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

18 July 2014

Macau Property Opportunities Fund Limited

("MPO" or the "Company")

Announcement of Share Buy-back Programme

Ahead of the 60 day close period commencing tomorrow prior to the release of the Company's annual results on 18 September 2014, Macau Property Opportunities Fund Limited today announces, following on from recent on-market share purchases by the Company, the launch of an ordinary share buy-back programme (the "Programme") with the objective of reducing the issued ordinary share capital of the Company to enhance its Net Asset Value. The Programme will commence with effect from today and will conclude on the date of publication of the Company's annual results for the period ending 30 June 2014 (unless terminated earlier). The Programme will be conducted in accordance with the authorisation granted to the Company by shareholders at the AGM held on 6 November 2013.

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:

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

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

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

the aggregate number of Ordinary Shares which may be acquired on behalf of the Company in connection with the Programme shall not exceed 6,181,150 (representing 7.6% 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 6 November 2013.

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 2014 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-

About Macau Property Opportunities Fund

Macau Property Opportunities Fund Limited is a closed-end investment fund registered in Guernsey. Listed on the London Stock Exchange's main market, it is also a constituent stock of the FTSE All-Share and FTSE SmallCap indices.

Launched in 2006, the Company targets strategic property investment and development opportunities in Macau and Mainland China's western Pearl River Delta. Its current US$517 million portfolio comprises a mix of well-positioned residential and retail property assets.

The Fund is managed by Sniper Capital, an Asia-based property investment manager with an established track record in fund management and investment advisory.

For further information:

Company Registration Number 44813

Website: www.mpofund.com

Public Relations

MHP Communications

Simon Hockridge / Andrew Jacques / James Morgan

Tel: +44 20 3128 8100

Manager

Sniper Capital Limited

Tel: +65 6222 1440 (Investor Contact)

Tel: +853 2870 5151(Fund Advisor)

Email: info@snipercapital.com

www.snipercapital.com

Corporate Broker

Liberum Capital

Chris Bowman / Richard Bootle

Tel: +44 20 3100 2228

Company Secretary & Administrator

Heritage International Fund Managers

Mark Huntley

Tel: +44 14 8171 6000

Stock Codes:

Bloomberg: MPO LN

Reuters: MPO.L