Riviera Update

18 May 2010

Speymill Macau Property Company PLC

("Speymill Macau" or "the Company")

Speymill Macau Property Company plc ("Speymill Macau" or "the Company") , the Macau focused property investment company quoted on AIM, announces a further update on its Riviera development (formerly known as Lorcha). The Riviera is one of the Company's main assets. It is a two tower 518 unit residential development located on the Inner Harbour area of Macau Peninsula. The Company owns 145 units of 296 units in Tower 1 and 114 units of 222 units in Tower 2 of Riviera.

Sale of Apartment Units:

As noted in the announcements of 31 March 2010 and 12 April 2010, the Company began to sell units in Tower 1 of the Development, and on 8 April it began the sale of units in Tower 2 to reputable local buyers known to the local sales team and for whom no marketing or outside agents were required. On 10 April 2010, the Company launched an open sales program to the general public for units in both Tower 1 and Tower 2.

Update regarding Sales:

As of the close of business on Sunday 16 May 2010, a total of 127 Formal Sales and Purchase Agreements for units have been signed for Tower 1 for which a 10% deposit has been received from buyers. These sales should bring the Company's total net proceeds from Tower 1 to HK$459.4 million (US$59.3 million) upon final payment. The total number of contracts pending in regard to the purchase of apartments in Tower 1 cover 127 out of the 145 units owned by the Company leaving 18 units in Tower 1 of the Development remaining for sale. The average price of the units sold in Tower 1 was HK$3,451 p.s.f., net of payment option discounts, commissions and VIP discounts.

In regard to Tower 2, as of the close of business on Sunday 16 May 2010, a total of 105 Formal Sales and Purchase Agreements for units have been signed for which a 10% deposit has been received from buyers. These sales should bring the Company's total net proceeds from Tower 2 to HK$398.1 milliom (US$51.4 million) upon final payment. The total number of contracts pending in regard to the purchase of apartments in Tower 2 cover 105 out of the 114 units owned by the Company leaving 9 remaining units in Tower 2 for sale. The average price of the units sold in Tower 2 was HK$3,572 p.s.f., net of payment option discounts, commissions and VIP discounts.

The overall average price of units sold across both towers was HK$3,506 p.s.f., net of payment option discounts, commissions and VIP discounts.

To date, the Company has received a total of HK$355.5 million (US$45.9 million) from completed purchases under the Plan A payment scheme and additional deposits totaling HK$60.7 million (US$7.8 million) and HK$37.3 million (US$4.8 million) under the Plan A and Plan B payment schemes, respectively. Both the funds received from completed purchases and all deposits received, totaling HK$453.5 million (US$58.5 million), have been transferred to the developer to pay down the Company's outstanding debt of HK$719.6 milliion (US$93 million). It is anticipated that an additional HK$ 242.8 million (US$31.3 million) from the remaining Plan A payments for Tower 1 and 2 will be received by 31 May 2010. The final Plan B payments should be received in accordance with the scheme set forth below. The manager has been informed that the developer submitted a request to receive a final Occupation Permit to the Macau Department of Planning at the end of April and anticipates that the receipt of final Occupation Permit (OP) will likely occur in the third quarter of 2010.

As of Sunday May 16 there remain 27 unsold apartments in the two towers.

Information about the sales process:

Upon payment of the 10% the SPA becomes "formal" (FSPA) and the buyer is obligated to proceed to closing under one of two payment schemes:

(a) Plan A -Payment of 20% of the unit price (including the 10% down payment) within 14 days of signing the FSPA and the remaining 80% within one month: or

(b) Plan B - After payment of an initial 10% down payment, an additional 20% deposit is to be paid in two 10% increments spaced 30 and 90 days after signing the FSPA with the remaining 70% to be paid within 14 days after receiving notification that the Occupation Permit has been issued to the developer.

Negotiated prices for the sales of units are completed on an apartment by apartment basis and negotiations are ongoing. The Company will update the market periodically as reasonable numbers of units have been sold.

Enquiries

For more information, please visit www.speymillmacau.comor contact:

Speymill Property Group Limited Galileo Fund Services Limited

(Manager) (Administrator)

Nigel Caine, CFO Funds Ian Dungate

Nick Harris, Manager Suzanne Jones

+44 1624 640 860 +44 1624 692600

Matrix Corporate Capital LLP Fairfax I.S. PLC (Nominated Adviser) (Broker) Paul Fincham James King Jonathan Becher Andrew Cox +44 20 3206 7000 +44 20 7598 5368

Notes to Editors:

 Speymill Macau Property Company plc ("Speymill Macau" or the "Company")

·; Speymill Macau was incorporated and registered in the Isle of Man on 31 October 2006 and is a closed-ended investment company registered in the Isle of Man and traded on AIM, a market of the London Stock Exchange.

·; The Company was established to invest primarily in the Macau property market. This includes pursuing selective commercial property investments to capture expected ancillary Macau service sector growth. The Company was admitted to AIM on 17 November 2006 raising US$ 80 million in a placing on admission. A second fundraising of US$ 70 million was completed in May 2007. The Company's objective is to provide shareholders with an attractive overall return to be achieved primarily through long-term capital growth.

·; Macau is one of only two Special Economic Regions, a semi-autonomous administrative area, in China, and has enjoyed explosive economic growth, in part due to its establishment as an important gambling centre which has led to high historical and forecast GDP growth, driven by rising incomes and low unemployment levels. Coupled with the limited availability of land, developers are now struggling to meet a stronger than anticipated demand for higher quality housing. The Company intends to exploit these favourable market dynamics with the aim of generating attractive oveall returns for shareholders.

·; Speymill Property Group Limited ("SPG") is the Manager of the Company and the Investment Adviser is Speymill Property Group (Far East) Limited, a wholly owned subsidiary of SPG.