Macau Property Regulatory News (MPO)

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS OR INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN

25 July 2012

MACAU PROPERTY OPPORTUNITIES FUND LIMITED

ANNOUNCEMENT OF SHARE BUY-BACK PROGRAMME

Further to recent opportunistic share purchases by the Company and ahead of the 60 day close period commencing tomorrow prior to the release of the Company's annual results on 24 September 2012, Macau Property Opportunities Fund Limited ("MPO" or the "Company") today announces the launch of an ordinary share buy-back programme (the "Programme") with the objective of reducing the issued ordinary share capital of the Company.

The Programme will commence with effect from today and continue until the earlier of (i) the Company making a market announcement that the Programme has come to an end, or (ii) the Company's next annual general meeting, and will be conducted in accordance with the authorisation granted to the Company by shareholders at the AGM held on 3 November 2011.

MPO has appointed Liberum Capital Limited ("Liberum") to manage the Programme and has authorised Liberum to effect on-market purchases of ordinary shares of US$0.01 each (the "Ordinary Shares") on behalf of the Company on the Main Market of the London Stock Exchange plc (the "Exchange").

Pursuant to and during the term of the Programme, Liberum may independently of, and without influence by the Company, purchase Ordinary Shares from time to time at its absolute discretion provided that:

1) the maximum price payable for an Ordinary Share on the Exchange is an amount equal to the higher of:

a. 105 per cent. of the average market value of the Company's Ordinary Shares as derived from the London Stock Exchange Daily Official List for the five business days immediately preceding the day on which such share is contracted to be purchased; or

b. the higher of the price of the last independent trade and the highest current bid stipulated by Article 5(1) of the Commission Regulation (Directive 2003/6/EC) 22 December 2003 implementing the Market Abuse Directive with regard to exemptions for buy back programmes and stabilisation of Financial Instruments (No. 2273/2003); and

2) the aggregate number of Ordinary Shares which may be acquired on behalf of the Company in connection with the Programme shall not exceed 12,864,750 (representing 12.86% of the Company's issued Ordinary Shares).

Ordinary Share buy-backs under the Programme will be made pursuant to the shareholder authority granted to the Company at the Annual General Meeting held on 3 November 2011.

Shareholders should note that due to the limited liquidity in the Ordinary Shares, a buy-back of Ordinary Shares pursuant to the Programme on any trading day is likely to represent a significant proportion of the daily trading volume in the Ordinary Shares on the Exchange (and is likely to materially exceed the 25% and 50% limits of the average daily trading volume of June 2012 as referred to in the Commission Regulation (EC) No. 2273/2003 on buy-back programmes).

MPO will announce any market repurchase of Ordinary Shares no later than 7.30 a.m. on the business day following the calendar day on which the repurchase occurred. To the extent permitted by law, Ordinary Shares bought back under the Programme will be cancelled.

-ENDS-

For further information:

Company Registration Number 44813

Website: www.mpofund.com