Investor Update Q2 2007

Macau Property Opportunities Fund
13 July 2007




                       Macau Property Opportunities Fund Limited
                        ('MPOF', the 'Fund' or the 'Company')

                                 Investor Update
                                Second Quarter 2007

Highlights

* Nine sites under negotiation worth US$500 million
* Design process of Property 1 underway
* Escalation of strategic media campaign
* Strengthening luxury residential sector in Macau


Fund Overview

Although no further acquisitions were announced during the quarter, the
Investment Manager has continued negotiations on a number of attractive
opportunities, whilst adhering to its disciplined approach of seeking to acquire
strategically well positioned assets in its stated market segments.  Investors
should be aware that lengthy negotiation lead times often go hand-in-hand with
the most lucrative and best positioned sites, where conversion of deals requires
overcoming multiple ownership structures, complex title issues and extended due
diligence processes. Steady progress is being made on a number of such sites and
the Investment Manager is optimistic that this should lead to the Company's next
acquisition being announced in the near future. Currently nine sites with a
combined acquisition value of approximately US$500 million are at advanced
stages of negotiation. Despite the small, niche market in which the Investment
Manager is operating, it is worth stressing that there has been little adverse
impact on the ability to source interesting sites over the last year, indicating
the strength of the Investment Manager's private local network.


The Company's three portfolio properties remains at various stages of progress
as indicated below.



Portfolio Summary


Property    Sector            Type                Positioning           Current                Capital
                                                                         Status               Commitment
          1 Residential       Redevelopment       Local Residents       Design Process        US$15.68m
          2 Residential       Development         Premium Luxury        Construction          US$86.58m
          3 Residential       Redevelopment       Entry Level           Consolidating         US$45.96m
Total                                                                                         US$148.22m



The planning and design process for Property 1, to be developed into an eight
storey apartment block, continues to progress well with initial concepts having
been received from a shortlist of architects and with construction expected to
commence in the first half of 2008. In the meantime, continued price escalation
and income growth in the vicinity appears to augur well for the ultimate selling
prices of the units. Property 2 is a high-end residential tower located in
Macau's premier mixed-use project, One Central. Development is on schedule with
foundation work now completed and construction of the podium area well advanced.
The surrounding area continues to be transformed with the scheduled opening of
the adjacent MGM Macau later this year and the announcement by Wynn Macau of a
second hotel tower due for completion in 2010. These premier destinations,
coupled with high quality brands secured for One Central's retail area, will
further cement this location as a prestigious alternative to the evolving Cotai
Strip. Property 3, located in the north of Macau, is to be redeveloped into
affordable apartments for local residents. The Investment Manager is continuing
with its attempts to consolidate sites in the immediate area before commencing
with the planning and redevelopment process.

The Company's public profile has continued to grow significantly assisted by a
continued increase in international media coverage of Macau and a number of
strategic articles in high quality publications. With the forthcoming launch of
the Venetian Macau in August and with other casino/resort developments to follow
soon after, the international focus on Macau is set to increase further.

The Company has just completed its first full financial year and its maiden
audited results are expected to be published in September.


Market Overview

The recent highlight in the Macau gaming sector was the opening of the Crown
Macau on 12 May by the US listed Melco-PBL joint venture.  The Crown's five
floors of gaming, its cafes and bars are all open and its fleet of 60 buses is
operating, but its hotel, restaurants and sky lounge are not expected to open
until the end of July. Promising the first six-star experience in Macau, the
Crown has something to prove in the increasingly competitive marketplace,
particularly given its isolated location and slow operational start.

The next milestone event will be the opening of the Las Vegas Sands' Macau
flagship, the US$2.3 billion, 3,000 room Venetian Macau resort in late August.
With a reported US$20 million marketing budget, this is certain to be a headline
event and is likely to kick start the 'Integrated Resort' experience being
developed on the Cotai Strip. According to reports, the hotel, the casino, the
arena and meetings/convention space are all expected to be fully operational on
the opening date. An estimated 23 restaurants including the resort's signature
restaurants Morton's, Roka and Canton Restaurant will also open in August along
with more than 100 Grand Canal retail Shoppes.

The residential property market performed well during the first quarter, driven
by the ever solid fundamentals, but then suffered an unexpected setback in April
as the government announced the suspension of the investment immigration scheme
(a scheme whereby the investment of US$130,000 or more in a Macau property
entitled you to apply for Macau residency). The suspension of the scheme gained
much publicity, but we believe that it has little relevance to the performance
of the property market going forward and, in any event, it is our expectation
that it is likely to be reinstated at a later stage with a more realistic
investment of US$300,000 or higher.

These events had little effect on the pricing and sales of new properties which
have generally continued their upward trend since the launches of new projects
including The Praia (now reportedly 60% sold) and One Central (reportedly 100%
sold) in Q4 2006. Reports of secondary transaction prices of One Central are
regularly quoted as reference points for the high-end residential market in
general and as benchmarks for planned projects, with the latest prices topping
HK$6,000 (US$770) per square foot and new project pre-launch pricing being
rumoured at over HK$10,000 (US$1,280) per square foot.

The anticipated growth in the residential leasing market is beginning to make
itself felt both in the gradual growth in asking and achieved rental levels as
well as in occupancy rates at the more popular developments.  This sentiment is
driven by the anticipated 100,000 foreigners expected to be working in Macau by
the end of 2007. In addition, according to a recent survey by the Institute for
Tourism Studies in Macau an extra 100,000 imported workers will be needed by
2010 to cope with hotel and casino growth, representing approximately a further
35% growth in the working population of Macau.

This growth in anticipated rental demand is further supporting investor interest
in new luxury and high quality residential projects.  Most property market
commentators are looking for continued solid growth in most residential sectors,
and the luxury sector in particular, on the back of strong economic
fundamentals, continued investor demand and growing domestic affordability
levels. The market is also likely to continue to be driven by key milestones
such as the opening of The Venetian and ongoing announcements of new casino
projects.



Summary
                                      2


This document does not constitute, and may not be used for, an offer or an
invitation to any person in any jurisdiction to acquire shares. This document is
being supplied to you solely for your information and may not be reproduced,
redistributed or passed on, directly or indirectly, to any other person or
published in whole or in part, for any purpose. This document shall not be
distributed in any jurisdiction where such distribution, would be unlawful and
until the requirements of such jurisdiction have been satisfied. In particular,
this document or any copy thereof shall not be taken, sent or transmitted into
the United States, Republic of South Africa, Australia, Canada or Japan or
distributed, directly or indirectly in the United States, Republic of South
Africa, Australia, Canada or Japan or to any persons residing in such
jurisdictions. This document may only be communicated to, and is only directed
at persons falling within Article 43 of the Financial Services and Markets Act
2000 (Financial Promotion) Order 2005 (as amended) or otherwise as permitted.
Macau Property Opportunities Fund Limited is a Guernsey incorporated company
whose shares have been admitted to trading on AIM.


2007 is proving to be the most significant year to-date in the transformation of
Macau into a world class gaming and leisure destination, culminating with the
opening of the Venetian Macau in August. With a stream of new casino/resorts
opening over the next few years and with the long anticipated surge in the
working population expected to continue, property prices appear well
under-pinned at current levels. The Company's key focus remains on acquiring
attractively valued and well-positioned assets, which exhibit clear
differentiation and sustainability of future demand. With an attractive pipeline
of sites under review, the Fund remains on track to be substantially fully
invested by year-end.



                                    --Ends--



About the Macau Property Opportunities Fund

MPOF, which raised £105 million in a placing and commenced trading on the
Alternative Investment Market of the London Stock Exchange on 5 June 2006, is a
closed-end investment company incorporated in Guernsey. The Company's investment
policy is to provide shareholders with an attractive total return, which is
expected to comprise primarily capital growth, but with the potential for
dividends over the medium to long term.  MPOF focuses on investing in property
opportunities primarily in Macau, but also potentially in the Western Pearl
River Delta region and in exceptional circumstances, greater China.

The Investment Manager of MPOF is Sniper Capital Limited and the Investment
Adviser is Sniper Capital Management Limited.


About Sniper Capital Limited

Sniper Capital is an independent investment manager specialising in property
investment in niche, undervalued and developing markets. The Company's
investment strategy is to identify, acquire and develop properties clearly
differentiated by location, value and sustainability of demand. Sniper Capital
currently manages two funds with combined assets of US$200 million.



For further information:

Website: www.mpofund.com

Public Relations
Hogarth Partnership Limited
No. 1 London Bridge
London SE1 9BG

Andrew Jaques / James Longfield / Sarah Richardson
Tel: [phone]


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

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

Investment Manager
Sniper Capital Limited
Investor Contact
Tel: [phone]
Email: [e-mail]
www.snipercapital.com

Stock Codes:

Bloomberg:     MPO LN
Reuters:       MPO.L







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