Q3 2011 NAV Update

RNS Number : 9093R

Macau Property Opportunities Fund

11 November 2011

Macau Property Opportunities Fund Limited

("MPO" or the "Company")

Third Quarter 2011 Net Asset Value Update

The unaudited Adjusted Net Asset Value (Adjusted NAV) of Macau Property Opportunities Fund Limited at 30 September 2011 was US$280.6 million, equivalent to US$2.74 per share which represents an uplift of 0.50% during the three-month period since 30 June 2011.

In Sterling terms, Adjusted NAV was 176p² per share, up 3.6% in the three months to 30 September 2011.

The market valuation of the Company's properties was US$336.8 million, as at 30 September 2011. On a like-for-like basis¹, this represents an uplift of US$7.3 million or 2.2% over the three-month period. All properties in the Company's portfolio have been independently valued by Savills (Macau) Limited.

Based on the Company's portfolio value as at 30 September 2011 and assuming a full drawdown of its committed loan facilities, MPO's total loan-to-value was 24%, unchanged from three months earlier.

Based on a share price of 116p as at 7 November 2011, MPO shares stood at a 34% discount to the Adjusted NAV.

A summary of the Company's NAV figures as at 30 September 2011 is as follows:

USD	30 Sep 2011	30 Jun 2011
NAV	US$215.2m	US$216.9m
Adjusted NAV²	US$280.6m	US$280.0m
NAV per share	US$2.10	US$2.11
Adjusted NAV per share	US$2.74	US$2.72

GBP	30 Sep 2011³	30 Jun 2011⁴
NAV	£138.1m	£135.0m
Adjusted NAV²	£180.1m	£174.3m
NAV per share	135p	131p
Adjusted NAV per share	176p	170p

1. In August 2011, the Company completed the sale of Rua do Padre Antonio, a small residential redevelopment project located on Macau Peninsula and part of MPO's portfolio of smaller property assets, for c. US$4.2 million.

2. Adjusted NAV is shown after accruing for the performance fee (if any) 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 fair value rather than at the lower of cost and net realisable value.

3. Based on US$/£ exchange rate of 1.558 at 30 September 2011.

4. Based on US$/£ exchange rate of 1.607 at 30 June 2011.

--Ends--

About Macau Property Opportunities Fund

Macau Property Opportunities Fund Limited is a closed-end investment fund registered in Guernsey. Its shares began trading on AIM in June 2006, when it raised £105 million in an institutional placing, before moving to the Main Market of the London Stock Exchange in June 2010. 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, development and redevelopment opportunities in niche, undervalued and developing markets.

For further information:

Website: www.mpofund.com

Corporate Broker

Collins Stewart Europe Limited

David Yovichic / Dominic Waters

Tel: +44 20 7523 8000

Manager - Investor Contact

Faye Chiam / Jane Xie

Sniper Capital (Hong Kong) Limited

Tel: +852 2292 6700

Email: info@snipercapital.com

www.snipercapital.com