Investor Update Q1 2008

Macau Property Opportunities Fund
09 April 2008



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

                                 Investor Update
                               First Quarter 2008



Quarterly Highlights

* Interim results show 17% Adjusted NAV uplift
* Progression of pipeline negotiations
* Macau's GDP per capita highest in Asia
* Macau's gaming revenue ahead of Nevada
* Ongoing demand for properties



Fund Overview

MPO started the year on an active note, with the primary focus being on the
redevelopment of Property 1 and on progressing the Company's pipeline
properties. These sites, worth a combined US$550 million in acquisition value,
remain diversified across a mix of interesting opportunities, ranging from
affordable housing projects to warehousing and logistics developments.
Discussions on several of these sites have now reached advanced stages and we
look forward to updating shareholders on progress in the near future.

During the quarter, the Company announced its interim results for the period to
31 December 2007. The valuations of the Company's portfolio properties rose by
22%, resulting in a 17% increase in the adjusted NAV per share to US$2.60(130p)
as at the end of 2007.


Portfolio Summary

The Company's four key properties are at various stages of development, planning
or consolidation and are well placed to continue contributing to the value of
the Company going forward.

Property 1: The planning and design process for this redevelopment project is
progressing well and the vicinity continues to grow in popularity due to its
central location and established neighbourhood. A steady improvement in the
quality of local retail offerings is also underway, as disposable income and
household wealth improve in the area. This bodes well for the ultimate sales and
marketing of the property.

Property 2 (One Central): In our opinion, the ongoing delays being experienced
by many of Macau's proposed developments continue to further enhance the value
of this unique and prestigious mixed-use development. During the quarter, the
Company purchased an additional, well-positioned unit in the project, bringing
the total number of individually purchased units to 25. When combined with Tower
6, which was purchased by the Company from the developer in late 2006, the
combined investment in One Central Residence now totals 200,000 square feet,
representing approximately 12% of the total residential floor space in the
development. We expect interest and prices to strengthen further as the
development nears its estimated completion date in 2009.

Property 3: This entry-level residential redevelopment property in the north of
Macau Peninsula has benefited from a number of events recently. These include
the record-breaking sale, by the Government, of two adjacent plots of land at
auction in January, as well as the Government's recent concessions on stamp duty
and mortgage relief for flats purchased for less than US$385,000. This again
improves the attractiveness of this market sector and validates the Company's
strategic positioning within this segment.

Property 4: This site benefits from a prime central location in the context of
the rapidly expanding retail and tourism industries in Macau. The Company's
initiatives to redevelop this site into a mixed-use retail and entertainment
project remain on schedule. Retail consultants are currently being short listed
to advise on the overall project themes and suitable tenant mix, prior to the
appointment of design consultants.


Debt Financing

Due to the rapid deterioration in the global debt environment, the Company has
taken steps to secure forward financing for the balance payable on its One
Central investment(due upon handover of the units in 2009) and for the
redevelopment cost of Property 1. Terms have been agreed in principle with a
consortium of reputable lenders and the facility is now subject to the banks'
normal internal approval processes.


Investor & Media Relations

The Company's focused investment strategy and its niche positioning towards
Macau's high growth market continue to attract attention from both new investors
and a widening media audience. Despite the current weak sentiment towards
property stocks, MPO shares have remained resilient and continue to outperform
the Overseas Property Fund sector.


Market Overview

Economy

Macau's economy continues to grow at a rapid rate and its GDP per capita is now
the highest in Asia, having overtaken Japan, Hong Kong and Singapore, according
to data recently issued by the Macau government and the IMF.  Macau's GDP soared
by 27% in 2007 to US$19.2 billion against 6.3% and 11.4% growth recorded
respectively by neighbouring Hong Kong and Mainland China for the same period.
This significant surge was driven primarily by a 47% rise in gaming revenues, a
23% growth in visitor arrivals to 27 million and a 23% increase in overall
investment.

Such robust growth does not come without a price, however. Recently released
data for February showed domestic inflation escalated with an increase of 9.5%
YoY in the Consumer Price Index, largely driven by rising costs of housing, fuel
and foodstuffs due to the harsh winter in Mainland China.

The principal impact on Macau of the global credit and liquidity problems has to
date been a reduction in Macau's Best Lending Rates from 5.75% to 5.25%. These
latest rate cuts are likely to provide additional impetus to local property
demand, as investors perceive property investment as an attractive asset class
in the face of negative real interest rates and rising inflation.

In response to the rising levels of inflation in Macau, the Government recently
announced a number of measures to help alleviate the impact of rising costs on
lower-income families. These range from subsidising electricity bills to extra
financial assistance.  This is in addition to the aforementioned concessions on
stamp duty and mortgage interest relief, designed to help lower-income residents
to purchase residential property in the territory.


Property Market

According to Jones Lang LaSalle, prices in Macau's luxury residential sector
jumped 28.5% YoY in 2007. It is expected that the record-breaking land sales
results in January will further boost sentiment in the residential market.

Significant market activities during Q1 2008 included the acquisition, by
Marriott Vacation Club International, of 30 units in Buckingham, a recently
launched residential project in Taipa, which will be turned into timeshare
vacation homes for its members.  Other new residential projects launched this
quarter are mainly on the Macau Peninsula, with asking prices ranging from
US$400-$600 per square feet.

Limited supply and the continuing influx of foreign workers have placed further
upward pressure on rental prices. Official data shows that there were over
85,000 immigrant workers in Macau in 2007. This number is expected to exceed
100,000 by end 2008.


Retail market

One of the most compelling statistics to come out of 2007 was Macau's Q4 retail
sales, which showed a staggering growth of 40% YoY. This translates into a full
year increase in 2007, of 33% over 2006. This has been largely driven by the '
Venetian effect' which goes some way towards silencing the critics of the
viability of the 'Vegas Model' in Macau. In February, the Venetian Macao opened
a 16,000 square feet Manchester United Megastore, and May 2008 will see the
opening of  Macau's DFS Galleria, 110,000 square feet of luxury brand shopping
in the podium of the Four Seasons Hotel, connected to the Venetian shopping
centre. These significant retail spaces will help further cement Macau's '
destination' retail credentials.


Gaming revenues

2008 has started on a strong note for the Macau gaming industry, with official
data reporting a 67% YoY jump in January gaming revenues to US$1.3 billion. This
is in stark contrast to figures released by the Nevada Gaming Control Board,
which showed that its January gaming revenue had slumped by 4.8% YoY to US$1.1
billion - the first recorded drop since 2001. Significantly, this is also the
first time that Macau's gaming revenue has surpassed Nevada and comes just a
year after Macau overtook the Las Vegas Strip's annual gaming revenues.


Major Infrastructure initiatives

One of the more significant infrastructure announcements this quarter was the
news that Hong Kong, Zhuhai and Macau have reached a consensus on the financing
of the long-awaited Hong Kong-Zhuhai-Macau Bridge.  It has been agreed that
excess construction costs will be shared on the basis of the estimated benefits
that the bridge will bring to each region. The project has been greatly assisted
by the intervention of the Beijing Government, which appears to have placed a
high priority on the successful conclusion of this project. It is estimated that
Macau's tourism, gaming and MICE industry will greatly benefit from this project
with travel time between Hong Kong and Macau reduced to just a 20-minute
journey.


Summary

A combination of a negative real interest rate environment and strong inflation,
coupled with an ongoing influx of foreign workers should continue to fuel strong
demand for residential properties. The Fund's niche positioning and strong
property portfolio provides a solid base to maximise value for its shareholders.



                                    --Ends--




About Macau Property Opportunities Fund

Macau Property Opportunities Fund Limited is a closed-end investment fund
registered in Guernsey and traded on the Alternative Investment Market 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
that specialises in property investment opportunities in niche, undervalued and
developing markets.




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 & Investor Communications
Daisy Tang
Tel: [phone]
Email: [e-mail]
www.snipercapital.com


Stock Codes:
Bloomberg:  MPO LN
Reuters:    MPO.L



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