Statement of Investing Policy

RNS Number : 4732Z

Macau Property Opportunities Fund

23 September 2009

Macau Property Opportunities Fund Limited

(the 'Company')

Statement of Investing Policy

Macau Property Opportunities Fund announces its investing policy today pursuant to Rule 8 of the AIM Rules for Companies:

The Company's investing policy is to take advantage of opportunities that exist in the property markets, primarily of Macau, but also in the Western Pearl River Delta region and, in exceptional circumstances, greater China.

The Company's portfolio is likely to comprise a mixture of residential, retail, leisure and industrial properties but the Company may also invest in office or other property if a suitable and attractive opportunity arises.

The Company targets, principally, niche developments of the type which are often overlooked by large developers and which, in the opinion of its manager and investment adviser, offer opportunities to achieve an attractive total return through their location, sector or 'value-added' potential. The Company looks to add value through development, refurbishment, redevelopment, change of use and repositioning. In particular, it looks for undervalued sites in attractive locations where it believes there is a sustainable end-user demand.

The Company, as an active investor, will consider concentration risk from both a sector as well as an asset perspective. The Company may wholly own its investments (directly or indirectly) or it may invest through a joint venture arrangement if the terms of the arrangement are deemed suitable. There is no limit on the number of projects in which the Company may invest and there is no minimum or maximum limit on the length of time that any investment may be held.

The Company's investment objective is to provide shareholders with an attractive total return, which is intended to comprise capital growth but with the potential for dividends over the medium to long term. The Company seeks to maximise the total return on its portfolio, either through selling the properties after development or redevelopment or by generating rental income.

Properties will typically only be targeted if the Company's manager believes that they offer the potential for an IRR of over 20 percent.

It is expected that no single investment in a development will represent more than 30 percent of the gross asset value of the Company at the time of investment. However, there is no guarantee that this will be the case.

The Company may borrow to part finance investments and may be required to use its investments as security for the borrowings it puts in place. The Company's articles of association do not contain any restriction on the borrowing powers of the Company. The directors of the Company currently intend that the Company, either directly or through its special purpose property-holding vehicles, may borrow amounts equal to up to 75 percent of any single investment's market value. When the Company is fully invested, the directors of the Company expect that up to 60 percent of the aggregate value of all investments may be financed from third party debt financing.

-Ends--

About Macau Property Opportunities Fund

Macau Property Opportunities Fund Limited, which raised £105 million in a placing and commenced trading on AIM in 2006, is a closed-end investment fund registered in Guernsey. 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 Company 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 / Anna Keeble

Tel: +44 20 7357 9477

Nominated Adviser & Joint Broker

Collins Stewart Europe Limited

David Yovichic / Helen Goldsmith

Tel: +44 20 7523 8000

Joint Broker

Shore Capital Stockbrokers Limited
Dru Danford