Interim Results

Macau Property Opportunities Fund
15 February 2008



                      Macau Property Opportunities Fund Limited
                             ('MPO' or the 'Company')

           Interim Results for the six months ended 31 December 2007



Macau Property Opportunities Fund Limited is pleased to announce its interim
results for the six months ended 31 December 2007. The Company, which is managed
by Sniper Capital Limited, develops and invests in property opportunities
primarily in Macau and also in the Western Pearl River Delta region of Southern
China.


Highlights



•  To date, the Company's property commitments total US$226.7 million
   which is equivalent to approximately 120% of the total equity of US$200 
   million (£105 million) raised in June 2006



•  Adjusted NAV per share is US$2.60 (130.1p), representing a 17% uplift
   over the corresponding Adjusted NAV per share as at 30 June 2007



•  22% uplift in property portfolio valuations for the six month period
   ended 31 December 2007



•  Strong pipeline of potential investment opportunities with 11 sites
   (value of c.US$550 million) currently under negotiation





David Hinde, Chairman, said:



'These interim results reflect the successful execution of Sniper Capital's
investment strategy of targeting niche and strategically positioned assets in
the region. With an exciting portfolio of current projects and a healthy
pipeline of attractive sites, I am confident that the Company will continue to
benefit from Macau's dynamic property market and generate strong returns for the
shareholders.'







For further information:



Website: www.mpofund.com



Public Relations
Hogarth Partnership Limited
Andrew Jaques / Sarah Richardson
Tel: [phone]



Nominated Adviser and Joint Broker
Collins Stewart Europe Limited
Hugh Field
Tel: [phone]



Joint Broker
Shore Capital Stockbrokers Limited
Dru Danford
Tel: [phone]



Company Secretary & Administrator
Heritage International Fund Managers Limited
Mark Huntley / Laurence McNairn
Tel: [phone]



Manager
Sniper Capital Limited
Corporate and Investor Communications
Daisy Tang
Tel: [phone]
Email: [e-mail]
www.snipercapital.com


Stock Codes:


Bloomberg:    MPO LN
Reuters:      MPO.L



Macau Property Opportunities Fund Limited (MPO) is a closed-end investment fund
registered in Guernsey and traded on the Alternative Investment Market (AIM) of
the London Stock Exchange.



The Company's investment policy is to provide shareholders with an attractive
total return through investing in property opportunities in one of the world's
fastest growing and most dynamic regions - Macau and the Western Pearl River
Delta of Southern China.



The Fund is managed by Sniper Capital Limited, an independent investment manager
specialising in property investment opportunities in niche, undervalued and
developing markets.



Chairman's Statement



I am delighted to report on the further successful progress of Macau Property
Opportunities Fund Limited in the six months ended 31 December 2007.



In only its second full year of operation, MPO has continued to demonstrate
encouraging progress in the execution of its investment strategy whilst adhering
to the key disciplines which are essential to astute investment in a rapidly
developing and highly competitive marketplace. During the six months to 31
December 2007, further investments totalling US$78.5 million were made by the
Company, bringing the total amount invested or committed to US$226.7 million,
equivalent to approximately 120% of the total equity raised at AIM Admission.



MPO has continued to generate significant value for shareholders. During the
period, the value of the Company's properties increased by US$50.6 million or
22.1% resulting in an Adjusted NAV* as at 31 December 2007 of US$272.8 million,
equivalent to US$2.60 or 130.1p per share. This represents a 17.1% uplift over
the corresponding Adjusted NAV per share as at 30 June 2007 and an increase of
44.4% in US dollar terms and 35.2% in sterling terms over the NAV per share on
Admission to AIM. These figures reflect the high quality and strategic
positioning of the Company's portfolio, as well as the positive effect of
deploying additional capital.



The high degree of selectivity demonstrated in the choice of investments to date
clearly illustrates our adherence to stringent and disciplined investment
processes in acquiring well positioned assets within targeted market segments. I
am satisfied that the Board continues to receive well researched, high quality
investment proposals from the Manager, Sniper Capital, which should enable the
Company to pursue its investment strategy successfully.



With an exciting portfolio of existing projects and a healthy pipeline of
attractive sites on which negotiations are progressing, I look forward with
confidence to the continued development of the Company and to creating further
value for shareholders.





David Hinde

Chairman

Macau Property Opportunities Fund Limited



*Adjusted Net Asset Value is shown after accruing for the performance fee and is
calculated by taking the NAV per share calculated under IFRS and adjusting inter
alia to include the properties owned by the Company at net realisable value
rather than at the lower of cost or net realisable value.



Manager's Report



Overview



In the six months to the end of December 2007, the Company successfully built on
the foundations laid in its first full year of operation. Acquisitions have
further contributed to the Company's existing portfolio of niche and
strategically placed properties in key market segments, leaving it positively
exposed to the remarkable on-going economic transformation of Macau.



We believe that the Company's strategic positioning in the premium luxury
residential sector through its investment purchase in One Central Residences,
along with the niche positioning and significant redevelopment potential of its
other three redevelopment projects, render it well positioned to generate
continuing strong returns for shareholders.



The investment pipeline currently being negotiated by the Company, consists of
11 sites totalling approximately US$550 million in combined acquisition value.
In selecting suitable investments for MPO, we continue to avoid sectors which we
believe are susceptible to oversupply, instead focusing on the core areas which
are likely to deliver the greatest value to shareholders in Macau's rapidly
developing property markets. These include:



•          Premium luxury residential accommodation in prime locations

•          Entry-level/affordable residential accommodation

•          Retail space in areas of high footfall

•          Leisure/commercial facilities in strategic locations

•          Hotel and serviced apartments in key locations

•          Industrial/warehouse space



With negotiations continuing to advance steadily on a number of key pipeline
sites, we remain confident in our ability to commit the Company's remaining cash
reserves of US$95 million efficiently and profitably within our target two year
investment period.





Current Investments



The Company continued to make steady progress in its investment strategy during
the first half of this financial year. In the six months to the end of December
2007, further acquisitions amounting to US$78.5 million were completed or
secured, bringing the total amount committed to US$226.7 million or
approximately 120% of the Company's total equity. Of these new investments,
US$26.7 million relates to a mixed-use redevelopment project (known as Property
4), comprising an acquisition price of US$16 million and an estimated
redevelopment cost of US$10.7 million. The acquisition of Property 4 brings to a
close almost two years of negotiations and successfully converts a key pipeline
site which was referred to in the Company's AIM Admission Document.



The remaining acquisitions since 30 June 2007 comprised a number of separate
smaller transactions. These form part of an on-going, opportunistic strategy of
acquiring well located and attractively priced smaller property assets which the
Company believes offer significant capital appreciation as investment properties
in their own right or through consolidation, refurbishment or redevelopment. The
total amount invested to date in such properties amounts to US$51.8 million.



Of this amount, US$48.3 million has been spent on acquiring 24 well located
units in One Central Residences, the residential portion of the premium
mixed-use One Central development, in which the Company purchased a luxury
residential tower (Tower 6) in November 2006 for US$86.6 million. These
additional units, all situated on well positioned floors with superior aspects,
increase the Company's total combined gross floor area in One Central Residences
by 34% to a total of approximately 200,000 square feet. This represents 12% of
the total residential floor space in the development at an average acquisition
cost of approximately US$680 per square foot. This compares favourably to
Savills' most recent average valuation of US$980 per square foot for the
properties, representing an increase over total cost of 44%. For clarity, these
additional units will henceforth be amalgamated with Tower 6 and jointly
referred to as Property 2 of the Company's portfolio.



The Company continues to believe in the unprecedented quality and positioning of
One Central, which is due for completion in 2009. The project's unique nature
and value is further enhanced by the fact that other premium luxury residential
developments currently being planned in Macau continue to experience delays in
obtaining the necessary planning permission and/or construction permits. We,
therefore, believe that demand for residential units in One Central will remain
strong and possibly escalate further as the project nears completion and the
surrounding area continues to be transformed.



The remaining US$3.5 million invested was deployed under the smaller properties
acquisitions scheme.



The Company's other three property assets are all redevelopment sites which
remain at various stages of planning or consolidation and are fully summarised
in the following pages.





Property Portfolio



To date, MPO's property commitments total US$226.7 million in combined
acquisition and projected development costs.



Property 1

Sector: Residential (Luxury)
Valuation: US$16,784,000
Uplift (current period): +15.1%
Uplift (since acquisition): +107.1%



Property 2 (One Central)

Sector: Residential (Premium luxury)
Valuation: US$194,945,000
Uplift (current period): +17.3%
Uplift (since acquisition): +43.9%



Property 3

Sector: Residential (Entry-level)
Valuation: US$30,622,000
Uplift (current period): +7.8%
Uplift (since acquisition): +43.1%



Property 4

Sector: Mixed-use
Valuation: US$30,109,000
Uplift (current period): +88.4%
Uplift (since acquisition): +88.4%



Other Assets

Sector: Various
Valuation: US$6,791,000
Uplift (current period): +93.6%
Uplift (since acquisition): +93.6%



Portfolio Summary

Valuation: US$279,251,000
Uplift (current period): +22.1%
Uplift (since acquisition): +51.4%



Property 1

Property 1 represents a 100% interest in a prime residential redevelopment
project located in a popular and well established neighbourhood. The Company
intends to develop Property 1 into mid-rise residential flats targeted at local
middle income residents seeking to improve the quality of their existing
accommodation.



The project's conceptual design comprises a courtyard style residential building
laid out around an internal garden. Site investigations are now underway and the
demolition of the existing structure is scheduled to commence once necessary
Government approvals have been received. Completion is scheduled by the end of
2009.



The Company's current intention is to sell all of the residential units in this
project either on a pre-sale basis or on completion of the project.


Acquisition Date                                October 2006
Sector                                          Residential
Location                                        South Western Macau Peninsula
Current Status                                  Design process
Title                                           Freehold
Land Area                                       13,000 ft2/1,200 m2
Acquisition Cost                                US$8.6 million
Projected Development Cost                      US$7.1 million
Total Commitment                                US$15.7 million
Valuation Uplift Since Acquisition              107.1%
Positioning                                     Local middle income residents
Proposed Development                            Apartment block with car parking
Estimated Completion Date                       End 2009



Property 2 (One Central)

The Company has acquired a total of 198,900 square feet of residential space in
One Central Residences, the residential portion of the premium mixed-use
development, One Central. This represents approximately 12% of the total 1.63
million square feet of floor area over the 7 residential towers in the project.
MPO's investment comprises an entire 40 storey luxury residential tower (Tower
6) purchased in November 2006 and 24 well positioned individual units in various
other towers, which were purchased as a series of individual transactions in the
second half of 2007. The completion date for all the residential towers is
expected during the course of 2009.



One Central is being jointly developed by two of the region's leading
developers, Hongkong Land and Shun Tak Holdings. It consists of a 300,000 square
foot premier shopping complex, a 210-room, 6-star Mandarin Oriental Hotel and a
50,000 square foot clubhouse and health spa for the exclusive use of residents.


Acquisition Date                              November 2006
Sector                                        Residential
Location                                      Central Macau Peninsula
Current Status                                Under construction
Title                                         Leasehold
Gross Floor Area                              198,900 ft2/18,480 m2
Acquisition Cost: Tower 6                     US$86.6 million
Acquisition Cost: other units (24)            US$48.3 million
Total Commitment                              US$134.8 million
Valuation Uplift Since Acquisition            43.9%
Positioning                                   Premium luxury
Proposed Development                          High-rise apartment tower in prime 
                                              mixed-use project
Estimated Completion Date                     2009





Property 3

Property 3 is a 100% interest in a site located in the rapidly regenerating
northern part of Macau Peninsula. The Company intends to redevelop the site into
affordable high-rise apartments catering to the increasing demand for
entry-level accommodation from local residents.



The surrounding area is undergoing widespread redevelopment and urban renewal.
Furthermore, the recent high profile sale of two nearby sites by public tender
has added further impetus to the regeneration of this part of Macau.
Negotiations are continuing to consolidate adjacent sites in this area before
commencing with the planning process and redevelopment of the property.


Acquisition Date                                    November 2006
Sector                                              Residential
Location                                            Northern Macau Peninsula
Current Status                                      Consolidating adjacent sites
Title                                               Leasehold
Land Area                                           20,000 ft2/1,860 m2
Acquisition Cost                                    US$20.6 million
Projected Development Cost                          US$25.4 million
Total Commitment                                    US$46.0 million
Valuation Uplift Since Acquisition                  43.1%
Positioning                                         Entry-level
Proposed Development                                High-rise apartment block
Estimated Completion Date                           End 2009



Property 4

Property 4 was acquired in October 2007, bringing to a close almost two years of
negotiations and successfully converting a key pipeline site which was referred
to in the Company's AIM Admission Document.



The 10,500 square foot freehold site is located adjacent to Senado Square, one
of the most popular tourist destinations on Macau Peninsula, which, due to its
rich Macanese architectural legacy, forms part of the Territory's World Heritage
district. The area's increasing local and tourist pedestrian traffic has
resulted in strong demand for retail outlets in the vicinity, driving retail
property prices and rents to amongst the highest in Macau.



In order to capitalise on the excellent location of Property 4, a mixed-use
redevelopment is proposed incorporating prime retail and entertainment
facilities.


Acquisition Date                               October 2007
Sector                                         Mixed-use
Location                                       Macau Peninsula
Current Status                                 Planning
Title                                          Freehold
Land Area                                      10,500 ft2/975 m2
Acquisition Cost                               US$16.0 million
Projected Development Cost                     US$10.7 million
Total Commitment                               US$26.7 million
Valuation Uplift Since Acquisition             88.4%
Positioning                                    Retail/Tourism
Proposed Development                           Six storey retail & entertainment 
                                               complex
Estimated Completion Date                      End 2010



Other Assets

Various additional properties have been purchased by MPO as part of the on-going
strategy of acquiring well located and attractively priced smaller property
assets which the Company believes offer the prospect of significant capital
appreciation as investment properties in their own right or through
consolidation, refurbishment or redevelopment. The total amount invested to date
in such properties now amounts to US$3.5 million.





Property Market



Macau's property market continues to be driven by the spectacular transformation
currently underway in the Territory's gaming industry. Substantial investment in
new casino-related projects is continuing to have a significant and far reaching
impact on all segments of the domestic property market, both from demand and
supply side perspectives.



Demand from end-users, investors and developers for quality residential
properties has continually outpaced supply across all areas of Macau. For most
of 2007, this resulted in consistent price appreciation which has been further
boosted by booming regional stock markets and negative real mortgage rates.
Meanwhile, the sub-prime mortgage crisis in the US, which has dampened many
markets around the world, has so far had limited impact on lending or local
market sentiment in Macau.



Sales activity was brisk during the first three quarters of 2007, with 11,274
real estate sales and purchase contracts being executed with a total value of
US$1.511 million, up by 14% and 42% respectively year-on-year. Despite this
rapid growth in sales activity, the shortage of quality developments on the
horizon, combined with planning delays for a number of larger residential
projects, continued to drive prices higher, particularly at the top end of the
market, with overall prices reportedly increasing by 30% and more during the
year.



We believe that upward pressure on both prices and rentals is unlikely to abate
in the coming year for a number of reasons, both demographic and economic:



•  High levels of population influx: Immigrant workers exceeded 85,000
   in 2007, representing a 25+% year-on-year growth rate, against a 5% growth in
   the overall population of Macau

•  Rising household incomes as new casinos continue to vie for employees
   in a tight labour market

•  Rapid household formation as local inhabitants capitalise on their
   new-found disposable incomes

•  Limited supply of quality projects across Macau

•  Increasing Government incentives to local home buyers



In December, as part of the Government's move towards greater transparency in
the land disposal process, two plots of land in north west Macau Peninsula were
offered for sale by public tender, the first to be sold in this way since the
handover from Portugal in 1999. The tender closed in January 2008 and the sites,
zoned for residential development, sold for about nine times the opening bid.
The sites in question are located near to the Company's Property 3, which we
expect to benefit from valuation uplift if these tender results have a general
market impact on the prices of neighbouring properties.



The Government has also moved to appease local disquiet over escalating property
prices and rising costs of living for lower income earners. Various measures
were announced recently, including the reduction of estate tax, waiving of stamp
duty for first-time home buyers of properties valued below US$385,000, and low
income mortgage interest relief measures. This is not only positive for the
domestic residential property market overall, but also for MPO's 'entry-level'
projects.





Retail



Supply of high quality casino retail space has grown rapidly in the last 12
months, driven largely by the opening of the 1.2 million square foot Venetian
Macao retail shopping facilities on the Cotai Strip in August 2007. By
comparison, local and tourist retail space has seen no significant new additions
during the year due to the very limited availability of appropriate sites.
Cumulative retail sales grew very strongly during the year, reaching US$1.25
billion in the first three quarters of 2007. This strong performance, combined
with the shortage of quality retail premises outside the casino/hotel locations,
has driven up demand for prime retail properties which has, in turn, had an
upward impact on values and rents across most of Macau.



Against this positive backdrop, however, it should be noted that a significant
number of new casino/hotel and retail properties are due to be completed over
the next two to three years. In the near term, this scale of development is
likely to dampen overall growth rates in the retail property market until the
new supply is fully absorbed. Over the longer term, however, we believe that
these developments will bode well for values and rents across the prime retail
property sector by ensuring Macau's place as a major Asian retail destination
offering the entire complement of international and luxury brand names.



Gaming



The principal measure of the performance of Macau's economy is gaming revenues
which, for 2007, rose by 46.6% to US$10.4 billion. Concerns have been voiced in
some quarters relating to the relative performance of individual casino
operators, particularly with respect to VIP market share. However, the clear
consensus is that growth in gaming revenues as a whole will continue to be
strong into the foreseeable future.



In December 2007, Macau witnessed the high profile launch of MGM Grand Macau,
US-listed MGM Mirage's first project in Asia. All six gaming concessions in
Macau are now finally in operation. SJM, owned by local casino tycoon Stanley
Ho, has announced it will be building a new hotel on the site of its original
flagship and Macau's oldest casino, the Lisboa Hotel. Redevelopment is expected
to begin following the full opening of the neighbouring Grand Lisboa Hotel in
2008.



In the future, the Cotai Strip is likely to emerge as the Territory's integrated
business, leisure and gaming destination with upscale casino-resort-hotels
increasingly dominating the landscape. The Four Seasons and Shangri-La hotels
are due to open in 2008 followed by Galaxy's 'Mega Resort', Melco/PBL's 'City of
Dreams' and 'Macau Studio City' backed by eSun Holdings. MGM Grand Macau has
recently announced that it has secured funding for its expansion onto the Cotai
Strip. Further announcements are expected in the months ahead.



Milestone opening of new hotels/casinos(from Jun-Dec 07 and forecast openings)

Aug 07         Grand opening of Venetian Macao-Resort-Hotel
Sep 07         Harrah's Entertainment Inc. acquire Oriental golf course on Cotai
Dec 07         Opening of Wynn Macau Phase II
Dec 07         Launch of MGM Grand Macau
Early 08       Opening of Ponte 16
Mid 08         Four Seasons and Shangri-La hotels are expected to open





Tourism & MICE



Macau's tourism industry continues to expand and flourish as it increasingly
repositions itself as an international destination with growing numbers of
Meeting, Incentive, Convention and Exhibition (MICE) events and Las Vegas-style
attractions. Visitor numbers in 2007 rose by 22.8% over the previous year to
over 27 million, setting new records for the city.



By the fourth quarter of 2007, the total number of guest rooms available in the
hotel sector had increased by 3,321 year-on-year to 15,740 (+26.7%). In October,
a total of 490,271 guests checked into hotels and similar establishments,
representing a year-on-year growth of 18.9%. With the attraction of several
major MICE events held in that month, the average hotel occupancy rate soared by
5.7% to 79.3%, with 3-star hotels leading at 82.4%. In addition, the important
measure of average length of stay of hotel guests extended substantially by 0.43
nights to 1.62. The majority of guests came from Mainland China (46.3%) and Hong
Kong (27.9%). The total number of hotel guests in the first ten months of 2007
was 4,706,089, up 25.3% over the same period of 2006.





Government Policy



In his eighth policy address delivered in November, Macanese Chief Executive
Edmund Ho reiterated the Government's continued commitment to developing the
gaming and tourism industries, whilst also maintaining the fight against
corruption and crime. In addition, he outlined several new policies designed to
improve the city's political and socio-economic fabric. Amongst them was the
construction of subsidised housing and other support measures for lower income
earners, including mortgage interest relief and the abolition of stamp duty for
first-time home buyers. The move towards greater Government transparency was
also demonstrated by the announcement of the tender of two plots of land at the
end of the year.





Infrastructure



On-going rapid property development and the growth in visitor numbers continue
to place considerable pressure on the Territory's transport infrastructure. In
order to cope with these pressures, the Government has instigated a number of
initiatives:



•   Lotus Bridge - now completed, connecting Macau's Cotai Strip and
    Zhuhai for road traffic. Soon to open for 24 hour operation for passenger 
    and cargo traffic

•   Hong Kong-Zhuhai-Macau Bridge (planned) - a 35km bridge connecting
    the three cities and linking up the East and West Pearl River Delta for
    passenger and cargo traffic

•   Light Rail System - studies have been finalised and optimal routes
    chosen for this high speed passenger system running through Macau and Taipa.
    Construction due to commence in 2008 with completion planned by end 2011

•   Taxi licences - additional taxi licences were issued to help
    alleviate taxi queues and increase use of public transport

•   Second ferry pier in Taipa - temporary second pier opened in 2007
    with the full size permanent terminal due to be completed in 2009. Cotaijet
    ferry service connecting Macau with Hong Kong Airport, Hong Kong Central,
    Shenzhen Airport and other Pearl River Delta cities is now resumed.





Economy



Macau's rapid economic growth continues to be accompanied by a surge of foreign
investment. Government statistics indicate that gross fixed capital formation
grew by 38.3% year-on-year, helping to drive GDP growth to 30.9% in the third
quarter of 2007. This has placed the local labour market under significant
pressure with unemployment falling to 3.1%, pushing wage inflation to over 20%.
Gaming revenues, one of the principal drivers of Macau's GDP, continue to grow
exponentially exceeding US$10 billion in 2007, a rise of 46.6% on the previous
year. Visitor numbers also set new records, hitting 27 million in 2007, up 22.8%
year-on-year. Infrastructure pressure from the continued development of casinos
and resorts is also reflected in consumption of electricity which, in the third
quarter, registered the largest growth among all energy, up by 25.9% from the
previous quarter and 30% year-on-year.





Key Economic Statistics
                                      2007          Figure           YoY%
Unemployment rate                     FY            3.1%            -0.7%
CPI                                   FY            114.46          +5.6%
Visitor arrivals                      FY            27 m           +22.8%
Gaming revenues                       FY            US$10.4 bn     +46.6%
Retail sales value (est.)             FY            US$1.67 bn       +30%
Median monthly income                 Q3            US$983         +15.5%
Real GDP                              Q3            US$4.79 bn     +30.9%

Source: DSEC





Financial Review



During the second half of 2007, the Company committed a further US$78.5 million
on property acquisitions and as at 31 December 2007 had a total commitment,
including estimated redevelopment costs, of US$226.7 million, representing
approximately 120% of equity raised.



In accordance with International Financial Reporting Standards (IFRS) and the
Company's valuation policy, all properties have been valued by Savills (Macau)
Limited as at 31 December 2007 and included in the financial statements at the
lower of cost and net realisable value. This results in a reported NAV per share
of US$1.69.



The open market valuation of MPO's interests in these properties, as reported by
Savills and as detailed in the Portfolio Summary of this report, was US$279.3
million. This is an uplift in the portfolio valuations during the period under
review of US$50.6 million (which represents a 22.1% increase) and of US$94.8
million over the cost of the properties (equivalent to a 51.4% increase since
acquisition). The Company's Adjusted NAV per share has exceeded the basic
performance hurdle of 10%, the super performance hurdle of 25% (both calculated
on a compounding basis) and the high watermark resulting in an Adjusted NAV per
share after accruing for performance fees of US$2.60 or 130.09p per share. This
represents a respective 17.2% and 17.4% increase from 30 June 2007 and a
respective 44.3% and 35.2% increase from the NAV per share on admission to AIM.



As at 31 December 2007, MPO's total assets stood at US$198.2 million, made up of
US$102.9 million of development properties and cash of US$95.1 million. If
development properties were included in the Balance Sheet at open market value,
as reported by Savills and as used for the Adjusted NAV, total assets would be
US$374.6 million. Total liabilities of the Company as at 31 December 2007 were
US$10.6 million comprising mainly payments due for acquired properties and fees
accruals.



In line with MPO's stated objective of delivering an attractive total return
primarily from capital appreciation, payment of a dividend is not recommended.





Cash Management



As at 31 December 2007, the Company had a cash balance equivalent of US$95.1
million. Cash balances are held in both US$ and HK$ fixed deposits and in
savings and current accounts with international banks located in Guernsey, Hong
Kong and Macau. The majority of the cash balances are held with a United Kingdom
bank which holds an Aaa rating from Moody's.



Unaudited results are summarised below:


                                                      31-Dec-07                  30-Jun-07
                                                US$          £1         US$             £1

NAV                                        $177.92m     £89.08m    $188.24m        £94.08m

Adjusted NAV2                              $272.81m    £136.59m    $232.81m       £116.34m

NAV per share                                 $1.69      84.84p       $1.79         89.60p

Adjusted NAV per share2                       $2.60     130.09p       $2.22        110.80p

Uplift in Adjusted NAV

  Since Admission3                           44.34%      35.21%      23.17%         15.16%

  Since 30 June 2007                         17.19%      17.41%         n/a            n/a


1 Based on US$/£ exchange rate of 1.997 at 31 Dec 2007 and 2.001 at 30 Jun 2007

2 Adjusted Net Asset Value is shown after accruing for the performance fee

3 Based on NAV per share at Admission on 5 June 2006 of US$1.80 (96.21 pence)





Outlook



Over the period, MPO has consolidated its position as one of the leading
investors in the Macau property market. As the Macanese economy continues to
grow dynamically, the period ahead will see the Company focusing on committing
all remaining funds to the acquisition of further attractive pipeline assets as
well as progressing current development projects.



Our priorities for the coming half-year are as follows:

•   commit all remaining capital

•   progress design and approvals of development projects

•   secure competitive bank financing for existing projects

•   continue to widen MPO investor base with an emphasis on retail participation

•   expansion of media coverage to a wider investor audience



We believe that the Company's current portfolio of strategically located, niche
properties in clearly differentiated market segments is well positioned to
benefit from the continuing expansion and transformation being experienced in
the Macau market.





Tom Ashworth/Martin Tacon

Principals

Sniper Capital Limited



Consolidated Balance Sheet (Unaudited)

As at 31 December 2007


                                                           31 Dec 07              31 Dec 06              30 Jun 07
                                  Note                       US$'000                US$'000                US$'000
Assets

Non-current assets                                                 -                      -                      -
                                                                   -                      -                      -

Current assets
Inventories                       3                          102,894                 56,376                 56,084
Trade and other receivables                                      179                    575                    458
Prepayments                                                       22                     30                     54
Cash and cash equivalents                                     95,106                148,706                144,297
                                                             198,201                205,687                200,893
Total assets                                                 198,201                205,687                200,893


EQUITY

Capital and reserves attributable to the Company's 
equity holders

Share capital                                                 1,050                  1,050                  1,050
Distributable reserve                                       187,960                187,960                187,960
Retained earnings/(accumulated                             (10,723)                  2,584                  (524)
losses)
Foreign exchange on                                           (365)                      -                  (247)
consolidation

Total equity                                                177,922          191,594                      188,239



LIABILITIES

Current liabilities
Trade and other payables                                     20,279                 14,093                 12,654
Total liabilities                                            20,279                 14,093                 12,654
Total equity and liabilities                                198,201                205,687                200,893



The financial statements were approved by the Board of Directors and authorised
for issue on 14 February 2008.



Consolidated Income Statement (Unaudited)

For the period from 1 July 2007 to 31 December 2007


                                                                         1 Jul 07-  18 May 06 -      18 May 06 -
                                                                         31 Dec 07    31 Dec 06        30 Jun 07
                                                          Note             US$'000      US$'000          US$'000
Revenue
Bank and other interest                                                      2,901        5,290            8,876
Gains on foreign currency exchange                                               -           41               18
                                                                             2,901        5,331            8,894

Expenses
Management fee                                                               2,313        2,142            4,319
Performance fee                                                              9,663            -            3,807
Non-Executive Directors' fees                                                  126          139              338
Auditors' remuneration                                                          29           11               52
General and administration expenses                                            588          455              902
Losses on foreign currency exchange                                            381            -                -
                                                                          (13,100)      (2,747)          (9,418)
Net profit/(loss) for the period                                          (10,199)        2,584            (524)

Attributable to:
Equity holders of the Company                                             (10,199)        2,584            (524)
                                                                          (10,199)        2,584            (524)


                                                                        1 Jul 07-   18 May 06 -      18 May 06 -
                                                                       31 Dec 07    31 Dec 06        30 Jun 07
                                                                              US$           US$              US$
Basic and diluted earnings/(losses) per share for profit/(loss)
attributable to the equity holders of the Company during the
period

                                                                 5       (0.0971)        0.0246         (0.0050)



Consolidated Statement of Changes in Equity (Unaudited)
For the period from 1 July 2007 to 31 December 2007




                                                                                                   Foreign
                                            Share       Share  Accumulated   Distributable     exchange on
                                          capital     premium       losses         reserve     consolidated     Total
                                          US$'000     US$'000      US$'000         US$'000          US$'000   US$'000

Balance at 1 July 2007                      1,050           -        (524)         187,960           (247)   188,239
Foreign exchange on consolidation               -           -            -               -           (118)     (118)
Net loss for the period                         -           -     (10,199)               -               -  (10,199)
Balance carried forward at

31 December 2007                            1,050           -     (10,723)         187,960           (365)   177,922





For the period from 18 May 2006 to 31 December 2006
                                                                                                  Foreign
                                                                                              exchange on
                                            Share       Share    Retained   Distributable   consolidation
                                          capital     premium    earnings         reserve                     Total
                                          US$'000     US$'000     US$'000         US$'000         US$'000   US$'000

Issue of shares                             1,050     195,410           -               -               -   196,460
Cancellation of share premium                   -   (195,410)           -         195,410               -         -
Placing fees & formation costs                  -           -           -         (7,450)               -   (7,450)
Net profit for the period                       -           -       2,584               -               -     2,584
Balance carried forward at                  1,050           -       2,584         187,960               -   191,594
31 December 2006





For the period from 18 May 2006 to 30 June 2007


                                                                                                  Foreign
                                                                                              exchange on
                                             Share       Share  Accumulated  Distributable  consolidation
                                           capital     premium       losses        reserve                     Total
                                           US$'000     US$'000      US$'000        US$'000        US$'000    US$'000

Issue of shares                              1,050     195,410            -              -              -    196,460
Cancellation of share premium                    -   (195,410)            -        195,410              -          -
Placing fees & formation costs                   -           -            -        (7,450)              -    (7,450)
Foreign exchange on consolidation                -           -            -              -          (247)      (247)
Net loss for the period                          -           -        (524)              -              -      (524)
Balance carried forward at                   1,050           -        (524)        187,960          (247)    188,239
30 June 2007



Consolidated Cash Flow Statement (Unaudited)
For the period from 1 July 2007 to 31 December 2007


                                                                      1 Jul 07 -     18 May 06 -        18 May 06 -
                                                                       31 Dec 07       31 Dec 06          30 Jun 07
                                                        Note            US$'000          US$'000            US$'000
Net cash used in operating activities                   6                (6,836)        (2,546)             (5,434)
Cash flows from investing activities
Expenditure on inventories                                              (45,036)        (42,522)           (47,468)
Interest received                                                          3,180           4,723              8,418
Net cash used in investing activities                                   (41,856)        (37,799)           (39,050)
Cash flows from financing activities
Proceeds on issue of shares                                                    -         196,460            196,460
Placing fees and formation costs                                               -         (7,450)            (7,450)
Net cash generated from financing activities                                   -         189,010            189,010
Net increase/(decrease) in cash and cash equivalents                    (48,692)         148,665            144,526
Effect of foreign exchange rate changes                                    (499)              41              (229)
Cash and cash equivalents at beginning of period                         144,297               -                  -
Cash and cash equivalents at end of period                                95,106         148,706            144,297



Notes to the Consolidated Financial Statements (Unaudited)
For the period from 1 July 2007 to 31 December 2007



General information

Macau Property Opportunities Fund Limited is a company incorporated and
registered in Guernsey under the Companies (Guernsey) Law, 1994 (as amended) on
18 May 2006. The address of the registered office is given on the inside back
cover. The consolidated financial statements for the period ended 31 December
2007 comprise the financial statements of Macau Property Opportunities Fund
Limited and its subsidiaries (together referred to as the 'Group'). The Group
invests in commercial property and property-related ventures primarily in Macau
and potentially in the Western Pearl River Delta region. These consolidated
financial statements have been approved for issue by the Board of Directors on
14 February 2008.



1. SIGNIFICANT ACCOUNTING POLICIES

Basis of accounting

The annual financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) under the historical cost
convention.



The interim financial statements have been prepared in accordance with the
International Accounting Standard (IAS) 34, Interim Financial Reporting. The
same accounting policies and methods of computation are followed in the interim
financial statements as compared with the annual financial statements. The
presentation of the interim financial statements is consistent with the annual
financial statements.



The Group operates in an industry where significant seasonal or cyclical
variations in total income are not experienced during the financial year.



Consolidation

The consolidated financial statements incorporate the financial statements of
the Company and special purpose entities controlled by the Company (its
subsidiaries). Control is achieved where the Company has the power to govern the
financial and operating policies of a special purpose entity so as to obtain
benefits from its activities.



All intra-group transactions, balances, income and expenses are eliminated on
consolidation.



Segmental reporting

The Directors are of the opinion that the Group is engaged in a single segment
of business, being property investment and related business. The Group invests
in commercial property and property related ventures primarily in Macau and
potentially in the Western Pearl River Delta region.



2. SUBSIDIARIES

All special purpose vehicles are owned 100% by Macau Property Opportunities Fund
Limited. The following subsidiaries have a year end of 31 December to coincide
with the Macanese tax year:


MPOF Macau (Site 1) Limited                      MPOF Macau (Site 2) Limited
MPOF Macau (Site 3) Limited                      MPOF Macau (Site 4) Limited
MPOF Macau (Site 5) Limited                      MPOF Macau (Site 6) Limited
MPOF Macau (Site 7) Limited                      MPOF Macau (Site 8) Limited
MPOF Macau (Site 9) Limited                      MPOF Macau (Site 10) Limited



The consolidated financial statements include the financial statements of the
Company and the subsidiaries listed in the following table:


                                               Ownership      Incorporation
MPOF Macau (Site 1) Limited                    100%            Macau
MPOF Macau (Site 2) Limited                    100%            Macau
MPOF Macau (Site 3) Limited                    100%            Macau
MPOF Macau (Site 4) Limited                    100%            Macau
MPOF Macau (Site 5) Limited                    100%            Macau
MPOF Macau (Site 6) Limited                    100%            Macau
MPOF Macau (Site 7) Limited                    100%            Macau
MPOF Macau (Site 8) Limited                    100%            Macau
MPOF Macau (Site 9) Limited                    100%            Macau
MPOF Macau (Site 10) Limited                   100%            Macau
MPOF (Penha) Limited                           100%            Guernsey
MPOF (Taipa) Limited                           100%            Guernsey
MPOF (Jose) Limited                            100%            Guernsey
MPOF (Sun) Limited                             100%            Guernsey
MPOF (Senado) Limited                          100%            Guernsey
MPOF (Domingos) Limited                        100%            Guernsey
MPOF (Monte) Limited                           100%            Guernsey
MPOF (Paulo) Limited                           100%            Guernsey
MPOF (Guia) Limited                            100%            Guernsey
MPOF (Antonio) Limited                         100%            Guernsey
MPOF (6A) Limited                              100%            Guernsey
MPOF (6B) Limited                              100%            Guernsey
MPOF (7A) Limited                              100%            Guernsey
MPOF (7B) Limited                              100%            Guernsey
MPOF (8A) Limited                              100%            Guernsey
MPOF (8B) Limited                              100%            Guernsey
MPOF (9A) Limited                              100%            Guernsey
MPOF (9B) Limited                              100%            Guernsey
MPOF (10A) Limited                             100%            Guernsey
MPOF (10B) Limited                             100%            Guernsey
MPOF Mainland Company 1 Limited                100%            Barbados
Bream Limited                                  100%            Guernsey
Cannonball Limited                             100%            Guernsey
Civet Limited                                  100%            Guernsey
Extra Able International Limited               100%            BVI
Go Gain International Limited                  100%            BVI
See Lucky Enterprises Limited                  100%            BVI
Aim Top Enterprises Limited                    100%            BVI
Manage Gain Investments Limited                100%            BVI
Poly Advance Management Limited                100%            BVI
Fondue International Limited                   100%            BVI
Richsville Investment Limited                  100%            BVI
Phoenixville Holdings Limited                  100%            BVI
Lucan Investments Limited                      100%            BVI
Mega League Investments Limited                100%            BVI
Prominent Group Limited                        100%            BVI
Talent Empire International Limited            100%            BVI
Tycoon Villa International Limited             100%            BVI
Yield Return Limited                           100%            BVI
Championway International Limited              100%            BVI
Swift Link Limited                             100%            BVI
Magic Bright International Limited             100%            BVI
Multi Gold International Limited               100%            BVI
Right Year International Limited               100%            BVI
Gainsun Investments Limited                    100%            BVI
Honeypot International Limited                 100%            BVI
Jin Mei International Limited                  100%            BVI
Lucky Go International Limited                 100%            BVI
Smooth Run Group Limited                       100%            BVI
Hillsleigh Holdings Limited                    100%            BVI
Pacific Success Properties Limited             100%            Hong Kong
Maxland Properties Limited                     100%            Hong Kong
Queensland Properties Limited                  100%            Hong Kong
Union Century Properties Limited               100%            Hong Kong
Pacific Link Properties Limited                100%            Hong Kong
Pacific Asia Properties Limited                100%            Hong Kong
Golden Properties Limited                      100%            Hong Kong
Platinum Properties Limited                    100%            Hong Kong
Victory Star Properties Limited                100%            Hong Kong
Top Faith Properties Limited                   100%            Hong Kong
China City Properties Limited                  100%            Hong Kong
Sky Century Properties Limited                 100%            Hong Kong
Golden City Properties Limited                 100%            Hong Kong
Newton Properties Limited                      100%            Hong Kong
Orient Land Properties Limited                 100%            Hong Kong
China Crown Properties Limited                 100%            Hong Kong
World Pacific Properties Limited               100%            Hong Kong
Excelsior Properties Limited                   100%            Hong Kong
Goldex Properties Limited                      100%            Hong Kong
Windex Properties Limited                      100%            Hong Kong
Honway Properties Limited                      100%            Hong Kong
Gold Century Properties Limited                100%            Hong Kong
New Perfect Properties Limited                 100%            Hong Kong
Top Century Properties Limited                 100%            Hong Kong
Weltex Properties Limited                      100%            Hong Kong
East Base Properties Limited                   100%            Hong Kong





3. INVENTORIES


                                                              31 Dec 07      31 Dec 06      30 June 07
                                                                US$'000        US$'000         US$'000

Cost of properties                                              102,894         56,376          56,084
                                                                102,894         56,376          56,084





Macau Property Opportunities Fund Limited is guarantor for its subsidiary
company in respect of payments due on Tower 6 of One Central Residences. The
total of the guarantee is HK$471,370,716 (US$60,393,901) which is due on
completion of the property development.



During the period subsidiaries of Macau Property Opportunities Fund Limited
purchased additional units within One Central Residences and there are further
payments of HK$163,955,883 (US$21,006,683) due by the subsidiaries on completion
of the units.



4. BASIC AND DILUTED EARNINGS/(LOSSES) PER ORDINARY SHARE

The basic and diluted profit/(loss) per equivalent Ordinary Share is based on
the profit/(loss) attributable to equity holders for the period of
(US$10,199,000) (31 December 2006 US$2,584,000 and 30 June 2007 (US$524,000))
and on 105,000,000 (31 December 2006 and 30 June 2007: 105,000,000) weighted
average number of Ordinary Shares in issue during the period.



5. NET CASH USED IN OPERATING ACTIVITIES


                                                                     1 July 07-    18 May 06 -       18 May 06 -
                                                                      31 Dec 07      31 Dec 06        30 June 07
                                                                        US$'000        US$'000           US$'000

Operating loss from continuing operations                              (12,719)        (2,747)           (9,418)
Adjustments for:
Increase/(decrease) in provisions                                             -              -                 -
Operating cashflows before movements in working capital                (12,719)        (2,747)           (9,418)
Decrease/(increase) in receivables                                           32           (38)              (54)
Increase/(decrease) in payables                                           5,851            239             4,038
Cash used in operations                                                 (6,836)        (2,546)           (5,434)
Interest paid                                                                 -              -                 -
Net cash used in operating activities                                   (6,836)        (2,546)           (5,434)





6. RELATED PARTY TRANSACTIONS

Tom Ashworth received no Director's fee from the Company.



Tom Ashworth is a shareholder and Director of Sniper Capital Limited. Sniper
Capital Limited is the Manager of the Company and all management and performance
fees, as detailed in the Consolidated Income Statement, are due to the Manager.



Tom Ashworth is a shareholder and Director of Adept Capital Services Limited.
Adept Capital Services Limited provides administrative services to the Hong
Kong, BVI and Macanese SPVs and received fees during the period of US$40,000 of
which US$25,000 was outstanding at the period end (30 June 2007 US$42,000 of
which US$Nil was outstanding at the period end).


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