Riviera Update

7 June 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 dated 31 March 2010, 12 April 2010 and 18 May 2010, the Company began to sell units in Tower 1 of the Riviera development in March 2010 and on 8 April 2010 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:

Plan "A" Purchases

As of the close of business on Saturday 5 June 2010, a total of 176 Formal Sales and Purchase Agreements have been signed for units in both Tower 1 and Tower 2 for which a final payment, or at least a 20% deposit, has been received from buyers under the payment plan known as Plan "A" (see below for definitions). These sales have generated a total of HK$642.7 million (US$82.4 million) cash in hand after deductions for discounts and commissions. Since the last update of 18 May 2010, an additional HK$295.5 million (US$37.9 million) was received from the proceeds of the apartment units sold under Plan "A", net of discounts and commissions, and that amount has been included in the HK$642.7 million (US$82.4 million) noted above. There remains one final payment to be received for one unit sold under plan "A" which is pending sales completion and it is expected that this unit should close within the next two weeks, generating an additional HK$4.05 million (US$0.5 million), net of discounts and commissions. A deposit of HK$450,000 has been received for this particular unit.

Plan "B" Purchases

As of the close of business on Saturday 5 June 2010, a total of 56 Formal Sales and Purchase Agreements have been signed for units in both Tower 1 and Tower 2 under payment plan known as Plan "B" (see below for definitions). Deposits of HK$43.8 million (US$5.6 million) have been received from the Plan "B" purchasers with additional deposits of HK$21.4 million (US$2.7 million) expected to be received in accordance with the Plan "B" payment schedule, with the entirety expected to be received by the end of July. The final Plan "B" payments, totaling HK$152.9 million (US$19.6 million), are to be received in accordance with the Plan "B" payment scheme set forth below. Net of all discounts and commissions, sale of units under Plan "B" are expected to generate proceeds of HK$210.4 million (US$27.0 million).

The manager has been informed that the developer believes that it is likely to receive a final Occupation Permit (OP) from the Macau Department of Planning in the third quarter of 2010, but there is no guarantee about the time of the receipt of the OP and the final payments due to the developer from the Company, and from the Plan "B" buyers to the Company, are both tied to the receipt of this permit.

Summary of Sales

As of Saturday 5 June 2010, the actual total net proceeds received, after deduction for discounts and commissions, from the sale of the units including deposits and final payments amounted to HK$687.0 million(US$88.1 million). The expected total net proceeds from the sales to date amount to HK$857.6 million (US$109.9 million), net of discounts and commissions.

As of this announcement, the Company still owns 27 unsold apartments in the two towers and is continuing to market them.

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.com or 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 overall 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.