25 February 2022

Macau Property Opportunities Fund Limited

(the "Company")

Changes to Investment Management Agreement

As announced on 22 December 2021, following approval of the continuation of the Company at the AGM, the Board has been in discussions with Sniper Capital, the Company's Investment Manager (the "Manager") to reach agreement on the Investment Management Agreement for 2022

The challenges arising from the continuing impact of COVID-19 on the Macau market, which have been compounded by the pursuit of a zero-COVID strategy in Macau, mainland China and Hong Kong, have negatively impacted on the timely realisation of the Company's assets. The divestment of all remaining assets continues to be the highest priority of the Company and the Manager is exploring all possible options to divest the assets for the benefit of shareholders. The Board's view remains unchanged that the Manager's knowledge of the Company's portfolio of assets and the Macau market is key to the delivery of the divestment strategy.

Against this challenging backdrop, the Board has agreed a new Investment Management Agreement (the "Agreement") with the Manager, retrospectively effective from 1 February 2022. A management fee of US$100,000 per calendar month for the calendar year 2022 will be payable, following an interim payment of $99,000 in January 2022. Realisation fees will continue to be payable on the same terms as in 2021 (using the 30 September 2019 valuation basis for calculating any realisation fees due) with all fees payable under the Agreement subject to an overall cap of US$1,780,000.

The extra-incentive fee arrangement of 1 per cent. if all assets were sold in 2021 has now elapsed and will not be included for 2022. The Agreement will expire at 31 December 2022, unless new arrangements are agreed with the Manager prior to that date. The Agreement is also subject to a revised six month notice period.

The Board considers the new arrangements to be fair in the context of the impact of the COVID-19 pandemic. They are intended to ensure that the Manager is able to continue to operate and remains incentivised to deliver realisations on behalf of the Company and its shareholders. The changes to the fee arrangements constitute a smaller related party transaction under the Listing Rules, and the Company has obtained written confirmation from its Sponsor that the terms are fair and reasonable insofar as the Company's shareholders are concerned.

The Board would like to thank shareholders for their continued support and patience with regard to the Company's realisation strategy, and recognition of the inherent value in the Company's portfolio of assets.

Stock Code

London Stock Exchange: MPO

LEI

213800NOAO11OWIMLR72

For further information:

Manager

Sniper Capital Limited

Group Communications

Tel: +65 6222 1440

Email: [email protected]

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

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About Macau Property Opportunities Fund

Premium listed on the London Stock Exchange, Macau Property Opportunities Fund Limited is 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.