Change to the Calculation of the Management Fee

RNS Number : 0256G

Macau Property Opportunities Fund

27 February 2015

Macau Property Opportunities Fund Limited

("MPO" or the "Company")

Change to the Calculation of the Management Fee

The Annual Report & Accounts for the period ended 30 June 2014 explained that it was necessary to reflect deferred tax when calculating the IFRS NAV and Adjusted NAV of the Company to comply with the IFRS Interpretations Committee's recent clarification of the requirements of IAS 12 Income Taxes. The Board is of the opinion that deferred tax will not be paid considering the intention of the Company to sell the shares of the special purpose vehicles holding the relevant investment properties, rather than the underlying property assets themselves. Without taking into account this change to the accounting standard, and the consequential effect on performance fees payable to the Manager, Sniper Capital Limited, both the IFRS NAV and Adjusted NAV would have been US$19.6 million higher.

The Board have agreed that the basis on which the Management Fee is calculated should reflect the Adjusted NAV without this adjustment, subject to a claw-back, and have entered into a side letter with the Manager to reflect this amendment, with effect from 1 July 2014.

Under Listing Rule 11.1.10, this amendment to the calculation of the Management Agreement constitutes a related party transaction and requires confirmation from the Company's Sponsor, Liberum Capital Limited ("Liberum"), that the terms of the proposed arrangement are "fair and reasonable" to the Company's shareholders. The Board are pleased to confirm that Liberum have provided this confirmation.

For the six months to 31 December 2014, the Investment Management Fee calculated on the revised basis was US$4,048,935, compared to US$3,806,640, calculated on the original basis.

Other fees affected by this accounting adjustment have been similarly amended.

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About Macau Property Opportunities Fund

Macau Property Opportunities Fund Limited is a closed-end investment fund registered in Guernsey. Listed on the London Stock Exchange's main market, it is also a constituent stock of the FTSE All-Share and FTSE SmallCap indices.

Launched in 2006, the Company targets strategic property investment and development opportunities in Macau and Mainland China's western Pearl River Delta. Its current US$548 million portfolio comprises a mix of well-positioned residential and retail property assets.

The Fund is managed by Sniper Capital, an Asia-based property investment manager with an established track record in fund management and investment advisory.

For further information:

Company Registration Number 44813

Website: www.mpofund.com

Public Relations

MHP Communications

Simon Hockridge / Andrew Jaques / James Morgan

Tel: +44 20 3128 8100

Manager

Sniper Capital Limited

Tel: +65 6222 1440 (Investor Contact)

Tel: +853 2870 5151(Fund Advisor)

Email: info@snipercapital.com