Foreign Exchange Hedging

10 December 2015

Pacific Alliance China Land Limited

Foreign Exchange Hedging

Pacific Alliance China Land Limited ("PACL") (AIM: PACL), the closed-end investment company admitted to trading on AIM, announces that it completed a foreign exchange hedge for its portfolio on 7 December 2015 given the potential greater fluctuation in the CNY exchange rate as a result of its inclusion in the SDR basket.

The following hedges cover the proceeds of the Project Malls exit and the value of the Project Auspice investment, which are denominated in CNY and will eventually be repatriated to PACL through dividend distributions and return of share capital from its PRC subsidiaries.

Buy 30 Jun 16 6.50/6.75 call spread in US$40.0 million per leg

Buy 30 Dec16 6.55/7.00 call spread in US$15.6 million per leg

Buy 31 Dec18 6.75/7.20 call spread in US$70.0 million per leg

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About Pacific Alliance China Land Limited

Pacific Alliance China Land Limited ("PACL") (AIM: PACL) is a closed-end investment company admitted to trading on the AIM Market of the London Stock Exchange in November 2007. PACL is focused on investing in a portfolio of existing properties, new developments, distressed projects and real estate companies in Greater China.

For more information about PACL, please visit: www.pacl-fund.com

Pacific Alliance China Land Limited is managed by a member of PAG (formerly known as Pacific Alliance Group), the Asian alternative investment fund management group. Founded in 2002, PAG is now one of the region's largest Asia-focused alternative investment managers, with funds under management across Private Equity, Real Estate and Absolute Return strategies. PAG has a presence across Asia with over 350 staff working in the region.

For more information about PAG, please visit: www.pagasia.com