20 September 2021

Macau Property Opportunities Fund Limited

("MPO" or "the Company")

Update in respect of Macau Casino Regulations

Macau Property Opportunities Fund Limited announces the following update following the recent decline in its share price.

Last week, the Macau government announced that it will be launching a long-awaited public consultation for a revised gaming law framework and casino regulatory system which comprises a range of proposals, including additional government oversight, permission for the remittance of dividends and for government delegates to be designated to oversee gaming operators.

The uncertainty created by the renewal of casino licences has been covered in our earlier reports. The ultimate decision will be an important step in determining Macau's future direction. The Board and the Manager continue to keep any direct and indirect effects of recent developments on the Company's portfolio under close review.

From an economic standpoint, the Manager holds the view that these latest proposals can be viewed positively, since the Macau government state that they are ultimately intended to strengthen Macau's casino industry and ensure its long-term growth and sustainability. Nevertheless, the near-term uncertainty and decline in gaming companies share prices arising from the Macau government announcements is noted.

Crucially, despite the uncertainty remaining over the timing and details of casino license renewals and regulation, they are not expected to adversely impact the number of mainland Chinese visitors entering Macau which, unlike Hong Kong, continues to benefit from a travel bubble with China. The key drivers of the Macau property market are likely to continue to be the ultimate opening of Macau's borders to regional and internal visitors and the resultant recovery in gaming revenues and economic growth.

The Board can report no changes to the Company's portfolio or financial status to support a fall in the share price. The company has three remaining property assets in the portfolio and has adequate capital reserves. For the avoidance of doubt, the Company has no investments or direct exposure to any gaming or casino operations.

Further announcements will be made if there are further developments on the proposed regulations.

For further information

Investor Relations

Sniper Capital Limited

Tel: +852 2292 6789

[email protected]

www.snipercapital.com

Corporate Broker

Liberum Capital

Darren Vickers / Owen Matthews

Tel: +44 20 3100 2000

Company Secretary & Administrator

Ocorian Administration (Guernsey) Limited

Kevin Smith

Tel: +44 14 8174 2742