Macau Property Opportunities Fund : Annual Results for the Year Ended 30 June 2021

ANNOUNCEMENT

11 October 2021

MPO Announces 2021 Annual Results

Macau Property Opportunities Fund Limited announces its results for the year ended 30 June 2021. The Company, which is managed by Sniper Capital Limited, holds strategic property investments in Macau.

Financial Highlights

Fund performance

• MPO's portfolio value1 declined 0.2% over the year to US$265.4 million.
• Adjusted NAV was US$128.8 million, which translates to US$2.08 (150 pence2) per share, a 5.7% decrease year-on-year (YoY) from prior period value of US$2.21 (179 pence3) per share.
• IFRS NAV was US$97.9 million or US$1.58 (114 pence2) per share, a 2.7% decrease YoY.
• Achieved further sales of assets of US$9.9 million. The proceeds from our property sales have been used to further reduce debt.

1 Calculation was adjusted to reflect like-for-like comparisons to 30 June 2020 due to the divestment of properties during the year.

1. Based on US Dollar/Sterling exchange rate of 1.386 on 30 June 2021.
2. Based on the Dollar/Sterling exchange rate of 1.231 on 30 June 2020.

Capital management

• As at 30 June 2021, MPO's balance sheet held assets worth a total of US$247.0 million, against combined liabilities of US$149.1 million.
• The Company ended the financial year with a consolidated cash balance of US$11.8 million.
• As at 30 June 2021, gross borrowing stood at US$136.6 million, which translates to a loan-to- value ratio of 49.3%.

Portfolio Highlights

• The Waterside
• • Occupancy declined to 33% versus 36% a year ago, largely due to ongoing COVID-19 related travel restrictions. The average rental was US$2.3 per square foot per month, down 8% YoY.
  • The leasing team continues to focus on improving the occupancy rate and achieving a more diverse tenant profile, shifting exposure away from gaming activities.

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• • On the divestment front, each of the units and each of the floors has a separate strata title which allows flexibility of disposal options compared to en-bloc sales. The Board and the
    Manager are actively reviewing the company's divestment strategy against the background of market developments.
  • At One Central Residences, during the financial year, despite the challenges posed by the pandemic, the Company secured the sale of the last remaining unit at One Central Residences for HK$25 million (US$3.2 million), a 4% premium to its most recent valuation.
• The Fountainside
• • During the financial year, the Company has completed sales worth HK$51.8 million (US$6.7 million) involving four residential units and a car park. The Manager has also signed a sale and purchase agreement to sell the final standard unit at HK$11.8 million (US$1.5 million). The transaction was completed in August 2021. With these sales, the Company has divested all 36 standard units at The Fountainside.
  • While the Company continues to market the four villas, work to reconfigure the two duplexes has commenced and is targeted to be largely complete by the end of 2021. Rendering of the reconfigured units have been created and marketing of sales is expected to commence in early 2022.
• Penha Heights
• • The Company launched a refreshed sales and marketing push with specialist property agents from Q4 2020.
  • We continue to work thoughtfully with specialist agents to explore all potential avenues for a divestment of the property on acceptable terms.

Mark Huntley, Chairman of Macau Property Opportunities Fund, said:

"Being seen as a motivated seller - as opposed to one compelled to sell due to circumstances - has been key to our approach, as has exploring a variety of complementary strategies to achieve our divestment objectives.

"However, the magnitude of the challenges COVID-19 travel restrictions have posed to the Manager's ability to execute the divestment strategy cannot be overstated. Given the impact of such external factors, it cannot be assumed that all of the Company's assets will be divested on acceptable terms by the end of 2021."

For more information, please visit www.mpofund.comfor the Company's full Annual Report 2021.

The Manager will be available to speak to analysts and the media. If you would like to arrange a call, please contact Investor Relations of Sniper Capital Limited at info@snipercapital.com.

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About Macau Property Opportunities Fund

Premium listed on the London Stock Exchange, Macau Property Opportunities Fund Limitedis a closed-end investment company registered in Guernsey and is the only quoted property fund dedicated to investing in Macau, the world's largest gaming market and the only city in China where gaming is legalised.

Launched in 2006, the Company targets strategic property investment and development opportunities in Macau. Its current portfolio comprises prime residential property assets.

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

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