockholders who choose to
participate in the Offer can expect to receive payment for shares tendered and
accepted on or about September 25, 2000 (the "Payment Date").
If, after carefully evaluating all information set forth in the Offer, you
wish to tender shares pursuant to the Offer, please either follow the
instructions contained in the Offer or, if your shares are held of record in the
name of a broker, dealer, commercial bank, trust company or other nominee,
contact such firm to effect the tender for you. Stockholders are urged to
consult their own investment and tax advisers and make their own decisions
whether to tender any shares.
As of Tuesday, August 1, 2000, the Fund's NAV was $10.89 per share and
13,336,121 shares were issued and outstanding. The Fund's NAV during the
pendency of this Offer may be obtained by contacting Georgeson Shareholder
Communications Inc., the Fund's Information Agent, toll free at 800-223-2064 or
collect at 212-440-9800.
Neither the Fund nor its Board of Directors (the "Board") is making any
recommendation to any Stockholder whether to tender or refrain from tendering
shares in the Offer. The Fund and the Board urge each Stockholder to read and
evaluate the Offer and related materials carefully and make his or her own
decision. Questions, requests for assistance and requests for additional copies
of this Offer and related material should be directed to Georgeson Shareholder
Communications Inc., the Fund's Information Agent, at 800-223-2064 or collect at
212-440-9800.
Sincerely,
HAROLD J. SCHAAFF, JR.
President
August 14, 2000
