01 February 2023

Macau Property Opportunities Fund Limited

(the "Company")

Changes to Investment Management Agreement

As announced on 13 December 2022, 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 arrangements for 2023.

The challenges arising from the impact of the Chinese government's pursuit of a zero-COVID strategy for the overwhelming majority of the year have continued to negatively impact 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 successful delivery of the divestment strategy. The Board welcomes the recent abandonment of the Chinese government's zero-COVID strategy and is hopeful that as the market continues to open that the possibility for significant further disposals will increase.

Against this challenging backdrop, the Board has agreed to roll the terms of the Investment Management Agreement (the "Agreement") with the Manager, with effect (retrospectively) from 1 January 2023. Accordingly, a management fee of US$100,000 per calendar month for the calendar year 2023 will continue to be payable. Realisation fees will continue on the same terms as in 2022 (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 Board considers the arrangements to be fair given the context of the impact of the zero-COVID policy seen during 2022. 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.

 For further information:

Manager

Sniper Capital Limited

Group Communications

Tel: +65 6222 1440

Email: info@snipercapital.com

Corporate Broker

Liberum Capital

Darren Vickers / Owen Matthews

Tel: +44 20 3100 2222

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.