Director/PDMR Shareholding - REPLACEMENT

25 September 2012

Macau Property Opportunities Fund Limited

 ("MPO" or the "Company")

Director Shareholding

This announcement replaces the one released at 07.00 on 25 September 2012 with RNS Number 0208N. The alteration to the earlier announcement is to the amount of shares purchased, the average price and Mr. Russell's beneficial holding after the purchase.

The Board of the Company received notification today that Chris Russell, a director of the Company, acquired on 24 September 2012, 31,500 ordinary shares of US$0.01 each ("Ordinary Shares") in the Company at an average price of 109.30p per Ordinary Share.

Following this acquisition, Mr Russell has a beneficial interest in the Company of 131,500 Ordinary shares, representing 0.13% of the issued share capital of the Company.

--Ends--

About Macau Property Opportunities Fund

Macau Property Opportunities Fund Limited is a closed-end investment fund registered in Guernsey and listed on the London Stock Exchange Main Market.

Launched in 2006, the Company seeks to deliver long-term returns from the investment in and development of high quality properties located in Macau and the western region of China's Pearl River Delta. Its current $375 million portfolio comprises a mix of strategically-positioned residential, retail and warehousing property assets.

The Fund is managed by Sniper Capital, an Asian-based property investment manager that provides highly focused Fund Management and Advisory Services.

For further information:

Company Registration Number 44813

Website: www.mpofund.com

Public Relations

MHP Communications

Simon Hockridge / Andrew Jaques

Tel: +44 (0)20 3128 8100

Email: Simon.Hockridge@mhpc.com / Andrew.Jaques@mhpc.com

Manager (Investor Contact)

Sniper Capital

Faye Chiam

Tel: +65 6222 1440

Email: info@snipercapital.com

Website: 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