Macau Property Regulatory News (MPO)

Macau Property Opportunities Fund Limited

("MPO" or the "Company")

MPO Completes Refinancing of One Central Investment on Improved Terms

Macau Property Opportunities Fund Limited, managed by Sniper Capital Limited, announced on 10 September 2010 that it had agreed a new loan facility to refinance its original loan of HK$626.93 million (c.US$81 million) for its investment in One Central Residences on significantly improved terms. This agreement, negotiated with Hang Seng Bank, was subject to final documentation, and today MPO is pleased to announce the successful completion and signing of the new Loan Facility Agreement.

Significantly Improved Loan Terms

The five-year loan facility was drawn down on 25 November 2010, and is to be repaid in nine semi-annual instalments commencing November 2011. 70% of the principal is due on the final repayment date in November 2015 - an extension of 3.5 years compared with the previous loan signed in February 2009.

Interest will be charged at a spread of 1.6% per annum above HIBOR. This is 80 basis points lower than the original loan facility and will result in a direct saving to the Company of c.US$650,000 per annum.

The loan-to-value covenant is also more favourable than the previous loan facility, with an increase in the maximum allowable loan-to-value from 55% to 60%.

Interest Rate Hedging Programme Implemented

As part of its proactive capital management strategy, MPO has taken advantage of favourable conditions in the debt markets to lock in long term interest rates at attractive levels. The Company has swapped floating rate HIBOR for five year fixed interest rates at an average fixed rate of 1.56% per annum on a total of HK$400 million (c. US$52 million) - representing 54% of the Company's committed loan facilities.

Sniper Capital will continue to monitor future interest rate levels and may make further recommendations to MPO's board if attractive hedging opportunities are identified.

David Hinde, Chairman of MPO said: "The new and improved financing arrangements bring immediate benefits to the Company and are testament to the quality of our investment in One Central and MPO's growing reputation. The implementation of our interest rate hedging programme allows us to manage our future cash flow with greater certainty whilst taking advantage of the unprecedented low level of interest rates."

- Ends -

About The Waterside and One Central Residences

One Central Residences, the residential portion of the high-end mixed-use project - One Central, comprises seven towers of premium luxury apartments. MPO acquired Tower Six in November 2006 and subsequently purchased a number of other well-positioned units across various other towers. MPO rebranded Tower Six as The Waterside and commenced a leasing campaign in early 2010, establishing an unprecedented standard of luxury rental accommodation in Macau.

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 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

Sniper Capital Limited

Joyce Lo

Tel: +852 2292 6700

Email: info@snipercapital.com

www.snipercapital.com

Stock Codes:

Bloomberg: MPO LN

Reuters: MPO.L