Successful completion of £105 million fundraising

5 June 2006: The Board of Macau Property Opportunities Fund Limited (the “Company”) today announces that the placing by Collins Stewart Limited raised gross proceeds of £105 million. The Company, which was advised by West Hill Corporate Finance Limited, has an issued share capital of 105,000,000 ordinary shares (the “Shares”). All the Shares have today been admitted to trading on AIM.

The Company will focus on investing in property opportunities, primarily in Macau, but also potentially in the Western Pearl River Delta region and, in exceptional circumstances, greater China. The Company is in ongoing discussions regarding a number of potential acquisitions. Property management advice will be provided by Sniper Capital, which has an established track record managing an existing private Macau property fund.

Macau, which is currently the only Chinese city where gambling is legal, is attracting substantial foreign investment. This investment, allied with increasing tourism numbers, a booming gaming industry, new transport infrastructure and new leisure facilities combines to provide a powerful growth dynamic to the property market.

The Company intends to target, principally, niche developments of the type which are often overlooked by large developers and which offer opportunities to achieve an attractive total return through their location, sector or ‘value-added’ potential. Sniper Capital will look to add value through the development, refurbishment, redevelopment, change of use and repositioning of properties.

There are currently several large-scale developments being undertaken in Macau, such as the new mega-casinos and hotel complexes. Sniper Capital believes that there are significant opportunities to achieve an attractive return from investments in smaller developments or developments independent of, while complementary to, the large casino and hotel sites.