Interim Management Statement

January 31, 2012

Origo Partners PLC

Interim Management Statement for the three month period from October 1, 2011 to December 31, 2011

This Interim Management Statement by Origo Partners Plc ("Origo" or "the Company") and its subsidiaries ("the Group") relates to the three month period from October 1, 2011 to December 31, 2011 ("the Period").

Highlights from the Period:

·; Unaudited net asset value of US$242.3 million compared to US$215.4 million for the period ending September 30, 2011 primarily as a result of the successful placing in December 2011 which raised US$32.5 million, before expenses

·; Unaudited net asset value per share of US$0.68 at the end of the Period compared to US$0.72 per share for the period ending September 30, 2011

·; Total investments of US$15.1 million

·; Net cash position of US$44.9 million

Chris Rynning, Origo's CEO, said:

In Q4 Origo successfully raised additional funding and entered into a strategic partnership with Trafigura Beheer B.V. ("Trafigura"), further strengthening our presence in Mongolia.

In November we announced the Joint Venture with Trafigura, one of the world's leading trading companies, to invest in coal and iron ore opportunities in Mongolia. This partnership is an endorsement of our mining franchise and shows our confidence in Mongolia's future and its potential as an international supplier of bulk commodities and base metals.

During the Period, we also successfully raised US$32.5 million via a placing of new ordinary shares with new and existing shareholders. The funds raised enable us to enter 2012 in a strong position to invest in selected RMB funds alongside the Chinese government and to capitalise on our pipeline of new identified investment opportunities.

1. Resources and Commitments

In December 2011, the Company raised US$32.5 million, before commissions and expenses, via a placing of new ordinary shares to existing and new shareholders at 36 pence per new ordinary share. At December 31, 2011, Origo had cash and cash equivalents of US$56.9 million. Payables to debtors and other liabilities equaled US$12.0 million, leaving the Group with a net cash position of US$44.9 million.

2. Unaudited Net Asset Value

No revaluation of the Portfolio took place during the Period as per Origo's policy to reassess the value of the Company's assets on a bi-annual basis. However, adjusting to reflect the purchase and sale of investments, currency movements and market values in respect of quoted investments, the Company estimates unaudited net asset value at the end of the Period was US$242.3 million (US$0.68 per share). The equivalent NAV per share translated into British Sterling at the prevailing exchange rate at the end of the Period was 44.4 pence compared to 46.2 pence for the period ending September 30, 2011. The decline in NAV per share is primarily a result of the placing in December of 57,758,333 new ordinary shares at 36 pence per share.

3. Portfolio composition

In line with the Group's strategy, investments are made predominately in privately held companies across various sectors of China's economy, and in companies and assets with exposure to the Chinese market, with the objective of providing shareholders with above market returns, primarily through capital appreciation. Currently the Group focuses on two sectors: natural resources (comprising metals, mining and agriculture) and clean tech.

As at December 31, 2011, the Portfolio was carried at the aggregate value (excluding revaluations of unquoted portfolios) of US$243.7 million compared to US$240.0 million for the period ending September 30, 2011. The top ten investments represented 89 per cent of the fair value of the Portfolio, with the top five investments accounting for 67 per cent.

Table 1: Top 10 Investments (US$ million)

* Legal & beneficial interests, excluding impact of outstanding options/warrants and any outstanding convertible instruments

** A private equity fund focusing on China's cleantech sectors, jointly formed and co-managed by the Group and Ecofin Limited

Reflecting the Group's strategy of investing in privately held companies, 91 per cent of the Portfolio (in terms of fair value) at the end of the Period was invested in unquoted portfolio companies. The Company's holding in listed companies comprised stakes in AIM-listed HaloSource Inc. (LSE: HAL), TSX Venture Exchange listed Kincora Copper Limited (TSXV: KCC), ASX listed Voyager Resources Ltd (ASX: VOR), a minor position in Weka Entertainment, listed on NYSE Alternext (ALWEK.NX), and other quoted investments held by China Commodities Absolute Return Ltd ("CCF"), a commodities hedge fund managed by the Group.

The weighted average holding period is 2.6 years, with 76 per cent of the Portfolio having been held for less than 3 years; 16 per cent having been held for 3-4 years, and 8 per cent for 4 years or longer.

In terms of sectors, the composition of the Portfolio at the end of Period comprised:

Metals & Mining (57 per cent)

Agriculture (23 per cent)

Clean tech (16 per cent)

Consumer, Technology and Media (4 per cent).

4. Investments

The Group invested a total of US$15.1 million during the period, comprising US$5.5 million of investments in new portfolio companies, of which US$5.1 million were invested in the quoted stocks through CCF, and US$9.6 million of deployments to existing investee companies.

In October 2011, the Company disbursed the second tranche of US$5 million to China Rice Ltd under a convertible credit facility entered into and announced in August 2011.

In October 2011, the Company announced the acquisition of Smarton 5 Inc. ("S5"), a Beijing-based social gaming company, in which Origo held a 36 per cent equity stake, by 6waves Lolapps ("6waves"), a social and mobile game developer and publisher with significant venture capital backing. Origo retains an equity stake in the combined company.

In November 2011, the Company announced the formation of a joint venture company, Trafigura-Origo MGL to invest in coal and iron ore opportunities in Mongolia ("the Joint Venture"). The Joint Venture, to be owned 50:50 by wholly-owned Mongolian subsidiaries of Trafigura and Origo respectively, will invest in a number of already identified iron ore and coal exploration projects in Mongolia with the objective of targeting further high-grade deposits with the potential for significant export volumes.

In December 2011, the Company exercised warrants to subscribe for preferred shares in Niutech Energy Ltd in consideration of US$1.65 million.

5. Portfolio Updates

On 9 December 2011, Gobi Coal & Energy Limited informed shareholders that it has completed a placing of shares to two sovereign wealth funds raising US$91 million. The funds will enable Gobi Coal & Energy Limited to construct Phase 1 of the Shinejinst Mine, and bring it into production, in anticipation of an IPO during 2012.

ENDS