Interim Results

Macau Property Opportunities Fund
16 February 2007


                    Macau Property Opportunities Fund Limited
                            ('MPOF' or the 'Company')

            Interim Results for the period ended 31 December 2006

Macau Property Opportunities Fund Limited, managed by Sniper Capital Limited, is
pleased to announce its maiden results for the period ended 31 December 2006.

Highlights


*  The Company was admitted to AIM in June 2006 with the issue of 105 million
   shares raising a total of USD196.5 million (£105 million) of new capital.

*  The Company is the first listed investment fund focusing on property
   investments in Macau and the surrounding region of China.

*  In the period to 31 December 2006, the Company completed the acquisition of
   three investments, committing a total of USD148.22m.

*  The Company has identified a strong pipeline of further potential investment
   opportunities with eight sites totalling USD220m currently under negotiation.

*  A valuation produced by Savills as at 31 December 2006 indicated an increase
   in the property portfolio value of 21% since acquisition and an Adjusted NAV
   uplift of 13.8% since admission to AIM.


For further information:

Public Relations
Hogarth Partnership Limited
No. 1 London Bridge
London SE1 9BG

Andrew Jaques/James Longfield/Sarah Richardson
Tel: [phone]

Investment Manager
Sniper Capital Limited
Investor Contact
Tel: [phone]
Email: [e-mail]
www.snipercapital.com

Website:               www.mpofund.com

Stock Codes:   Bloomberg:     MPO LN
               Reuters:       MPO.L




Chairman's Statement

This is my first opportunity to report to shareholders on the performance of
Macau Property Opportunities Fund Limited ('MPOF' or 'the Company') since the
Company's shares were admitted to trading on AIM on 5 June 2006. The report
covers the period ended 31 December 2006.

I am pleased to be able to inform shareholders that MPOF has made encouraging
progress in the execution of its investment strategy. The Company currently has
committed investments amounting to US$148 million in three high-quality
development projects in strategic locations across Macau, of which US$43 million
had been paid in cash as at 31 December 2006.

These commitments now represent 80% of the capital raised in the June 2006 AIM
listing on a pre-gearing basis, well within the expected 18-month investment
period. In line with one of the Company's target investment segments, the three
transactions were for residential sites. All of these are located on Macau
Peninsula and each brings unique and valuable attributes to the Company's
portfolio.

MPOF's Accounting Net Asset Value per share ('Accounting NAV') as at 31 December
2006 stood at US$1.8247, whereas the Adjusted Net Asset Value per share** ('
Adjusted NAV') as at that date stood at US$2.0491. The Adjusted NAV represents a
13.8% increase over the NAV per share of US$1.8001 at admission to AIM. This
increase, achieved in the first six months of operation, demonstrates MPOF's
commitment to the acquisition of niche and undervalued assets, which can quickly
contribute to shareholder value. The difference between the Adjusted NAV and the
Accounting NAV is predominantly the result of the increase in value of the
properties over the price paid by the Company. The independent valuers have
valued the properties 21% higher than the Company's cost of acquisition.

Consistent with its niche investment approach, the Company looks to acquire
assets with distinctive characteristics and sustainability of future demand,
despite the longer and more complex negotiations often involved. To date, the
Manager has assessed over 50 potential acquisitions in wider Macau and a further
12 in neighbouring Zhuhai, with a combined value of over US$1.3 billion. Going
forward, the Company continues to review and assess a steady flow of very
interesting projects both in Macau and Zhuhai, a number of which are undergoing
active financial and legal due diligence by the Investment Manager.

I am pleased with the quality and consistency of investment proposals which the
Investment Manager is presenting to the Board, and I am confident that a number
of these opportunities will lead to further acquisitions in the near future.

The strong economic growth being experienced in the region and the development
of the 'New' Macau as its gaming industry emerges onto the world stage, are
likely to create an attractive environment in the years ahead for MPOF to pursue
its investment strategy of focusing on quality, location and positioning in its
target market sectors.

In line with MPOF's stated objective of delivering an attractive total return
primarily from capital appreciation, the Board has not recommended
the payment of a dividend.

David Hinde
Chairman
Macau Property Opportunities Fund Limited


** NAV per share & Adjusted NAV per share as at 31 December 2006. Adjusted NAV
per share is calculated by taking the NAV per share calculated under IFRS and
adjusting inter alia to include the properties owned by the Company at net
realisable value rather than at the lower of cost or net realisable value.

Investment Manager's Report

Macau Property Opportunities Fund Limited is the first listed property company
focusing exclusively on property investment opportunities in Macau and the
surrounding Pearl River Delta Region. The Company's investment policy is to
provide shareholders with an attractive total return, primarily from capital
growth but with the potential for dividends over the medium to longer term.

The Company's core strategy is to capitalise on the rapid development of the
gaming, tourism and Meetings, Incentives, Conventions and Exhibitions (MICE)
industries in Macau, and the attendant growth in such areas as employment, local
disposable incomes, visitor arrivals, working population and infrastructure
spending being generated by these developments.

The Company actively takes advantage of niche and undervalued property
investment opportunities that are clearly differentiated by both location and
sustainability of end user demand, and which are geared into the growth sectors
in Macau, and are often overlooked by larger developers or investors. The
Company believes it is these focused investments, sourced through the Manager's
extensive network of local contacts, where the opportunity exists to create
value for investors through well-planned and executed acquisition and
development strategies.

Review of MPOF's Current Portfolio

Since admission to AIM on 5 June 2006, the Company has made three significant
property acquisitions in Macau amounting to a total commitment (including
estimated development costs) of US$148 million, and has made good progress in
sourcing a strong and varied pipeline of investment opportunities. The Company's
strong transaction flow has been achieved primarily via the Manager's
well-established local network, but also through an expanding range of
relationships with local developers, financial institutions and agents.

The Company's three acquisitions to date have been on Macau Peninsula, all
within the residential sector, but targeted at very different areas of this
market segment.

Portfolio Summary
                                                                            Acquisition  Open Market  Capital
Property  Sector       Type             Positioning        Status           Cost         Valuation    Commitment+
        1 Residential  Redevelopment    Local Residents    Planning         US$8.60m     US$13.21m    US$15.68m
        2 Residential  Development      Premium Luxury     Construction     US$86.58m    US$101.28m   US$86.58m
        3 Residential  Redevelopment    Entry Level        Consolidating    US$20.57m    US$25.64m    US$45.96m
Total                                                                       US$115.75m   US$140.13m   US$148.22m

+ Includes acquisition & expected redevelopment costs.


Property 1

Property 1 was acquired by the Company in October 2006 and is a 100% interest in
a prime residential redevelopment project, located in a very well-established
and popular residential neighbourhood. The site is currently unoccupied and is
ideally suited for a mid-rise residential development targeted towards local
residents seeking to upgrade the quality of their existing accommodation and
facilities. The initial architectural design and planning processes for this
site are currently under way and, subject to planning approval, construction is
planned to commence in 2008. It is the Company's current intention to sell all
of the residential units in this project either on a pre-sale basis or on
completion.

Acquisition Date                         17-Oct-06
Sector                                   Residential
Location                                 South-Western Macau Peninsula
Current Status                           Planning
Title                                    Freehold
Classification                           Residential/Commercial
Land Area                                13,000 ft(2) / 1,200 m(2)
Acquisition Cost                         US$8.6 million
Projected Development Cost               US$7.08 million
Total Commitment                         US$15.68 million
Positioning                              Local middle-income residents
Proposed Development                     Apartment block with car parking
Estimated Completion Date                End 2009

Property 2

Property 2 was acquired by the Company in November 2006 and comprises an entire
luxury residential tower (Tower Six), forming part of a high-end, mixed-use
waterfront project, 'One Central', currently under construction in the heart of
Macau (on-site work is currently under way on the foundations). This prestigious
project is being jointly developed by two of the region's top developers:
Hongkong Land and Shun Tak Holdings, and includes a 400,000 square foot premier
shopping complex, a 210-room, 6-star Mandarin Oriental Hotel and a 50,000 square
foot clubhouse and infinity pool for the exclusive use of residents.

The residential portion of the project, 'One Central Residences', comprises
seven residential towers, two of which have been sold en bloc by the developer
and the remainder released and reportedly sold out to the public. Due for
completion in 2009, One Central is a development of unprecedented quality and
positioning, setting new standards of design, finishing and luxury which give
the Company immediate participation in one of its core target segments, the
premium luxury residential market. It is the Company's current intention to
retain ownership of Tower Six until completion of the project.

Acquisition Date                  13-Nov-06
Sector                            Residential
Location                          Central Macau Peninsula
Current Status                    Under construction
Title                             Leasehold
Classification                    Mixed-use
Gross Floor Area                  148,000 ft(2) / 13,750 m(2)
Acquisition Cost                  US$86.58 million
Total Commitment                  US$86.58 million
Positioning                       Premium luxury
Proposed Development              High-rise apartment tower in prime mixed-use project
Estimated Completion Date         Mid-2009


Property 3

Property 3 was acquired by the Company in November 2006 and is a 100% interest
in a redevelopment site located in an up-and-coming area for entry-level buyers
situated close to the China border in the northern part of Macau. The
surrounding area is now undergoing widespread regeneration and urban renewal as
demand for entry-level residential property increases and as available land in
established areas becomes increasingly scarce. MPOF intends to develop the site
into a multi-storey residential project designed to cater for this rapidly
growing market segment of entry-level purchasers. The Company is currently in
active negotiations to acquire additional parcels of land in the area to
consolidate its holdings in this promising location, after which planning and
architectural design processes will be initiated.

Acquisition Date                         13-Nov-06
Sector                                   Residential
Location                                 Northern Macau Peninsula
Current Status                           Consolidating
Title                                    Leasehold
Classification                           Residential/Retail
Land Area                                20,000 ft(2) / 1,860 m(2)
Acquisition Cost                         US$20.57 million
Projected Development Cost               US$25.39 million
Total Commitment                         US$45.96 million
Positioning                              Entry-level
Proposed Development                     High-rise apartment block
Estimated Completion Date                End 2009

Additional Acquisition Pipeline

The potential for attractive investment opportunities in the Company's target
areas and sectors remains very strong. The Manager has assembled an attractive
and sizeable deal pipeline for the Company across a variety of sectors and prime
locations on which detailed assessment and due diligence is currently being
carried out. In line with the Company's investment strategy, the investment
focus remains on the target sectors in Macau, however, the Manager is also
selectively assessing investment opportunities across the border in Zhuhai and
the surrounding Pearl River Delta area.

In addition to the completed transactions, 65 sites with a combined acquisition
value of US$1.3 billion have been reviewed and assessed by the Manager. Of
these, eight sites with a combined value in excess of US$220 million are at
various stages of assessment, negotiation of terms and due diligence. These
sites include industrial, retail, residential, hotel and mixed-use projects both
in Macau and across the border in neighbouring Zhuhai. Two of these sites are
from the potential investment opportunities presented in the Company's Admission
document, where the acquisition process has been lengthened by complex title
issues.

The Manager remains cautious of the middle-market residential sector across
Macau, continuing to focus on its core areas:

•         residential projects in well-established neighbourhoods
•         super-luxury residential projects in prime locations
•         entry-level residential projects
•         retail projects in well-established neighbourhoods
•         leisure/commercial projects in strategic locations
•         affordable hotel and serviced apartment projects in key locations.

The Manager believes that the Company has sufficient capital at the present time
for the completion of the current owned and targeted acquisitions and, in
addition, is in discussions with a number of institutions for the arrangement of
debt financing for the development and redevelopment of all such projects.

Property Market Overview

The residential property market picked up significantly in the fourth quarter of
2006, with activity driven largely by the launch of several key residential
projects. The highest profile of these launches was the premium luxury
development 'One Central Residences', being developed jointly by Hongkong Land
and Shun Tak Holdings, where the public sales surpassed all expectations. All
units released to the public are reported to have been sold out within 10 days
of the public launch, despite an anticipated two-year sales programme. Since
then, several secondary transactions are reported to have taken place at prices
10-15% higher, further reinforcing the impact these new projects are having on
overall market demand and sentiment.

The public sale of One Central did not include any units in Tower Six, which was
acquired in full by the Company. It is the Company's current intention to retain
this asset until completion of the project in 2009.

Investor demand appears to be continuing apace in Macau, both from those
investors in search of Macau residency as well as financial investors from
across Asia. Buying sentiment was also boosted by a 25 basis point drop in
lending rates in November and continued double-digit growth in household income
for the year. In the residential leasing market, expatriate numbers continue to
swell in the Territory, putting upward pressure on rentals, and gradually
restoring yields to more realistic levels as achieved rents catch up with
capital values.

The Manager believes that future property prices and sentiment will be heavily
influenced by 'milestone' events in the ongoing creation of the new Macau. The
successful launch of One Central is one of the first of many such milestones.
The opening of the much anticipated Venetian Macau and the first large
conventions due to be staged at the new Venetian Convention Centre, both
scheduled for the second half of 2007, will likely be the next high-profile
events to receive significant international coverage. In addition, the
announcements of new projects such as the recent US$3 billion Virgin Casino
project will continue to bring attention and profile to the dramatic
developments under way in the Macau market.

In the retail sector, Las Vegas Sands Corp. continues to surprise the market,
with over 400 retailers reportedly now committed to The Venetian Macau shopping
mall, representing 80% of the 1.2 million square feet of space available. The
influx of top international retailers in this and other projects is set to
dramatically change Macau's retailing landscape and will drive the strong
anticipated growth in the Territory's non-gaming revenues. The other sector
expected to have a very significant impact on the Territory's non-gaming
revenues is the MICE industry, which is anticipated to grow dramatically from a
very low base once the Venetian Macau conference and convention centre opens for
business in the third quarter of 2007. It is unofficially reported that the
response from organisers for this new state-of-the-art facility has already been
very strong.

As anticipated, the office sector in Macau remains sluggish, with demand showing
few signs of absorbing existing supply or driving rental expectations upwards,
except in prime locations. As a result, this is a sector that the Company still
views with caution.

On the political front, the recent investigations into the activities of some
Macanese government officials is viewed as a long-term positive by the Company
since it is likely to ensure transparency, fairness and efficiency in the
planning and regulatory processes. In the short term, however, the uncertainty
created by such investigations may slow down certain approval processes within
government, although the Company has not experienced any such delays to date.

Announcements of new integrated resort projects across Macau continue unabated.
Recent news included the confirmation, by Wynn Macau, of a second hotel block
following the success of its initial phase. Furthermore, the Galaxy StarWorld
casino and hotel opened on the Macau Peninsula to much acclaim and initial
success. More recently, Macau Studio City announced a US$4 billion, six million
square foot development project adjacent to The Venetian on the Cotai Strip.
This project will include a leisure resort alongside facilities for television
and cinema production, retail outlets, gaming, various types of entertainment
and hotels.

During January 2007, there have been two more significant developments
announced: firstly, the Genting/Star Cruises/SJM casino to be developed opposite
Wynn Macau on the Macau Peninsula; and, secondly, Richard Branson's announcement
of a proposed US$3 billion Virgin Casino being planned for construction on the
Cotai Strip, although the exact location of this project is as yet unconfirmed.

Infrastructure

Macau infrastructure projects continue apace in order to keep up with the rapid
development in the gaming and tourism sectors. The proposed Macau-Taipa tunnel
has secured approval for construction, which is due to commence in October 2007,
and work has also reached completion on a new border crossing with China. The
initial proposed plans for the Macau light rail project were recently released
and it is understood that the final routing should soon be announced following a
consultation process. The Manager believes this project is an important part of
the overall public infrastructure plan and will contribute greatly towards
easing current and future traffic congestion, as well as creating value in new
locations as the system approaches operation.

Economic Overview

The Macau economy continues to benefit from the booming gaming and tourism
industries.

Real GDP grew by 17.1% in Q3 2006, mainly driven by exports of gaming services
and tourism receipts. Gaming receipts and fixed capital formation remained as
the key drivers, with gaming receipts increasing by 22% YoY in Q4 2006. Gross
fixed capital formation grew by 39.2% YoY to 3Q 2006.

The employment situation remained favourable on the back of the buoyant economy
and the unemployment rate fell to 3.5% in Q4 2006. The continued strong demand
for labour has resulted in sizeable pay rises across the job market. The median
monthly employment income in Q3 2006 rose by 16.3% compared with the same
quarter in 2005, further improving the already high housing affordability levels
of the local population. In addition, the arrival of expatriate workers
continued apace, increasing 64% YoY to 64,673 at the end of 2006.

Key Economic Statistics

                                                 Period                Figure       YoY % Change
Unemployment Rate                               Q4 2006                 3.50%             -0.50%
CPI                                                2006                108.42              5.15%
Visitor Arrivals                                   2006            21,998,122             17.60%
Gaming Receipts                                    2006       US$6.96 billion             22.00%
Median Monthly Employment Income                Q3 2006                US$871             16.30%
Real GDP                                        Q3 2006       US$3.44 billion             17.06%
GDP Per Capita (estimate)                          2006             US$26,100              7.30%
Retail Sales Value                              Q3 2006        US$332 million             21.20%
Population                                      Q3 2006               508,500              5.40%

Source: DSEC, Macau


Financial Review

The Company's interim financial statements as at 31 December 2006 have been
prepared in accordance with International Financial Reporting Standards (IFRS),
and as such, the three properties acquired by the Company to date have been
valued at the lower of cost and net realisable value. This treatment results in
an Accounting NAV per share for the Company of US$1.8247 compared to an NAV per
share on admission to AIM of US$1.8001. The main contributor to this increase is
the interest income earned on cash balances held by the Company.

The three properties acquired to date were revalued by international valuers as
at 31 December 2006 and the open market valuation of these properties is stated
in the Portfolio Summary of this interim report. The Adjusted NAV resulting from
this valuation is US$2.0491. This represents an uplift of 13.8% to the NAV per
share on admission to AIM, and reflects the Company's ability to execute
according to its investment strategy and acquire niche sites at very attractive
prices.

The actual expenses of Admission and the Placing payable by the Company were
£3.98 million, which was less than the anticipated £4.1 million as stated in the
Listing documents.

                                                         US$                     £
NAV per Share at Admission#                           1.8001                0.9621
NAV per Share##                                       1.8247                0.9324
Adjusted NAV per Share##                              2.0491                1.0471
Adjusted NAV Uplift                                   12.30%                12.30%
Adjusted NAV Uplift Since Admission                   13.80%                 8.80%


# Using US$/£ exchange rate of 1.871.

## Using US$/£ exchange rate of 1.957 as of 31 December 2006.

Valuation

A valuation of all the Company's property holdings was carried out as at 31
December 2006 by Savills (Macau) Limited. Savills is one of the leading
international property advisers, with over 140 offices and associates across the
UK, Continental Europe, Asia Pacific, and Africa and with a strong presence in
Hong Kong and Macau.

Savills' valuation has been used in the determination of the fair market value
of the Company's property interests and, hence, has been used in the calculation
of the NAV and Adjusted NAV of the Company. The valuation has been carried out
in accordance with the current Royal Institution of Chartered Surveyors (RICS)
Appraisal and Valuation Standards to calculate the market value of the
properties in their existing state and physical condition.

Outlook

Since admission to trading on AIM, MPOF has capitalized on its first mover
advantage to secure its position as a leading investor in the Macau property
market.

Looking ahead, the Company continues to identify a strong flow of attractive
investment opportunities which should further contribute to NAV growth and build
on the Company's initial success.

Tom Ashworth / Martin Tacon
Principals
Sniper Capital Limited



Consolidated Balance Sheet (Unaudited)
At 31 December 2006

                                                                                           2006
Assets                                          Notes                                   US$'000

Non-current assets                                                                            -

                                                                                              -

Current assets
Inventories                                         3                                    56,376
Trade and other receivables                         4                                       575
Prepayments                                                                                  30
Cash and cash equivalents                                                               148,706

                                                                                        205,687

Total assets                                                                            205,687
EQUITY
Capital and reserves attributable
to the Company's equity-holders
Share capital                                       6                                     1,050
Distributable reserves                                                                  187,960
Revaluation reserves                                                                          -
Retained earnings                                   8                                     2,584

Total equity                                                                            191,594

LIABILITIES
Current liabilities
Trade and other payables                            5                                    14,093

Total liabilities                                                                        14,093

Total equity and liabilities                                                            205,687


The financial statements were approved by the Board of Directors and authorised
for issue on 15 February 2007.



Consolidated Income Statement (Unaudited)
Period ended 31 December 2006
                                                                                          2006
                                                                   Notes               US$'000

Revenue                                                                                      -
                                                                                             -
Expenses
Investment Manager's fee                                              12                -2,142
Professional fees                                                                          -25
Non-Executive Directors' fees                                                             -139
Directors' expenses                                                                        -20
Insurance costs                                                                            -22
Audit fees                                                                                 -11
Administrative expenses                                                                   -200
Other operating expenses                                                                  -188

Operating loss                                                                          -2,747
Bank and other interest                                                                  5,290
Gains/(Losses) on foreign currency exchange                                                 41

Profit before tax                                                                        2,584
Tax                                                                                          -

Profit for the period                                                                    2,584
Attributable to:
Equity-holders of the Company                                                            2,584

                                                                                         2,584

                                                                                          2006
                                                                   Notes                   US$
Basic and diluted earnings per share
for profit attributable to the equity-holders
  of the Company during the period                                    10                0.0246



Consolidated Statement of Changes in Equity (Unaudited)
Period ended 31 December 2006

                                      Share       Share   Revenue    Distributable     Foreign
                                    capital     premium   reserve          reserve    exchange         Total
Movements during the period         US$'000     US$'000   US$'000          US$'000     US$'000       US$'000
Share premium on issue                1,050     195,410         -                -           -       196,460
Cancellation of share
  premium (see Note 7)                    -    -195,410         -          195,410           -             -
Placing fees and
  formation costs                         -           -         -           -7,450           -        -7,450
Net profit                                -           -     2,543                -          41         2,584

Balance carried forward
at 31 December 2006                   1,050           -     2,543          187,960          41       191,594



Consolidated Cash Flow Statement (Unaudited)
Period ended 31 December 2006
                                                                           2006
                                                            Notes       US$'000

Net cash generated from operating activities                  9          -2,546

Cash flows from investing activities
Expenditure on inventories                                              -42,522
Interest received                                                         4,723

Net cash used in investing activities                                   -37,799

Financing activities
Dividends paid                                                                -
Proceeds on issue of shares                                             189,010

Net cash used in financing activities                                   189,010

Net increase/(decrease) in cash and cash equivalents                    148,665
Cash and cash equivalents at beginning of period                              -
Effect of foreign exchange rate changes                                      41

Cash and cash equivalents at end of period                              148,706




Notes to the Consolidated Financial Statements (Unaudited)
Period ended 31 December 2006

General Information

Macau Property Opportunities Fund Limited is a company incorporated and
registered in Guernsey under the Companies (Guernsey) Law, 1994 (as amended) on
18 May 2006. The address of the registered office is Polygon Hall, PO Box 225,
Le Marchant Street, St Peter Port, Guernsey.

1. Significant accounting policies

Basis of Accounting

The financial statements have been prepared in accordance with International
Financial Reporting Standards (IFRS). The financial statements have been
prepared on the historical cost basis.

Consolidation

The consolidated financial statements incorporate the financial statements of
the Company and special-purpose entities controlled by the Company (its
subsidiaries). Control is achieved where the Company has the power to govern the
financial and operating policies of a special-purpose entity so as to obtain
benefits from its activities.

All intra-group transactions, balances, income and expenses are eliminated on
consolidation.

Inventories

Properties that are being held or developed for future sale are classified as
inventories at their deemed cost. They are carried at the lower of cost and net
realisable value. Net realisable value is the estimated selling price in the
ordinary course of business less cost to complete redevelopment and selling
expenses.

Foreign Currency Translation

a. Functional and presentation currency

Items included in the financial statements of each of the Group's entities are
measured using the currency of the primary economic environment in which the
entity operates ('the functional currency'). The consolidated financial
statements are presented in US Dollar, which is the Company's functional and
presentational currency.

b. Transactions and balances

Foreign currency transactions are translated into the functional currency using
the exchange rates prevailing at the dates of the transactions. Foreign exchange
gains and losses resulting from the settlement of such transactions and from the
translation at year-end exchange rates of monetary assets and liabilities
denominated in foreign currencies are recognised in the income statement.

Segmental Reporting

The Directors are of the opinion that the Group is engaged in a single segment
of business, being property investment and related business. The Group invests
in commercial property and property-related ventures primarily in Macau and
potentially in the Western Pearl River Delta region.

2. Subsidiaries

All special-purpose vehicles are owned 100% by Macau Property Opportunities Fund
Limited. The following subsidiaries have a year end of 31 December to coincide
with the Macanese tax year:

MPOF Macau (Site 1) Limited
MPOF Macau (Site 2) Limited
MPOF Macau (Site 3) Limited
MPOF Macau (Site 4) Limited
MPOF Macau (Site 5) Limited
MPOF Macau (Site 6) Limited
MPOF Macau (Site 7) Limited
MPOF Macau (Site 8) Limited
MPOF Macau (Site 9) Limited
MPOF Macau (Site 10) Limited

3. Inventories
                                                               2006
                                                            US$'000

Cost of properties                                           56,376

                                                             56,376

Cost of properties includes payments due on Tower Six of One Central Residences
in the next 12 months totalling HK$101,008,000 (US$12,988,000). Macau Property
Opportunities Fund Limited is guarantor for its subsidiary company in respect of
this property. The total of the guarantee is HK$572,379,000 (US$73,596,000), of
which HK$101,008,000 (US$12,988,000) is due within the next 12 months, and the
balance is due on completion of the property development.


4. Trade and other receivables
                                                              2006
                                                           US$'000

Trade debtors                                                    8
Interest receivable                                            567

                                                               575

Other receivables do not carry any interest and are short term in nature, and
are accordingly stated at their nominal value.

5. Trade and other payables
                                                             2006
                                                          US$'000

Payments due for acquired property                         13,854
Trade and other payables                                      239

                                                           14,093

The trade payable for acquired property represents contractual instalments of
HK$101,008,000 (US$12,988,000) that are due within the next 12 months on the
purchase of Tower Six of One Central Residences, as well as agent's commissions
of HK$6,734,000 (US$866,000) that are due on the acquisition of this property.

Other payables principally comprise amounts outstanding for ongoing costs. The
Directors consider that the carrying amount of trade and other payables
approximates to their fair value.

6. Share capital
                                                                2006
                                                             US$'000
Authorised:
300 million ordinary shares of US$0.01 each                    3,000
Issued and fully paid:
105 million ordinary shares of US$0.01 each                    1,050

The Company has one class of ordinary shares which carry no right to fixed
income.

7. Share premium

In accordance with the Listing prospectus and under Guernsey Statute, an
application was made to the Royal Court of Guernsey to have the share premium
cancelled and re-designated as a distributable reserve.

8. Retained earnings
                                                           US$'000

Balance at beginning of period                                   -
Dividends paid                                                   -
Net profit for the period                                    2,584

Balance at 31 December 2006                                  2,584

9. Notes to the cash flow statement
                                                                       2006
                                                                    US$'000

Operating loss from continuing operations                            -2,747
Adjustments for:
Increase/(Decrease) in provisions                                         -

                                                                     -2,747
Operating cash flows before movements in working capital
Decrease/(Increase) in receivables                                      -38
Increase/(Decrease) in payables                                         239

Cash generated by operations                                         -2,546
Interest paid                                                             -

Net cash from operating activities                                   -2,546


Cash and cash equivalents (which are presented as a single class of assets on
the face of the balance sheet) comprise cash at bank and other short-term,
highly liquid investments with a maturity of three months or less.

10. Basic and diluted earnings per ordinary share

The basic and diluted profit per equivalent ordinary share is based on the
profit attributable to equity-holders for the period of US$2,584,000 and on
105,000,000 weighted average number of ordinary shares in issue during the
period.

11. Related party transactions

Transactions between the Company and its subsidiaries, which are related
parties, have been eliminated on consolidation and are not disclosed in this
Note.

12. Material contracts

Under the terms of an appointment made by the Board on 23 May 2006, Sniper
Capital Limited ('SCL') was appointed as Investment Manager to the Company. The
Investment Manager is paid a fee of 2.0% of the Net Asset Value, as adjusted to
reflect the Property Investment Valuation Basis payable quarterly in advance. In
addition, SCL is entitled to receive a Performance Fee of 20% of any return
above the Basic Performance Hurdle as stated in the prospectus. A further 15%
Super Performance Fee is payable if the Super Performance Hurdle is met, as
stated in the prospectus.

The first calculation period ends on 30 June 2007 and no accrual is made in the
financial statements for the Performance Fee or Super Performance Fee.



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