Macau Property Regulatory News (MPO)

5 May 2011

Macau Property Opportunities Fund Limited

("MPO" or the "Company")

First Quarter 2011 Net Asset Value Update

The unaudited Adjusted Net Asset Value (NAV) of Macau Property Opportunities Fund Limited at 31 March 2011 was US$296 million, equivalent to US$2.82 per share, and representing an uplift of 9.4% during the three-month period since 31 December 2010.

The market valuation of the Company's properties was US$363 million as at 31 March 2011. This represents an uplift of US$30.6 million or 9% over the same period. All properties in the Company's portfolio have been valued by Savills (Macau) Limited.

Based on the Company's portfolio value as at 31 March 2011 and assuming a full drawdown of its committed loan facilities, MPO's total loan-to-value was 24% (versus 27% as at 31 December 2010).

Based on a share price of 126.50p and US Dollar/Sterling exchange rate of 1.6062, MPO shares stood at a 28% discount to the Adjusted NAV of 175.7p as at 31 March 2011.

A summary of the Company's NAV figures as at 31 March 2011 is as follows:

1. 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.

2. Based on US$/£ of 1.6062 at 31 March 2011 and 1.5613 at 31 December 2010.

--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

Public Relations

MHP Communications

Simon Hockridge / Andrew Jaques

Tel: +44 20 3128 8100

Corporate Broker

Collins Stewart Europe Limited

David Yovichic / Dominic Waters

Tel: +44 20 7523 8361 / +44 20 7523 8473

Company Secretary & Administrator

Heritage International Fund Managers Limited

Mark Huntley / Laurence McNairn

Tel: +44 1481 716000

Manager - Investor Contact

Sniper Capital (Hong Kong) Limited

Joyce Lo

Corporate & Investor Strategy

Tel: +852 2292 6700

Email: info@snipercapital.com

www.snipercapital.com

Stock Codes:

Bloomberg: MPO LN

Reuters: MPO.L