Macau Property Opportunities Fund : MPO announces final results

24 September 2015

Final Results for the period ended 30 June 2015

"As Macau transforms itself into a more diversified and stronger economy, the Company's properties remain well-positioned for the next phase of growth."

David Hinde

MPO Chairman

Fund Performance

• MPO's portfolio value declined 14.0% over the year to US$463.7 million, its first decline in six years, on the back of weaker gaming revenues in Macau adversely affecting sentiment in the property market.
• Adjusted NAV stood at US$308.0 million, translating into a per share value of US$3.97 (253p*).
• IFRS NAV fell during the period to US$155.4 million; IFRS NAV per
share was US$2.00.
• Share price discount to Adjusted NAV per share widened from 11% to 17% over the year, based on the Fund's share price of 209p at the period end. Based on a current share price of 160p, the discount to Adjusted NAV would be 37% based on valuations as at 30 June 2015.

*Based on a US Dollar/Sterling exchange rate of 1.573 as at 30 June 2015.

Capital Management

• 3,881,036 shares (4.8% of outstanding issued shares) worth £9.2 million were repurchased at an average price of 237.75p per share and cancelled.
• Cash balance stood at US$31.4 million as at 30 June 2015, of which US$2.7 million was pledged as collateral for MPO's banking facilities.

• Assuming a full drawdown of committed loan facilities and based on the Fund's portfolio value as at 30 June 2015, the Fund's loan-to- value (LTV) ratio is now 34%, up from 22% a year before. Overall debt stood at US$166.8 million.

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• The Waterside (luxury residential)

- Occupancy level dropped to 43.9% as at period end on the back of pressures on the luxury property sector partly due to falling VIP gaming growth. Rental rates also registered a decline but nonetheless remain at a distinct market premium.The average monthly rental rates fell 6% year-on-year to HK$23.50 (US$3.04) per square foot.

• The Fountainside (low-density residential)

- Handover of 24 of 27 pre-sold units at the 42-unit development has been completed.Total income generated from sales as of 30 June 2015, including five

car parks, amounts to HK$216.4 million (US$27.9 million).

• Estrada da Penha (luxury private home)

- Renovation and consolidation works were completed in September, resulting in a single c.12,000 square feet residence in the exclusive Penha Hill neighbourhood.

• Senado Square (prime retail)

- Despite a continued setback in the development timetable due to delayed government approvals, we are optimistic that construction will commence before the end of 2016 upon the receipt of all required documents.

Commenting on the period under review, David Hinde, the Company's Chairman, said: "In its ninth year of operation, a recent slowdown in Macau's gaming sector has seen a

pullback in the Company's portfolio value.

"While we maintain a cautious near-term outlook, we must not lose sight of the city's fundamental long-term growth drivers.

"As Macau transforms itself into a more diversified and stronger economy, the

Company's properties remain well-positioned for the next phase of growth."

- Ends -

"While we maintain a cautious near-term outlook, we must not lose sight of the city's fundamental long-term growth drivers."

David Hinde

MPO Chairman

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For full details, please visit the Company's website at www.mpofund.com.
The Manager will be available to speak to analysts and media. If you would like to arrange a call, please contact Simon Hockridge at MHP Communications on
+44 (0) 20 3128 8100 or Simon.Hockridge@mhpc.com.

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 Fund targets strategic property investment and development opportunities in Macau and Mainland China's western Pearl River Delta. Its current US$436.7 million portfolio comprises a mix of well-positioned residential and retail property assets.

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

MHP Communications

Simon Hockridge / James Morgan

/ Andrew Jaques

Tel: +44 20 3128 8100

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

Tel: +65 6222 1440

Email: info@snipercapital.com
Website: www.snipercapital.com

/ Jonathan Wilkes-Green

Tel: +44 20 3100 2222

Tel: +44 14 8171 6000

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