Document:

EX-4.30

 Exhibit 4.30 

EXECUTION VERSION 
 MELCO
RESORTS FINANCE LIMITED 
 US$600,000,000 5.625% Senior Notes due 2027 

PURCHASE AGREEMENT 

WHITE & CASE 
 9/F,
Central Tower 
 28 Queen’s Road Central 

Hong Kong 

 July 10, 2019 

Each of the institutions named in Schedule A hereto 

(each, an “Initial Purchaser” and, collectively, the “Initial Purchasers”) 

Ladies and Gentlemen: 

Melco Resorts Finance Limited, an exempted company incorporated with limited liability in the Cayman Islands (the
“Issuer”), confirms its agreement with the Initial Purchasers with respect to the issuance and sale by the Issuer and the purchase by the Initial Purchasers, acting severally and not jointly, of the respective
principal amounts set forth in Schedule A hereto of US$600,000,000 aggregate principal amount of the Issuer’s 5.625% Senior Notes due 2027 (the “Notes”), subject to the terms and
conditions set forth in this purchase agreement (this “Agreement”). The Notes are to be issued pursuant to an indenture (the “Indenture”), dated as of the Closing Date (as
defined below), between the Issuer and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”). 

The Issuer intends to use the net proceeds from the offering of the Notes to repay, in part, the amount outstanding under the
HK$9.75 billion (equivalent to approximately US$1.25 billion) revolving credit facility under the amended and restated credit facilities entered into by Melco Resorts Macau (as defined below) on June 19, 2015 (the “2015 Credit
Facilities”). 
 This Agreement, the Indenture and the Notes are referred to herein as the “Operative
Documents.” 
 The offer of the Notes by the Initial Purchasers is herein called the
“Offering.” All references to “U.S. dollars” or “US$” herein are to United States dollars. In connection with the Offering, the Issuer has made a listing application to, and approval-in-principle
has been obtained from, the Singapore Exchange Securities Trading Limited (the “SGX-ST”) for the listing on the SGX-ST of the Notes. 

The Issuer understands that the Initial Purchasers propose to make the Offering on the terms and in the manner set forth
herein and agrees that the Initial Purchasers may resell, subject to the conditions set forth herein, all or a portion of the Notes to purchasers (“Subsequent Purchasers”) at any time after this Agreement has been executed and
delivered. The Notes are to be offered and sold through the Initial Purchasers without being registered under the United States Securities Act of 1933, as amended (the “Securities Act”), in reliance upon exemptions therefrom.
Pursuant to the terms of the Notes and the Indenture, investors that acquire Notes may only resell or otherwise transfer such Notes (A) (i) if such Notes are hereafter registered under the Securities Act or (ii) if an exemption from the
registration requirements of the Securities Act is available for such resale or transfer (including, without limitation, the exemptions afforded by Rule 144A under the Securities Act (“Rule 144A”), or Regulation S under the
Securities Act (“Regulation S”) and (B) in compliance with transfer restrictions set forth in the Offering Memorandum under the caption “Transfer Restrictions”. 

  
 1 

 In connection with the sale of the Notes, the Issuer confirms that it has
prepared and delivered to each of the Initial Purchasers copies of a preliminary offering memorandum dated July 9, 2019 (the “Preliminary Offering Memorandum”) and a pricing supplement, in the form attached hereto as Schedule
C (the “Pricing Supplement”), and that it will prepare and deliver to each of the Initial Purchasers, dated the date hereof, a final offering memorandum (the “Final Offering Memorandum”), each for use by each of
the Initial Purchasers in connection with its solicitation of purchases of, or offering of, the Notes. “Offering Memorandum” means, with respect to any date or time referred to in this Agreement, the most recent offering memorandum
(whether the Preliminary Offering Memorandum or the Final Offering Memorandum, or any amendment or supplement to either such document) which has been prepared and delivered by the Issuer to each of the Initial Purchasers in connection with their
solicitation of purchases of, or offering of the Notes. 
 For purposes of this Agreement: 

“Gaming License” means a license for operating games of chance and other casino games in Macau, pursuant to a
valid subconcession contract; 
 “Sanction Target” means any person who is (i) the subject or the
target of any sanctions or trade embargos administered or enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), the U.S. Department of State, the U.S. Department of Commerce, the United
Nations Security Council (“UNSC”), the European Union (“EU”), Her Majesty’s Treasury (“HMT”) or the Monetary Authority of Singapore (“MAS”) or any other applicable sanctions
regulation (collectively, “Sanctions”); (ii) 50% or more owned by or otherwise controlled by or acting on behalf of one or more persons referenced in clause (i) above, or (iii) located, organized or resident in a country
or territory that is the subject or the target of Sanctions (including but not limited to, Cuba, Iran, North Korea, Sudan, the Crimea region in the Ukraine and Syria) (each, a “Sanctioned Country”); and 

“Subconcession Contract” means the Subconcession Contract dated September 8, 2006 between Wynn Resorts
(Macau), S.A. and Melco Resorts (Macau) Limited (formerly known as Melco Crown (Macau) Limited and before that as Melco Crown Gaming (Macau) Limited or Melco PBL Gaming (Macau) Limited and before that as PBL Entertainment (Macau) Limited)
(“Melco Resorts Macau”). 
 SECTION 1. Representations and Warranties by the Issuer. 

The Issuer represents and warrants to each Initial Purchaser as of the date hereof and as of the Closing Date referred to in
Section 2(b) hereof, and agrees with each Initial Purchaser, as follows: 
 (i)     Disclosure
Package and Final Offering Memorandum. As of the Applicable Time (as defined below), neither (x) the Preliminary Offering Memorandum as supplemented by the Pricing Supplement, all considered together (collectively, the “Disclosure
Package”), nor (y) any individual Supplemental Offering Materials (as defined below), when considered together with the Disclosure Package, included any untrue statement of a material fact or omitted to state any material fact
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. “Applicable Time” means the time when sales of the Notes were first made. 

  
 -2- 

 “Supplemental Offering Materials” means any “written
communication” (within the meaning of the rules and regulations promulgated under the Securities Act by the U.S. Securities and Exchange Commission (the “Commission”)), prepared by or on behalf of the Issuer, or used or
referred to by the Issuer, that constitutes an offer to sell or a solicitation of an offer to buy the Notes other than the Offering Memorandum or amendments or supplements thereto (including the Pricing Supplement), including, without limitation,
any roadshow material relating to the Notes that constitutes such a written communication. 
 As of its date of issue and as
of the Closing Date, the Final Offering Memorandum will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were
made, not misleading; provided that the representations, warranties and agreements in this Section 1(i) shall not apply to statements in or omissions from the Disclosure Package or the Final Offering Memorandum or any amendments or
supplements thereto made in reliance upon and in conformity with information furnished to the Issuer in writing by an Initial Purchaser expressly for use in the Disclosure Package or the Final Offering Memorandum or any amendments or supplements
thereto, it being understood and agreed that the only such information furnished by any Initial Purchaser consists of the information described as such in Section 7(b) hereof. 

(ii)     Existence. The Issuer and each of its subsidiaries has been duly incorporated and is
existing and (where such concept is applicable) in good standing under the laws of the jurisdiction of its incorporation or establishment, with power and authority (corporate and other) to own its properties and conduct its business as described in
the Disclosure Package and the Final Offering Memorandum and to enter into, execute and perform its obligations under the Operative Documents to which it is a party, and is duly qualified to do business as a foreign corporation (where such concept
is applicable) in good standing in all other jurisdictions in which its ownership or lease of property or the conduct of its business requires such qualification, except where the failure to be so qualified in such jurisdiction, individually or in
the aggregate, would not have a material adverse effect on the condition (financial or other), business, properties, business prospects or results of operations of the Issuer and its subsidiaries taken as a whole (“Material Adverse
Effect”). 
 (iii)     Subsidiaries. The Issuer does not have any subsidiaries other
than the ones listed on Schedule B. All of the issued and outstanding authorized shares of each subsidiary of the Issuer have been duly authorized and validly issued and are fully paid and
non-assessable; and except for authorized shares which have been pledged pursuant to prior financings as disclosed in the Disclosure Package and the Final Offering Memorandum, the authorized shares of each
subsidiary owned by the Issuer, directly or through subsidiaries, are owned free from liens, encumbrances and defects. 

(iv)     Capitalization. The capitalization of the Issuer is as set forth in the Disclosure Package
and the Final Offering Memorandum in the column entitled “Actual” under the caption “Capitalization”; all of the issued and outstanding shares of the Issuer have been duly authorized. 

  
 -3- 

 (v)     Absence of Further Requirements. No
consent, approval, or order of, clearance by, or filing or registration with, any person (including any governmental agency or body or any court or any stock exchange) is required to be obtained or made by the Issuer or any of its subsidiaries for
the consummation by the Issuer of the transactions contemplated by the Operative Documents, except such as may be required (A) under the blue sky or similar laws of any jurisdiction in connection with the purchase and distribution of the Notes
by the Initial Purchasers in the manner contemplated in the Operative Documents, the Disclosure Package and the Final Offering Memorandum and (B) by the SGX-ST in connection with its granting approval-in-principle for the listing and quotation of the Notes when such approval is obtained. No governmental authorization is required to effect payments of principal, premium, if any, and interest on the Notes.

 (vi)     Title to Property. Except as disclosed in the Disclosure Package and the Final
Offering Memorandum, the Issuer and its subsidiaries have good and marketable title to all real property and all other property and assets owned by them as are necessary to conduct their respective businesses in the manner described in the
Disclosure Package and the Final Offering Memorandum, in each case free from liens, charges, encumbrances and defects that would materially affect the value thereof or materially interfere with the use made or to be made thereof by them, and the
Issuer and its subsidiaries hold any leased real or personal property under valid and enforceable leases with no terms or provisions that would materially interfere with the use made or to be made thereof by them and except for such liens,
encumbrances, charges, defects, claims, options or restrictions which, individually or in the aggregate, would not have a Material Adverse Effect. 

(vii)     Compliance. Neither the Issuer nor any of its subsidiaries is (A) in
violation of its respective constitutional documents, (B) in default of the performance or observance of any obligation, agreement, covenant or condition contained in any contract, indenture, mortgage, deed of trust, loan or credit agreement,
note, license, lease or other agreement or instrument to which the Issuer or any of its subsidiaries is a party or by which it may be bound, or to which any of the properties or assets of the Issuer or any of its subsidiaries may be subject (and no
event has occurred which, with the giving of notices or lapse of time or both, would constitute such default), or (C) in violation of any statute, law, rule, regulation, judgment, order or decree of any court, regulatory body, administrative
agency, governmental body, arbitrator or other authority having jurisdiction over the Issuer or such subsidiary or any of its properties, as applicable, except, in the case of (B) and (C) only, any defaults or violations which, individually and
in the aggregate, would not have a Material Adverse Effect. 

  
 -4- 

 (viii)     Absence of Defaults and Conflicts
Resulting from Transaction. The execution, delivery and performance of each Operative Document and the consummation of the transactions contemplated herein and therein by the Issuer, the issuance and sale of the Notes and the application
of the proceeds from the sale of the Notes by the Issuer, as described in the Disclosure Package and the Final Offering Memorandum under the caption “Use of Proceeds,” and compliance by the Issuer with its obligations hereunder and
thereunder do not and will not result in (A) a violation of the respective constitutional documents of the Issuer or any of its subsidiaries, (B) a violation of any statute, law, rule, regulation, judgment, order or decree of any court,
regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Issuer or any of its subsidiaries or any of their properties, or (C) a breach or violation of any of the terms and provisions
of, or constitute a default or a Debt Repayment Triggering Event (as defined below) under, or result in the imposition of any lien, charge or encumbrance upon any property or assets of the Issuer or any of its subsidiaries pursuant to, the
constitutional documents of the Issuer or any of its subsidiaries, any statute, rule, regulation or order of any governmental agency or body or any court, arbitrator or other authority, domestic or foreign, having jurisdiction over the Issuer or any
of its subsidiaries or any of their properties, or any agreement or instrument to which the Issuer or any of its subsidiaries is a party or by which the Issuer or any of its subsidiaries is bound or to which any of the properties of the Issuer or
any of its subsidiaries is subject (including but not limited to the 2015 Credit Facilities, the 4.875% senior notes due 2025 of the Issuer, and the 5.250% senior notes due 2026 of the Issuer), except in the case of (B) and (C) above, where any
such breach, violation, contravention, default, Debt Repayment Triggering Event, lien, charge or encumbrance would not, individually or in the aggregate, have a Material Adverse Effect. A “Debt Repayment Triggering Event” means any
event or condition that gives, or with the giving of notice or lapse of time would give, the holder of any note, debenture, or other evidence of indebtedness (or any person acting on such holder’s behalf) the right to require the repurchase,
redemption or repayment of all or a portion of such indebtedness by the Issuer or any of its subsidiaries. 

(ix)     Subconcession Contract. The Subconcession Contract has been duly authorized,
executed and delivered by Melco Resorts Macau, and assuming due authorization, execution and delivery by the other parties thereto, constitutes a legal, valid and binding agreement of such parties, enforceable against Melco Resorts Macau in
accordance with its terms, in each case, except as enforcement thereof may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’
rights and to general principles of equity. 
 (x)     Licenses. The Issuer and its
subsidiaries possess, and are in compliance with the terms of, all licenses, certificates, authorizations, and franchise permits (collectively, “Licenses”) issued by appropriate governmental agencies or bodies necessary to the
conduct of the business now operated by them, except for such non-compliance that would not, individually or in the aggregate, have a Material Adverse Effect and have not received any notice of proceedings relating to the revocation or modification
of any License that, if determined adversely to the Issuer or any of its subsidiaries, would individually or in the aggregate have a Material Adverse Effect. To the best knowledge of the Issuer, the Gaming License of Melco Resorts Macau remains in
full force and effect and validly authorizes Melco Resorts Macau to carry on the gaming business as is and is proposed to be conducted and on the terms and conditions, in each case as described in the Disclosure Package and the Final Offering
Memorandum, and to the knowledge of the Issuer, no notice of any proceeding or claim or action for the invalidation, revocation, cancellation or imposition of any further condition or requirement of or in connection with the Gaming License has
occurred or is pending. 
 (xi)     Absence of Labor Dispute. Except as would not have a
Material Adverse Effect, no labor dispute with the employees of the Issuer or any of its subsidiaries exists or, to the knowledge of the Issuer or any of its subsidiaries, is imminent. 

  
 -5- 

 (xii)     Possession of Intellectual Property.
Except as disclosed in the Disclosure Package and the Final Offering Memorandum, the Issuer and its subsidiaries own, possess or can acquire on reasonable terms, adequate trademarks, trade names and other rights to inventions, know-how, patents,
copyrights, confidential information and other intellectual property (collectively, “intellectual property rights”) necessary to conduct the business now operated or employed by them, and if such business is described in the
Disclosure Package and the Final Offering Memorandum, as described in the Disclosure Package and the Final Offering Memorandum. Neither the Issuer nor any of its subsidiaries has received any notice or communication of infringement of or conflict
with asserted rights of others with respect to any intellectual property rights of others that, if determined adversely to the Issuer or any of its subsidiaries, would, individually or in the aggregate, have a Material Adverse Effect. 

(xiii)     Offering Memorandum. The statements set forth in the Disclosure Package and the Final
Offering Memorandum (i) under the sections headed “Summary,” “Description of Notes” and “Description of Other Material Indebtedness,” insofar as they purport to constitute a summary of the material terms of the
Notes and the material indebtedness of the Issuer and its subsidiaries, respectively, and (ii) under the sections headed “Related Party Transactions,” “Plan of Distribution” and “Taxation,” insofar as they purport
to describe the provisions of the laws and documents referred to therein, are accurate and fair in all material respects. The Operative Documents will conform in all material respects to the respective statements relating thereto contained in the
Offering Memorandum. 
 (xiv)     Environmental Laws. Neither the Issuer nor any of its
subsidiaries is in violation of any statute, any rule, regulation, decision or order of any governmental agency or body or any court, domestic or foreign, relating to the use, disposal or release of hazardous or toxic substances or relating to the
protection or restoration of the environment or human exposure to hazardous or toxic substances or relating to the safety of employees in the workplace (collectively, “environmental laws”), owns or operates any real property
contaminated with any substance that is subject to any environmental laws, is liable for any off-site disposal or contamination pursuant to any environmental laws, or is subject to any civil, criminal or administrative action, suit, claim, hearing,
notice of violation, investigation or proceeding (“Proceeding”) relating to any environmental laws, which violation, contamination, liability or Proceeding would, individually or in the aggregate, have a Material Adverse Effect; and
neither the Issuer nor any of its subsidiaries is aware of any pending hearing or investigation which would lead to such a claim. 

(xv)     Insurance. The Issuer and its subsidiaries maintain insurance in such amounts and
covering such risks as the Issuer and each subsidiary reasonably considers adequate for the conduct of its business, all of which insurance is in full force and effect. There are no material claims by the Issuer or any of its subsidiaries under any
such policy or instrument as to which any insurance company is denying liability or defending under a reservation of rights clause. Neither the Issuer nor any of its subsidiaries has a reason to believe that it will not be able to renew its existing
renewable insurance as and when such coverage expires or will not be able to obtain replacement insurance adequate for the conduct of the business and the value of its properties at a cost that would not have a Material Adverse Effect. 

(xvi)     Statistical and Market-Related Data. Any third-party statistical and
market-related data included in the Disclosure Package or the Final Offering Memorandum are based on or derived from sources that the Issuer believes to be reliable and accurate. 

  
 -6- 

 (xvii)     Absence of Accounting Issues. A
member of the Board of Directors of the Issuer has confirmed that the Board of Directors is not reviewing or investigating, and neither the Issuer’s independent auditors nor its internal auditors have recommended that the Board of Directors
review or investigate adding to, deleting, changing the application of, or changing the Issuer’s disclosure with respect to, the Issuer’s material accounting policies, other than in connection with any proposed change in U.S. GAAP (as
defined below). 
 (xviii)     Taxes. No taxes, imposts or duties of any nature
(including, without limitation, stamp or other issuance or transfer taxes or duties and capital gains, income, withholding or other taxes) are payable by or on behalf of the Initial Purchasers to the governments of the Cayman Islands or Macau or, in
each case, any political subdivision or taxing authority thereof or therein in connection with (A) the execution and delivery of the Operative Documents, except Cayman Islands stamp duty will be payable if originals of the Operative Documents
are executed or brought into the Cayman Islands, or (B) except as disclosed in the Disclosure Package and the Final Offering Memorandum under the heading “Taxation,” the resale and delivery of such Notes by the Initial Purchasers in
the manner contemplated in the Disclosure Package and the Final Offering Memorandum. 
 (xix)    
Filing of Tax Returns. Each of the Issuer and its subsidiaries has filed on a timely basis all necessary tax returns, reports and filings (except in any case in which the failure to file on a timely basis would not have a Material
Adverse Effect), and all such returns, reports or filings are true, correct and complete in all material aspects, and are not the subject of any disputes with revenue or other authorities and to the Issuer’s knowledge there are no circumstances
giving rise to, or which could give rise to, such disputes. None of the Issuer or its subsidiaries is delinquent in the payment of any taxes due thereunder or has any knowledge of any tax deficiency which might be assessed against any of them,
which, if so assessed, would have a Material Adverse Effect. 
 (xx)     Litigation.
Except as disclosed in the Disclosure Package and the Final Offering Memorandum, there are no pending actions, suits or proceedings (including any inquiries or investigations by any court or governmental agency or body, domestic or foreign)
against or affecting the Issuer, any of its subsidiaries or any of their respective properties that, if determined adversely to the Issuer or any of its subsidiaries, would, individually or in the aggregate, have a Material Adverse Effect, or would
materially or adversely affect the ability of the Issuer to perform its obligations under the Operative Documents, or which are otherwise material in the context of the sale of the Notes by the Issuer; and to the Issuer’s and each of its
subsidiaries’ best knowledge, no such actions, suits or proceedings (including any inquiries or investigations by any court or governmental agency or body, domestic or foreign) are threatened or contemplated. 

(xxi)    Auditors. Ernst & Young (“EY”), who audited the consolidated
financial statements of the Issuer as of and for the years ended December 31, 2017 and 2018 and reviewed the condensed consolidated financial statements of the Issuer as of March 31, 2019 and for the three months ended March 31, 2018 and 2019
included in the Disclosure Package and the Final Offering Memorandum, is the current independent public accountant of the Issuer. EY also audited the adjustments related to the retrospective application of the authoritative guidance on the
presentation and classification of restricted cash to the consolidated statement of cash flows for the year ended December 31, 2016, and Deloitte Touche Tohmatsu (“Deloitte”), who audited the consolidated financial statements
(before retrospective adjustments to the consolidated financial statements) of the Issuer as of and for the year ended December 31, 2016, is the predecessor independent public accountant of the Issuer. 

  
 -7- 

 (xxii)     Financial Statements. The consolidated
financial statements of the Issuer and its consolidated subsidiaries, together with the applicable related notes, included in the Disclosure Package and the Final Offering Memorandum present fairly, in all material respects, the consolidated
financial position of the Issuer and its consolidated subsidiaries at the dates indicated and their consolidated statement of operations, stockholders’ equity and cash flows for the periods specified. Such consolidated financial statements of
the Issuer and its consolidated subsidiaries have been prepared in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and, except as disclosed therein, applied on a consistent
basis throughout the periods involved. The selected financial data and the summary financial information included in the Disclosure Package and the Final Offering Memorandum present fairly in all material respects the information shown therein. Such
data have been, except as disclosed therein, compiled on a basis consistent with that of the audited financial statements included in the Disclosure Package and the Final Offering Memorandum and the other financial information included in the
Disclosure Package and the Final Offering Memorandum has been derived from the accounting records of the Issuer and its subsidiaries and presents fairly the information shown thereby. 

(xxiii)     No Material Adverse Change in Business. Except as disclosed in the Disclosure
Package and the Final Offering Memorandum, since March 31, 2019, neither the Issuer nor any of its subsidiaries has (i) incurred, assumed or acquired any material liability (including contingent liability) or other material obligation except
for any obligation incurred in the ordinary course of its business including renovation, construction or development of properties owned or leased by the Issuer or its subsidiaries, (ii) received notice of any cancellation, termination or
revocation of the Subconcession Contract or of any Debt Repayment Triggering Event, (iii) acquired or disposed of or agreed to acquire or dispose of any business or any other asset material to the Issuer and its subsidiaries taken as a whole,
(iv) entered into a letter of intent or memorandum of understanding (or announced an intention to do so) relating to any matter identified in clauses (i) through (iii) above, or (v) sustained any material loss or interference with its
business from strike, fire, explosion or other calamity, whether or not covered by insurance, or from any court or governmental action, order or decree, and since the respective dates as of which information is given in the Disclosure Package and
the Final Offering Memorandum, except as disclosed in or contemplated by the Disclosure Package and the Final Offering Memorandum, there has been no change, nor any development or event, that would have a Material Adverse Effect. Except as disclosed
in or contemplated by the Disclosure Package and the Final Offering Memorandum, since March 31, 2019, there has been no dividend or distribution of any kind declared, paid or made by the Issuer on any class of its authorized shares. 

(xxiv)     Management’s Discussion and Analysis of Financial Condition and Results of
Operations. The section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates” in the Disclosure Package and the Final Offering
Memorandum accurately and fully describes, in all material respects, (A) accounting policies which the Issuer believes are the most important in the portrayal of the consolidated financial condition and results of operations of the Issuer and
its consolidated subsidiaries and which require management’s most difficult, subjective or complex judgments (“critical accounting policies”); (B) judgments and uncertainties affecting the application of critical accounting
policies; and (C) explanation of the likelihood that materially different amounts would be reported under different conditions or using different assumptions. 

  
 -8- 

 (xxv)     No Prohibition on Subsidiaries from Paying
Dividends or Making Other Distributions. Except as disclosed in the Disclosure Package and the Final Offering Memorandum, no subsidiary of the Issuer is currently prohibited, directly or indirectly, (i) from paying any dividends to the
Issuer, (ii) from making any other distribution on such subsidiary’s authorized shares, (iii) from repaying to the Issuer any loans or advances to such subsidiary from the Issuer or (iv) from transferring any of such
subsidiary’s property or assets to the Issuer or any other subsidiary of the Issuer; provided that in the case of clause (iv) only, it is acknowledged that the transfer of gaming assets by Melco Resorts Macau and of casinos and/or
gaming areas will be subject to compliance with the Gaming License and related requirements under Macau law. 

(xxvi)    Investment Company Act. The Issuer is not required to register, and after giving effect
to the offering and sale of the Notes and the application of the proceeds thereof as described in the Disclosure Package and the Final Offering Memorandum, would not be required to register, as an investment company under the U.S. Investment Company
Act of 1940, as amended (the “Investment Company Act”). 
 (xxvii)     No
Undisclosed Relationships. No relationship, direct or indirect, exists between or among the Issuer or any of its subsidiaries, on the one hand, and the directors, officers, shareholders, customers, suppliers or other affiliates of the Issuer or
any of its subsidiaries, on the other hand, that is required to be described in the Disclosure Package and the Final Offering Memorandum that is not so described. 

(xxviii)     Stabilization Activities. None of the Issuer, its subsidiaries,
their respective Affiliates (as defined below) or any person acting on its or their behalf (other than the Initial Purchasers, as to whom no representation or warranty is made), has taken, directly or indirectly, any action for the purpose of
stabilizing or manipulating the price of any security to facilitate the sale or resale of the Notes in violation of any applicable law. 

(xxix)     Choice of Law. The agreement of the Issuer to the choice of law provisions set
forth in Section 21 hereof will be recognized by the courts of the Cayman Islands and Macau and are legal, valid and binding; the Issuer can sue and be sued in its own name under the laws of the Cayman Islands and Macau; the irrevocable
submission by the Issuer to the jurisdiction of the federal and state courts in the Borough of Manhattan in The City of New York and the appointment of Law Debenture Corporate Services Inc., 801 2nd Avenue, Suite 403, New York, NY10017, as its
authorized agent for the purpose described in Section 21 hereof is legal, valid and binding; service of process effected in the manner set forth in Section 21 hereof will be effective to confer valid personal jurisdiction over the Issuer;
and, except as disclosed in the Disclosure Package and the Final Offering Memorandum, a judgment obtained in the federal and state courts in the Borough of Manhattan in The City of New York arising out of or in relation to the obligations of the
Issuer under this Agreement would be enforceable against the Issuer in the courts of the Cayman Islands and Macau, in each case, without further review of the merits. 

  
 -9- 

 (xxx)     Compliance with Anti-bribery
Laws. None of the Issuer, any of its subsidiaries or any of their respective directors or officers, nor to the knowledge of the Issuer, any agent, employee or other person acting on behalf of and at the direction of the
Issuer or any of its subsidiaries has used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity or made any direct or indirect unlawful payment to any government official or
employee from corporate funds. None of the Issuer, its subsidiaries and any of their respective officers, directors, supervisors or managers, and to the knowledge of the Issuer, their respective affiliates, agents or employees, has violated any
applicable anti-bribery law, rule or regulation of any locality, including but not limited to any law, rule, or regulation promulgated to implement the United States Foreign Corrupt Practices Act or any other applicable law, rule or regulation of
similar purpose and scope, or any amendment thereto (collectively, the “Anti-Bribery Laws”). The Issuer and its subsidiaries have instituted and maintain policies and procedures designed to (a) ensure continued compliance with
the Anti-Bribery Laws and (b) detect the violations of the Anti-Bribery Laws. 
 (xxxi)    
Compliance with Money Laundering Laws. Each of the Issuer, its subsidiaries and their respective officers, directors, supervisors, managers, and to the knowledge of the Issuer, each of their respective affiliates, agents or employees or other
person acting on behalf, at the direction or in the interest of the Issuer or its subsidiaries, has not violated, and the Issuer and its subsidiaries operate and will continue to operate their businesses in compliance with, any applicable financial
recordkeeping and reporting requirements and anti-money laundering laws of applicable jurisdictions, including but not limited to, applicable federal, state, international, foreign or other applicable laws, regulations or government guidance
regarding anti-money laundering, including, without limitation, Title 18 U.S. Code sections 1956 and 1957, the U.S. Patriot Act, the U.S. Bank Secrecy Act, and international anti-money laundering principles or procedures by an intergovernmental
group or organization, such as the Financial Action Task Force on Money Laundering, of which the United States is a member and with which designation the United States representative to the group or organization continues to concur, all as amended
and as applicable, and any executive order, directive, or regulation pursuant to the authority of any of the foregoing, or any applicable orders or licenses issued thereunder (collectively, the “Anti-Money Laundering Laws”).

 (xxxii)     Sanctions. None of the Issuer, its subsidiaries and their respective officers,
directors, supervisors, managers, nor to the knowledge of the Issuer, any affiliate, agent, or employee or other person acting on behalf or at the direction of the Issuer or its subsidiaries is a person that is a Sanction Target or domiciled or
registered in or operating from a Sanctioned Country. Neither the Issuer nor any of its subsidiaries has or intends to have any business operations or other dealings (a) in any Sanctioned Country, including the Crimean region in Ukraine, Cuba,
Iran, Sudan, North Korea and Syria, (b) with any Specially Designated National (“SDN”) on OFAC’s SDN list or, to its knowledge, any person that at the time of the business operations or other dealings is or was the subject
of Sanctions, or (c) involving commodities or services of a Sanctioned Country origin or shipped to, through, or from a Sanctioned Country, or on Sanctioned Country owned or registered vessels or aircraft, or finance or subsidize any of the
foregoing in an amount exceeding 5% of the total assets or revenues of the Issuer and its subsidiaries on a consolidated basis. The Issuer and its subsidiaries have instituted and maintain policies and procedures designed to prevent sanctions
violations (by the Issuer and its subsidiaries and by persons associated with the Issuer and its subsidiaries). Neither the Issuer nor any of its subsidiaries knows or has reason to believe that any of them are or may become subject of sanctions-related investigations or juridical proceedings. The Issuer and each Initial Purchaser (other than Morgan Stanley & Co. LLC) acknowledges, agrees and confirms that the representation, warranty and
covenant contained in this Section 1(xxxii) is only sought, given or repeated, as appropriate, to the extent that to do so would be permissible pursuant to Council Regulation (EC) No. 2271/96 of 22 November 1996 or any applicable
anti-boycott laws or regulations. 

  
 -10- 

 (xxxiii)     Forward-Looking Statements. Each
“forward-looking statement” (within the meaning of Section 27A of the Act and Section 21E of the U.S. Securities Exchange Act of 1934 Act, as amended (the “Exchange Act”)) included in the Disclosure Package or
the Final Offering Memorandum has been made or reaffirmed by the Issuer with a reasonable basis, in good faith and based on reasonable assumptions. 

(xxxiv)     Authorization of this Agreement. This Agreement has been duly and validly authorized,
executed and delivered by the Issuer. 
 (xxxv)     Authorization of the Notes. The Notes have
been duly authorized and, at the Closing Date, will have been duly executed by the Issuer and, when authenticated, issued and delivered in the manner provided for in the Indenture and delivered against payment of the Purchase Price (as defined
below) as provided in this Agreement, will constitute legal, valid and binding obligations of the Issuer, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights
generally and to general principles of equity (regardless of whether considered in a proceeding in equity or at law), and will be in the form contemplated by, and entitled to the benefits of, the Indenture. 

(xxxvi)     Authorization of the Indenture. The Indenture has been duly authorized by the Issuer
and, when executed and delivered by the Issuer (assuming the due authorization, execution and delivery by the Trustee), will constitute a legal, valid and binding agreement of the Issuer, enforceable against the Issuer in accordance with its terms,
subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights generally and to general principles of equity (regardless of whether considered in a proceeding in equity or at
law). 
 (xxxvii)     No Qualification under Trust Indenture Act. No qualification of the
Indenture under the Trust Indenture Act of 1939, as amended, and the rules and regulations of the Commission thereunder (the “TIA”) is required in connection with the offer and sale of the Notes by the Issuer to the Initial
Purchasers hereunder or the resales thereof by the Initial Purchasers in the manner contemplated hereby. 

(xxxviii)     Payments without Withholding. Except as disclosed in the Disclosure Package and the
Final Offering Memorandum, all payments on the Notes will be made by the Issuer without withholding or deduction for or on account of any and all taxes, duties or other charges or whatsoever nature (including, without limitation, income taxes)
imposed by the Cayman Islands or Macau, or, in each case, any political subdivision or taxing authority thereof or therein. 

(xxxix)     Sovereign Immunity. None of the Issuer or any of its subsidiaries or any of their
respective properties has any sovereign immunity from jurisdiction or suit of any court or from set-off or from any legal process or remedy (whether through service, notice, attachment prior to judgment, attachment in aid of execution, execution or
otherwise) under the laws of Macau. 

  
 -11- 

 (xl)     Solvency. Immediately after the Closing
Time, the Issuer individually, and the Issuer and its subsidiaries on a consolidated basis (the “Group”), will be Solvent. As used herein, the term “Solvent” means, with respect to the Issuer and the Group, on a
particular date, that on such date (1) the fair market value of the assets of the entity is greater than the total amount of liabilities (including contingent liabilities) of such entity, (2) the present fair saleable value of the assets
of such entity is greater than the sum of its stated liabilities and identified contingent liabilities, (3) such entity is able to realize upon its assets and pay its debts and other liabilities, including contingent obligations, as they
mature, and (4) such entity does not have unreasonably small capital. No proceedings have been commenced by the Issuer or its subsidiaries for, nor has the Issuer or any of its subsidiaries passed any resolutions or presented petitions for
purposes of, and no judgment has been rendered for, the liquidation, bankruptcy, winding-up, administration or analogous event of the Issuer or any of its subsidiaries, except with respect to any subsidiary of
the Issuer, for any such resolutions in respect of a voluntary reorganization. 
 (xli)    
Undisclosed Liabilities. There are (i) no liabilities of the Issuer or any of its subsidiaries of any kind whatsoever, whether accrued, contingent, absolute, determined, determinable or otherwise, and (ii) no existing
situations or set of circumstances that would reasonably be expected to result in such a liability, other than (x) liabilities set forth in the Disclosure Package and the Final Offering Memorandum, or (y) other undisclosed liabilities
which would not, individually or in the aggregate, have a Material Adverse Effect. 
 (xlii)    
Accounting Controls. The Issuer and its consolidated subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s
general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with U.S. GAAP and to maintain accountability for assets, (iii) access to assets is permitted only
in accordance with management’s general or specific authorization, and (iv) and the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any
differences. 
 (xliii)     Similar Offerings. None of the Issuer, its Affiliates, as such
term is defined in Rule 501(b) under the Securities Act (each, an “Affiliate”), or any other person acting on its or their behalf (other than the Initial Purchasers, as to whom no representation, warranty or agreement is made), has,
directly or indirectly, solicited any offer to buy, sold or offered to sell or otherwise negotiated in respect of, or will solicit any offer to buy, sell or offer to sell or otherwise negotiate in respect of, in the United States or to any U.S.
person (as defined in Regulation S), any security which is or would be integrated with the sale of the Notes in a manner that would require the Notes to be registered under the Securities Act. 

(xliv)     Rule 144A Eligibility. The Notes are eligible for resale pursuant to Rule 144A
and will not be, at the Closing Time, of the same class as securities listed on a national securities exchange registered under Section 6 of the Exchange Act, or quoted in a U.S. automated interdealer quotation system. Each of the Disclosure
Package and the Final Offering Memorandum, as of its date, contain all the information specified in, and meeting the requirements of, Rule 144A(d)(4) under the Securities Act. 

  
 -12- 

 (xlv)     No General Solicitation. None of
the Issuer, its subsidiaries, their Affiliates or any person acting on its or their behalf (other than the Initial Purchasers, as to whom no representation, warranty or agreement is made) has engaged or will engage, in connection with the Offering,
in any form of general solicitation or general advertising within the meaning of Rule 502(c) under the Securities Act. 

(xlvi)     Public Announcements Relating to Stabilization Actions. The Issuer represents, warrants
and agrees that in relation to any Notes for which Deutsche Bank AG, Singapore Branch is named as a Stabilizing Coordinator (the “Stabilizing Coordinator”), each of the Issuer and its subsidiaries will not issue, without the prior
consent of the Stabilizing Coordinator, any press release or other public announcement referring to the proposed issue of Notes unless the announcement adequately discloses the fact that stabilizing action may take place in relation to the Notes and
the Issuer authorizes the Initial Purchasers to make adequate public disclosure of the information required by Article 6 of the Commission Delegated Regulation 2016/1052 instead of the Issuer or such subsidiaries. 

(xlvii)     No Registration Required.     Subject to
compliance by the Initial Purchasers with the representations, warranties and procedures set forth in Section 6 hereof, it is not necessary in connection with the offer, sale and delivery of the Notes to the Initial Purchasers and to each
Subsequent Purchaser in the manner contemplated by this Agreement and the Offering Memorandum to register the Notes under the Securities Act. 

(xlviii)     No Directed Selling Efforts. With respect to those Notes sold in reliance on
Regulation S, (A) none of the Issuer, its subsidiaries, their respective Affiliates or any person acting on its or their behalf (other than the Initial Purchasers, as to whom no representation, warranty or agreement is made) has engaged or will
engage in any directed selling efforts within the meaning of Regulation S and (B) each of the Issuer, its subsidiaries and their respective Affiliates and any person acting on its or their behalf (other than the Initial Purchasers, as to whom
no representation, warranty or agreement is made) has complied with and will comply with the offering restrictions requirements of Regulation S. 

(xlix)     Foreign Private Issuer. The Issuer is a “foreign private issuer” as
defined in Rule 405 under the Securities Act. 
 SECTION 2.     Sale and Delivery to Initial
Purchasers; Closing. 

(a)                 Notes. On the basis
of the representations and warranties herein contained and subject to the terms and conditions herein set forth, the Issuer agrees to sell to each Initial Purchaser, severally and not jointly, and each Initial Purchaser, severally and not jointly,
agrees to purchase from the Issuer, at the purchase price of 99.15% (consisting of the issue price for the Notes, being 100.00% of the principal amount thereof, net the commission thereon, being 0.85% of the principal amount of the Notes (the
“Fees”)) of the principal amount thereof (the “Purchase Price”), the principal amounts of the Notes set forth in Schedule A opposite the name of such Initial Purchaser, plus any additional principal amount of
the Notes which such Initial Purchaser may become obligated to purchase pursuant to the provisions of Section 10 hereof (any such additional principal amount purchased, a “Default Purchase”). 

  
 -13- 

 The Fees shall be allocated among the Initial Purchasers as follow: subject
to any adjustment to account for any Default Purchase, (i) Deutsche Bank AG, Singapore Branch and Australia and New Zealand Banking Group Limited shall be entitled to 68.0% and 19.5% of the aggregate amount of the Fees, respectively,
(ii) and Bank of Communications Co., Ltd. Macau Branch, BOCI Asia Limited, Industrial and Commercial Bank of China (Macau) Limited, Mizuho Securities Asia Limited and Morgan Stanley & Co. LLC shall be entitled to 2.5%, 2.5%, 2.5%, 2.5%
and 2.5% of the aggregate amount of the Fees, respectively. 

(b)                 Payment of Purchase
Price. Payment of the Purchase Price for the Notes shall be made by the Initial Purchasers in U.S. dollars in immediately available funds by wire transfer to the account of the Issuer notified to Deutsche Bank AG, Singapore Branch, acting as
settlement lead manager, at least three business days before 9:30A.M. New York City time on July 17, 2019 (the “Closing Date”), or at least three business days before such other date, not later than seven calendar days after the
foregoing date, as shall be agreed upon by the Representative (as defined below) and the Issuer (such time and date of payment being herein called the “Closing Time”). 

Payment shall be made to the Issuer against delivery to the Initial Purchasers for the respective accounts of the Initial
Purchasers or the accounts of the persons procured by the Initial Purchasers to purchase the Notes. Each Initial Purchaser shall accept delivery of, receipt for, and make payment of the Purchase Price for, the Notes which it has agreed to purchase,
or procure the purchase of. Each of the Initial Purchasers may (but shall not be obligated to) make payment of the Purchase Price for the Notes to be purchased by any persons procured by such Initial Purchaser whose funds have not been received by
the Closing Time. 
 (c)                
Delivery. The Issuer will deliver to the Initial Purchasers, against payment of the Purchase Price thereof pursuant to Section 2(b) above, the Notes to be purchased by the Initial Purchasers hereunder and to be offered and sold by the
Initial Purchasers in reliance on Regulation S in the form of one or more global notes (the “Regulation S Global Notes”) registered in the name of Cede & Co., as nominee of The Depository Trust Company
(“DTC”), and deposited with the Trustee as custodian for DTC for the respective accounts of the DTC participants for Euroclear Bank SA/NV (“Euroclear”) and Clearstream Banking S.A. (“Clearstream”).
The Issuer will deliver to the Initial Purchasers against payment of the Purchase Price thereof the Notes to be purchased by the Initial Purchasers hereunder and to be offered and sold by the Initial Purchasers in reliance on Rule 144A in the form
of one or more global notes (the “Rule 144A Global Notes”) deposited with the Trustee as custodian for DTC and registered in the name of Cede & Co., as nominee for DTC. The Regulation S Global Notes and the Rule 144A Global
Notes shall be assigned separate CUSIP numbers. The Regulation S Global Notes and the Rule 144A Global Notes shall include the legend regarding restrictions on transfer set forth under “Transfer Restrictions” in the Offering Memorandum.
Interests in the Regulation S Global Notes and the Rule 144A Global Notes will be held only in book-entry form through DTC except in the limited circumstances described in the Indenture when they may be exchanged for definitive certificated Notes.

 (d)                 Stabilization.
Deutsche Bank AG, Singapore Branch, as Stabilizing Coordinator (or any person duly appointed as acting for the Stabilizing Coordinator) may, to the extent permitted by applicable laws and regulations,
over-allot Notes or effect transactions with a view to supporting the market price of the Notes at a level higher than that which might otherwise prevail, but in doing so the Stabilizing Coordinator shall act
as principal and not as agent of the Issuer. 

  
 -14- 

 SECTION 3.     Covenants of the Issuer. The
Issuer covenants with each Initial Purchaser as follows: 

(a)                 Disclosure Package and
Offering Memorandum. During the period from the date hereof to that indicated in Section 3(b)(ii) below, the Issuer, as promptly as practicable, will furnish to each Initial Purchaser, without charge, such number of copies of the Disclosure
Package and the Final Offering Memorandum and any amendments and supplements thereto as such Initial Purchaser may reasonably request. 

(b)                 Notice and Effect of
Material Events. The Issuer will promptly notify each Initial Purchaser, and confirm such notice in writing, of (i) any filing made by the Issuer of information relating to the Offering with any securities exchange or any other regulatory
body in any applicable jurisdiction, and (ii) at any time prior to the earlier of (A) two months after the Closing Date and (B) the completion of the resale of the Notes by the Initial Purchasers (which the Initial Purchasers shall
provide prompt notice thereof to the Issuer), any material changes in or affecting the condition, financial or otherwise, or the earnings, business affairs or business prospects of the Issuer and its subsidiaries considered as one enterprise which
(x) make any statement in the Disclosure Package, any Offering Memorandum or any Supplemental Offering Material false or misleading or (y) are not disclosed in the Disclosure Package or Offering Memorandum. During such time as described in
clause (ii) of the preceding sentence, if any event shall occur or condition exist as a result of which it is necessary to amend or supplement the Offering Memorandum in order that the Offering Memorandum not include any untrue statement of a
material fact or omit to state a material fact necessary in order to make the statements therein not misleading in the light of the circumstances under which they were made and then existing, or if in the reasonable opinion of the Initial Purchasers
or counsel for the Initial Purchasers it is otherwise necessary to amend or supplement the Offering Memorandum to comply with law, the Issuer will, upon receiving reasonable request from the Representative, amend or supplement the Offering
Memorandum by promptly preparing and furnishing, at its own expense, to each Initial Purchaser an amendment or amendments of, or a supplement or supplements to, the Offering Memorandum (in form and substance satisfactory in the reasonable opinion of
counsel for the Initial Purchasers) so that, as so amended or supplemented, the Offering Memorandum will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made and existing at the time it is furnished to the Initial Purchasers, not misleading or so that the Offering Memorandum, as amended or supplemented, will comply with law. 

(c)                 Amendments and
Supplements to the Offering Memorandum; Preparation of Pricing Supplement; Supplemental Offering Materials. The Issuer will promptly submit for review and approval to each Initial Purchaser any proposed amendment or supplement to the Disclosure
Package and Offering Memorandum, such approval not to be unreasonably withheld or delayed. Neither the approval of the Initial Purchasers, nor the Initial Purchasers’ delivery of any such amendment or supplement, shall constitute a waiver of
any of the conditions set forth in Section 5 hereof. The Issuer represents that it has not made, and agrees that unless it obtains the prior consent of the Representative it will not make, any offer relating to the Notes by means of any
Supplemental Offering Materials other than the roadshow presentation dated July 9, 2019 relating to the Notes. 

  
 -15- 

(d)                 Qualification of Notes
for Offer and Sale. The Issuer will use its commercially reasonable best efforts, in cooperation with the Initial Purchasers and counsel for the Initial Purchasers, to qualify the Notes for offering and sale under the applicable securities laws
of such states and other jurisdictions as the Initial Purchasers may designate and will maintain such qualifications in effect as long as required for the sale of the Notes; provided, however, that the Issuer shall not be obligated to
file any general consent to service of process or to qualify as a foreign corporation or as a dealer in securities or take any other action in any jurisdiction in which it is not so qualified or to subject itself to taxation in respect of doing
business in any jurisdiction in which it is not otherwise so subject. The Issuer will advise the Initial Purchasers promptly of the suspension of the qualification or registration of (or any such exemption relating to) the Notes for offering, sale
or trading in any jurisdiction or any initiation or threat of any proceeding for any such purpose, and in the event of the issuance of any order suspending such qualification, registration or exemption, the Issuer shall use its commercially
reasonable best efforts to obtain the withdrawal thereof as soon as practicable. 

(e)                 DTC. The Issuer
will cooperate with the Initial Purchasers and use its best efforts to permit the Notes to be eligible for clearance and settlement through the facilities of DTC and will assist the Initial Purchasers in obtaining the approval of DTC for
“book-entry” transfer of the Notes in global form. 

(f)                 Euroclear and
Clearstream. The Issuer will cooperate with the Initial Purchasers and use its best efforts to permit the Notes to be eligible for clearance and settlement through the facilities of Euroclear and Clearstream and will assist the Initial
Purchasers in obtaining the approval of Euroclear and Clearstream for “book-entry” transfer of the Notes in global form. 

(g)                 Use of Proceeds.
The Issuer will apply the net proceeds received by it from the sale of the Notes in the manner specified in the Disclosure Package and the Final Offering Memorandum under “Use of Proceeds” and will not directly or indirectly use, lend,
contribute or otherwise make available to any subsidiary, joint venture partner or other person or entity, such net proceeds (i) to fund or facilitate any activities of or business with persons that, at the time of such funding or facilitation,
is a Sanction Target, (ii) to fund or facilitate any activities of or business in any Sanctioned Country, or (iii) in any other manner that will result in a violation by any person (including any person participating in the transaction,
whether as initial purchaser, advisor, investor or otherwise) of any Sanctions, Anti-Money Laundering Laws or any applicable anti-terrorism financing laws of applicable jurisdictions, including without limitation, applicable rules, regulations or
guidelines, issued, administered or enforced by governmental authorities or regulatory agencies having jurisdictions over the Issuer and its subsidiaries (collectively, the “Anti-Terrorism Financing
Laws”). The proceeds from the sale of the Notes will not be used, directly or indirectly, for any purpose in violation of the Anti-Bribery Laws. 

(h)                 Restriction on Sale of
Securities. For a period of 90 days from the date of this Agreement, the Issuer agrees not to, directly or indirectly, sell, offer to sell, contract to sell, grant any option to purchase, issue any instrument convertible into or exchangeable
for, or otherwise transfer or dispose of (or enter into any transaction or device which is designed to, or could be expected to, result in the disposition in the future of), any debt securities of the Issuer with terms substantially similar
(including having equal rank) to the Notes (other than the Notes), except with the prior consent of the Representative. 

  
 -16- 

(i)                 Listing on Securities
Exchange. The Issuer will use commercially reasonable efforts to have the Notes listed or admitted to trading on the SGX-ST. 

(j)                 Stabilization and
Manipulation. In connection with the issuance and sale of the Notes, until the Initial Purchasers have notified the Issuer of the completion of the placement and resales of the Notes by the Initial Purchasers (which notice the Initial Purchasers
shall provide promptly after such completion), neither the Issuer nor any of its Affiliates will take, directly or indirectly, any action designed to or that might reasonably be expected to cause or result in stabilization or manipulation of the
price of the Notes to facilitate the sale or resale of the Notes. 
 SECTION 4.     Payment of
Expenses. 
 The Issuer agrees to reimburse the Initial Purchasers upon request for all fees, stamp duty (if any),
expenses and other costs reasonably and properly incurred in connection with the Offering, including, without limitation, telecommunications, postage, document production and other pre-agreed out-of-pocket expenses; provided that except as
otherwise provided for in Section 13 hereof, the fees and expenses of the Initial Purchasers’ legal advisors shall not be reimbursed by the Issuer. 

The Issuer must pay for its own fees, expenses and other costs incurred in connection with the Offering (or reimburse any
Initial Purchaser to the extent that such Initial Purchaser incurs such costs on the Issuer’s behalf) including, without limitation, (i) its own legal, accounting and auditors’ fees and expenses, (ii) the fees and expenses
(including legal fees) of the Trustee, rating agencies, the paying agent(s), the listing agent and all other agents involved in the Offering, (iii) all listing fees and other listing costs payable to the relevant stock exchange and/or any other
relevant competent authority in connection with the listing, (iv) the cost of roadshows and any other presentations to investors prepared in connection with the Offering, printing and distribution of the Offering Memorandum and any other
marketing materials for the Notes other than the Initial Purchasers’ travel expenses (and each Initial Purchaser shall be responsible for its own travel expenses), (v) the cost of printing, authenticating and distributing any Notes in
definitive form, and (vi) the cost of publishing any notices. 
 Unless set out otherwise in this Agreement, all
payments under this Agreement must be made: (i) on the due date in accordance with the payment instructions of the Initial Purchasers or within 30 days of the invoice (as the case may be), (ii) together with any applicable VAT, sales and any
similar taxes which will be invoiced to or otherwise payable by the Issuer, and (iii) in full without set-off, condition, restriction, counterclaim, deduction or withholding, unless required by law. If
any deduction or withholding is required by any applicable law in connection with any such payment, the Issuer will increase the amount paid so that the full amount of such payment is received by the Initial Purchasers as if no such deduction or
withholding had been made. 
 SECTION 5.     Conditions of Initial Purchasers’ Obligations.

 The obligations of the several Initial Purchasers to purchase and pay for, or procure the purchase of and payment for,
the Notes hereunder are subject to the accuracy of the representations and warranties of the Issuer contained in Section 1 hereof, as of the date hereof and as of the Closing Date, or in certificates of any officer or director of the Issuer,
delivered pursuant to the provisions hereof, to the performance by the Issuer of its covenants and other obligations hereunder, and to the following further conditions (any of which may be waived by the Representative): 

  
 -17- 

(a)                 Opinion of U.S. Counsel
for the Issuer. At the Closing Time, the Representative, on behalf of the Initial Purchasers, shall have received (x) the opinion, (y) the tax opinion and (z) the 10b-5 disclosure letter, dated as of the Closing Date, of
Latham & Watkins, U.S. counsel for the Issuer, in each case substantially in the form as attached hereto as Exhibits A-1, A-2 and A-3, respectively. 

(b)                 Opinion of Cayman
Islands Counsel for the Issuer. At the Closing Time, the Representative, on behalf of the Initial Purchasers, shall have received the opinion, dated as of the Closing Date, of Harney Westwood & Riegels, special Cayman Islands counsel
for the Issuer incorporated under the laws of the Cayman Islands, substantially in the form as attached hereto as Exhibit B. 

(c)                 Opinion of Macau
Counsel for the Issuer. At the Closing Time, the Representative, on behalf of the Initial Purchasers, shall have received the opinion, dated as of the Closing Date, of Manuela António Lawyer and Notaries, special Macau counsel for the
Issuer incorporated under the laws of Macau, substantially in the form as attached hereto as Exhibit C. 
 (d)
                Opinion of U.S. Counsel for the Initial Purchasers. At the Closing Time, the Representative, on behalf of the Initial Purchasers, shall have
received (x) the opinion and (y) the 10b-5 disclosure letter, dated as of the Closing Date, of White & Case, U.S. counsel for the Initial Purchasers, in the form and substance satisfactory to the Representative. 

(e)                 Opinion of Cayman
Islands Counsel for the Initial Purchasers. At the Closing Time, the Representative, on behalf of the Initial Purchasers, shall have received the opinion, dated as of the Closing Date, of Maples and Calder (Hong Kong) LLP, special Cayman Islands
counsel for the Initial Purchasers, in form and substance satisfactory to the Representative. 

(f)                 Opinion of Macau
Counsel for the Initial Purchasers. At the Closing Time, the Representative, on behalf of the Initial Purchasers, shall have received the opinion, dated as of the Closing Date, of Henrique Saldanha, Advogados e Notàrios, special Macau
counsel for the Initial Purchasers, in form and substance satisfactory to the Representative. 

(g)                 Compliance Certificate
of the Issuer. At the Closing Time, the Representative, on behalf of the Initial Purchasers, shall have received a certificate signed by an executive officer or director of the Issuer, dated as of the Closing Date, to the effect that
(i) since the respective dates as of which information is given in the Disclosure Package and the Final Offering Memorandum, except as disclosed in or contemplated by the Disclosure Package and the Final Offering Memorandum, there shall have
been no event or development, and no information shall have become known, that, individually or in the aggregate, has a Material Adverse Effect, (ii) the representations and warranties of the Issuer in Section 1 hereof are true and correct
in all material respects with the same force and effect as though expressly made at and as of the Closing Time, and (iii) the Issuer has complied in all material respects with all agreements and satisfied all conditions on its part to be
performed or satisfied hereunder at or prior to the Closing Time. 

  
 -18- 

(h)                 Comfort Letter of the
Accountants. At the time of the execution of this Agreement, the Representative, on behalf of the Initial Purchasers, shall have received from each of EY and Deloitte a letter dated the date hereof, in form and substance satisfactory to the
Representative, containing statements and information of the type ordinarily included in accountants’ “comfort letters” to the Initial Purchasers, delivered according to Statement of Auditing Standards No. 72 (or any successor
bulletins), with respect to the financial statements and certain financial information contained in the Disclosure Package. 

(i)                 Bring-down Comfort
Letter. At the Closing Time, the Representative, on behalf of the Initial Purchasers, shall have received from EY a letter, dated as of the Closing Date, to the effect that EY reaffirms the statements made in its letter furnished pursuant to
subsection (h) of this Section 5, except that (i) it shall cover the financial statements and certain financial information contained in the Final Offering Memorandum and (ii) the specified date referred to shall be a date not
more than three business days prior to the Closing Time. 

(j)                 Approval of
Listing. At the Closing Time, the Notes shall have been approved in principle for listing on the SGX-ST, subject only to official notice of issuance. 

(k)                 No Material Adverse
Change or Ratings Agency Change. For the period from and after the date of this Agreement and prior to the Closing Date: 

(i) in the judgment of the Initial Purchasers, there shall not have occurred any event or development, and no information
shall have become known, that, individually or in the aggregate, would have a Material Adverse Effect (“Material Adverse Change”); and 

(ii) there shall not have occurred any downgrading, nor shall any notice have been given of any intended or potential
downgrading or of any review for a possible change that does not indicate the direction of the possible change, in the rating accorded any securities of the Issuer or any of its subsidiaries by any “nationally recognized statistical rating
organization” as such term is defined in Section 3(a)(62) of the Exchange Act. 

(l)                 DTC. At the Closing
Time, the Notes shall be eligible for clearance and settlement through DTC. 

(m)                Indenture. Executed
copies of the Indenture in form and substance reasonably satisfactory to the Representative shall have been delivered to the Representative, on behalf of the Initial Purchasers. 

(n)                 Additional Documents.
On or before the Closing Time, the Representative, on behalf of the Initial Purchasers, or counsel for the Initial Purchasers shall have received such information, documents and opinions as they may reasonably require for the purpose of enabling
them to pass upon the issuance and sale of the Notes as herein contemplated, or in order to evidence the accuracy of any of the representations or warranties, or the fulfillment of any of the conditions, herein contained. 

(o)                 Termination of
Agreement. If any condition specified in this Section 5 shall not have been fulfilled in all material respects when and as required to be fulfilled, this Agreement may be terminated by the Representative on behalf of the Initial Purchasers,
by notice to the Issuer at any time at or prior to the Closing Time, and such termination shall be without liability of any party to any other party except as provided in Section 4 hereof and except that Sections 7 and 8 hereof shall survive
any such termination and remain in full force and effect. 

  
 -19- 

 The documents required to be delivered by this Section 5 will be
delivered at the offices of White & Case, counsel for the Initial Purchasers, at 9th Floor, Central Tower, 28 Queen’s Road, Central, Hong Kong. 

SECTION 6.     Offers and Sales of the Notes. 

(a)                 Offer and Sale
Procedures. Each of the Initial Purchasers hereby, severally and not jointly, establishes and agrees to observe the following procedures in connection with the offer and sale of the Notes: 

(i)     Offers and Sales only to Qualified Institutional Buyers in the United States or to
Non-U.S. Persons. Initial offers and sales of the Notes shall only be made (A) by the U.S. registered broker-dealer affiliates of such Initial Purchaser to persons whom such Initial Purchaser reasonably believes to be qualified
institutional buyers, as defined in Rule 144A (“QIBs”) in accordance with Rule 144A or (B) to non-U.S. persons (as defined in Regulation S) outside the United States in reliance upon Regulation S. 

(ii)     Each of the Initial Purchasers hereby, severally and not jointly, represents and agrees that:

  

	 	(1)	 it, or the U.S. registered broker-dealer affiliates of such Initial Purchaser making sales pursuant to Rule
144A, is a QIB; and 

  

	 	(2)	 if it is not a QIB, then it represents and agrees with the Issuer and the other Initial Purchasers that it
shall offer and sell the Notes only outside the United States in offshore transactions to persons who are not U.S. persons (as defined in Rule 902 under the Securities Act). 

(iii)     No Directed Selling Efforts. Neither such Initial Purchaser nor its Affiliates nor any
person acting on its or their behalf has engaged or will engage in any directed selling efforts within the meaning of Regulation S and such Initial Purchaser, its Affiliates and any person acting on its or their behalf has complied and will comply
with the offering restrictions of Regulation S. 
 (iv)     No General Solicitation. No general
solicitation or general advertising (within the meaning of Rule 502(c) under the Securities Act) has been or will be used in connection with the offering or sale of the Notes. 

(v)     Purchases by Non-Bank Fiduciaries. In the case of a non-bank Subsequent Purchaser of a
Note acting as a fiduciary for one or more third parties, each third party shall, in the judgment of the Initial Purchaser, be a QIB or a non-U.S. person outside the United States. 

(vi)     Restrictions on Transfer. The selling and transfer restrictions and the other provisions
set forth in the Offering Memorandum under the heading “Transfer Restrictions” including, without limitation, the legend required thereby, shall apply to the Notes except as otherwise agreed by the Issuer and the Initial Purchasers. 

  
 -20- 

(b)                 Restriction on
Repurchases. The Issuer covenants with each Initial Purchaser that, until the expiration of one year after the later of the date of the original issuance of the Notes and the last date on which the Issuer or any of its Affiliates were the owner
of Notes, neither the Issuer nor any of its subsidiaries will, and will cause persons acting on its or their behalf (other than the Initial Purchasers, as to whom no covenant is made), not to, resell any such Notes which are “restricted
securities” (as such term is defined under Rule 144(a)(3) under the Securities Act), whether as beneficial owner or otherwise (except an agent acting as a securities broker on behalf of and for the account of customers in the ordinary course of
business in unsolicited broker’s transactions). 

(c)                 Resale Pursuant to Rule
903 of Regulation S or Rule 144A. Each Initial Purchaser understands that the Notes have not been and will not be registered under the Securities Act and may not be offered or sold within the United States or to, or for the account or benefit
of, U.S. persons except in accordance with Regulation S or pursuant to an exemption from the registration requirements of the Securities Act. Each of the Initial Purchasers, severally and not jointly, represents and agrees, that, except as permitted
by Section 6(a) above, it has not offered and sold Notes and will not offer and sell Notes (i) as part of their distribution at any time or (ii) otherwise until 40 days after the later of the date upon which the Offering commences and
the Closing Time, except in accordance with Rule 903 of Regulation S, Rule 144A or another applicable exemption from the registration requirements of the Securities Act. Accordingly, none of such Initial Purchaser, its Affiliates or any persons
acting on its or their behalf has engaged or will engage in any directed selling efforts with respect to Notes sold hereunder pursuant to Regulation S, and such Initial Purchaser, its Affiliates and any person acting on its or their behalf have
complied and will comply with the offering restrictions of Regulation S. Each of the Initial Purchasers, severally and not jointly, agrees that, at or prior to confirmation of a sale of Notes pursuant to Regulation S, it will have sent to each
distributor, dealer or person receiving a selling concession, fee or other remuneration that purchases Notes from it or through it during the restricted period a confirmation or notice to substantially the following effect: 

“This Note has not been and will not be registered under the U.S. Securities Act of 1933, as amended
(the “Securities Act”), or with any securities regulatory authority of any jurisdiction and may not be reoffered, resold, pledged or otherwise transferred within the United States or to a U.S. person (as defined in Regulation S under the
Securities Act) except pursuant to applicable exemption from registration under the Securities Act. The Issuer of this Note has agreed that this legend shall be deemed to have been removed on the 41st day following the later of the commencement of
the offering of the Notes and the final delivery date with respect thereof.” 

  
 -21- 

 SECTION 7.     Indemnification. 

(a)                 Indemnification of
Initial Purchasers. The Issuer will indemnify and hold harmless each Initial Purchaser, its partners, members, directors, officers, employees, agents, affiliates and each person, if any, who controls such Initial Purchaser within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act (each, an “Indemnified Party”), against any and all losses, claims, damages or liabilities, joint or several, to which such Indemnified Party may become
subject, under the Securities Act, the Exchange Act, other federal or state statutory law or regulation or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue
statement or alleged untrue statement of any material fact contained in the Disclosure Package as of any time, the Final Offering Memorandum (or any amendment or supplement thereto) or any Supplemental Offering Materials, or arise out of or are
based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse each Indemnified Party for any legal or other expenses
reasonably incurred by such Indemnified Party in connection with investigating, defending against or appearing as a third party witness in connection with any such loss, claim, damage, liability, action, litigation, investigation or proceeding
whatsoever (whether or not such Indemnified Party is a party thereto), whether threatened or commenced, and in connection with the enforcement of this provision with respect to any of the above as such expenses are incurred; provided, however,
that the Issuer shall not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement in or omission or alleged omission from any of such
documents in reliance upon and in conformity with written information furnished to the Issuer by any Initial Purchaser specifically for use therein, it being understood and agreed that the only such information furnished by any Initial Purchaser
consists of the information described as such in subsection (b) below. 

(b)                 Indemnification of
Issuer. Each Initial Purchaser will, severally and not jointly, indemnify and hold harmless the Issuer and each person, if any, who controls the Issuer within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act (each, an “Initial Purchaser Indemnified Party”), against any losses, claims, damages or liabilities to which such Initial Purchaser Indemnified Party may become subject, under the Securities Act, the Exchange Act,
other federal or state statutory law or regulation or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material
fact contained in any part of the Disclosure Package as of any time, the Final Offering Memorandum (or any amendment or supplement thereto) or in any Supplemental Offering Materials or arise out of or are based upon the omission or the alleged
omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged
omission was made in reliance upon and in conformity with written information furnished to the Issuer by such Initial Purchaser specifically for use therein, and will reimburse any legal or other expenses reasonably incurred by such Initial
Purchaser Indemnified Party in connection with investigating or defending against any such loss, claim, damage, liability, action, litigation, investigation or proceeding whatsoever (whether or not such Initial Purchaser Indemnified Party is a party
thereto), whether threatened or commenced, based upon any such untrue statement or omission, or any such alleged untrue statement or omission as such expenses are incurred, it being understood and agreed that the only such information furnished by
any Initial Purchaser consists of the following information in the Offering Memorandum furnished on behalf of each Initial Purchaser: its name as set forth in the first sentence of the first paragraph under the section “Plan of
Distribution—Price Stabilization and Short Positions” in the Disclosure Package and the Final Offering Memorandum. 

  
 -22- 

(c)                 Actions against Parties;
Notification. Promptly after receipt by an indemnified party under this Section 7 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under
subsection (a) or (b) above hereafter, notify the indemnifying party of the commencement thereof; but the failure to notify the indemnifying party shall not relieve it from any liability that it may have under subsection (a) or (b) above
except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided further that the failure to notify the indemnifying party shall not relieve it from any
liability that it may have to an indemnified party otherwise than under subsection (a) or (b) above. In case any such action is brought against any indemnified party and it notifies the indemnifying party of the commencement thereof, the
indemnifying party will be entitled to participate therein and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory to such indemnified party (who
shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party will
not be liable to such indemnified party under this Section 7, as the case may be, for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of
investigation. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened action in respect of which any indemnified party is or could have been a party and indemnity
could have been sought hereunder by such indemnified party unless such settlement (i) includes an unconditional release of such indemnified party from all liability on any claims that are the subject matter of such action and (ii) does not
include a statement as to, or an admission of, fault, culpability or a failure to act by or on behalf of an indemnified party. 

(d)                 Control Persons.
The obligations of the Issuer under this Section 7 shall be in addition to any liability which the Issuer may otherwise have and shall extend, upon the same terms and conditions, to each person, if any, who controls any Initial Purchaser,
within the meaning of the Securities Act; and the obligations of the Initial Purchasers under this Section 7 shall be in addition to any liability which the respective Initial Purchaser may otherwise have and shall extend, upon the same terms
and conditions, to each director of the Issuer and to each person, if any, who controls the Issuer within the meaning of the Securities Act. 

SECTION 8.     Contribution. 

If the indemnification provided for in Section 7 is unavailable or insufficient to hold harmless an indemnified party
under Section 7 (a) or (b) above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of the losses, claims, damages or liabilities referred to in Section 7 (a) or
(b) above (i) in such proportion as is appropriate to reflect the relative benefits received by the Issuer on the one hand and the Initial Purchasers on the other from the Offering or (ii) if the allocation provided by clause
(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Issuer on the one hand and the Initial
Purchasers on the other in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities as well as any other relevant equitable considerations. The relative benefits received by the Issuer on the one hand
and the Initial Purchasers on the other shall be deemed to be in the same proportion as the total net proceeds from the Offering (before deducting expenses) received by the Issuer bear to the total underwriting discounts and commissions received by
the Initial Purchasers. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by the Issuer or the Initial Purchasers and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The amount paid by an indemnified party as a result of
the losses, claims, damages or liabilities referred to in the first sentence of this Section 8 shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending
any action or claim which is the subject of this Section 8. Notwithstanding the provisions of this Section 8, no Initial Purchaser shall be required to make contributions hereunder that in the aggregate exceed the total discounts,
commissions and other compensation received by such Initial Purchaser under this Agreement, less the aggregate amount of any damages that such Initial Purchaser has otherwise been required to pay by reason of the untrue or alleged untrue statements
or the omissions or alleged omissions to state a material fact. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of
such fraudulent misrepresentation. The Initial Purchasers’ obligations in this Section 8 to contribute are several in proportion to their respective underwriting obligations and not joint. The Issuer and the Initial Purchasers agree that
it would not be just and equitable if contribution pursuant to this Section 8 were determined by pro rata allocation (even if the Initial Purchasers were treated as one entity for such purpose) or by any other method of allocation which does
not take account of the equitable considerations referred to in this Section 8. 

  
 -23- 

 SECTION 9.     Agreement among Initial
Purchasers. 
 The execution of this Agreement on behalf of all parties hereto will constitute the acceptance by each
Initial Purchaser of the International Capital Market Association Standard Form Agreement Among Managers Version 1 (“AAM”). The Initial Purchasers further agree that references in the AAM to the “Lead Manager”, the
“Joint Bookrunners” and the “Managers” shall mean the Initial Purchasers, references in the AAM and this Agreement to the “Settlement Lead Manager” shall mean Deutsche Bank AG, Singapore Branch (or
persons acting on its behalf) and references in the AAM to the “Stabilisation Coordinator” shall mean Deutsche Bank AG, Singapore Branch (or persons acting on its behalf). The Initial Purchasers agree as between themselves to amend
the AAM as follows: 
  

	 	(a)	 Clause 5(2), and the two paragraphs immediately following Clause 5(3), shall be deemed to be deleted in
their entirety; 

  

	 	(b)	 Clause 6 shall be deemed to be deleted in its entirety and replaced by the following: 

 

	 	“6.	 STABILIZATION 

 

	 	(1)	 Each Initial Purchaser agrees that the Stabilization Coordinator may, after consultation with and agreement
by the Initial Purchasers, either directly or together with the Stabilization Managers appointed by it, effect Stabilization Transactions. All such Stabilization Transactions shall be made in accordance with applicable laws and any profits and
losses incurred in effecting Stabilization Transactions shall be aggregated and: 

  

	 	(a)	 in the case of a net profit, credited to the account of each Initial Purchaser in proportion to its
respective Commitment; and 

  
 -24- 

	 	(b)	 in the case of a net loss, apportioned among the Initial Purchasers as follows: 

 

	 	(i)	 first, among the Initial Purchasers pro rata to their respective Commitments in an amount up to and
including the amount of the fees payable to that Initial Purchasers in connection with the issue of the Notes; and 

  

	 	(ii)	 secondly, among the Initial Purchasers that are responsible for actively running the order book for the
transaction, pro rata to their respective Commitments. 

  

	 	(2)	 Upon the aforementioned consultation by the Stabilization Coordinator with the Initial Purchasers, any
Stabilization Transactions may be effected on or after the date on which adequate public disclosure of the terms of the offer of Notes is made and, if begun, may be ended at any time, but in no case later than the earlier of 30 days after the issue
date of the Notes and 60 days after the date of the allotment of the Notes. 

  

	 	(3)	 For the avoidance of doubt, the Initial Purchasers may agree to overallot in arranging subscriptions, sales
and purchases of the Notes and to reallocate such positions among themselves in proportion to each Initial Purchaser’s Purchase Percentage, and the Initial Purchasers may subsequently make purchases and sales of the Notes, in addition to their
respective Purchase Percentage, in the open market or otherwise, on such terms as each Initial Purchaser may deem advisable. All such purchases, sales and overallotments shall be made in accordance with applicable laws and regulations. Each Initial
Purchaser shall be responsible for managing its individual long or short position arising from such aforementioned reallocation (the “Individual Position”) and may cover any short position, sell any long position and/or engage in
hedging activity in respect of its Individual Position. Each Initial Purchaser shall be liable for any loss, or entitled to any profit, arising from the management of its own Individual Position and, for the avoidance of doubt, no Initial Purchaser
shall be liable for any loss, or entitled to any profit, arising from the management of the Individual Position of any other Initial Purchaser. “Purchase Percentage” with respect to each series of Notes means the principal amount of
such series of Notes subscribed by the relevant Initial Purchaser as a percentage of the aggregate principal amount of such series of Notes issued. 

  

	 	(c)	 Clause 7(2) shall be deemed to be deleted in its entirety and replaced with the following:

  
 -25- 

	 	“(2)	 The Initial Purchasers agree that all fees and expenses that are the joint responsibility of the Initial
Purchasers and payable by the Initial Purchasers, and any out-of-pocket expenses that are the joint responsibility of the Initial Purchasers and reimbursable but not reimbursed by the Issuer, shall be
aggregated and allocated among the Initial Purchasers pro rata to their respective Commitments and each Initial Purchaser authorizes the Settlement Lead Manager to charge or credit each Initial Purchaser’s account for its proportional
share of such fees and expenses.; ” 

  

	 	(d)	 Clause 8 shall be deemed to be deleted in its entirety; 

 

	 	(e)	 The definition of “Commitments” shall be deleted in its entirety and replaced with the following:

 ““Commitments” means, for the purposes of Clauses 3, 6, 7 and 10, the fee
allocation proportion paid to each of the Initial Purchasers under this Agreement and any related fee letters, and for the purposes of all other clauses of this Agreement, the amounts severally underwritten by the Initial Purchasers as set out in
the Purchase Agreement.”; and 
  

	 	(f)	 Deutsche Bank AG, Singapore Branch shall act as Representative of each of them for administrative purposes
(in such capacity, the “Representative”). 

 Where there are any inconsistencies between this Agreement
and the AAM, the terms of this Agreement shall prevail. 
 SECTION 10.     Default of Initial
Purchasers. 
 If any Initial Purchaser or Initial Purchasers default in their obligations to purchase Notes hereunder
at the Closing Time and the principal amount of Notes that such defaulting Initial Purchaser or Initial Purchasers agreed but failed to purchase does not exceed 10% of the aggregate principal amount of Notes that the Initial Purchasers are obligated
to purchase at such Closing Time, the Representative may make arrangements satisfactory to the Issuer for the purchase of such Notes by other persons, including any of the Initial Purchasers, but if no such arrangements are made by such Closing
Time, the non-defaulting Initial Purchasers shall be obligated severally, in proportion to their respective commitments hereunder, to purchase the Notes that such defaulting Initial Purchasers agreed but failed to purchase at such Closing Time. If
any Initial Purchaser or Initial Purchasers so default and the principal amount of Notes with respect to which such default or defaults occur exceeds 10% of the aggregate principal amount of Notes that the Initial Purchasers are obligated to
purchase at such Closing Time and arrangements satisfactory to the Representative and the Issuer for the purchase of such Notes by other persons are not made within 36 hours after such default, this Agreement will terminate without liability on the
part of any non-defaulting Initial Purchaser or the Issuer, except as provided in Section 12 hereof. As used in this Agreement, the term “Initial Purchaser” includes any person substituted for
an Initial Purchaser under this Section 10. Nothing herein will relieve a defaulting Initial Purchaser from liability for its default. 

SECTION 11.     Representations, Warranties and Agreements to Survive Delivery. 

  
 -26- 

 All representations, warranties and agreements contained in this Agreement
or in certificates of officers of the Issuer submitted pursuant hereto shall remain operative and in full force and effect, regardless of any investigation made by or on behalf of any Initial Purchaser or controlling person, or by or on behalf of
the Issuer, and shall survive delivery of the Notes to the Initial Purchasers. 
 SECTION 12.    
Termination of Agreement. 

(a)                 Termination;
General. Prior to the Closing Time, this Agreement may be terminated by the Initial Purchasers by notice given to the Issuer if at any time: (i) trading in securities generally on the New York Stock Exchange, NASDAQ, the Hong
Kong Stock Exchange, the London Stock Exchange or the SGX-ST shall have been suspended or materially limited, or minimum or maximum prices shall have been generally established on any of such stock exchanges by the Commission or the SGX-ST, or
maximum ranges for prices shall have been required by any of said exchanges or by such system or by order of the Commission or any other governmental authority in the United States or otherwise or a material disruption has occurred in commercial
banking or securities, settlement or clearance services with respect to DTC in the United States or with respect to Euroclear and Clearstream in Europe; (ii) a general banking moratorium shall have been declared by any of federal, New York,
Cayman Islands, Macau, Hong Kong, Singapore or European authorities; (iii) there shall have occurred any outbreak or escalation of national or international hostilities or any crisis or calamity, or any change in the United States or
international financial markets, or any substantial change or development involving a prospective substantial change in United States’ or international political, financial or economic conditions or currency exchange rates or exchange controls,
in each case the effect of which is such as to make it, in the judgment of the Initial Purchasers, impracticable or inadvisable to market the Notes in the manner and on the terms described in the Offering Memorandum or to enforce contracts for the
sale of the Notes; (iv) in the judgment of the Initial Purchasers there shall have occurred any Material Adverse Change; or (v) the Issuer and its subsidiaries shall have sustained a loss by strike, fire, flood, earthquake, accident or
other calamity of such character as in the judgment of the Initial Purchasers may interfere materially with the conduct of the business and operations of the Issuer and its subsidiaries taken as a whole regardless of whether or not such loss shall
have been insured; provided that in the case of (iv) or (v), any such change or loss shall have occurred from and after the date of this Agreement and prior to the Closing Time. 

(b)                 Liabilities. If
this Agreement is terminated pursuant to this Section 12, such termination shall be without liability of any party to any other party; provided that Sections 7 and 8 hereof shall survive such termination and remain in full force and
effect. 
 SECTION 13.     Reimbursement of Initial Purchasers’ Expenses. 

If the sale to the Initial Purchasers of the Notes on the Closing Date pursuant to this Agreement is not consummated because
of any refusal, inability or failure on the part of the Issuer to perform any agreement herein or to comply with any provision hereof (provided that the occurrence of any event under Section 12 or failure to satisfy any condition under
Section 5 shall not be deemed as any refusal, inability or failure on the part of the Issuer), the Issuer agrees to reimburse the Initial Purchasers (or such Initial Purchasers as have terminated this Agreement with respect to themselves),
severally, upon demand for all reasonable expenses as set forth in Section 4 hereof and the legal fees and expenses incurred by the Initial Purchasers. 

  
 -27- 

 SECTION 14.     Notices. 

All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given upon receipt if
mailed, delivered or transmitted by telefax at the address set forth below: 
  

	 	(a)	 if to the Initial Purchasers: 

c/o Deutsche Bank AG, Singapore Branch 

One Raffles Quay 

#17-00 South Tower 

Singapore 048583 

Telephone: +65 6423 5342 

Attention: Global Risk Syndicate 

Facsimile: +65 6883 1769 
  

	 	(b)	 if to the Issuer: 

Melco Resorts Finance Limited 

INTERTRUST CORPORATE SERVICES (CAYMAN) LIMITED, 190 Elgin 

Avenue, George Town 

Grand Cayman KY1-9005, Cayman Islands 

with a copy to: 

Melco Resorts & Entertainment Limited 

36/F, The Centrium 

60 Wyndham Street 

Central, Hong Kong 

Telephone: 852 2598 3600 

Attention: Company Secretary 

Facsimile: 852 2537 3618 

SECTION 15.     Parties. 

This Agreement shall inure to the benefit of and be binding upon the Initial Purchasers, the Issuer and their respective
successors. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, firm or corporation, other than the Initial Purchasers, the Issuer and their respective successors and the controlling persons and
officers and directors referred to in Sections 7 and 8 hereof and their heirs and legal representative, any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision herein contained. This Agreement and all
conditions and provisions hereof are intended to be for the sole and exclusive benefit of the Initial Purchasers, the Issuer and their respective successors, and said controlling persons and officers and directors and their heirs and legal
representative, and for the benefit of no other person, firm or corporation. No purchaser of Notes from any Initial Purchaser shall be deemed to be a successor by reason merely of such purchase. 

  
 -28- 

 SECTION 16.     Counterparts. 

This Agreement may be signed in two or more counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument. 
 SECTION 17.     Absence of Fiduciary
Relationship. The Issuer acknowledges and agrees that: 

(a)                 No Other
Relationship. The Initial Purchasers have been retained solely to act as the initial purchasers of the Notes and that no fiduciary, advisory or agency relationship between the Issuer and the Initial Purchasers has been created in respect of any
of the transactions contemplated by this Agreement, the Disclosure Package or the Final Offering Memorandum, irrespective of whether the Initial Purchasers have advised or are advising the Issuer on other matters; 

(b)                 Arms’ Length
Negotiations. The price of the Notes set forth in this Agreement was established by the Issuer following discussions and arms-length negotiations with the Initial Purchasers and each of the Issuer is capable of evaluating and understanding and
understands and accepts the terms, risks and conditions of the transactions contemplated by this Agreement; 

(c)                 Absence of Obligation
to Disclose. The Issuer has been advised that the Initial Purchasers and their respective affiliates are engaged in a broad range of transactions which may involve interests that differ from or conflict with those of the Issuer and that the
Initial Purchasers have no obligation to disclose such interests and transactions to the Issuer by virtue of any fiduciary, advisory or agency relationship; and 

(d)                 Waiver. The Issuer
waives, to the fullest extent permitted by law, any claims it may have against the Initial Purchasers for breach of fiduciary duty or alleged breach of fiduciary duty and agrees that the Initial Purchasers shall have no liability (whether direct or
indirect) to the Issuer in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right of the Issuer, including shareholders, employees or creditors of the Issuer. 

SECTION 18.     MiFID Product Governance. 

Solely for the purposes of the requirements of Article 9(8) of the MIFID Product Governance rules under EU Delegated Directive
2017/593 (the “Product Governance Rules”) regarding the mutual responsibilities of manufacturers under the Product Governance Rules, Deutsche Bank AG, Singapore Branch (the “Manufacturer”) acknowledges that it
understands the responsibilities conferred upon it under the Product Governance Rules relating to each of the product approval process, the target market and the proposed distribution channels as applying to the Notes and the related information set
out in the Offering Memorandum and any announcements in connection with the Notes. The parties to this Agreement note the application of the Product Governance Rules to the Manufacturer and acknowledge the target market and distribution channels
identified as applying to the Notes by the Manufacturer and the related information set out in the Offering Memorandum and any announcements in connection with the Notes. 

  
 -29- 

 SECTION 19.     Recognition of the U.S. Special
Resolution Regimes. 

(a)                 In the event that any
Initial Purchaser that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Initial Purchaser of this Agreement, and any interest and obligation in or under this Agreement, will be
effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States. 

(b)                 In the event that any
Initial Purchaser that is a Covered Entity or a BHC Act affiliate of such Initial Purchaser becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Initial
Purchaser are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States. 

For the purpose of this Section 19: 

“BHC Act Affiliate” has the meaning assigned to the term “affiliate” in, and shall be interpreted
in accordance with, 12 U.S.C. § 1841(k). 
 “Covered Entity” means any of the following: 

(i)      a “covered entity” as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 252.82(b); 
 (ii)     a “covered bank” as that term is defined in,
and interpreted in accordance with, 12 C.F.R. § 47.3(b); or 
 (iii)    a “covered FSI”
as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). 
 “Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 

“U.S. Special Resolution Regime” means each of (i) the Federal Deposit Insurance Act and the regulations
promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder. 

SECTION 20.     Waiver of Immunity. 

To the extent that the Issuer has or hereafter may acquire any immunity (sovereign or otherwise) from any legal action, suit
or proceeding, from jurisdiction of any court or from set-off or any legal process (whether service or notice, attachment in aid or otherwise) with respect to itself or any of its property, the Issuer hereby irrevocably waives and agrees not to
plead or claim such immunity in respect of its obligations under this Agreement. 

  
 -30- 

 SECTION 21.     Applicable Law. 

This Agreement shall be governed by and construed in accordance with the laws of the state of New York. 

The Issuer hereby submits to the non-exclusive jurisdiction of the federal and state courts in the Borough of Manhattan in The
City of New York in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. The Issuer irrevocably and unconditionally waives any objection to the laying of venue of any suit or proceeding arising
out of or relating to this Agreement or the transactions contemplated hereby in federal and state courts in the Borough of Manhattan in The City of New York and irrevocably and unconditionally waives and agrees not to plead or claim in any such
court that any such suit or proceeding in any such court has been brought in an inconvenient forum. The Issuer irrevocably appoints Law Debenture Corporate Services Inc., 801 2nd Avenue, Suite
403, New York, NY10017, as its authorized agent in the Borough of Manhattan in The City of New York upon which process may be served in any such suit or proceeding, and agrees that service of process upon such agent, and written notice of said
service to the Issuer by the person serving the same to the address provided in Section 14, shall be deemed in every respect effective service of process upon the Issuer in any such suit or proceeding. The Issuer further agrees to take any and
all action as may be necessary to maintain such designation and appointment of such agent in full force and effect for a period of five years from the date of this Agreement. 

The obligations of the Issuer pursuant to this Agreement in respect of any sum due to any Initial Purchaser shall,
notwithstanding any judgment in a currency other than U.S. dollars, not be discharged until the first business day, following receipt by such Initial Purchaser of any sum adjudged to be so due in such other currency, on which (and only to the extent
that) such Initial Purchaser may in accordance with normal banking procedures purchase U.S. dollars with such other currency; if the U.S. dollars so purchased are less than the sum originally due to such Initial Purchaser hereunder, the Issuer
agrees, as a separate obligation and notwithstanding any such judgment, to indemnify such Initial Purchaser against such loss. If the U.S. dollars so purchased are greater than the sum originally due to such Initial Purchaser hereunder, such Initial
Purchaser agrees to pay to the Issuer an amount equal to the excess of the dollars so purchased over the sum originally due to such Initial Purchaser hereunder. 

SECTION 22.     Waiver of Jury Trial. Each party hereto hereby waives its rights to a jury trial of
any claim or cause of action based upon or arising out of this Agreement or the subject matter hereof. The scope of this waiver is intended to be all-encompassing of any and all disputes that may be filed in any court and that relate to the subject
matter of this transaction, including, without limitation, contract claims, tort claims, breach of duty claims, and all other common law and statutory claims. This Section 22 has been fully discussed by each of the parties hereto and these
provisions shall not be subject to any exceptions. Each party hereto hereby further warrants and represents that such party has reviewed this waiver with its legal counsel, and that such party knowingly and voluntarily waives its jury trial rights
following consultation with legal counsel. This waiver is irrevocable, meaning that it may not be modified either orally or in writing, and this waiver shall apply to any subsequent amendments, supplements or modifications to (or assignments of)
this Agreement. In the event of litigation, this Agreement may be filed as a written consent to a trial (without a jury) by the court. 

  
 -31- 

 SECTION 23.     Effect of Headings. 

The section headings herein are for convenience only and shall not affect the construction hereof. 

If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Issuer a counterpart
hereof, whereupon this instrument, along with all counterparts, will become a binding agreement between each of the Initial Purchasers and the Issuer in accordance with its terms. 

 

			
	 Very truly yours,

 [Signature Pages to Follow] 

  
 -32- 

 
			
	Issuer
	
	 MELCO RESORTS FINANCE LIMITED

		
	 By:    
	 	 /s/ Chung Yuk Man

		 	 Name: Chung Yuk Man

		 	 Title:   Director

 [Signature page to Purchase Agreement] 

 The foregoing Agreement is hereby confirmed and accepted as of the date first above written:

 DEUTSCHE BANK AG, SINGAPORE BRANCH 
  

			
		
	 By:    
	 	 /s/ Sreenivasan Iyer

		 	 Name: Sreenivasan Iyer

		 	 Title:   Managing Director

  

			
		
	 By:    
	 	 /s/ Saurav Sen

		 	 Name: Saurav Sen

		 	 Title:   Director

 AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED 

 

			
		
	 By:    
	 	 /s/ Louis Lim

		 	 Name: Louis Lim

		 	 Title:   Director, DCM Execution

 BANK OF COMMUNICATIONS CO., LTD. MACAU BRANCH 

 

			
		
	 By:    
	 	 /s/ Leng San

		 	 Name: Leng San

		 	 Title:   Vice President

 BOCI ASIA LIMITED 
  

			
		
	 By:    
	 	 /s/ Michael Mak

		 	 Name: Michael Mak

		 	 Title:   Managing Director,

Co-Head of Debt Capital Markets

 INDUSTRIAL AND COMMERCIAL BANK OF CHINA (MACAU) LIMITED 

 

			
		
	 By:    
	 	 /s/ 黃獻軍

		 	 Name: 黃獻軍

		 	 Title:   A0032

  

			
		
	 By:    
	 	 /s/ 余景豪

		 	 Name: 余景豪

		 	 Title:   B0089

 MIZUHO SECURITIES ASIA LIMITED 
  

			
		
	 By:    
	 	 /s/ Andrew Loong

		 	 Name: Andrew Loong

		 	 Title:   Executive Director

 MORGAN STANLEY & CO. LLC 
  

			
		
	 By:    
	 	 /s/ Ian Drewe

		 	 Name: IAN DREWE

		 	 Title:   ED

 [Signature page to Purchase Agreement] 

 SCHEDULE A 
  

					
	 Name of Initial Purchaser
	  	Principal Amount of Notes
(US$)	 
	 Deutsche Bank AG, Singapore Branch
	  	 	408,000,000	 
	 Australia and New Zealand Banking Group Limited
	  	 	117,000,000	 
	 Bank of Communications Co., Ltd. Macau Branch
	  	 	15,000,000	 
	 BOCI Asia Limited
	  	 	15,000,000	 
	 Industrial and Commercial Bank of China (Macau) Limited
	  	 	15,000,000	 
	 Mizuho Securities Asia Limited
	  	 	15,000,000	 
	 Morgan Stanley & Co. LLC
	  	 	15,000,000	 
		  	  
	  
	 
	 Total
	  	 	600,000,000	 
		  	  
	  
	 

 SCHEDULE B 

SUBSIDIARIES OF THE ISSUER 

MCO International Limited 
 MCO
Nominee One Limited 
 MCO Investments Limited 

Melco Resorts (Macau) Limited 

MCO (Macau) Hotel Limited 
 MCO
(Macau) Consulting Limited 
 Golden Future (Management Services) Limited 

Melco Resorts (Cafe) Limited 
 COD
Resorts Limited 
 Altira Resorts Limited 

Jumbo Watertours Limited 
 MCO
Nominee Two Limited 
 Melco International Investments (Henan) Limited 

 SCHEDULE C 

PRICING SUPPLEMENT 

STRICTLY CONFIDENTIAL 

US$600,000,000 5.625% Senior Notes due 2027 

Melco Resorts Finance Limited 

July 10, 2019 
  

 
 Pricing Supplement dated July
10, 2019 to the 
 Preliminary Offering Memorandum dated July 9, 2019 

This Pricing Supplement is qualified in its entirety by reference to the Preliminary Offering Memorandum. Capitalized terms
used but not defined in this Pricing Supplement have the meanings ascribed to them in the Preliminary Offering Memorandum. The information in this Pricing Supplement supplements the Preliminary Offering Memorandum and supersedes the information in
the Preliminary Offering Memorandum to the extent inconsistent with the information in the Preliminary Offering Memorandum. 

The US$600,000,000 5.625% Senior Notes due 2027 (the “Notes”) have not been registered under the Securities
Act of 1933, as amended (the “Securities Act”) and are being offered only (1) to “qualified institutional buyers” as defined in Rule 144A under the Securities Act and (2) outside the United States in offshore
transactions in reliance on Regulation S under the Securities Act. 
 Distribution of this Pricing Supplement to any persons
other than the person receiving this electronic transmission, its agents and any persons retained to advise the person receiving this electronic transmission, is unauthorized. Any photocopying, disclosure or alteration of the contents of this
Pricing Supplement or any portion thereof by electronic mail or any other means to any person other than the person receiving this electronic transmission is prohibited. By accepting delivery of this Pricing Supplement, the recipient agrees to the
foregoing. 
  

			
	 Issuer:
	  	 Melco Resorts Finance Limited (the “Company”)

		
	 Security Description:
	  	 5.625% Senior Notes due 2027

		
	 Distribution:
	  	 144A and Regulation S

		
	 Notes:
	  	
		
	 Aggregate Principal Amount:
	  	 US$600,000,000

		
	 Currency:
	  	 U.S. Dollars

			
	 Maturity Date:
	  	 July 17, 2027

		
	 Interest Payment Dates:
	  	 January 17 and July 17, beginning on January 17, 2020

		
	 Trade Date:
	  	 July 10, 2019

		
	 Issue Date:
	  	 July 17 (T+5)

		
		  	 Under Rule 15c6-1 of the Exchange Act, trades in the secondary market generally are required to settle in two business
days, unless the parties to a trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes on the date of pricing or the next three succeeding business days will be required, by virtue of the fact that the Notes initially
will settle in T+5, to specify alternative settlement arrangements to prevent a failed settlement

		
	 Coupon:
	  	 5.625%

		
	 Issue Price:
	  	 100.000%

		
	 Yield to Maturity:
	  	 5.625%

		
	 Optional Redemption Provisions:
	  	
		
	 Optional Redemption:
	  	
		
	 Optional Redemption Prices:
	  	 On or after July 17, 2022: 102.813%

On or after July 17, 2023: 101.406%

July 17, 2024 and thereafter: 100.000%

		
	 Make-Whole Call:
	  	 Prior to July 17, 2022

		
	 Redemption with proceeds from certain equity offerings:
	  	 Prior to July 17, 2022, up to 35% may be redeemed at 105.625%

		
	 Gaming Redemption:
	  	 The Notes may be redeemed if the gaming authority of any relevant jurisdictions requires that holders or beneficial owners
of the Notes be licensed, qualified or found suitable under applicable gaming laws and such holders or beneficial owners, as the case may be, fail to apply or become licensed or qualified within the required time period or are found
unsuitable

							
	 Offer to Repurchase Provisions:
	  	
		
	 Change of Control Triggering Event
	  	 101%

		
	 Special Put Option Triggering Event
	  	 Upon the occurrence of (1) any event after which none of the Company or any Subsidiary of the Company has
such licenses, concessions, subconcessions or other permits or authorizations as are necessary for the Company and its Subsidiaries to own or manage casino or gaming areas or operate casino games of fortune and chance in Macau in substantially the
same manner and scope as the Company and its Subsidiaries are entitled to at the Issue Date, for a period of ten consecutive days or more, and such event has a material adverse effect on the financial condition, business, properties, or results of
operations of the Company and its Subsidiaries, taken as a whole; or (2) the termination, rescission, revocation or modification of any Gaming License which has had a material adverse effect on the financial condition, business, properties, or
results of operations of the Company and its Subsidiaries, taken as a whole, each holder of the Notes will have the right to require the Company to repurchase all or any part of such holder’s Notes at a purchase price in cash equal to 100% of
the principal amount thereof, plus accrued and unpaid interest, if any, and Additional Amounts, if any, to but excluding the date of repurchase

				
	 Security Codes:
	  		  	 Rule 144A Notes
	  	 Regulation S Notes

				
		  	 CUSIP No.:
	  	 58547D AC3
	  	 G5975L AD8

				
		  	 ISIN:
	  	 US58547DAC39
	  	 USG5975LAD85

		
	 Denominations:
	  	 US$200,000 minimum; US$1,000 increments

		
	 Issue Ratings:
	  	 BB / Ba2 (S&P / Moody’s)

		
	Sole Global Coordinator and Left Lead Bookrunner:	  	 Deutsche Bank AG, Singapore Branch

		
	 Joint Bookrunner:
	  	 Australia and New Zealand Banking Group Limited

					
	Initial Purchasers and Principal Amount of Notes Purchased:	  	Initial Purchaser	  	Principal Amount of Notes Purchased
			
		  	 Deutsche Bank AG, Singapore Branch
	  	US$408,000,000
			
		  	 Australia and New Zealand Banking Group Limited
	  	US$117,000,000
			
		  	 Bank of Communications Co., Ltd. Macau Branch
	  	US$15,000,000
			
		  	 BOCI Asia Limited
	  	US$15,000,000
			
		  	 Industrial and Commercial Bank of China (Macau) Limited
	  	US$15,000,000
			
		  	 Mizuho Securities Asia Limited
	  	US$15,000,000
			
		  	 Morgan Stanley & Co. LLC
	  	US$15,000,000
		
	 Listing:
	  	 Approval-in-principle has been
obtained from the Singapore Exchange Securities Trading Limited (“SGX-ST”) for the listing and quotation of the Notes on the Official List of the SGX-ST

		
	Trustee, Paying Agent, Registrar and Transfer Agent:	  	 Deutsche Bank Trust Company Americas

 In addition to reflecting the information set forth above, the Preliminary Offering Memorandum is hereby
supplemented, amended and modified as follows (page references are to page numbers in the Preliminary Offering Memorandum), which reflect certain recent developments and other updated information. Any conforming amendments or modifications within
the Preliminary Offering Memorandum as a result of the following amendments or modifications have not been repeated in this Pricing Supplement (unless otherwise specified, additions are shown in
double-underline): 
 The second sentence in the first paragraph under
the section “Risks Relating to Our Indebtedness and the Notes—We will have substantial amount of indebtedness, which could have important consequences for holders of the Notes and significant effects on our business and future
operations” on page 38 of the Preliminary Offering Memorandum is amended by this Pricing Supplement as follows: 

Assuming we had completed this offering of Notes and applied the net proceeds to repay the 2015 Revolving Credit Facility in
part as intended, and after giving effect to the issuance of the 2019 Notes and the application of the net proceeds therefrom to the partial repayment of the amount outstanding under the 2015 Revolving Credit Facility and the partial drawdown of the
2015 Revolving Credit Facility by us in June 2019 to make advances to our affiliate to fund the closing of the first tranche of the Crown Acquisition by the Parent, as of March 31, 2019, we would have had total indebtedness of
US$2.94 billion, comprising primarily the 2015 Credit Facilities, the 2017 Notes, the 2019 Notes and the Notes, which would require significant interest and principal payments. 

 The section “Use of Proceeds” on page 46 of the Preliminary Offering
Memorandum is amended by this Pricing Supplement as follows: 
 We estimate that the net proceeds from this Offering
will be approximately US$592.0 million after deducting the Initial Purchasers’ discounts and commissions and estimated offering expenses payable by us. We intend to use the net
proceeds from this Offering to make a partial repayment of the principal amount outstanding under the 2015 Revolving Credit Facility. 

The section “Capitalization” on page 45 of the Preliminary Offering Memorandum is amended by the Pricing Supplement by being
replaced in its entirety with the following: 
 The following table sets out the cash and cash equivalents,
indebtedness and capitalization of Melco Resorts Finance and its subsidiaries as of March 31, 2019 on an actual basis and as adjusted to give effect to the following: 
  

	 	•	 	 the issuance of the 2019 Notes and the application of the net proceeds of the 2019 Notes and cash on hand to
make a partial repayment of the principal amount outstanding under the 2015 Revolving Credit Facility in an amount of HK$3.98 billion (equivalent to US$507.8 million). See “Summary—Recent Developments”; 

 

	 	•	 	 the declaration of a dividend of US$126,455.91 per share totaling US$152 million to the Parent. See
“Summary—Recent Developments”; 

  

	 	•	 	 the advance of AUD879.8 million (equivalent to US$608.2 million) to the Crown Acquisition Affiliate in
June 2019, funded by a drawdown under the 2015 Revolving Credit Facility in the amount of HK$3.93 billion (equivalent to US$500.1 million) and cash on hand. See “Summary—Recent Developments”; 

 

	 	•	 	 the issuance of US$600 million aggregate
principal amount of the Notes offered hereby; and 

  

	 	•	 	 the application of the net proceeds of the Notes to make a partial repayment of the principal amount
outstanding under the 2015 Revolving Credit Facility. 

 This table should be read in conjunction with
“Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Use of Proceeds,” “Summary—Recent Developments” and our consolidated financial statements prepared
in accordance with U.S. GAAP, the related notes and other financial information contained elsewhere in this offering memorandum. 

									
	 	  	As of March 31, 2019	 
	 	  	Actual	 	 	As Adjusted	 
	 	  	(in thousands of U.S. dollars)	 
	 Cash and cash equivalents
	  	 	739,233	 	 	 	464,546	 
		  	  
	  
	 	 	  
	  
	 
			
	 Indebtedness:
	  				 			
	 2015 Credit Facilities, net(1)
	  	 	1,457,327	 	 	 	857,677	 
	 2017 Notes, net(1)
	  	 	977,851	 	 	 	977,851	 
	 2019 Notes(2)
	  	 	-	 	 	 	500,000	 
	 The Notes offered hereby(3)
	  	 	-	 	 	 	600,000	 
	 Advance from an affiliated company
	  	 	1,917	 	 	 	1,917	 
		  	  
	  
	 	 	  
	  
	 
	 Total indebtedness
	  	 	2,437,095	 	 	 	2,937,445	 
		  	  
	  
	 	 	  
	  
	 
			
	 Shareholder’s Equity:
	  				 			
	 Ordinary shares at US$0.01 par value per share
	  	 	-	 	 	 	-	 
	 Additional paid-in capital
	  	 	1,849,785	 	 	 	1,849,785	 
	 Accumulated other comprehensive losses
	  	 	(22,671	) 	 	 	(22,671	) 
	 Retained earnings(4)
	  	 	506,072	 	 	 	339,272	 
		  	  
	  
	 	 	  
	  
	 
	 Total shareholder’s equity
	  	 	2,333,186	 	 	 	2,166,386	 
		  	  
	  
	 	 	  
	  
	 
	 Total capitalization
	  	 	4,770,281	 	 	 	5,103,831	 
		  	  
	  
	 	 	  
	  
	 

  

	(1)	 As of March 31, 2019, the outstanding principal amounts under 2015 Credit Facilities and 2017 Notes were
US$1,461.2 million and US$1,000 million, respectively. The amounts presented in the above table were net of unamortized deferring financing costs and original issue premiums. 

	(2)	 Reflects the principal amount of the 2019 Notes. 

	(3)	 Reflects the principal amount of the Notes. 

	(4)	 Assumes the estimated fees and expenses related to issuance of 2019 Notes and this Offering, which may be
capitalized as deferred financing costs under U.S. GAAP, are instead recognized as expenses in the consolidated statements of operations. 

The Company has prepared the Preliminary Offering Memorandum to which this communication relates. Before you invest, you
should read the Preliminary Offering Memorandum and the contents of this pricing supplement for more complete information about the Issuer and this offering. You should already have a copy of the Preliminary Offering Memorandum, but the Initial
Purchasers will arrange to send you another copy, if you request it. 
 THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFER TO
SELL, OR A SOLICITATION OF AN OFFER TO BUY, ANY NOTES BY ANY PERSON IN ANY JURISDICTION IN WHICH IT IS UNLAWFUL FOR SUCH PERSON TO MAKE SUCH AN OFFERING OR SOLICITATION. THE NOTES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE U.S. SECURITIES
ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, OR ANY OTHER JURISDICTION IN THE UNITED STATES. 
 Singapore Securities and
Futures Act Product Classification: Solely for the purposes of its obligations pursuant to sections 309B(1)(a) and 309B(1)(c) of the Securities and Futures Act (Chapter 289 of Singapore) (the “SFA”), the Issuer has determined,
and hereby notifies all relevant persons (as defined in Regulation 3(b) of the Securities and Futures (Capital Markets Products) Regulations 2018 (the “SF (CMP) Regulations”) that the Notes are “prescribed capital markets
products” (as defined in the SF (CMP) Regulations) and “Excluded Investment Products” (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16:
Notice on Recommendations on Investment Products).EX-4.31

 Exhibit 4.31 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS EXHIBIT, MARKED BY [***], HAS BEEN OMITTED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT
MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED. 
 EXECUTION VERSION 

Dated 31 July 2019 
  

THE CYPRUS PHASSOURI (ZAKAKI) LIMITED 

MCO EUROPE HOLDINGS (NL) B.V. 

ICR CYPRUS HOLDINGS LIMITED 
 and

 MELCO RESORTS & ENTERTAINMENT LIMITED 

SHAREHOLDERS’ AGREEMENT 

relating to ICR CYPRUS HOLDINGS LIMITED 

 Table of Contents 

 

					
	 	  	 	  	 Page

			
	 1.
	  	 Interpretation
	  	1
			
	 2.
	  	 Purpose of joint venture
	  	11
			
	 3.
	  	 Expansion of joint venture
	  	12
			
	 4.
	  	 Conduct and development of the Business
	  	12
			
	 5.
	  	 Budgets and financial information
	  	14
			
	 6.
	  	 Powers and duties of the Board of Directors
	  	15
			
	 7.
	  	 Appointment of Directors
	  	16
			
	 8.
	  	 Removal of Directors
	  	17
			
	 9.
	  	 Chairman
	  	18
			
	 10.
	  	 Board meetings
	  	18
			
	 11.
	  	 Committees of Directors
	  	20
			
	 12.
	  	 Group Company boards
	  	20
			
	 13.
	  	 Management team
	  	20
			
	 14.
	  	 Meetings of Shareholders
	  	21
			
	 15.
	  	 Shareholder Reserved Matters
	  	21
			
	 16.
	  	 Distributions
	  	22
			
	 17.
	  	 Additional finance for the Company
	  	23
			
	 18.
	  	 Transfers
	  	23
			
	 19.
	  	 Default or Change of Control
	  	29
			
	 20.
	  	 Deadlock
	  	30
			
	 21.
	  	 Terms and consequences of transfers of Shares
	  	31
			
	 22.
	  	 Determination of Fair Market Value
	  	35
			
	 23.
	  	 IPO
	  	36
			
	 24.
	  	 Duration, termination and survival
	  	37
			
	 25.
	  	 Confidentiality
	  	37
			
	 26.
	  	 Goods and Services MFN
	  	40
			
	 27.
	  	 Related Agreements
	  	40

  
 i 

					
			
	 28.
	  	 General
	  	41
		
	 Schedule 1    Deed of Adherence (Clause 21.10)
	  	48
		
	 Schedule 2    Shareholder Reserved Matters (Clause 15)
	  	50
		
	 Schedule 3    Approved Valuers
	  	52
		
	 Schedule 4    Melco Competitors and Unacceptable Business Partners
	  	53
		
	 Schedule 5    Commercial Agreements
	  	54
		
	 Schedule 6    Company Funding
	  	56

  
 ii 

 Shareholders’ Agreement 

This Agreement is made on 31 July 2019 between: 
  

	(1)	 The Cyprus Phassouri (Zakaki) Limited, a company incorporated in Cyprus whose registered office is at
Fasouri 3601, Limassol, Cyprus (the “Original CPZ Shareholder”); 

  

	(2)	 MCO Europe Holdings (NL) B.V., a company incorporated in the Netherlands whose registered office is
at Prins Bernhardplein 200, 1097JB Amsterdam (“MCO”); 

  

	(3)	 ICR Cyprus Holdings Limited, a company incorporated in Cyprus whose registered office is at
Karpenisiou, 30, 1077, Nicosia, Cyprus (the “Company”); and 

  

	(4)	 MELCO RESORTS & ENTERTAINMENT LIMITED, a company incorporated in Cayman
Islands whose registered office is at 190 Elgin Avenue, George Town, Grand Cayman KY1 - 9005, Cayman Islands (“Melco Resorts”). 

  

	(each	 a “Party” and together the “Parties”). 

 

	Recitals:	 

The Original CPZ Shareholder and MCO have agreed to hold their Shares and to regulate their respective rights in the Company on the terms and
conditions of this Agreement. 
 Melco Resorts, the parent company that wholly owns MCO, is entering into this Agreement as the purchaser
that purchased and designated MCO as the holder of its Shares. 
 It is agreed as follows: 

PART A - INTERPRETATION 
  

	1.	 Interpretation 

In this Agreement, unless the context otherwise requires, the provisions in this Clause 1 apply: 

 

	1.1	 Definitions 

“Acceptance Notice” has the meaning set out in Clause 18.6.3(i); 

“Acceptance Period” means the period of 30 days from the later of: 

 

	 	(i)	 the date of the Transfer Notice; and 

 

	 	(ii)	 the calculation of the Fair Market Value of the Transfer Shares in accordance with Clause 22,

 in each case subject to extension for any Additional Investigation Period; 

“Additional Investigation Period” has the meaning set out in Clause 18.6.3(i)(b); 

“Agreed Terms” means, in relation to a document, such document in the terms agreed between the parties and
signed for identification by the parties with such alterations as may be agreed in writing between the parties from time to time; 

“Agreement” means this agreement as modified, amended or replaced from time to time; 

  
 1 

 “Annual Budget” means the annual budget for the Group
Companies approved or amended from time to time by the Board, which shall include the following: 
  

	 	(i)	 an estimate of the working capital requirements of the Company incorporated within a cash flow statement;

  

	 	(ii)	 a projected profit and loss account and forecast balance sheet; 

 

	 	(iii)	 a capital expenditure programme; and 

 

	 	(iv)	 a review of the projected business and a summary of annual objectives; 

“Anti-Corruption Law” means: 
  

	 	(i)	 the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions,
1997 (the “OECD Convention”); 

  

	 	(ii)	 the US Foreign Corrupt Practices Act of 1977, as amended by the Foreign Corrupt Practices Act Amendments of
1988 and 1998, and as may be further amended and supplemented from time to time (the “FCPA”); 

  

	 	(iii)	 the UK Bribery Act 2010; and 

 

	 	(iv)	 any other applicable law (including any: (a) statute, ordinance, rule or regulation; (b) order of any court,
tribunal or any other judicial body; and (c) rule, regulation, guideline or order of any public body, or any other administrative requirement) which: 

  

	 	(a)	 prohibits the conferring of any gift, payment or other benefit on any person or any officer, employee, agent
or adviser of such person; and/or 

  

	 	(b)	 is broadly equivalent to the FCPA and/or the UK Bribery Act 2010 or was intended to enact the provisions of
the OECD Convention or which has as its objective the prevention of corruption; 

“Articles” means the articles of association of the Company in the Agreed Terms as amended from time to time;

 “Associated Company” means, in relation to a person, any holding company, subsidiary or any other
subsidiaries of any such holding company, in each case of such person, provided that the Company shall not be an Associated Company of any Shareholder or its Associated Companies (and, for the avoidance of doubt, Melco International and each of its
subsidiaries shall be Associated Companies of Melco Resorts); 
 “Associated Person” means, in relation to
a company, a person (including any employee, agent or subsidiary) who performs (or has performed) services for or on behalf of that company; 

“Auditors” means Ernst & Young LLP or such other firm which is appointed as auditor of the Company
from time to time; 
 “Board” means the board of directors of the Company or an authorised committee of the
Board; 
 “Business” has the meaning set out in Clause 2; 

“Business Day” means a day which is not a Saturday, a Sunday or a public holiday in Cyprus or Hong Kong; 

  
 2 

 “Business Policies” means the business policies of the
Group Companies approved by the Board from time to time (including, but not limited to, employment policies and health and safety policies); 

“Buyer” has the meaning set out in Clause 21.1; 

“Chairman” means the Chairman of the Board from time to time; 

“Change of Control” means where a person who did not previously exercise Control over another person acquires
or agrees to acquire or otherwise becomes able to exercise such Control or where a person who was previously able to exercise Control over that person ceases to be in a position to do so; 

“Closing Date” has the meaning set out in Clause 18.6.3(i); 

“CoCo” means Integrated Casino Resorts Cyprus Limited, a company organised under the laws of Cyprus and a
subsidiary of the Company; 
 “Commercial Agreements” means those agreements listed in Schedule 5
(including those to be entered into following the date of this Agreement by the parties specified in Schedule 5; 

“Completion” has the meaning given in the Share Subscription Agreement; 

“Confidential Information” has the meaning set out in Clause 25.2; 

“Control” means, in relation to a person, where a person (or Persons Acting In Concert) has direct or
indirect control: (1) over more than 50% of the total voting rights conferred by all the issued shares in the capital of that person which are ordinarily exercisable in general meeting; or (2) of a majority of the board of directors of
that person (in each case whether pursuant to relevant constitutional documents, contract or otherwise) and “Controlled” shall be construed accordingly; 

“CPZ Board Appointment Right” has the meaning set out in Clause 7.1.1(i); 

“CPZ Consent Right” has the meaning set out in Clause 15.1; 

“CPZ Shareholder” means for so long as such person holds any CPZ Shares: 

 

	 	(i)	 the Original CPZ Shareholder; and 

 

	 	(ii)	 any CPZ Transferee; 

“CPZ Shares” means the Shares held by the Original CPZ Shareholder as at the date of this Agreement and all
new Shares issued to a CPZ Shareholder under and in accordance with the terms of this Agreement; 
 “CPZ
Transferee” means any person to whom CPZ Shares are transferred under and in accordance with this Agreement; 

“Cyprus” means the Republic of Cyprus; 

“Deadlock Matter” has the meaning set out in Clause 20.1.2; 

“Debt” means any loans, borrowings or indebtedness (including any Loan Notes) (together with any accrued
interest); 
 “Deed of Adherence” means a deed substantially in the form set out in Schedule 1; 

  
 3 

 “Default Notice” has the meaning set out in Clause 19.3;

 “Defaulting Shareholder” has the meaning set out in Clause 19.2; 

“Development Budget” means the overall budget for the construction and development of the Project, which
shall be approved and updated in accordance with Clause 5.3; 
 “Director” means any director of the
Company appointed by a Shareholder in accordance with the terms of this Agreement and the Articles; 

“Dispute” has the meaning set out in Clause 28.1.1; 

“Drag-along Assets” has the meaning set out in Clause 18.6.4(i); 

“Drag-along Debt” has the meaning set out in Clause 18.6.4(i); 

“Drag-along Notice” has the meaning set out in Clause 18.6.4(i); 

“Drag-along Shares” has the meaning set out in Clause 18.6.4(i); 

“Effective Date” means the date on which Completion occurred; 

“Encumbrance” means any claim, charge, mortgage, lien, option, equitable right, power of sale, pledge,
hypothecation, retention of title, right of pre-emption, right of first refusal or other third party right(s) or security interest of any kind or an agreement, arrangement or obligation to create any of the
foregoing; 
 “Entitlement Fees” means any fees payable to the Original Melco Shareholder or any of its
Associated Companies under the Commercial Agreements; 
 “Event of Default” has the meaning set out in
Clause 19.1; 
 “Fair Market Value” has the meaning set out in Clause 22.2.1; 

“Financial Year” means a financial year of the Company commencing (other than in the case of its initial
financial period) on 1 January and ending on 31 December or on such other dates as the Company may resolve in accordance with the Articles, provided that the first financial year of the Company shall be deemed to have commenced on 7 November
2017 and ended on 31 December 2017; 
 “Gaming Regulator” means any department, authority, commission
or other body of any government in any jurisdiction with the power to regulate businesses engaged in the gaming or gambling industries; 

“Group Companies” means the Company and its subsidiaries and “Group Company” means any one
of them; 
 “Group President” shall mean, if one is appointed by the Board, the top executive officer of
the Group Companies; 
 “ICR” means the integrated casino resort, including a retail, hotel, gaming,
entertainment and food and beverage complex in Cyprus to be developed, operated and maintained pursuant to the ICR Licence; 

“ICR Licence” means the licence agreement between the Cyprus Gaming and Casino Supervision Commission and
CoCo dated 26 June 2017 in relation to the development, operation and maintenance of the ICR; 

  
 4 

 “IDB Maximum Amount” has the meaning set out in Clause
5.3.1; 
 “IDB Melco Transaction Amount” has the meaning set out in Clause 5.3.1; 

“Initial Development Budget” has the meaning set out in Clause 5.3.1; 

“Insolvency Event”, in relation to a person, means: 

 

	 	(i)	 the person entering into any arrangement, composition or compromise with or assignment for the benefit of
its creditors or any class of them in any relevant jurisdiction except as part of a solvent reorganisation or to the extent implemented to remedy an Insolvency Event set out in paragraph (ii) below (including by way of rescheduling the
applicable indebtedness); 

  

	 	(ii)	 the person being unable to pay its debts when they are due or being deemed under any statutory provision of
any relevant jurisdiction to be insolvent; 

  

	 	(iii)	 a liquidator or provisional liquidator being appointed to the person or a receiver, receiver and manager,
examiner, trustee or similar official being appointed over any of the assets or undertakings of the person or an event analogous with any such event occurring in any relevant jurisdiction; or 

 

	 	(iv)	 an order being made or a resolution being passed for the winding up of the person (except for the purposes
of a bona fide reconstruction or amalgamation); 

 “Interest” includes an interest
of any kind in or in relation to any Share or any right to control the voting or other rights attributable to any Share, disregarding any conditions or restrictions to which the exercise of any right attributed to such interest may be subject; 

“IPO” means the admission of all or any part of the ordinary share capital or depository receipts (or
equivalent) representing Shares to the NASDAQ, New York Stock Exchange, London Stock Exchange, The Stock Exchange of Hong Kong Limited or the Singapore Exchange; 

“Know-how” means confidential and proprietary industrial and
commercial information and techniques in any form, including, without limitation, drawings, formulae, test results, reports, project reports and testing procedures, instruction and training manuals, tables or operating conditions, market forecasts,
lists and particulars of customers and suppliers; 
 “Laws” means the laws and regulations of Cyprus and
any other laws and regulations for the time being in force applicable to any Group Company or any Shareholder or their Associated Companies (as appropriate), including, where applicable, the rules of any stock exchange on which the securities of a
Shareholder or its Associated Companies are listed or other governmental or regulatory body to which a Shareholder or its Associated Companies are subject; 

“Licence Ineligibility Event” means, in a relation to a Shareholder: 

 

	 	(i)	 such Shareholder, its shareholders, Associated Companies or Ultimate Parent Company ceasing to be eligible
to be a Shareholder, a shareholder of a Shareholder, an Associated Company of a Shareholder or an Ultimate Parent Company of a Shareholder under the terms of the ICR Licence; or 

 

	 	(ii)	 such Shareholder, its shareholders, Associated Companies or Ultimate Parent Company (excluding the Original
Melco Shareholder, its Associated Companies or its Ultimate Parent Company) engaging or not engaging in any activity or transaction, or entering into or continuing any relationship, that results or could result in: 

  
 5 

	 	(a)	 the Original Melco Shareholder, its Associated Companies or its Ultimate Parent Company ceasing to be
eligible to be licensed under any of its casino licences or concessions or sub-concessions; or 

  

	 	(b)        (A)	 any governmental authority or Gaming Regulator notifying the Original Melco Shareholder, its Associated
Companies or its Ultimate Parent Company that the continuation of any relationship with such Shareholder, its shareholders, its Associated Companies or its Ultimate Parent Company could; or 

 

	 	            (B)	 the Original Melco Shareholder, its Associated Companies or its Ultimate Parent Company forming the
reasonable opinion that the continuation of any relationship with such Shareholder, its shareholders, its Associated Companies or its Ultimate Parent Company may, 

adversely affect any licenses held, required or being sought by the Original Melco Shareholder, its Associated Companies or
its Ultimate Parent Company; 
 “Loan Notes” means the loan notes that may be issued by the Company or any
Group Company subject to the provisions of this Agreement, the Articles or the articles of association of the relevant Group Company (as the case may be); 

“Losses” means all losses, liabilities, costs (including legal costs and experts’ and consultants’
fees), charges, expenses, actions, proceedings, claims and demands; 
 “Melco Competitor” means each of the
persons listed or described in Schedule 4; 
 “Melco International” means Melco International Development
Limited; 
 “Melco Shareholder” means for so long as such person holds any Melco Shares: 

 

	 	(i)	 the Original Melco Shareholder; and 

 

	 	(ii)	 any Melco Transferee; 

“Melco Shares” means the Shares held by MCO as at the date of this Agreement and all new Shares issued to
Melco Resorts or a Melco Shareholder under and in accordance with the terms of this Agreement; 
 “Melco
Transferee” means any person to whom Melco Shares are transferred under and in accordance with this Agreement; 

“Modified Shareholder Reserved Matters” has the meaning set out in Clause 15.215.2(i); 

“New Opportunity” has the meaning set out in Clause 3.2.1; 

“Non-defaulting Shareholder” has the meaning set out in Clause 19.2;

 “Notice” has the meaning set out in Clause 28.3.1; 

“Offer” has the meaning set out in Clause 18.6.2; 

“Offeror” has the meaning set out in Clause 18.6.1; 

“Opening Date” means the opening date of the ICR as determined by the Board; 

  
 6 

 “Original CPZ Shareholder” has the meaning given in the
parties list; 
 “Original Melco Shareholder” means MCO or where MCO has transferred all of its Shares
pursuant to a Permitted Melco Transfer, then the Original Melco Shareholder shall be deemed to be Melco Resorts or any Associated Company of Melco Resorts to which Shares were transferred pursuant to the Permitted Melco Transfer; 

“Permitted Melco Transfer” means a Transfer by the Original Melco Shareholder of its Shares or any Interest
in Shares to Melco Resorts or any Associated Company of Melco Resorts on giving prior written notice to the other Shareholders, copied to the Company, such notice to specifically indicate that such Transfer is a “Permitted Melco Transfer”
made in accordance with Clause 18.5.2 of this Agreement; 
 “Permitted Regulatory Condition” means a
bona fide material consent, clearance, approval or permission necessary to enable a Transferring Shareholder and/or Buyer to be able to complete a Transfer of Shares under: (1) the ICR Licence or Cyprus Law; (2) the rules or
regulations of any stock exchange on which it or any of its Associated Companies is quoted; or (3) the rules or regulations of any governmental, statutory or regulatory body in those jurisdictions where the Transferring Shareholder, Buyer, the
Company or any of their Associated Companies carries on business (including any required reviews on whether any person or entity is an Unsuitable Person or Unsuitable Director); 

“Persons Acting In Concert”, in relation to a Shareholder, are persons which actively co-operate pursuant to an agreement or understanding (whether formal or informal), with a view to obtaining or consolidating Control of that Shareholder; 

“Project” means the design, construction, development, ownership, operation, management and maintenance of
the ICR, a temporary casino prior to the Opening Date, each in Limassol, Cyprus, and up to four satellite casinos in Cyprus; 

“Property President” means the property president, or equivalent top operating officer of the Company, from
time to time; 
 “Qualifying IPO” means an IPO in which (i) the total aggregate value of the Shares
publicly sold or listed is not less than US$50 million or (ii) the total number of Shares publicly sold represents not less than 15% of the total Shares in the Company (post-IPO); 

“Related Agreements” means the Share Subscription Agreement and the Commercial Agreements; 

“Relevant Notice” has the meaning set out in each of Clause 21.1 and Clause 22.1; 

“Relevant Proportion” has the meaning set out in Clause 18.6.1(vii); 

“Relevant Securities” has the meaning set out in Clause 21.1; 

“Relevant Time” has the meaning set out in Clause 21.1; 

“Remaining Shareholder” has the meaning set out in Clause 18.6.2; 

“Requisite Minimum CPZ Shareholding” means, with respect to a CPZ Shareholder, that CPZ Shareholder holding
(directly and in aggregate with all Associated Companies of such CPZ Shareholder) CPZ Shares representing not less than 10% of the total outstanding Shares; 

“Restricted Transferee” means, in respect of a potential third party Offeror: (i) a person whose
personal or business reputation is such as would make it unacceptable as a business partner to any of the Remaining Shareholders acting reasonably; (ii) a person who a reasonable person would consider to be of insufficient financial substance
or standing to be able to adhere to the terms of this Agreement; or (iii) any Melco Competitor or a person Controlled by a Melco Competitor; 

  
 7 

 “Right” means any right, power or remedy in connection with
this Agreement; 
 “RoCo” means ICR Cyprus Resort Development Co Limited, a company organised under the
laws of Cyprus and a subsidiary of the Company; 
 “Sale Assets” has the meaning set out in Clause 19.3;

 “Sale Shares” has the meaning set out in Clause 19.3; 

“Selling Shareholder” has the meaning set out in Clause 21.1; 

“Senior Management” has the meaning set out in Clause 13.3.1; 

“Share Subscription Agreement” means an agreement among the Original CPZ Shareholder, Melco International and
the Company dated 18 December 2017, as amended, detailing the terms of the subscription of the initial Shares by the Shareholders; 

“Shareholder” means any holder of Shares from time to time having the benefit of this Agreement, including
under the terms of a Deed of Adherence; 
 “Shareholder Reserved Matters” has the meaning set out in Clause
15; 
 “Shareholder’s Group” means a Shareholder and any Associated Companies of that Shareholder from
time to time; 
 “Shares” means ordinary shares in the issued share capital of the Company from time to
time; 
 “Surviving Provisions” means Clauses 1, 25, 28.1, 28.2, 28.3, 28.4, 28.5, 28.8, 28.10, 28.11,
28.12, 28.13, 28.15, 28.17, 28.18, 28.19 and 28.20, and any other provisions of this Agreement to the extent relevant to the interpretation or enforcement of such provisions; 

“Tag-along” has the meaning set out in Clause 18.6.1(vii); 

“Tag-along Assets” has the meaning set out in Clause 18.6.3(ii)(a);

 “Tag-along Debt” has the meaning set out in Clause
18.6.3(ii)(a); 
 “Tag-along Notice” has the meaning set out in
Clause 18.6.3(ii)(a); 
 “Tag-along Shares” has the meaning set out
in Clause 18.6.3(ii)(a); 
 “Taxation” or “Tax” means all forms of taxation (other than
deferred tax) and statutory, governmental, state, provincial, local governmental or municipal impositions, duties, contributions and levies, in each case in the nature of tax, whether levied by reference to income, profits, gains, net wealth, asset
values, turnover, added value or otherwise and shall further include payments to a Tax Authority on account of Tax, in each case wherever imposed and whether chargeable or primarily against or attributable directly or primarily to a Group Company or
any other person and all penalties and interest relating thereto; 
 “Tax Authority” means any taxing or
other authority competent to impose any liability in respect of Taxation or responsible for the administration and/or collection of Taxation or enforcement of any law in relation to Taxation; 

  
 8 

 “Term Sheet” means the term sheet dated 15 November 2017
entered into by the Original CPZ Shareholder and Melco International relating to the Project; 
 “Third Party
Finance” has the meaning set out in Clause 17.1.2; 
 “Third Party Offer” has the meaning set out
in Clause 18.6.1; 
 “Third Party Offer Price” has the meaning set out in Clause 18.6.1(v); 

“Transfer”, in the context of Shares or any Interest in Shares, means any of the following: (a) sell,
assign, transfer or otherwise dispose of, or grant any option over, any Shares or any Interest in Shares; (b) create or permit to subsist any Encumbrance over Shares or any Interest in Shares; (c) enter into any agreement in respect of the
votes or any other rights attached to any Shares or any Interest in Shares (including under this Agreement); or (d) renounce or assign any right to receive any Shares or any Interest in Shares; 

“Transfer Assets” has the meaning set out in Clause 18.6.1; 

“Transfer Date” has the meaning set out in Clause 21.2.4; 

“Transfer Debt” has the meaning set out in Clause 18.6.1; 

“Transferee” has the meaning set out in Clause 18.5.1; 

“Transfer Notice” has the meaning set out in Clause 18.6.2; 

“Transferor” has the meaning set out in Clause 18.5.1; 

“Transferring Shareholder” has the meaning set out in Clause 18.6.1; 

“Transfer Shares” has the meaning set out in Clause 18.6.1; 

“Ultimate Parent Company” means: 
  

	 	(i)	 in relation to the Original CPZ Shareholder, C.N.SHIACOLAS (ENGINEERS) LTD, a company incorporated in Cyprus
with registration number HE66018 and its registered address at Ag. Nicolaou, 41-49, NIMELI COURT, BLOCK A, 3rd Floor, Engomi, 2408, Nicosia, Cyprus; and 

 

	 	(ii)	 in relation to the Original Melco Shareholder, Melco International; 

“Unsuitable Director” means a Director who either: (i) has been determined by a court of competent
jurisdiction to have acted in material breach of the Laws or to have committed any serious criminal offence, or material breach of any fiduciary or other duty in relation to the Company; (ii) is prevented by Law from acting as a Director; or
(iii) is an Unsuitable Person; 
 “Unsuitable Person” means a person: (i) whose direct or
indirect association or relationship with the Group Companies (or Shareholders) or ownership of securities could be reasonably expected to adversely impact the suitability or entitlement of any Shareholder, Associated Company of a Shareholder or
Group Company to maintain any gaming concession, sub-concession, licensing or regulatory authorisation to conduct gaming business in any jurisdiction; or (ii) with whom the Original Melco Shareholder or
any of its Associated Companies may be required to disassociate, formally or informally, by any gaming authority; 

“Updated Shareholding Amount” means, with respect to each Shareholder, the amount of Shares held by that
Shareholder immediately following Completion; and 

  
 9 

 “Valuer” has the meaning set out in Clause 22.2.1. 

 

	1.1	 Singular, plural, gender 

References to one gender include all genders and references to the singular include the plural and vice versa. 

 

	1.2	 References to persons and companies 

References to: 
  

	 	1.2.1	 a person includes any company, corporation, firm, joint venture, partnership or unincorporated
association (whether or not having separate legal personality); and 

  

	 	1.2.2	 a company include any company, corporation or any body corporate, wherever incorporated.

  

	1.3	 References to subsidiaries and holding companies 

A company is a “subsidiary” of another company (its “holding company”) if that other
company, directly or indirectly, through one or more subsidiaries: 
  

	 	1.3.1	 holds a majority of the voting rights in it; 

	 	

	 	1.3.2	 is a member or shareholder of it and has the right to appoint or remove a majority of its board of
directors or equivalent managing body; 

	 	

	 	1.3.3	 is a member or shareholder of it and controls alone, or pursuant to an agreement with other
shareholders or members, a majority of the voting rights in it; or 

	 	

	 	1.3.4	 has the right to exercise a dominant influence over it, for example by having the right to give
directions with respect to its operating and financial policies, with which directions its directors are obliged to comply. 

  

	1.4	 Schedules etc. 

References to this Agreement shall include any Recitals and Schedules to it and references to Clauses and Schedules are to
Clauses of, and Schedules to, this Agreement. References to paragraphs and Parts are to paragraphs and Parts of the Schedules. 
  

	1.5	 Information 

References to books, records or other information mean books, records or other information in any form, including paper,
electronically stored data, magnetic media, film and microfilm. 
  

	1.6	 Legal terms 

References to any English legal term shall, in respect of any jurisdiction other than England and Wales, be construed as
references to the term or concept which most nearly corresponds to it in that jurisdiction. 
  

	1.7	 Headings 

Headings shall be ignored in interpreting this Agreement. 

  
 10 

	1.8	 Non-limiting effect of words 

The words “including”, “include”, “in particular” and words of similar effect shall not be
deemed to limit the general effect of the words which precede them. 
  

	1.9	 Winding up 

References to the winding up of a person include any equivalent or analogous procedure under the law of any jurisdiction in
which that person is incorporated, domiciled or resident or carries on business or has assets. 
  

	1.10	 Modification etc. of statutes 

References to a statute or statutory provision include that statute or provision as from time to time modified or re-enacted or consolidated, whether before or after the date of this Agreement, so far as such modification or re-enactment or consolidation applies or is capable of applying
to this Agreement, provided that nothing in this Clause 1.10 shall operate to increase the liability of any party beyond that which would have existed had this Clause been omitted. 

 

	1.11	 Documents 

References to any document (including this Agreement) or to a provision in a document, shall be construed as a reference to
such document or provision as amended, supplemented, modified, restated or novated from time to time. 
  

	1.12	 Reasonable endeavours 

Where the words “reasonable endeavours” are used in this Agreement in relation to the performance of any act by a
Party, such Party shall be required to take only those steps in performing such act as are commercially reasonable having regard to such party’s circumstances at the time, but shall not be required to ensure such act’s performance whether
by assuming material expenditure or otherwise. 
 PART B - SCOPE OF THE JOINT VENTURE 

 

	2.	 Purpose of joint venture 

 

	2.1	 The business of the Group Companies (the “Business”) shall be: 

 

	 	2.1.1	 to undertake the Project; and 

 

	 	2.1.2	 to carry out any activity which is necessary for, ancillary to, related to, incidental to, arising
out of, supportive of or connected to the Project, including the provision of credit to gaming patrons, provision of all operational and support functions commonly required for casino and integrated resort businesses, food and beverage, spa,
entertainment, entertainment production, convention, exhibition, advertising, marketing, retail, foreign exchange, transportation, travel, nightclubs, bars, restaurants, malls, amusements, attractions, recreations, pool, health, exercise or gym
facilities, entertainment facilities or venues, retail shops, malls or venues or similar or related establishments or facilities and outsourcing of in-house facilities. 

 

	2.2	 The head office of the Company shall initially be situated in Limassol, Cyprus and changes to its
location shall be subject to the discretion of the Board. 

  
 11 

	3.	 Expansion of joint venture 

 

	3.1	 Scope and development of the Business 

 

	 	3.1.1	 The Shareholders and the Company agree that the business of the Group Companies shall be confined to
the Business, except as may be otherwise agreed by the Shareholders in accordance with this Agreement. 

  

	 	3.1.2	 The Shareholders shall procure that any expansion, development or evolution of the Business (whether
to be conducted as part of, or in connection with, the Group Companies’ main business or ancillary to it) shall only be effected through the Company or a Group Company. 

 

	3.2	 New Opportunities 

 

	 	3.2.1	 If any Shareholder or any of its Associated Companies identifies or becomes aware of any opportunity
relevant to the Business or the greater casino business in Cyprus, then such Shareholder shall, as soon as reasonably practicable (and before any material negotiations commence with any third party), notify the Board in writing with reasonable
details as to the nature of the opportunity (the “New Opportunity”). 

  

	 	3.2.2	 If the Board approves the New Opportunity, then the Parties shall procure that the Group Companies shall use
reasonable endeavours to implement the New Opportunity. 

  

	 	3.2.3	 If the Board does not approve or fails to act on the New Opportunity within one month of receiving
notice of it pursuant to Clause 3.2.1, the Shareholder that notified the Board of such New Opportunity shall be free to proceed on its own with such New Opportunity at its sole cost, risk and expense. 

PART C - CONDUCT AND OPERATIONS OF THE COMPANY 
  

	4.	 Conduct and development of the Business 

 

	4.1	 General 

  

	 	4.1.1	 The Shareholders agree that their respective rights and obligations in relation to the Group
Companies and the Business shall be regulated by this Agreement and the Articles. The Shareholders agree to comply with the provisions of this Agreement and all provisions of the Articles which relate to them and that such provisions of the
Agreement and Articles shall be enforceable by the Shareholders between themselves in whatever capacity. 

  

	 	4.1.2	 The Company agrees to comply with all of its obligations under this Agreement and the Articles and
under the Related Agreements and procure that its Group Companies do the same. 

  

	4.2	 Conduct and promotion of the Business 

The Shareholders shall vote their Shares and otherwise act within their power (so far as they lawfully can) to ensure the
following: 
  

	 	4.2.1	 Business practice 

that the Business shall be conducted in accordance with: 

 

	 	(i)	 the Development Budget and Annual Budget; 

  
 12 

	 	(ii)	 applicable Laws and internal policies of the Original Melco Shareholder, including the Original Melco
Shareholder’s corporate “Ethical Business Practices Programme” as updated from time to time; 

  

	 	(iii)	 business ethics and principles which are generally adopted by international reputable companies operating in
the integrated resort industry; and 

  

	 	(iv)	 such other standards as are agreed among the Shareholders from time to time. 

 

	 	4.2.2	 Compliance 

that the Company shall not, and shall procure (insofar as it lawfully can) that any Group Company shall not, act: 

 

	 	(i)	 otherwise than in accordance with applicable Laws; 

 

	 	(ii)	 in any way which might reasonably be likely to expose any officer, director or executive manager of the
Company or any Group Company or the Shareholders to civil or criminal liability or sanction under the Laws; or 

  

	 	(iii)	 in any way contrary to the Business Policies. 

 

	 	4.3	 Anti-Corruption Laws 

 

	 	4.3.1	 Each of the Shareholders shall not, and shall procure (insofar as it lawfully can) that no Group
Company and no Associated Person of any Shareholder or any Group Company engages in any activity or conduct that has or will result in a violation of: 

  

	 	(i)	 any Anti-Corruption Laws; and 

 

	 	(ii)	 any applicable laws relating to economic or trade sanctions, including: 

 

	 	(a)	 the laws or regulations implemented by the Office of Foreign Assets Controls of the United States Department
of the Treasury or any other United States government authority or department; 

  

	 	(b)	 United Nations sanctions imposed pursuant to any United Nations Security Council Resolution;

  

	 	(c)	 EU and EU member state restrictive measures implemented pursuant to any EU Council or European Commission
regulation or decision adopted pursuant to a Common Position in furtherance of the EU’s and any EU member state’s Common Foreign and Security Policy; and 

 

	 	(d)	 any similar laws or regulations to the foregoing in any other applicable jurisdiction.

  

	 	4.3.2	 Each of the Shareholders has and shall maintain in place, and the Company shall and shall procure
that each of the Group Companies has and shall maintain in place, adequate procedures to prevent bribery within the meaning of the Anti-Corruption Laws. 

  
 13 

	5.	 Budgets and financial information 

 

	5.1	 Accounting principles 

The Shareholders agree that the Company shall prepare its and the Group Companies’ consolidated financial statements for
reporting purposes in accordance with IFRS or such other accounting methodologies to the extent required by applicable Law, provided that the Board may approve the use of any other accounting methodology for any other purpose as determined by the
Board from time to time. 
  

	5.2	 Information 

  

	 	5.2.1	 The Company shall prepare, or procure the preparation of, and, once approved by the Board,
shall submit to the Shareholders: 

  

	 	(i)	 draft annual financial statements of the Group Companies within 120 days following the end of the relevant
Financial Year of the Company (with the exception of the first Financial Year, in respect of which financial statements shall only be required to be produced in accordance with and in the time periods required by applicable Law);

  

	 	(ii)	 audited financial statements of the Group Companies promptly following the signature of the audit
certificate from the Auditors relating to such financial statements; 

  

	 	(iii)	 monthly management reports in respect of the Group Companies, in a form to be determined by the Board (but
containing at a minimum a profit and loss account and a balance sheet) within 30 days following the end of the relevant month; and 

  

	 	(iv)	 such other information or documentation as any Shareholder may reasonably request from time to time relating
to the Business or financial condition of the Company or of any Group Company within a reasonable period. 

  

	 	5.2.2	 Subject to Clause 25, a Shareholder may, at its own expense, at all reasonable times inspect and make
copies of all books, records, accounts and documents relating to the business and the affairs of the Group Companies. 

  

	5.3	 Development Budget 

 

	 	5.3.1	 As soon as reasonably practicable after the date of this Agreement, the Original Melco Shareholder
shall propose for approval of the Board the initial Development Budget (“Initial Development Budget”) which shall: 

  

	 	(i)	 not exceed a maximum aggregate amount of €650,000,000 in total, including any pre-funded interest on high yield financing (the “IDB Maximum Amount”); 

  

	 	(ii)	 be consistent with the terms of the ICR Licence; and 

 

	 	(iii)	 shall not include transactions between any Group Companies, on the one hand, and the Original Melco
Shareholder or its Associated Companies on the other hand (excluding any financing provided by the Original Melco Shareholder or its Associated Companies and any financing costs or related transaction fees), which in aggregate exceed [***] (the
“IDB Melco Transaction Amount”), which for the avoidance of doubt shall be a sub-limit of the IDB Maximum Amount and not in addition to it. 

  
 14 

	 	5.3.2	 Provided the Initial Development Budget proposed by the Original Melco Shareholder under Clause 5.3.1
complies with the requirements of Clause 5.3.1, then it shall promptly be approved by the Board. 

  

	 	5.3.3	 The Development Budget may be updated from time to time in accordance with a decision of the Board,
provided that the prior written consent of the Original CPZ Shareholder (not to be unreasonably withheld, conditioned or delayed) shall be required for: 

  

	 	(i)	 any increase in the total aggregate amount of the Development Budget above the IDB Maximum Amount; or

  

	 	(ii)	 the inclusion of any transaction between any Group Companies, on the one hand, and the Original Melco
Shareholder or its Associated Companies, on the other hand (excluding any financing provided by the Original Melco Shareholder or its Associated Companies and any financing costs or related transaction fees), which would result in the aggregate of
all such transactions exceeding the IDB Melco Transaction Amount. 

  

	5.4	 Approval of Annual Budgets 

 

	 	5.4.1	 The Board shall procure that the Company prepares an Annual Budget. 

 

	 	5.4.2	 The Board shall ensure that prior to the Opening Date, to the extent the Annual Budget relates to
matters included in the Development Budget, the Annual Budget is not inconsistent with the Development Budget. 

  

	 	5.4.3	 Each draft Annual Budget shall be submitted to the Shareholders for comment not less than 30 days
prior to the start of the relevant financial year but shall be approved by the Board. 

  

	 	5.4.4	 Once an Annual Budget is approved, any further variations to an Annual Budget shall require approval
by the Board. 

 PART D - MANAGEMENT AND CONTROL 

 

	6.	 Powers and duties of the Board of Directors 

 

	6.1	 The Shareholders shall exercise their powers under this Agreement so far as they lawfully can to
procure that: 

  

	 	6.1.1	 the Board shall be responsible for the overall management of the Group Companies, provided that the
Board shall not implement any decision in relation to any of the Shareholder Reserved Matters without the requisite prior approval in accordance with Clause 15; 

 

	 	6.1.2	 the Board shall be responsible for deciding matters in relation to the Business which do not
constitute Shareholder Reserved Matters; 

  

	 	6.1.3	 subject to Clause 6.1.4, the Board may delegate authority to operate the day-to-day affairs of the Company to any designees of the Shareholders, the Chairman of the Board, the Group President (if any), the Property President or any other members of the management of the Group Companies,
provided that any delegation of authority to implement or address any issue which is a Shareholder Reserved Matter shall only be effective if approved in accordance with Clause 15; and 

  
 15 

	 	6.1.4	 the Board shall ensure that any Group President and the Property President competently fulfils
his/her duties in accordance with Clause 13.2. 

  

	7.	 Appointment of Directors 

 

	7.1	 Number and identity of appointees 

 

	 	7.1.1	 The Board shall be comprised of a maximum of six Directors, appointed in accordance with the
following: 

  

	 	(i)	 the Original CPZ Shareholder shall have the right to appoint one Director to the Board (the “CPZ
Board Appointment Right”) subject to the following: 

  

	 	(a)	 the Original CPZ Shareholder may by written notice to the Company and the other Shareholders irrevocably
transfer the CPZ Board Appointment Right to any CPZ Transferee which holds the Requisite Minimum CPZ Shareholding; 

  

	 	(b)	 any CPZ Transferee which is transferred and continues to hold the CPZ Board Appointment Right in accordance
with Clause 7.1.1(i)(a) may by written notice to the Company and the other Shareholders irrevocably transfer the CPZ Board Appointment Right to any other CPZ Shareholder which holds the Requisite Minimum CPZ Shareholding; 

 

	 	(c)	 if any CPZ Shareholder which holds the CPZ Board Appointment Right in accordance with the terms of this
Clause 7.1.1 ceases to hold the Requisite Minimum CPZ Shareholding, then: 

  

	 	(I)	 that CPZ Shareholder may immediately transfer the CPZ Board Appointment Right to a CPZ Shareholder which
holds the Requisite Minimum CPZ Shareholding; or 

  

	 	(II)	 if no CPZ Shareholder holds the Requisite Minimum CPZ Shareholding, the CPZ Board Appointment Right shall
lapse with immediate effect and may not be exercised by any person notwithstanding that any CPZ Shareholder may hold the Requisite Minimum CPZ Shareholding at any future time; and 

 

	 	(d)	 for the avoidance of doubt, nothing in this Clause 7.1.1(i) shall entitle the Original CPZ Shareholder or
any CPZ Transferees to hold the right to appoint between them more than one Director in total. 

  

	 	(ii)	 The Original Melco Shareholder shall have the right to appoint up to four Directors in total to the Board
for so long as the Original Melco Shareholder and any Associated Companies to which it transfers Shares hold at least 50% in aggregate of the total number of then outstanding Shares; and 

 

	 	(iii)	 if the Original Melco Shareholder and any Associated Companies to which it transfers Shares in aggregate
hold less than 50% of the total number of then outstanding Shares, then so long as the Original Melco Shareholder and its Associated Companies hold: 

  
 16 

	 	(a)	 at least 10% in aggregate of the total number of then outstanding Shares, the Original Melco Shareholder
shall have the right to appoint one Director in total to the Board; 

  

	 	(b)	 at least 20% in aggregate of the total number of then outstanding Shares, the Original Melco Shareholder
shall have the right to appoint two Directors in total to the Board; and 

  

	 	(c)	 at least 40% in aggregate of the total number of then outstanding Shares, the Original Melco Shareholder
shall have the right to appoint three Directors in total to the Board. 

  

	 	(iv)	 In addition to any rights to appoint Directors as set forth in paragraphs (ii) and (iii) above, for so
long as the Original Melco Shareholder or any of its Associated Companies is responsible for the management of the casino or holds any preference shares in CoCo, the Original Melco Shareholder shall have the right to appoint one Director to the
Board. 

  

	 	7.1.2	 No Shareholder shall have the right to object to the appointment of a Director by the other
Shareholders, unless such appointee is an Unsuitable Director. 

  

	 	7.1.3	 Directors shall be permitted to communicate regularly with the relevant Shareholder that appointed
them to: 

  

	 	(i)	 satisfy the relevant Shareholder’s reasonable request for information in order to comply with the
external reporting and other legal requirements of that Shareholder and their Associated Companies; and 

  

	 	(ii)	 provide information on the Business and its financial performance. 

 

	7.2	 Remuneration of Directors 

The Company shall be responsible for remunerating the Directors. 

 

	8.	 Removal of Directors 

 

	8.1	 A Director may be removed as a director of the Company at any time: 

 

	 	8.1.1	 by notice in writing to the Company by the Shareholder who appointed him/her; or

  

	 	8.1.2	 where such a Director is an Unsuitable Director, by notice in writing to the Company from a
Shareholder, 

 and in either such event the Shareholders shall promptly remove such Director from their
position(s) and the Shareholder that appointed such Director shall promptly appoint another Director in their place in accordance with Clause 7 and the Articles. 
  

	8.2	 To ensure compliance with the terms of Clause 7 and this Clause 8, each Shareholder agrees to vote
its Shares in the Company, and ensure that its respective appointed Directors shall exercise their voting rights, in such a manner as shall result in the appointment or removal of the appointees of the other Shareholders to the Board in accordance
with such Clauses. 

  

	8.3	 If a Director ceases to be qualified under the Articles to act as a director of the Company, then the
Shareholder that appointed that Director shall immediately procure the resignation of that Director and shall appoint a new Director in accordance with Clause 7. 

  
 17 

	8.4	 A Shareholder whose appointee has either been removed or has resigned as a Director shall fully
indemnify and hold harmless the other Shareholders and the Group Companies against all Losses incurred by the other Shareholders and/or the Group Companies in respect of any claim made as a result of the removal or resignation of such Director.

  

	9.	 Chairman 

  

	9.1	 The Chairman shall chair all meetings of the Board at which he/she is present, but shall not have a
casting vote. The Chairman shall ensure that all relevant papers for any Board meeting are properly circulated in advance. 

  

	9.2	 The Chairman shall be appointed annually by the Original Melco Shareholder, unless the Melco
Shareholders hold less than 10% of the total number of then outstanding Shares, in which case the Chairman shall be appointed by the Shareholder holding the greatest number of Shares. 

 

	10.	 Board meetings 

 

	10.1	 Frequency 

The Board shall decide when and how often Board meetings shall take place, provided that: 

 

	 	10.1.1	 Board meetings shall be held at least four times per calendar year unless all Directors agree
otherwise; and 

  

	 	10.1.2	 any Director may convene a Board meeting at any time by complying with applicable notice
requirements. 

  

	10.2	 Place 

  

	 	10.2.1	 The Board shall decide where Board meetings shall take place, taking into account the respective Tax
considerations of the Group Companies and each of the Shareholders and their Associated Companies and the convenience of a particular location to each Director. 

 

	 	10.2.2	 Subject to the requirements of any applicable Laws, the Board may decide to hold a meeting by video,
teleconference and other electronic conferencing means available to each Director. 

  

	10.3	 Notice/agenda 

  

	 	10.3.1	 At least: 

 

	 	(i)	 in the case of an emergency, 48 hours provided that Directors may participate telephonically or by video or
other electronic-conferencing; and 

  

	 	(ii)	 in all other cases, five Business Days’, 

written notice by email or courier shall be given to each of the Directors of all Board meetings, except where a Board
meeting is adjourned under Clause 10.4 or where the Board agrees to a shorter notice period and all the Directors are notified of the shorter notice period. 
  

	 	10.3.2	 Any notice of a meeting of Directors must specify the location, date and time of the meeting.

  

	 	10.3.3	 Subject to accommodating the time periods set out herein, any Shareholder or Director may propose an
item for inclusion in the agenda. 

  
 18 

	 	10.3.4	 At least: 

 

	 	(i)	 in the case of an emergency, 24 hours; and 

 

	 	(ii)	 in all other cases, two Business Days, 

(or such other period as may be agreed by all the Directors entitled to receive the notice) before a Board meeting, a
reasonably detailed agenda shall be sent to each of the Directors by email or courier, which shall: 
  

	 	(a)	 specify the matters to be considered; and 

 

	 	(b)	 be accompanied by any relevant papers. 

 

	 	10.3.5	 Notice of any meeting which is determined by the Company to be an emergency meeting shall specify:

  

	 	(i)	 the basis of that determination (which must be reasonable); 

 

	 	(ii)	 the nature of the emergency in reasonable detail; and 

 

	 	(iii)	 information for participating telephonically or by video or other electronic conferencing.

  

	 	10.3.6	 Any Director may invite a member of Senior Management to attend a meeting of the Board unless such
meeting is to discuss any such person’s remuneration, appraisal or performance. 

  

	 	10.3.7	 Prior to the Opening Date, the Original Melco Shareholder shall work with the Property President to
provide an update to the Board in relation to the development of the Project at each Board meeting. 

  

	10.4	 Quorum 

  

	 	10.4.1	 The quorum at a Board meeting shall be two Directors, including at least one Director appointed by
the Original Melco Shareholder. 

  

	 	10.4.2	 The terms of Clause 15 shall apply with respect to any Shareholder Reserved Matter.

  

	 	10.4.3	 Notice of the adjourned Board meeting shall be given to all of the Directors. 

 

	10.5	 Voting 

  

	 	10.5.1	 Subject to the other provisions of this Agreement, at any Board meeting each Director shall have one
vote and decisions at Board meetings shall require a simple majority of votes. 

  

	 	10.5.2	 A written resolution signed by all Directors shall be as valid and effective as a resolution passed
at a Board meeting. 

  

	10.6	 Alternate Directors 

Each Director shall have the right by notice in writing to the Company to, subject to the approval of all the Directors,
appoint an alternate director who shall have the same powers and rights as the Director who has appointed him. 

  
 19 

	11.	 Committees of Directors 

 

	11.1	 The Board may constitute committees of Directors. 

 

	11.2	 The voting and quorum for Board committee meetings shall be the same as for Board meetings, except as
determined otherwise by the Board. 

  

	11.3	 The Director nominated by a CPZ Shareholder shall have the right, but not the obligation, to be an
observer on all committees of Directors. 

  

	12.	 Group Company boards 

 

	12.1	 The directors of the boards of any Group Companies shall be appointed by the Board. 

 

	12.2	 The provisions regulating the meetings of the boards of any Group Companies shall be the same as for
Board meetings, except as determined otherwise by the Board. 

  

	12.3	 Clauses 10.3.1 to 10.3.5 shall apply to any board meeting of any Group Company. 

 

	13.	 Management team 

 

	13.1	 Appointment of Property President 

 

	 	13.1.1	 The Board shall nominate and appoint the Property President. 

 

	 	13.1.2	 The Property President shall be an employee of a Group Company and may also be an employee or officer
of other Group Companies. The Property President shall not be a Director. 

  

	 	13.1.3	 Remuneration of the Property President shall be determined by the Board. 

 

	 	13.1.4	 The Property President may be removed at any time for any reason by the Board. 

 

	13.2	 Authority and accountability of Property President 

The day-to-day operational affairs of the Company shall be run by the Property President or such other person as determined by
the Board under the supervision of the Board: 
  

	 	13.2.1	 with reference to the Annual Budget; and 

 

	 	13.2.2	 in the interests of the Shareholders collectively so as to maximise the Company’s equity value,
without regard to the individual interests of any of the Shareholders, 

 provided that the Property
President or any such other person appointed by the Board shall not take any decision in relation to any of the Shareholder Reserved Matters without the prior approval of the Shareholders in accordance with Clause 15. 

 

	13.3	 Appointment and removal of the management team 

 

	 	13.3.1	 Other key senior management, including a Head of Finance, Head of HR, Head of Marketing and Head of
Legal (such persons, the “Senior Management”) shall be appointed in accordance with the delegation of authority policy to be adopted by the Board. 

 

	 	13.3.2	 Notwithstanding Clause 13.3.1, the Board may dismiss a member of Senior Management and/or appoint a
new member of Senior Management at any time for any reason. 

  
 20 

	14.	 Meetings of Shareholders 

General meetings of Shareholders shall be held at least once per calendar year and shall take place in accordance with the
applicable provisions of the Articles and this Agreement, including the following provisions: 
  

	14.1	 the quorum shall be one duly authorised representative of each Shareholder holding at least 10% in aggregate
of the Shares, provided that if at a duly convened meeting, a duly authorised representative of any or all of such Shareholders is not present, then such meeting shall be adjourned for at least seven Business Days (as determined by the chairman if
present) and each Shareholder shall be notified at least three Business Days in advance of the time, date and place for the reconvened meeting; 

  

	14.2	 the notice of meeting shall set out an agenda identifying in reasonable detail the matters to be
discussed; 

  

	14.3	 the chairman of the meeting shall not have a casting vote; and 

 

	14.4	 subject to the requirements of any applicable Laws, meetings may be held by video, teleconference and
other electronic conferencing means and the persons convening the meetings shall use reasonable endeavours to ensure they are held at locations reasonably convenient for all Shareholders. 

 

	15.	 Shareholder Reserved Matters 

 

	15.1	 Subject to the terms of Clauses 15.2 and 15.3 below but notwithstanding any other provision of this
Agreement to the contrary, the Shareholders shall procure that no action is undertaken by the Company or any Group Company, and the Company shall not undertake and shall procure that no Group Company shall undertake any action with respect to the
matters set out in Part A of Schedule 2 (“Shareholder Reserved Matters”) without the prior written consent of both the Original CPZ Shareholder (the “CPZ Consent Right”) and the Original Melco Shareholder.

  

	15.2	 The Original CPZ Shareholder may by written notice to the Company and the other Shareholders
irrevocably transfer the CPZ Consent Right to any CPZ Transferee which holds the Requisite Minimum CPZ Shareholding, subject to the following: 

  

	 	(i)	 upon the transfer of the CPZ Consent Right by the Original CPZ Shareholder to any CPZ Transferee in
accordance with this Clause 15.2, the applicable Shareholder Reserved Matters shall consist only of the matters set out in Part B of Schedule 2 (and for the avoidance of doubt, no consent of any CPZ Shareholder will be required under this Clause 15
at any time following such transfer in respect to the matters set out in Part A of Schedule 2, which shall cease to have any effect) (the “Modified Shareholder Reserved Matters”); 

 

	 	(ii)	 any CPZ Transferee which is transferred and continues to hold the CPZ Consent Right in accordance with this
Clause 15.2 above may by written notice to the Company and the other Shareholders irrevocably transfer the CPZ Consent Right to any other CPZ Shareholder which holds the Requisite Minimum CPZ Shareholding; and 

 

	 	(iii)	 if any CPZ Shareholder which holds the CPZ Consent Right in accordance with the terms of this Clause 15
ceases to hold the Requisite Minimum CPZ Shareholding, then: 

  
 21 

	 	(a)	 that CPZ Shareholder may immediately transfer the CPZ Consent Right to a CPZ Shareholder which holds the
Requisite Minimum CPZ Shareholding; or 

  

	 	(b)	 if no CPZ Shareholder holds the Requisite Minimum CPZ Shareholding, the CPZ Consent Right shall lapse with
immediate effect and may not be exercised by any person notwithstanding that any CPZ Shareholder may hold the Requisite Minimum CPZ Shareholding at any future time. 

 

	15.3	 For the avoidance of doubt: 

 

	 	(i)	 nothing in this Clause 15 shall entitle the Original CPZ Shareholder or any CPZ Transferee to both
concurrently hold consent rights in relation to the Shareholder Reserved Matters or the Modified Shareholder Reserved Matters; and 

  

	 	(ii)	 the consent of the relevant CPZ Shareholder which holds the CPZ Consent Right under this Clause 15 shall be
deemed to have been duly given if that CPZ Shareholder has voted in favour of any resolution or proposed resolution giving effect to or authorising a Shareholder Reserved Matter or Modified Shareholder Reserved Matter (as the case may be) which has
been put to a vote at any general meeting of the Shareholders. 

 PART E - COMPANY FINANCE 

 

	16.	 Distributions 

 

	16.1	 The Board shall make distributions to the Shareholders in proportion to their then existing holding
of Shares. 

  

	16.2	 It shall be the policy of the Company that, subject to: 

 

	 	16.2.1	 applicable Laws; 

 

	 	16.2.2	 any financial covenants or undertakings given by a Group Company under any external financing
arrangements; and 

  

	 	16.2.3	 working capital requirements and to maintaining cash reserves of not less than a value which, in the
reasonable opinion of the Board, is adequate for the Company to continue its Business and provide for reasonable contingencies, including in relation to legal compliance, other prudential requirements, scheduled and unscheduled capital expenditure,
maintenance requirements and insurable and uninsurable events, 

 the Company shall distribute not less
than 70% of its profits to its Shareholders by way of dividend. 
  

	16.3	 The Company shall use commercially reasonable endeavours to structure the payment of any dividends in
a manner that is tax efficient to the Shareholders in relation to the Special Contribution for the Defence of the Republic Law of Cyprus. 

  

	16.4	 The Shareholders shall procure that the Company promptly pays any deemed dividend distribution tax
(“DDDT”) and that the Company shall only claim repayment of DDDT from any CPZ Shareholder by way of an offset against future dividends, provided that the Company shall be entitled to elect to do so at the earliest opportunity that
such dividends are lawfully available against which such an offset may be made. 

  
 22 

	16.5	 In the event that any CPZ Shareholder Transfers any of its Shares, such CPZ Shareholder shall repay
any amounts owed to the Company in respect of DDDT. 

  

	16.6	 For the avoidance of doubt, any Entitlement Fees or distributions on preferred shares payable by any
Group Company to any Shareholder shall not be counted as a dividend or distribution to the applicable Shareholder when determining the amount of distributions payable to each Shareholder in accordance with this Clause 16. 

 

	16.7	 The provisions of this Clause 16 shall apply to any Group Company mutatis mutandis.

  

	17.	 Additional finance for the Company 

 

	17.1	 External finance 

Unless expressly provided in this Clause 17, the Shareholders shall not be obliged to provide: 

 

	 	17.1.1	 any further capital to the Company either by way of subscription for Shares or Loan Notes or by
advancing loans, or otherwise; or 

  

	 	17.1.2	 guarantees or security in connection with any third party financing (whether a loan facility, bond
instrument or otherwise) to be provided to the Company (“Third Party Finance”), 

 and,
unless otherwise agreed by the Shareholders, there shall be no recourse to the Shareholders in respect of the Third Party Finance. 
  

	17.2	 Funding of the Development Budget 

The Development Budget shall be funded in accordance with Part A of Schedule 6. 

 

	17.3	 Funding of the Project post opening of the ICR 

 

	 	17.3.1	 The Shareholders acknowledge that following the Opening Date, their expectation is that the Company
should be able to service future funding requirements for the Business from its internal resources. 

  

	 	17.3.2	 If, following the Opening Date, the Board determines that additional funding is required in excess of
that available from the Company’s internal resources, then the provisions of Part B of Schedule 6 shall apply. 

PART F - EXIT 
  

	18.	 Transfers 

 

	18.1	 General prohibition on disposal of Shares 

A Shareholder may not Transfer any of its Shares or any Interest in Shares to any person other than in accordance with this
Agreement. 
  

	18.2	 Restrictions applicable to all Shareholders 

Notwithstanding any other provision of this Agreement, a Shareholder may not Transfer any of its Shares or any interest in
Shares unless: 
  

	 	18.2.1	 the person to whom the Shares are being transferred is not an Unsuitable Person; and

  
 23 

	 	18.2.2	 all other consents, clearances, approvals or permissions necessary to enable the complete Transfer
have been obtained, including, without limitation, those under: (a) the ICR Licence and Cyprus Law; and (b) the rules and regulations of any governmental, statutory or regulatory body which would be required in order to effect the
Transfer. 

  

	18.3	 Restrictions applicable to CPZ Shareholder 

 

	 	18.3.1	 No CPZ Shareholder shall Transfer any of its Shares or any interest in Shares unless the person to
whom the Shares are being transferred: 

  

	 	(i)	 is not, and is not Controlled by, a Melco Competitor; and 

 

	 	(ii)	 has no present intention to on-sell Shares to a Melco Competitor or
any entity Controlled by a Melco Competitor (unless the Original Melco Shareholder shall have otherwise consented to a Transfer to such Melco Competitor or other person in writing). 

 

	 	18.3.2	 In respect of, and as a condition to, any Transfer by any CPZ Shareholder, both the Original Melco
Shareholder and the Board shall have the right to require any proposed transferee to provide evidence to them that the Transfer to such transferee would not breach the terms of Clause 18.3.1. If the Original Melco Shareholder or the Board (as the
case may be) is not satisfied by such evidence that the proposed Transfer would not breach the terms of Clause 18.3.1, then the Board may refuse to register such proposed Transfer and such CPZ Shareholder shall not proceed with such proposed
Transfer. 

  

	 	18.3.3	 No CPZ Shareholder shall Transfer any of its Shares or any Interest in Shares to any person prior to
the date falling 12 months from the Effective Date, other than with the prior written consent of the Original Melco Shareholder, or unless required to do so under Clause 18.6 or 19.3 or permitted to do so under Clause 18.5. 

 

	 	18.3.4	 No CPZ Shareholder shall Transfer any of its Shares to the extent such Transfer would result in CPZ
and its Associated Companies in aggregate holding less than 40% of their Updated Shareholding Amount prior to the date falling five years from the Effective Date, except with the prior written consent of the other Shareholders or unless required to
do so under Clause 18.6, or 19.3 or permitted to do so under Clause 18.5. 

  

	 	18.3.5	 Any Transfer of Shares or any Interest in Shares by any CPZ Shareholder to any person at any time
must comprise at a minimum a Transfer of at least 1% of the total outstanding Shares to such person, except with the prior written consent of the other Shareholders or unless required to do so under Clause 18.6, or 19.3 or permitted to do so under
Clause 18.5. 

  

	18.4	 Restrictions applicable to Melco Shareholder 

Subject to Clause 18.5, no Melco Shareholder shall Transfer any of its Shares to the extent such Transfer would result in the
Melco Shareholders in aggregate holding less than 662⁄3% of their Updated Shareholding Amount prior to the date falling five years from the Effective Date, except
with the prior written consent of the other Shareholders or unless required to do so under Clause 19.3. 
  

	18.5	 Transfer to Associated Companies permitted at any time 

 

	 	18.5.1	 Subject to Clause 18.5.2, a Shareholder (the “Transferor”) may at any time, and
without compliance with Clause 18.1 or Clause 18.6, Transfer its Shares or any Interest in Shares to an Associated Company (the “Transferee”) on giving prior written notice to the other Shareholders, copied to the Company, provided
that the Transferee shall, and the Transferor shall procure that the Transferee shall, retransfer its Shares and any Interest in Shares to the Transferor or another Associated Company of the relevant Shareholder’s Ultimate Parent Company
immediately if the Transferee ceases to be an Associated Company of the relevant Shareholder’s Ultimate Parent Company prior to the date falling five years from the Effective Date. 

  
 24 

	 	18.5.2	 Notwithstanding Clause 18.5.1, any Melco Shareholder may at any time, and without compliance with any
other restriction in this Agreement (including as set out in Clauses 18.1, 18.5.1 or 18.6), undertake a Permitted Melco Transfer. If a Melco Shareholder elects to undertake a Permitted Melco Transfer, then the other Shareholders shall provide all
assistance and do all things as may be reasonably requested by such Melco Shareholder (including, if necessary, making amendments to this Agreement) in order to give effect to the Permitted Melco Transfer. 

 

	18.6	 Transfer to other Shareholders or a third party pre-IPO

  

	 	18.6.1	 Written offer from a third party/right of first refusal 

Prior to the date of any IPO, a Shareholder (the “Transferring Shareholder”) may, subject to the general
restrictions in Clauses 18.1 to 18.4, Transfer all or part of its Shares and any Interest in Shares (the “Transfer Shares”) and any Debt owed by the Company and/or any Group Company to the Transferring Shareholder and/or its
Associated Companies (the “Transfer Debt” and, together with the Transfer Shares, the “Transfer Assets”) only if it receives an offer for such Transfer Assets (the “Third Party Offer”) from a
bona fide third party (the “Offeror”) which: 
  

	 	(i)	 where the Transferring Shareholder is not the Original Melco Shareholder, provides written certification,
including a representation and warranty (after conducting its own investigation), that the Offeror: (a) is not, and is not Controlled by, a Melco Competitor; and (b) has no present intention to
on-sell Shares to a Melco Competitor or any entity Controlled by a Melco Competitor; 

  

	 	(ii)	 states whether the Third Party Offer is for all or part of the Transferring Shareholder’s Shares and
confirms that it is also for such proportion of any Debt owed by the Company and/or any Group Company to the Transferring Shareholder and/or its Associated Companies as is equal to the proportion of Shares being acquired; 

 

	 	(iii)	 is irrevocable and unconditional except for any Permitted Regulatory Condition; 

 

	 	(iv)	 is governed by English, New York, Hong Kong or Cypriot law; 

 

	 	(v)	 states the price of the Third Party Offer which shall be for cash consideration in either Euro or U.S.
Dollars only (the “Third Party Offer Price”) and immediately payable within one month of completion of the transfer; 

  

	 	(vi)	 contains all material terms and conditions (including the intended completion date of the offer and any
Permitted Regulatory Conditions); and 

  

	 	(vii)	 in the case of a Transfer by a Melco Shareholder only, where such Transfer would result in a Change of
Control of the Company, includes an offer to acquire, at the election of the Original CPZ Shareholder, either (a) all the Shares held by the Original CPZ Shareholder or its Associated Companies along with any Debt owed by the Company and/or any
Group Company to the Original CPZ Shareholder (and its Associated Companies) or (b) the pro rata portion (relative to the number of Transfer Shares versus total Shares held all Melco Shareholders) (the “Relevant Proportion”) of
the Shares held by the Original CPZ Shareholder or its Associated Companies and the Relevant Proportion of any Debt owed by the Company and/or any Group Company to the Original CPZ Shareholder, in each case at the same cash price per Share and on no
less favourable terms than the Transfer Assets (a “Tag-along”). 

  
 25 

	 	18.6.2	 Issue of Transfer Notice to Remaining Shareholder 

Within 15 Business Days of receiving a Third Party Offer which it wishes to accept, a Transferring Shareholder shall issue a
written notice (the “Transfer Notice”) to the other Shareholder (the “Remaining Shareholder”), copied to the Company, containing notification and details of the Third Party Offer compliant with Clause 18.6.1 and,
upon issuing such written notice, the Transferring Shareholder shall be deemed to make an offer to sell the Transfer Assets to the Remaining Shareholder (the “Offer”) at the same cash price per Share and on no less favourable terms
and conditions than those set out in the Third Party Offer, except that the Remaining Shareholder shall have the right to request the addition of any necessary Permitted Regulatory Conditions, or adjustments to any existing Permitted Regulatory
Conditions, but only to the extent necessary to be able to complete the transfer of the Transfer Assets and provide confirmation that: 
  

	 	(i)	 the Company shall be the agent of the Transferring Shareholder for the sale of the Transfer Assets; and

  

	 	(ii)	 the Remaining Shareholder may elect to proceed in accordance with one of the options in Clause 18.6.3.

  

	 	18.6.3	 Choices open to Remaining Shareholder 

The Remaining Shareholder who receives a Transfer Notice may do one of the following: 

 

	 	(i)	 Accept the Offer 

 

	 	(a)	 Before the expiry of the Acceptance Period (the “Closing Date”), if the Remaining
Shareholder wishes to buy the Transfer Assets at the Third Party Offer Price, it shall send a written notice to the Transferring Shareholder, copied to the Company, accepting the Offer (the “Acceptance Notice”). An Acceptance Notice
shall be irrevocable. If the Remaining Shareholder does not wish to accept the Offer, it may either send a written notice to the Transferring Shareholder, copied to the Company, by the Closing Date declining the Offer or do nothing, in which case it
shall be deemed to have declined the Offer. 

  

	 	(b)	 Notwithstanding the above, if the Remaining Shareholder is a Melco Shareholder, then if (in its sole
discretion) such Melco Shareholder considers it reasonably necessary, such Melco Shareholder may (by notice in writing to the Transferring Shareholder no later than 21 days after receipt of the Transfer Notice) elect to extend the Acceptance Period
by up to 30 days (such extension period, the “Additional Investigation Period”) in order to more fully investigate the identity of the relevant Offeror and satisfy itself that such Offeror is not, and is not controlled by, a Melco
Competitor, nor has it any present intention to on-sell Shares to a Melco Competitor or an entity controlled by a Melco Competitor. 

  
 26 

	 	(c)	 If, three Business Days after the Closing Date, the Transferring Shareholder has not received an Acceptance
Notice, the Transferring Shareholder shall then, subject to Clause 18.6.4, be free, for a period of six months thereafter, to accept the Third Party Offer and sell the Transfer Assets to the Offeror at the Third Party Offer Price and on terms being
no more favourable than those of the Third Party Offer, provided that the Offeror (or other purchaser) enters into a Deed of Adherence in the form required by this Agreement. 

 

	 	(d)	 The transfer of the Transfer Assets to the Remaining Shareholder delivering an Acceptance Notice shall be
completed in accordance with Clause 21 and the terms and conditions of the relevant Transfer. In the event of any conflict between the provisions of Clause 21 and the terms and conditions of the relevant Transfer, the former shall take precedence.

  

	 	(ii)	 Tag-along 

 

	 	(a)	 If the Original CPZ Shareholder or its Associated Companies wish to sell all or the Relevant Proportion of
the Shares held by them along with any Debt owed by the Company and/or any Group Company to them pursuant to Clause 18.6.1(vii), the Original CPZ Shareholder shall send a written notice (the “Tag-along
Notice”) to the Original Melco Shareholder by the Closing Date, copied to the Company, electing to sell, at its option, either: (i) all; or (ii) the Relevant Proportion, of its Shares and any Interest in Shares (the “Tag-along Shares”) together with all or the Relevant Proportion (as relevant) of Debt owed by the Company and/or any Group Company to the Original CPZ Shareholder and/or its Associated Companies (the
“Tag- along Debt” and, together with the Tag-along Shares, the “Tag-along Assets”) to the
Offeror at the same cash price per Share and on no less favourable terms than those contained in the Third Party Offer, except that the Original CPZ Shareholder shall have the right to request the addition of any necessary Permitted Regulatory
Conditions, or adjustments to any existing Permitted Regulatory Conditions, but only to the extent necessary to be able to complete the transfer of the Tag- along Assets. Notwithstanding the foregoing, the Tag-along shall not be exercisable and any Tag-along Notice delivered shall be deemed to be null and void in the event that the Original Melco Shareholder serves a Drag-along
Notice pursuant to Clause 18.6.4. 

  

	 	(b)	 The Melco Shareholder shall then be prohibited from selling the Transfer Assets to the Offeror unless the
Offeror agrees to purchase the Tag-along Assets at the same time, at the same cash price per Share as and on no less favourable terms than those contained in the Third Party Offer. 

 

	 	18.6.4	 Drag-along 

 

	 	(i)	 Subject to the right of the Remaining Shareholder under Clause 18.6.3(i) to exercise its right of first
refusal, if a Melco Shareholder accepts a Third Party Offer and, as a result, the Offeror (together with any person acting in concert with it) will acquire all or a portion of the Shares held by the Melco Shareholders, then within 15 Business Days
of the date on which a Melco Shareholder accepts the Third Party Offer, a Melco Shareholder may serve a written notice (a “Drag-along Notice”) on each CPZ Shareholder requiring it to sell to the Offeror the Relevant Proportion of
its Shares and any Interest in Shares (the “Drag-along Shares”) together with all or the Relevant Proportion (as applicable) of any Debt owed by the Company and/or any Group Company to each CPZ Shareholder (the “Drag-along
Debt” together with the Drag-along Shares, the “Drag-along Assets”) on no less favourable terms and conditions than the Third Party Offer except that each CPZ Shareholder shall have the right to request the addition
of any necessary Permitted Regulatory Conditions, or adjustments to any existing Permitted Regulatory Conditions, but only to the extent necessary to be able to complete the transfer of the Drag-along Assets. 

  
 27 

	 	(ii)	 Completion of any transfer pursuant to this Clause 18.6.4 shall take place at the same time as completion of
the transfer of the Transfer Assets. In order to effect such completion, the Offeror shall transfer the purchase price for the Drag-along Assets to the Company and each CPZ Shareholder shall deliver duly executed transfer forms for the Drag-along
Shares, together with the relevant certificates, to the Company and duly executed instruments for assignment of the Drag-along Debt. The Company’s receipt of the purchase price shall be a good discharge to the Offeror who shall not be bound to
see to the application of those moneys. The Company shall hold the purchase price in trust for each CPZ Shareholder without any obligation to pay interest. If any CPZ Shareholder fails to deliver a duly executed transfer form for its Drag-along
Shares and duly executed instruments for assignment of the Drag-along Debt to the Company by completion of the transfer of the Transfer Assets, the Directors shall authorise any Director to transfer such
Drag-along Shares and assign such Drag-along Debt on behalf of such CPZ Shareholder to the Offeror to the extent the Offeror has, by completion of the transfer of the
Transfer Assets, put the Company in funds to pay the purchase price. The Directors shall then authorise registration of the transfer (in the case of any share transfer once appropriate stamp duty has been paid). Each CPZ Shareholder shall surrender
its certificates (or an express indemnity in a form satisfactory to the Offeror in the case of any certificate found to be missing) for its Drag-along Shares to the Company. On surrender, the Company shall transfer to each CPZ Shareholder its
relevant proportion of the purchase price, but no CPZ Shareholder shall be entitled to any interest which may have been earned by the Company on that amount. 

 

	 	18.6.5	 Failure to transfer 

If a Transferring Shareholder or a Remaining Shareholder does not comply with its sale or purchase obligations in this Clause
18, then the provisions of Clause 21.3 shall apply. 
  

	 	18.6.6	 Failure of third party to complete sale 

If the Offeror fails to acquire the Transfer Assets in accordance with this Clause 18, then the procedures set out in this
Clause 18 shall be complied with in full in respect of each new or revised offer, whether by the same Offeror or not. 
  

	18.7	 The Shareholders shall take such actions and exercise such rights and powers available to them in
relation to the Company and waive or suspend any provisions or regulations contained in the Articles permitting or restricting any Transfer as any Shareholder may require or direct to give effect to and ensure the implementation of this Clause 18 to
allow or restrict any Transfer as contemplated by this Clause 18. 

  
 28 

	19.	 Default or Change of Control 

 

	19.1	 Event of Default 

If a Shareholder: 
  

	 	19.1.1	 or any of its Associated Companies or its Ultimate Parent Company is subject to an Insolvency Event
which is reasonably likely to impair the ability of that Shareholder to comply with its obligations under this Agreement; 

  

	 	19.1.2	 is subject to a Licence Ineligibility Event and such Licence Ineligibility Event is not cured or
remedied within 30 days of its occurrence; 

  

	 	19.1.3	 in the case of any CPZ Shareholder only, is subject to any Change of Control prior to the date
falling five years from the Effective Date other than in connection with any Change of Control previously approved in writing by the other Shareholders; 

  

	 	19.1.4	 in the case of any Melco Shareholder only, and following any Transfer by any Melco Shareholder of its
Shares (or any subsequent transfer) in each case in accordance with this Agreement, prior to the date which is five years after the Effective Date, the relevant transferee which holds those Shares ceases to be Controlled by either the Original Melco
Shareholder or Melco International other than where such cessation has been approved in writing by the other Shareholders; or 

  

	 	19.1.5	 in the case of any CPZ Shareholder only, or any of its Associated Companies or its Ultimate Parent
Company becomes or is reasonably likely to become a Melco Competitor or owned by a Melco Competitor (unless the Original Melco Shareholder shall have otherwise consented to a Transfer to a Melco Competitor in writing) or an Unsuitable Person,

 then it shall have committed an “Event of Default”. 

 

	19.2	 Notice of default 

If an Event of Default occurs, the Shareholder who commits an Event of Default (the “Defaulting Shareholder”)
shall notify the other Shareholders (the “Non-defaulting Shareholders”) as soon as it becomes aware of the occurrence of that Event of Default. 

 

	19.3	 Default Notice (call option) 

Following an Event of Default, any Non-defaulting Shareholder may give written notice (the “Default Notice”)
within 30 days of receiving notification of an Event of Default or of it becoming aware of an Event of Default, whichever is earlier, requiring the Defaulting Shareholder, subject to the satisfaction or waiver of any Permitted Regulatory Condition
set out in the Default Notice, to sell all of the Shares and any Interest in Shares held by the Defaulting Shareholder (the “Sale Shares”) together with any Debt owed by the Company and/or Group Company to the Defaulting Shareholder
and/or its Associated Companies (together with the Sale Shares, the “Sale Assets”) to the Non-defaulting Shareholders or, at the option of each
Non-defaulting Shareholder, an Associated Company of such Non-defaulting Shareholder, at a price equal to the Fair Market Value of the Sale Assets, on the basis that a Non-defaulting Shareholder or its Associated Company (as applicable): 

  
 29 

	 	19.3.1	 shall be entitled to buy such portion of the Sale Assets as reflects, as nearly as possible, the
number of Shares for the time being held by such Shareholder as a proportion of the total number of Shares held by the Non-defaulting Shareholders; and 

 

	 	19.3.2	 may offer to buy any portion of the Sale Assets that are not accepted by the other Non-defaulting Shareholders. 

 In the event any portion of the Sale
Assets is not purchased by the Non-defaulting Shareholders or their Associated Companies (as applicable), the Non-defaulting Shareholders may require the Defaulting
Shareholder to sell such Sale Assets to a third party that is not a Melco Competitor, or Controlled by a Melco Competitor, or Unsuitable Person at a price equal to Fair Market Value of the Sale Assets. 

 

	19.4	 Completion of transfer 

The sale and purchase of the Sale Assets shall be made on the terms set out in Clause 21. The Shareholders waive their pre-emption rights to the Transfer of Shares contained in this Agreement and the Articles to the extent necessary to give effect to this Clause 19.4. 

 

	19.5	 Other breaches of the Agreement 

If a Shareholder commits a breach of this Agreement (other than those specified in Clause 19.1), the Non-defaulting Shareholders may serve written notice upon the Defaulting Shareholder specifying the breach and requiring the Defaulting Shareholder immediately to stop the breach and, to the extent possible, to make
good the consequences of the breach within 30 Business Days. Where the breach has prejudiced the Non-defaulting Shareholders, they may seek an immediate remedy of an injunction, specific performance or similar
order to enforce the Defaulting Shareholder’s obligations. This shall not limit, restrict or otherwise affect the Non-defaulting Shareholders’ right subsequently to claim damages or other
compensation for breach under applicable law. 
  

	20.	 Deadlock 

  

	20.1	 Circumstances leading to deadlock 

 

	 	20.1.1	 If the Board is unable to reach a decision on a matter presented to it within one month of such
presentation to the Board, then any Shareholder or any Director may refer the matter for discussion between the Shareholders. 

  

	 	20.1.2	 If: 

  

	 	(i)	 the Shareholders cannot reach agreement on any matter referred to them under Clause 20.1.1 within one month
of that matter being referred to them; or 

  

	 	(ii)	 the Shareholders have not passed a resolution on a matter presented to them as a Shareholder Reserved Matter
within one month of such presentation to the Shareholders, either because the requisite majority has not voted in favour of it or due to a lack of quorum, 

the matter or resolution shall be termed a “Deadlock Matter”. 

 

	20.2	 Referral to chairman/chief executive officers of Ultimate Parent Companies for resolution

 The Shareholders shall refer the Deadlock Matter to the chairman or chief executive officers of the
Ultimate Parent Companies of each Shareholder at the relevant time (or, in each case, their designees) for resolution. As at the date of this Agreement, these are Mr Menelaos Shiacolas, in the case of the Original CPZ Shareholder, and Mr Lawrence
Ho, in the case of the Original Melco Shareholder. 

  
 30 

	21.	 Terms and consequences of transfers of Shares 

 

	21.1	 Definitions 

In this Clause 21: 

“Buyer” means, in the case of: 
  

	 	(a)	 Clause 18, a Remaining Shareholder buying Transfer Assets; and 

 

	 	(b)	 Clause 19, a Shareholder electing or required to buy Sale Assets. 

 

	 	“Relevant	 Notice” means, in the case of: 

 

	 	(a)	 Clause 18, the Transfer Notice; and 

 

	 	(b)	 Clause 19, the Default Notice. 

“Relevant Securities” means, in the case of: 

 

	 	(a)	 Clause 18, the Transfer Assets; and 

 

	 	(b)	 Clause 19, the Sale Assets. 

“Relevant Time” means, in the case of: 

 

	 	(a)	 Clause 18.6.3, the date of the last Acceptance Notice; and 

 

	 	(b)	 Clause 19, the date of the notice of determination of the Fair Market Value pursuant to Clause 22.2.

 “Selling Shareholder” means, in the case of: 

 

	 	(a)	 Clause 18, the Transferring Shareholder; and 

 

	 	(b)	 Clause 19, the Defaulting Shareholder. 

 

	21.2	 Completion of transfer 

Any transfers of Relevant Securities made under the provisions of Clauses 18, 19 and 20 (except by a Transferring Shareholder
to an accepting Offeror under Clause 18.6.3(i) which shall be made as agreed with the Offeror) shall be made in accordance with the following terms set out in this Clause 21.2. 

 

	 	21.2.1	 The Selling Shareholder and the Buyer shall have the right to request the addition of any necessary
Permitted Regulatory Conditions or adjustments to existing Permitted Regulatory Conditions, but only to the extent necessary to be able to complete the transfer of the Relevant Securities. 

 

	 	21.2.2	 Each of the Selling Shareholder and the Buyer shall use reasonable endeavours to ensure the
satisfaction of any Permitted Regulatory Condition applying to it as soon as possible. 

  

	 	21.2.3	 If any of the Permitted Regulatory Conditions is not satisfied or waived 90 days or, in the case of a
regulatory approval, 180 days after service of the Relevant Notice (in each case, unless a longer period is agreed between the Selling Shareholder and the Buyer), then the Relevant Notice shall lapse and if the Relevant Notice is a Transfer Notice,
then the Transfer Assets, for a period of six months thereafter, shall be offered to the Offeror who had previously made a Third Party Offer but was unable to proceed as a result of the rights of first refusal contained in Clause 18.6.2.

  
 31 

	 	21.2.4	 Completion of the transfer of the Relevant Securities shall take place 21 days after the Relevant
Time or the date of satisfaction or waiver of all Permitted Regulatory Conditions (whichever is the later) (the “Transfer Date”) and at such reasonable time and place as the Selling Shareholder and the Buyer shall agree or, failing
which, at 11.00 a.m. at the registered office of the Company. 

  

	 	21.2.5	 On or before the Transfer Date, the Selling Shareholder shall deliver to the Buyer in respect of the
Relevant Securities: 

  

	 	(i)	 duly executed instruments for share transfer; 

 

	 	(ii)	 duly executed instruments for assignment of Debt owed to the Selling Shareholder and/or its Associated
Companies by the Company and/or any Group Company; 

  

	 	(iii)	 any relevant share certificates (or an express indemnity in a form satisfactory to the Buyer in the case of
any certificate found to be missing); and 

  

	 	(iv)	 a power of attorney in such form and in favour of such person as the Buyer may nominate to enable the Buyer
to exercise all rights of ownership, including, without limitation, voting rights. 

  

	 	21.2.6	 Against delivery of the documents referred to in Clause 21.2.5, the Buyer shall pay the total
consideration due for the Relevant Securities to the Selling Shareholder by 5 p.m. (Cyprus time) on the Transfer Date. 

  

	21.3	 Failure to transfer 

If a Selling Shareholder fails or refuses to comply with its obligations to transfer Relevant Securities under Clauses 18 to
21 inclusive on or before the Transfer Date for a reason other than a failure to satisfy a Permitted Regulatory Condition: 
  

	 	21.3.1	 the Company may receive the purchase money in trust for a Selling Shareholder (without any obligation
to pay interest) and cause a Buyer to be registered as the holder of the Relevant Securities being sold (once any appropriate stamp duty has been paid). The receipt by the Company of the purchase money shall be a good discharge to a Buyer (who shall
not be bound to see to the application of those moneys). After a Buyer has been registered as holder of the Relevant Securities being sold in exercise of these powers: 

 

	 	(i)	 the validity of the transfer shall not be questioned by any person; and 

 

	 	(ii)	 the Selling Shareholder shall surrender his/her certificates (or an express indemnity in a form satisfactory
to the Buyer in the case of any certificate found to be missing) for the Relevant Securities to the Company. On surrender, he/she shall be entitled to the purchase money for the Relevant Securities; and 

 

	 	21.3.2	 the Selling Shareholder shall not exercise any of its powers or rights in relation to management of,
and participation in the profits of, the Company under this Agreement, the Articles or otherwise. The Directors appointed by the Selling Shareholder (or its predecessor in title) shall not: 

  
 32 

	 	(i)	 be entitled to vote at any Board meeting; 

 

	 	(ii)	 be required to attend any meeting of Directors in order to constitute a quorum; or 

 

	 	(iii)	 be entitled to receive or request any information from the Company. 

 

	21.4	 Company to be informed of notices 

The Shareholders shall keep the Company informed at all times of the issue and contents of any notices served pursuant to
Clauses 18 to 21 and any election or acceptance relating to those notices. 
  

	21.5	 Business to be run as going concern 

The Shareholders shall use all commercially reasonable efforts to ensure that the Business continues to be run as a going
concern during the period between the service of any notice pursuant to Clauses 18 to 21 and the completion of any transfers of Shares. 
  

	21.6	 Transfer terms 

Any sale and/or transfer of Relevant Securities under Clauses 18 to 21 shall be on terms that those Shares: 

 

	 	21.6.1	 are transferred free from all Encumbrances (other than those created under this Agreement and the
Articles); and 

  

	 	21.6.2	 are transferred with the benefit of all rights attaching to them as at the date of the relevant
transfer. 

  

	21.7	 Further assurance 

Each of the Shareholders and the Company shall use reasonable endeavours to effect a transfer of Relevant Securities in
accordance with the terms of this Agreement as quickly as is practicable and in any event within any time period specified in this Agreement. 
  

	21.8	 Return of documents etc. 

On ceasing to be a Shareholder, a Shareholder shall hand over to the Company material correspondence, Annual Budgets,
schedules, documents, records or other information relating to the Business held by it or any of its Associated Companies or any third party which has acquired such matter through that Shareholder and shall not keep any copies. 

 

	21.9	 Debt and guarantees 

 

	 	21.9.1	 Loans owed by the Company to the Selling Shareholder 

 

	 	(i)	 Transfer of Relevant Securities to an Offeror 

Without prejudice to any obligations regarding the transfer of Debt in Clause 18.6, where a Selling Shareholder Transfers its
Relevant Securities to an Offeror, any Debt owed by the Company and/or any Group Companies to the Selling Shareholder and/or its Associated Companies shall be transferred to the Offeror at the same time for such value as may be agreed between the
Selling Shareholder and the Offeror. In the event of a partial transfer of Relevant Securities, the same proportion of the Debt owed by the Company and/or any Group Company to such Shareholder and/or its Associated Companies shall be required to be
transferred at the same time. 

  
 33 

	 	(ii)	 Transfer of Relevant Securities to a Buyer 

Where a Selling Shareholder Transfers its Relevant Securities to a Buyer, the Selling Shareholder shall procure that all Debt
owed by the Company and/or any Group Company to the Selling Shareholder and/or its Associated Companies is either assigned to the Buyer for such value as may be agreed between the Selling Shareholder and the Buyer or, failing agreement with the
Buyer, is repaid by the Company. 
  

	 	(iii)	 Release of guarantees 

Where a Selling Shareholder is transferring its Relevant Securities to a Buyer, the Buyer shall use reasonable endeavours to
procure the release of any guarantees, indemnities, securities or other comfort given by the Selling Shareholder to or in respect of the Company or its Business and, pending such release, shall indemnify the Selling Shareholder in full in respect of
them. 
  

	 	21.9.2	 Loans owed by the Selling Shareholder to the Company 

 

	 	(i)	 The transfer of any of the Relevant Securities held by a Selling Shareholder to a Buyer or an Offeror is
conditional upon the repayment pro rata to the shareholding to be transferred, if applicable, of all Debt owed by the Selling Shareholder and/or its Associated Companies to the Company and/or any Group Company or the novation of the same to the
Buyer or the Offeror, as the case may be, and the agreement of the Buyer or the Offeror, as the case may be, to be bound by the terms and obligations of all such Debt. 

 

	 	(ii)	 Any assumption of the obligations of a Selling Shareholder by the Buyer or the Offeror, as the case may be,
is without prejudice to the right of either the Buyer, the Offeror, the Company and/or any Group Company to claim from the Selling Shareholder in respect of liabilities arising prior to the date of the transfer of the relevant Shares.

  

	21.10	 Deed of Adherence 

The Shareholders shall procure that no person other than an existing Shareholder acquires any Relevant Securities unless it
enters into a Deed of Adherence agreeing to be bound by this Agreement as a Shareholder and any other agreements entered into in connection with the Business as a Shareholder. The Shareholders agree that in signing a Deed of Adherence such person
shall have the benefit of the terms of this Agreement and shall be a Party to this Agreement. Notwithstanding the foregoing any rights expressly afforded to the Original CPZ Shareholder under this Agreement shall not be capable of transfer or
assignment to any CPZ Transferee, except to the extent otherwise expressly provided in this Agreement. 
  

	21.11	 Removal of appointees 

If a Shareholder ceases to be a Shareholder, it shall, and it shall procure that all its appointees to the Board and to the
board of directors of any Group Company shall, do all such things and sign all such documents as may otherwise be necessary to ensure the resignation or dismissal of such persons from such appointments in a timely manner in accordance with Clause 8.

  
 34 

 22. Determination of Fair Market Value 

 

	22.1	 Definitions 

In this Clause 22: 

“Relevant Notice” means, in the case of: 

 

	 	(a)	 Clause 18, the Transfer Notice; 

 

	 	(b)	 Clause 19, the Default Notice; and 

 

	 	(c)	 Part B of Schedule 6, the Additional Finance Request. 

 

	22.2	 Determination 

  

	 	22.2.1	 The value of Shares (and any debt, as applicable) (the “Fair Market Value”) in the
Company shall be determined by one of any “Big 4” accounting firm or international investment bank listed in Schedule 3, or any other party nominated to determine the value of Shares (the “Valuer”). 

 

	 	22.2.2	 The Valuer shall be nominated by the Original Melco Shareholder. 

 

	 	(i)	 If the Valuer nominated is one of the parties listed in Schedule 3, the Original CPZ Shareholder shall have
the right to veto the first Valuer nominated by the Original Melco Shareholder, exercisable within 10 Business Days of notice of the nomination, provided that, in the case of such exercise, the Original Melco Shareholder shall be free to nominate
any other Valuer listed in Schedule 3 and such nomination shall be final and binding. 

  

	 	(ii)	 If the Valuer nominated is not one of the parties listed in Schedule 3, then the selection of such Valuer
shall require the consent of the Original CPZ Shareholder, such consent not to be unreasonably withheld, conditioned or delayed. 

  

	 	22.2.3	 Any Valuer must provide a written statement confirming it has no conflicts in connection with the
proposed valuation exercise, failing which an alternate Valuer will be appointed in accordance with the original appointment procedures. 

  

	 	22.2.4	 The Valuer shall determine the Fair Market Value within 45 Business Days of their appointment and
shall notify the Shareholders of their determination within one Business Day of the same. The fees of the Valuer shall be borne by the Shareholders in proportion to their holding of Sale Shares or, in the case of a Default Notice, by the Defaulting
Shareholder. 

  

	 	22.2.5	 The Valuer shall act as an expert and not as an arbitrator and its determination shall be final and
binding on the Parties (in the absence of manifest error, in which case the determination shall be void and shall be remitted to the Valuer for correction). 

  

	 	22.2.6	 The Shareholders shall procure that the Valuer have such access to the accounting records and other
relevant documents of the Company and any Group Company as they may reasonably require, subject to such confidentiality obligations as the Shareholders may consider appropriate. 

  
 35 

	22.3	 Method 

  

	 	22.3.1	 The Fair Market Value as at the date of the Relevant Notice, as appropriate, shall be determined on
the following assumptions and bases: 

  

	 	(i)	 valuing the Sale Shares on the basis of an arm’s length sale between a willing seller and a willing
buyer who are acting knowledgeably, prudently and without compulsion; 

  

	 	(ii)	 if the Group Companies are then carrying on business as a going concern, on the assumption that they shall
continue to do so; 

  

	 	(iii)	 on the basis that if there are any partly-paid Shares with respect to which an outstanding balance is owed
to the Company, such outstanding balance as at the date of the Relevant Notice shall be taken into account; and 

  

	 	(iv)	 valuing the Sale Shares by reference to the percentage of the issued share capital of the Company which they
represent (and any value derived from the size of such percentage in comparison to any other holding by any other Shareholder). 

  

	 	22.3.2	 The Valuers shall be entitled to make the following adjustments: 

 

	 	(i)	 they may determine the Fair Market Value to reflect any other factors which they reasonably believe should
be taken into account; and 

  

	 	(ii)	 if they encounter any difficulty in applying any of the assumptions or bases set out in this Clause 22.3,
then they shall resolve that difficulty in such manner as they shall in their absolute discretion think fit. 

  

	23.	 IPO 

  

	23.1	 Objectives 

  

	 	23.1.1	 The Shareholders acknowledge and agree that they expect at some point in the future to create a
substantial public ownership interest in the Company and realise the value of their interests in the Company through an IPO of the Company which shall, among other things, provide efficient access to capital markets and require the Company to meet
international standards of transparency and corporate governance. 

  

	 	23.1.2	 If the Board agrees to undertake an IPO, the Shareholders shall
co-operate fully with each other and the Company and their respective financial and other advisers and use their reasonable endeavours to assist the Company to achieve an IPO in accordance with the rules and
regulations of the relevant exchange and other applicable laws and regulations. 

  

	23.2	 Sale and subscription 

 

	 	23.2.1	 If an IPO is undertaken, each Shareholder shall have the freedom to decide whether and in what
proportion it wishes to sell its Shares in the IPO, and any Shares which are to be offered for sale in connection with such IPO shall be sold by the Shareholders in such proportions as they may choose at the relevant time. 

 

	 	23.2.2	 The Shareholders shall not be obliged to subscribe for any new Shares issued pursuant to any IPO.

  
 36 

	24.	 Duration, termination and survival 

 

	24.1	 Duration and termination 

This Agreement shall continue in full force and effect without limit in time until the earlier of: 

 

	 	24.1.1	 the Shareholders agreeing in writing to terminate it; 

 

	 	24.1.2	 the date on which all of the Shares, to the extent remaining in issue, are owned by one Shareholder;

  

	 	24.1.3	 an effective resolution is passed or a binding order is made for the winding up of the Company; and

  

	 	24.1.4	 the date of completion of any Qualifying IPO, 

provided that this Agreement shall cease to have effect as regards any Shareholder who ceases to hold any Shares save for the
Surviving Provisions which shall continue in force after termination generally or in relation to any such Shareholder. 
  

	24.2	 Termination 

Termination of this Agreement shall be without prejudice to any liability or obligation in respect of any matters,
undertakings or conditions which shall not have been observed or performed by the relevant Party prior to such termination. 
 PART G -
PROTECTION OF THE BUSINESS AND SHAREHOLDERS 
  

	25.	 Confidentiality 

 

	25.1	 Announcements 

No public announcement of any kind shall be made in respect of this Agreement except as otherwise agreed in writing between
the Shareholders or unless required by the Laws, in which case the Shareholder concerned shall notify the other Shareholders of the announcement and the Shareholder or the Associated Company of the Shareholder making the announcement (as the case
may be) shall (unless it is not reasonably practicable to do so) give a copy of the text to the other Shareholders prior to the announcement being released. Nothing in this Clause 25.1 shall prevent a Shareholder from making statements in the
ordinary course of business about the fact of the Shareholder’s holding of Shares or the fact of its individual participation in the Business or as required or desirable pursuant to any rules or regulations of any stock exchange on which a
Shareholder (or any of its Associated Companies) has any securities listed. 
  

	25.2	 Confidential Information 

Subject to Clauses 25.1 and 25.3, each Shareholder shall use reasonable endeavours to keep confidential and to procure that
its respective Associated Companies and their respective officers, employees, agents and advisers keep confidential the following (the “Confidential Information”): 

 

	 	25.2.1	 all communications between them and the Group Companies; 

 

	 	25.2.2	 all information and other materials supplied to or received by any of them from the Group Companies
which are either marked “confidential” or are by their nature intended to be for the knowledge of the recipient alone; and 

  
 37 

	 	25.2.3	 any information relating to: 

 

	 	(i)	 this Agreement, the Business and the customers, assets or affairs of the Group Companies which a Shareholder
may have or acquire through ownership of an interest in the Company, all information and Know-how concerning the operations, business transactions and/or financial arrangements of the Group Companies; and 

 

	 	(ii)	 the customers, business, assets, operations or affairs of a Shareholder or its Associated Companies and all
information and Know-how concerning the operations, business transactions and/or financial arrangements of a Shareholder or its Associated Companies which the other Shareholders may have, or acquire, through being a Shareholder or making
appointments to the Board, 

 and shall not use any Confidential Information for its own business purposes
or disclose any Confidential Information to any third party without the consent of the other Shareholders. 
  

	25.3	 Exclusions 

  

	 	25.3.1	 Clause 25.2 shall not prohibit disclosure or use of any information if and to the extent:

  

	 	(i)	 the information is or becomes publicly available (other than by breach of this Agreement);

  

	 	(ii)	 the other party has given prior written approval to the disclosure or use; 

 

	 	(iii)	 information about the Group Companies which the Board has confirmed in writing to the Shareholders is not
confidential; 

  

	 	(iv)	 the information is independently developed by a party after the date of this Agreement;

  

	 	(v)	 the disclosure or use is required by law, any governmental or regulatory body or any stock exchange on which
the shares of either party or any of its Associated Companies is listed; 

  

	 	(vi)	 the disclosure or use is required for the purpose of any judicial or arbitral proceedings arising out of
this Agreement or any documents to be entered into pursuant to it; 

  

	 	(vii)	 the disclosure of information to any Tax Authority to the extent such disclosure is reasonably required for
the purposes of the tax affairs of the Shareholder concerned or any of its Associated Companies; 

  

	 	(viii)	 the disclosure of information to any gaming authority or commission having jurisdiction over a Shareholder
or its Associated Companies; 

  

	 	(ix)	 the disclosure of information by a Shareholder or its Associated Companies to its Associated Companies,
directors, employees, professional advisers, representatives or sources of financing on a need-to-know basis and on terms that such parties undertake to comply with the provisions of this Clause 25 as if they were a Party to this Agreement;

  

	 	(x)	 the information has been disclosed to a Shareholder, its respective Associated Companies or their respective
officers, employees, agents and advisers on a non-confidential basis by a third party, provided that such third party is not known to the relevant Shareholder, its respective Associated Companies or their respective officers, employees, agents and
advisers to be subject to a contractual, legal, fiduciary or other obligation of confidentiality to a Party with respect to such information; or 

  
 38 

	 	(xi)	 the disclosure of information on a confidential basis to a bona fide third party (not being a
Restricted Transferee) or professional advisers or financiers of such third party wishing to acquire Shares from a Shareholder in accordance with the terms of this Agreement to the extent that any such persons need to know the information for the
purposes of considering, evaluating, advising on or furthering the potential purchase, provided that no such disclosure shall be made unless: 

  

	 	(a)	 such person has agreed to be bound to observe the restrictions under this Clause 25 to which the Shareholder
concerned is subject; and 

  

	 	(b)	 the information being disclosed has been approved by the non-transferring Shareholders (such approval not to
be unreasonably withheld or delayed), 

 provided that prior to disclosure or use of any information
pursuant to paragraph (v) or (vi) above, the Party concerned shall promptly notify the other Party of such requirement with a view to providing that other Party with the opportunity to contest such disclosure or use or otherwise agreeing the
timing and content of such disclosure or use. 
  

	25.4	 Return of Confidential Information 

Where a Shareholder ceases to be a Shareholder, such Shareholder shall promptly: 

 

	 	25.4.1	 return all written Confidential Information provided to it or its Associated Companies or its or
their officers, employees, agents or advisers which is in such Shareholder’s possession or under its custody and control without keeping any copies thereof; 

 

	 	25.4.2	 destroy all analyses, compilations, notes, studies, memoranda or other documents prepared by it or
its Associated Companies or its or their officers, employees, agents or advisers to the extent that the same contain, reflect or derive from Confidential Information relating to the other Shareholders, the Company, the Group Companies or the
Business; 

  

	 	25.4.3	 so far as it is practicable to do so (but, in any event, without prejudice to the obligations of
confidentiality contained in this Agreement), expunge any Confidential Information relating to the other Shareholders, the Company, the Group Companies or the Business from any computer, word processor or other device; and 

 

	 	25.4.4	 on request, supply a certificate signed by any of its directors confirming that, to the best of
his/her knowledge, information and belief, having made all proper enquiries, the requirements of this Clause 25.4 have been fully complied with, 

provided that such Shareholder may retain any Confidential Information relating to the other Shareholders, the Company, the
Group Companies or the Business as may be required by the Laws or contained or referred to in board minutes or in documents referred to therein and such Shareholder’s advisers may keep one copy of any documents in their possession for record
purposes without prejudice to any duties of confidentiality contained in this Agreement. 

  
 39 

	25.5	 Damages not an adequate remedy 

Without prejudice to any other rights or remedies which a Shareholder may have under this Agreement or any Related Agreement,
the Shareholders acknowledge and agree that damages would not be an adequate remedy for any breach of this Clause 25 and the remedies of injunction, specific performance and other equitable relief are appropriate for any threatened or actual breach
of any such provision and no proof of special damages shall be necessary for the enforcement of the rights under this Clause. 
  

	25.6	 Duration of confidentiality obligations 

The obligations contained in this Clause 25 shall last indefinitely, notwithstanding the termination of this Agreement or a
person ceasing to be a party to this Agreement. 
  

	26.	 Goods and Services MFN 

 

	26.1	 To the extent that the business of a Shareholder’s Group (other than the Business) reasonably
creates opportunities for value to the Business in respect of the supply of goods or services to the Business compared with third party providers, having regard to equivalent levels of quality and availability to those required by the Business, the
relevant Shareholder agrees to use all commercially reasonable efforts to contract with the Company or another Group Company to supply such goods or services at a price and on terms no worse than those provided to any other third party customer.

  

	26.2	 Nothing in this Clause 26 shall affect the terms or relevant rights and obligations under any
existing management, licence or services agreements entered into between a Shareholder (or its Associated Company) and the Company as of the Effective Date, including the Related Agreements. 

PART H - GENERAL 
  

	27.	 Related Agreements 

 

	27.1	 The Parties shall negotiate in good faith to agree and execute the Commercial Agreements (to the
extent not already executed as of the date of this Agreement) (or, in the case of the Melco Management Agreement, to re-execute any such Commercial Agreement which has been terminated solely in relation to and
for the purpose of effecting a Permitted Melco Transfer): 

  

	 	27.1.1	 consistent with the terms set out in the Term Sheet (including, in particular, as to pricing, which
shall not, without the Original CPZ Shareholder’s consent, exceed the pricing set out in paragraph 10 of the Term Sheet); and 

  

	 	27.1.2	 pursuant to which the Original Melco Shareholder (or an Associated Company nominated by the Original
Melco Shareholder) will be responsible for: 

  

	 	(i)	 the design, construction and development process for the ICR and all elements of it, and the temporary
casino and the satellite casinos; 

  

	 	(ii)	 the management of the ICR as a whole, as well as the temporary casino and satellite casinos, including but
not limited to: 

  

	 	(a)	 management services including executives and functional leaders; 

 

	 	(b)	 corporate recruitment & expatriate services; 

 

	 	(c)	 executive payroll and recruiting; 

  
 40 

	 	(d)	 corporate training and development; 

 

	 	(e)	 corporate services including accounting & reporting, treasury, tax, corporate legal, corporate risk
management & compliance, corporate procurement; 

  

	 	(f)	 policies & procedures; and 

 

	 	(g)	 operational & marketing methodologies, 

(subject to its right, in its discretion, to elect to have all or a portion of the hotel, food & beverage,
entertainment and other operations be managed by a third-party operator(s)), 
 as soon as practicable following the date
of this Agreement. 
  

	27.2	 In addition to the Commercial Agreements, the Parties shall procure that CoCo issues preference
shares to the Original Melco Shareholder (or its nominee) in a manner consistent with the terms set out in the Term Sheet as soon as practicable following the date of this Agreement. 

 

	27.3	 The Shareholders shall procure that the Company discharges all payment and other obligations under
and in accordance with the Commercial Agreements, including in relation to the payment of fees and other entitlements, including the Entitlement Fees. 

  

	28.	 General 

  

	28.1	 Arbitration 

  

	 	28.1.1	 Venue 

Subject to Clause 28.2, any dispute arising out of or in connection with this Agreement which cannot be solved amicably by
the Parties, including a dispute as to the validity, existence or termination of this Agreement and/or this Clause 28.1 or any non-contractual obligation arising out of or in connection with this Agreement (a
“Dispute”), shall be resolved by arbitration in London conducted in English by a single arbitrator pursuant to the rules of the London Court of International Arbitration, save that, unless the parties to the Dispute agree otherwise,
no party shall be required to give general discovery of documents, but may be required only to produce specific, identified documents which are relevant to the Dispute. 
  

	 	28.1.2	 Nature of decision 

The decision of the arbitrators shall be final, binding and enforceable upon the Parties and judgment upon any award rendered
by the arbitrators may be entered in any court having jurisdiction thereof. 
  

	 	28.1.3	 Costs 

Each side to the arbitration shall be responsible for its own legal fees and costs, but the arbitrators may apportion the
costs of the arbitration (including legal costs and arbitrators’ fees) among the Parties as they deem reasonable, taking into account the circumstances of the case, the conduct of the Parties during the arbitration and the overall result. 

  
 41 

	 	28.1.4	 Confidentiality in respect of arbitration 

The parties to the arbitration and their employees and agents shall hold the substance and results of any negotiations or
arbitration proceedings under this Clause 28 in strict confidence, except to the limited extent necessary to comply with a court order, to enforce a final settlement agreement, to obtain and secure enforcement of or a judgment on the
arbitrator’s decision and award, or as otherwise required by Laws. All information and documents disclosed by any party to the arbitration shall remain private and confidential to the disclosing party, and may not be disclosed by any other
party to the arbitration. 
  

	28.2	 Governing law and submission to jurisdiction 

 

	 	28.2.1	 This Agreement and any non-contractual obligations arising
out of or in connection with it shall be governed by and construed in accordance with English law. 

  

	 	28.2.2	 Each of the Parties irrevocably submits to the non-exclusive
jurisdiction of the courts of England to support and assist the arbitration process under Clause 28.1, including, if necessary, the grant of interlocutory relief pending the outcome of that process. 

 

	28.3	 Notices 

  

	 	28.3.1	 Any notice or other communication in connection with this Agreement (each, a
“Notice”) shall be: 

  

	 	(i)	 in writing; 

  

	 	(ii)	 in English; and 

  

	 	(iii)	 delivered by hand, fax, registered post, e-mail, pre-paid recorded
delivery, pre-paid special delivery or courier using an internationally recognised courier company. 

  

	 	28.3.2	 A Notice to the Original CPZ Shareholder shall be sent to such party at the following address or such
other person or address as the Original CPZ Shareholder may notify to the other Parties from time to time: 

The Cyprus Phassouri (Zakaki) Limited 

Fasouri 3601, Limassol, Cyprus 

Fax: 00357 25 952225 

Email: kyriacosk@cns.com.cy 

Attention: Kyriacos Kyriakides (Group CFO) 
  

	 	28.3.3	 A Notice to the Original Melco Shareholder shall be sent to such party at the following address or
such other person or address as the Original Melco Shareholder may notify to the other Parties from time to time: 

MCO Europe Holdings (NL) B.V. 

Prins Bernhardplein 200 

1097JB Amsterdam, The Netherlands 

Fax: +31 20 521 4888 

Email: NL-Melco@intertrustgroup.com (copy to: Company Secretary at
mco-comsec@melco-resorts.com) 
 Attention: Christiaan Zandstra 

 

	 	28.3.4	 A Notice to the Company shall be sent to such party at the following address or such other person or
address as Company may notify to the other Parties from time to time: 

  
 42 

 ICR Cyprus Holdings Limited 

Karpenisiou 30, 1077 Nicosia Cyprus 

Fax: 00357 22 843444 

Email: companysecretary@melco-resorts.com.cy 

Attention: Company Secretary 
  

	 	28.3.5	 A Notice to Melco Resorts shall be sent to such party at the following address or such other person
or address as Melco Resorts may notify to the other Parties from time to time: 

 Melco
Resorts & Entertainment Limited 
 36/F, The Centrium 

60 Wyndham Street, Central 

Hong Kong 

Email: mco-comsec@melco-resorts.com 

Attention: Company Secretary 
  

	 	28.3.6	 A Notice shall be effective upon receipt and shall be deemed to have been received:

  

	 	(i)	 at 11.00 am on the third Business Day after posting or at the time recorded by the delivery service;

  

	 	(ii)	 at the time of delivery, if delivered by hand, e-mail or courier; or 

 

	 	(iii)	 at the time of transmission in legible form, if delivered by fax. 

 

	28.4	 Whole agreement and remedies 

 

	 	28.4.1	 This Agreement contains the whole agreement between the Parties relating to the subject matter of
this Agreement at the date of this Agreement to the exclusion of any terms implied by law which may be excluded by contract and supersede any previous written or oral agreement between the Parties in relation to the matters dealt with in this
Agreement. 

  

	 	28.4.2	 Each Party agrees and acknowledges that: 

 

	 	(i)	 in entering into this Agreement, it is not relying on any representation, warranty or undertaking not
expressly incorporated into it; and 

  

	 	(ii)	 its only right and remedy in relation to any representation, warranty or undertaking made or given in
connection with this Agreement shall be for breach of the terms of this Agreement and each of the Parties waives all other rights and remedies (including those in tort or arising under statute) in relation to any such representation, warranty or
undertaking. 

  

	 	28.4.3	 In this Clause 28.4, “this Agreement” includes all documents entered into pursuant
to this Agreement. 

  

	 	28.4.4	 Nothing in this Clause 28.4 excludes or limits any liability for fraud. 

 

	28.5	 Legal advice and reasonableness 

Each Party to this Agreement confirms it has received independent legal advice relating to all the matters provided for in
this Agreement, including the terms of Clause 28.4, and agrees that the provisions of this Agreement (including all documents entered into pursuant to this Agreement) are fair and reasonable. 

  
 43 

	28.6	 Unlawful fetter 

The Company is not bound by any provision of this Agreement to the extent it constitutes an unlawful fetter on any statutory
power of the Company. 
  

	28.7	 Conflict with the Articles 

In the event of any ambiguity or discrepancy or conflict between the provisions of this Agreement and the Articles, it is
intended that the provisions of this Agreement shall prevail (as between the Shareholders) but not so as to amend the Articles and accordingly the Shareholders shall exercise all voting and other rights and powers available to them so as to give
effect to the provisions of this Agreement and shall further if necessary procure any required amendment to the Articles (provided that such amendment to the Articles shall not contravene applicable law) or waive any rights or suspend any
restrictions or other regulations in the Articles, as the case may be. The Company is not bound by this Clause 28.7. 
  

	28.8	 No partnership 

Nothing in this Agreement shall be deemed to constitute a partnership between the Parties hereto or constitute any Party the
agent of any other Party for any purpose. 
  

	28.9	 Release etc. 

Any liability owing from any Shareholder or the Company under this Agreement may in whole or in part be released, compounded
or compromised or time or indulgence given by a Shareholder or the Company in its absolute discretion without in any way prejudicing or affecting its rights against any other Party under the same or a like liability, whether joint and several or
otherwise, or the rights of any other Party. 
  

	28.10	 Survival of rights, duties and obligations 

 

	 	28.10.1	 Termination of this Agreement for any cause shall not release a Party from any liability which at the
time of termination has already accrued to another Party or which thereafter may accrue in respect of any act or omission prior to such termination. 

  

	 	28.10.2	 If a Party ceases to be a Party to this Agreement for any cause, such Party shall not be released
from any liability which at the time of the cessation has already accrued to another Party or which thereafter may accrue in respect of any act or omission prior to such cessation. 

 

	28.11	 Waiver 

No failure of any Shareholder or the Company to exercise, and no delay by it in exercising, any Right shall operate as a
waiver of that Right, nor shall any single or partial exercise of any Right preclude any other or further exercise of that Right or the exercise of any other Right. The Rights provided in this Agreement are cumulative and not exclusive of any other
Rights (whether provided by law or otherwise). Any express waiver of any breach of this Agreement shall not be deemed to be a waiver of any subsequent breach. 
  

	28.12	 Variation 

No amendment to this Agreement shall be effective unless in writing and signed by or on behalf of each of the Parties. 

  
 44 

	28.13	 No assignment 

  

	 	28.13.1	 Except as otherwise expressly provided in this Agreement, none of the Parties may, without the prior
written consent of the others, assign, grant any security interest over, hold on trust or otherwise transfer the benefit of the whole or any part of this Agreement. 

 

	 	28.13.2	 This Agreement shall be binding on the Parties and their respective successors and assigns.

  

	28.14	 Further assurance 

Each of the Parties shall: (i) from time to time execute such documents and perform such acts and things as any Party may
reasonably request from time to time in order to carry out the intended purpose of this Agreement; (ii) vote its Shares so as to give full effect to this Agreement; (iii) cause each Director appointed by it to take all steps necessary to
carry out the intended purposes of this Agreement; and (iv) use reasonable endeavours to procure that any necessary third party shall execute such documents and do such acts and things as may reasonably be required in order to carry out the
intended purpose of this Agreement. 
  

	28.15	 Invalidity/severance 

 

	 	28.15.1	 If any provision in this Agreement shall be held to be illegal, invalid or unenforceable, in whole or
in part, the provision shall apply with whatever deletion or modification is necessary so that the provision is legal, valid and enforceable and gives effect to the commercial intention of the Parties. 

 

	 	28.15.2	 To the extent it is not possible to delete or modify the provision, in whole or in part, under Clause
28.15.1, then such provision or part of it shall, to the extent that it is illegal, invalid or unenforceable, be deemed not to form part of this Agreement and the legality, validity and enforceability of the remainder of this Agreement shall,
subject to any deletion or modification made under Clause 28.15.1, not be affected. 

  

	28.16	 Counterparts 

This Agreement may be entered into in any number of counterparts, all of which taken together shall constitute one and the
same instrument. Any Party may enter into this Agreement by signing any such counterpart. 
  

	28.17	 Costs 

Each Party shall bear all costs incurred by it in connection with the preparation, negotiation and execution of this Agreement
and the Related Agreements. 
  

	28.18	 Process agents 

Appointment of process agents 
  

	 	28.18.1	 The Original CPZ Shareholder appoints Law Debenture Corporate Services Limited of 5th Floor, 100 Wood
Street, London EC2V 7EX as its agent for the service of process in England in relation to any matter arising out of this Agreement and the Related Agreements, service upon whom shall be deemed completed whether or not forwarded to or received by
that Party. Nothing in this Agreement shall affect the right to serve process in any other manner permitted by law. 

  

	 	28.18.2	 The Company appoints Law Debenture Corporate Services Limited of 5th Floor, 100 Wood Street, London
EC2V 7EX, as its agent for the service of process in England in relation to any matter arising out of this Agreement and the Related Agreements, service upon whom shall be deemed completed whether or not forwarded to or received by that Party.
Nothing in this Agreement shall affect the right to serve process in any other manner permitted by law. 

  
 45 

	 	28.18.3	 The Original Melco Shareholder appoints Law Debenture Corporate Services Limited of 5th Floor, 100
Wood Street, London EC2V 7EX, as its agent for the service of process in England in relation to any matter arising out of this Agreement and the Related Agreements, service upon whom shall be deemed completed whether or not forwarded to or received
by that Party. Nothing in this Agreement shall affect the right to serve process in any other manner permitted by law. 

  

	 	28.18.4	 Change of process agents 

Any Party may from time to time appoint a new process agent acceptable to the other Parties (acting reasonably) to receive
service of process in England in relation to any matter arising out of this Agreement and the Related Agreements, service upon whom shall be deemed completed whether or not forwarded to or received by that Party. 

 

	 	28.18.5	 Change of address of process agents 

Each Party shall inform the other Parties, in writing, of any change in the address of its process agent within 28 days. 

 

	28.19	 Grossing-up of indemnity payments, VAT 

 

	 	28.19.1	 All sums payable under this Agreement shall be paid free and clear of all deductions, withholdings, set-offs or counterclaims whatsoever save only as may be required by law. If any deductions or withholdings are required by law, the party making the payment shall be obliged to pay to the other party such sum as
will after such deduction or withholding has been made leave the other party with the same amount as it would have been entitled to receive in the absence of any such requirement to make a deduction or withholding. 

 

	 	28.19.2	 The recipient or expected recipient of a payment under this Agreement shall claim from the
appropriate Tax Authority any exemption, rate reduction, refund, credit or similar benefit (including pursuant to any relevant double tax treaty) to which it is entitled in respect of any deduction or withholding in respect of which a payment has
been or would otherwise be required to be made pursuant to Clause 28.19.1 and, for such purposes, shall, within any applicable time limits, submit any claims, notices, returns or applications and send a copy thereof to the payer.

  

	28.20	 Third party rights 

A person who is not a Party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce
any term of, or enjoy any benefit under, this Agreement except that any person who enters into a Deed of Adherence in accordance with Clause 21.10 may enforce and rely on this Agreement to the same extent as if it were a Party to it. 

  
 46 

 In witness of which this Agreement has been duly executed. 

 

							
	 SIGNED by
 on
behalf of The Cyprus Phassouri
 (Zakaki) Limited:
	 	}	  	 /s/ THE CYPRUS PHASSOURI (ZAKAKI) LIMITED

 

				
	 SIGNED by
 on
behalf of MCO Europe Holdings
 (NL) B.V.:
	 	}	  	 /s/ Stephanie Cheung

Managing director A
	  	 /s/ Sirian Bruijstens

Managing director B

				
	 SIGNED by
 on
behalf of ICR Cyprus Holdings
 Limited:
	 	}	  	 /s/ Evan Andrew Winkler
  
	  	
				
	 SIGNED by
 on
behalf of Melco Resorts &
 Entertainment Limited:
	 	}	  	 /s/ Stephanie Cheung

Authorised Signatory
	  	

 Schedule 1 

Deed of Adherence 

(Clause 21.10) 
 This
Deed of Adherence is made on [DATE] by [●], a company incorporated [in [●] /under the laws of [●]] under registered number [●] whose [registered/principal office is at [●]] (the “New
Shareholder”). 
 Recitals: 
  

	(A)	 [●] (the “Transferor”) is proposing to transfer to the New Shareholder [●] ordinary
shares of €1 each in the capital of ICR Cyprus Holdings Limited (the “Company”). 

  

	(B)	 This Deed of Adherence is entered into in compliance with Clause 21.10 of a shareholders’ agreement
made on [●] 2019 between (1) ICR Cyprus Holdings Limited, (2) The Cyprus Phassouri (Zakaki) Limited, (3) MCO Europe Holdings (NL) B.V., and (4) Melco Resorts & Entertainment Limited, as such agreement has been or
may be amended, supplemented or novated from time to time (the “Agreement”). 

 It is agreed as follows:

  

	1.	 Capitalised terms used in this Deed of Adherence and otherwise undefined shall have the meanings
ascribed to such terms in the Agreement. 

  

	2.	 The New Shareholder confirms that it has been supplied with and has read
a copy of the Agreement. 

  

	3.	 The New Shareholder agrees to: (a) assume the benefit of the rights of the Transferor under the
Agreement; and (b) observe, perform and be bound by all the obligations and terms of the Agreement capable of applying to the New Shareholder and which are to be performed on or after the date of this Deed, to the intent and effect that the New
Shareholder shall be deemed with effect from the date on which the New Shareholder is registered as a member of the Company to be a party to the Agreement (as if named as a party to the Agreement). 

 

	4.	 Notwithstanding the foregoing, the New Shareholder acknowledges that any rights expressly afforded to
the Original CPZ Shareholder under this Agreement shall not be capable of transfer or assignment to any CPZ Transferee, except to the extent otherwise expressly provided in the Agreement. 

 

	5.	 This Deed is made for the benefit of: (a) the original Parties to the Agreement; and
(b) any other person or persons who after the date of the Agreement (and whether or not prior to or after the date of this Deed) adhere to the Agreement. 

 

	6.	 The address and fax number of the New Shareholder for the purposes of
Clause 28.3 of the Agreement are as follows: [insert address and fax numbers]. 

  

	7.	 Clauses 28.1 and 28.2 of the Agreement shall apply to this Deed as if set
out in full herein. 

  

	8.	 The New Shareholder hereby appoints [●] as its agent for service of all process in any
proceedings in respect of the Agreement. 

 In witness of which this Deed has been signed as a deed on the date
stated at the beginning of this Deed. 

  
 48 

					
	 SIGNED as a DEED by [●]

acting by [name of director] a

Director in the presence of:
	 	}	  	

 Witness’s signature 

Name 
 Address 

Occupation 

  
 49 

 Schedule 2 

Shareholder Reserved Matters 

(Clause 15) 
 PART A

 The following matters are Shareholder Reserved Matters in accordance with Clause 15: 

 

	1.	 any transaction, arrangement or dealing by any Group Company with any member of a Shareholder’s Group
other than those which: 

  

	 	(i)	 are included in the Development Budget; 

 

	 	(ii)	 are contemplated in this Agreement, the ICR Licence, any Related Agreements or agreements related thereto;

  

	 	(iii)	 have otherwise been approved by the Original Melco Shareholder and the Original CPZ Shareholder;

  

	 	(iv)	 are solely between two or more Group Companies (and not involving any member of a Shareholder’s Group
outside of the Group Companies); or 

  

	 	(v)	 where such transaction, arrangement or dealing does not fall within paragraphs (i), (ii), (iii) or
(iv) above, the cumulative aggregate value of all such transactions, arrangements or dealings which do not fall within paragraphs (i), (ii), (iii) or (iv) do not exceed [***] in any Financial Year, excluding any transactions to which the
Original CPZ Shareholder has consented or subsequently ratified (such consent not to be unreasonably withheld, conditioned or delayed), and, for the avoidance of doubt, any documented amendment to any item within paragraph (ii) which has the
effect of increasing payments to the relevant affiliated party shall be subject to the [***] threshold in any Financial Year; 

  

	2.	 any amendment to the Articles; 

 

	3.	 the creation or issue of any new Shares or of any other security in the capital of the Company or any
shares or other security in the capital of any other Group Company other than in accordance with the terms of this Agreement or where the creation or issue of any Shares or other security in the capital of any Group Company is to the sole benefit of
another Group Company; 

  

	4.	 the appointment of any non-“Big Four” accounting firm as
the statutory auditor of any Group Company (such consent not to be unreasonably withheld, conditioned or delayed); 

  

	5.	 any sale or acquisition or merger of any Group Company or part of them (including by way of any
increase in the share capital of the Company) which would have the effect of fundamentally changing the nature or scope of the core Business of the Group Companies; and 

 

	6.	 any merger of any Group Companies or part of them (including by way of any increase in the share
capital of the Company) which results in the Original Melco Shareholder (solely or together with its Associated Companies) no longer being the entity holding the largest number of Shares. 

  
 50 

 PART B 

The following matters are Modified Shareholder Reserved Matters in accordance with Clause 15: 

 

	1.	 any transaction, arrangement or dealing by any Group Company with any member of a Shareholder’s Group
other than those which: 

  

	 	(i)	 are included in the Development Budget; 

 

	 	(ii)	 are contemplated in this Agreement, the ICR Licence, any Related Agreements or agreements related thereto;

  

	 	(iii)	 have otherwise been approved by the Original Melco Shareholder and the CPZ Shareholder;

  

	 	(iv)	 are solely between two or more Group Companies (and not involving any member of a Shareholder’s Group
outside of the Group Companies); or 

  

	 	(v)	 where such transaction, arrangement or dealing does not fall within paragraph (i), (ii), (iii) or
(iv) above, the cumulative aggregate value of all such transactions, arrangements or dealings which do not fall within paragraph (i), (ii), (iii) or (iv) above do not exceed [***] in any Financial Year, excluding any transactions to which
the CPZ Shareholder has consented or subsequently ratified (such consent not to be unreasonably withheld, conditioned or delayed), and, for the avoidance of doubt, any documented amendment to any item within paragraph (ii) which has the effect
of increasing payments to the relevant affiliated party shall be subject to the [***] threshold in any Financial Year; 

  

	2.	 any amendment to the Articles; 

 

	3.	 the creation or issue of any new Shares or of any other security in the capital of the Company or any
shares or other security in the capital of any other Group Company other than in accordance with the terms of this Agreement or where the creation or issue of any Shares or other security in the capital of any Group Company is to the sole benefit of
another Group Company; 

  
 51 

 Schedule 3 

[***] 

  
 52 

 Schedule 4 

Melco Competitors and Unacceptable Business Partners 
  

	(a)	 [***]; 

  

	(b)	 [***]; 

  

	(c)	 Any other person or entity holding (or at the relevant time bidding or applying to hold) a gaming licence or
concession/subconcession to operate games of fortune or chance in a casino in: 

  

	 	(i)	 Macau; 

  

	 	(ii)	 The Philippines; 

 

	 	(iii)	 Singapore; 

  

	 	(iv)	 Japan; 

  

	 	(v)	 The Republic of Korea; 

 

	 	(vi)	 Vietnam; 

  

	 	(vii)	 Cambodia; 

  

	 	(viii)	 Russia; 

  

	 	(ix)	 The United States; 

 

	 	(x)	 Northern Cyprus; 

 

	 	(xi)	 Greece; 

  

	 	(xii)	 The United Kingdom; or 

 

	 	(xiii)	 any other EU state; 

 

	(d)	 Any person or entity (including any individual and any direct family member of any such individual) holding
a direct or indirect interest in any person or entity specified in paragraphs (a)-(c) above or having a right to appoint a director on the board of any such entity; 

 

	(e)	 Any subsidiary or affiliate of any person or entity specified in paragraphs (a)-(d) above; and

  

	(f)	 Any trust, fund or other entity controlled by any person or entity specified in (a)-(d) above.

  
 53 

 Schedule 5 

[***] 

  
 54 

 Schedule 6 

Company Funding 
 PART
A: FUNDING OF DEVELOPMENT BUDGET 
  

	1.	 Funding Plan – Initial Development Budget 

As at the date of this Agreement, the funding plan for the Initial Development Budget consists of the following: 

 

							
	 TYPE OF FUNDING
	  	 SOURCE
	  	 AMOUNT
	  	 OTHER COMMENTS

				
	Basic Shareholder Equity (“Basic Shareholder Equity”)	  	Shareholders in proportion to their shareholdings in the Company	  	[***]	  	Contributed in accordance with the terms of the Share Subscription Agreement.
				
	[***]	  	[***]	  	[***]	  	[***]
				
	[***]	  	[***]	  	[***]	  	 [***]

				
	[***]	  	[***]	  	[***]	  	 [***]

				
	[***]	  	[***]	  	[***]	  	 [***]

			
	TOTAL TO BE FUNDED	  	€650,000,000	  	

  
 55 

 2. [***] 
  

	2.1	 The Original CPZ Shareholder and the Original Melco Shareholder shall use all commercially reasonable
endeavours to source from the [***] (or such other bank or financial institution acceptable to the Shareholders): 

  

	 	(a)	 a [***] on terms broadly consistent with and reflecting the commercial conditions and outlook and risk
profile of the Project at the relevant time; and 

  

	 	(b)	 a [***]. 

  

	2.2	 If, at the relevant time such funding is required as reasonably determined by the Board (having
regard to the development schedule for the Project and any other available funding), there is any shortfall in the amount of the available [***], the Parties shall discuss in good faith the funding plan for the Project to seek an appropriate
solution. If no appropriate solution can be agreed between the Parties, the Original Melco Shareholder shall fund the [***] itself by way of shareholder loans on the Acceptable Melco Financing Terms (as defined below). 

 

	2.3	 If, at the relevant time such funding is required as reasonably determined by the Board (having
regard to the development schedule for the Project and any other available funding), there is any shortfall in the amount of the available [***], then (subject to paragraph 2.2 above) the Original Melco Shareholder shall fund the [***] itself by way
of shareholder loans on the Acceptable Melco Financing Terms (as defined below). 

  

	2.4	 Notwithstanding the availability of [***] as contemplated by paragraph 2.1(b) above, the Original
Melco Shareholder may (but is not obliged to) elect in writing to provide such [***] on terms which are equal to or more favourable to the Company than the relevant [***] available from third party sources, and in any event consistent with
Acceptable Melco Financing Terms (as defined below). 

  

	2.5	 For the avoidance of doubt, the Shareholders agree that, other than as agreed by the Shareholders,
the Original CPZ Shareholder shall not be obliged to fund any funding shortfall amount prior to the Opening Date other than its pro rata share of Basic Shareholder Equity in accordance with the terms of the Share Subscription Agreement.

  

	2.6	 Unless otherwise agreed in writing by the Shareholders, total equity will be capped at [***] until the
Opening Date. 

  

	2.7	 Basic Shareholder Equity must be fully funded (including full payment in respect of partly paid
shares) prior to: 

  

	 	2.7.1	 the effective date of any pledge or charge on the Specified Property (as such term is defined in the
Share Subscription Agreement); and 

  

	 	2.7.2	 any drawdown of any [***]. 

 

	3.	 [***] 

  

	3.1	 The Original Melco Shareholder, with the assistance of the Original CPZ Shareholder, shall use all
commercially reasonable endeavours to source a term loan or notes from certain financial institutions or investors which is subordinated to [***] on Commercially Reasonable Pricing (as defined below) [***] in an amount up to [***].

  
 56 

	3.2	 If, at the relevant time such funding is required as reasonably determined by the Board (having
regard to the development schedule for the Project and any other available funding), there is any shortfall in the amount of the available High Yield Debt (the “High Yield Debt Shortfall”), then (subject to paragraph 2 above) the
Original Melco Shareholder agrees that it shall fund such High Yield Debt Shortfall on the Acceptable Melco Financing Terms (as defined below). 

  

	3.3	 Notwithstanding the availability of [***] as contemplated by paragraph 3.1 above, the Original Melco
Shareholder may (but is not obliged to) elect to provide such [***] on terms which are (in the aggregate and taken as a whole) the same as or more favourable to the Company than the relevant [***] available from third party sources (provided that,
if such third party sources of available [***] required the pre-funding of interest, the Original Melco Shareholder shall use all reasonable efforts to provide an alternative structure for such [***] on terms
which do not require pre-funding of interest (for example only, by accepting a higher interest rate), subject to such [***] being otherwise consistent with Acceptable Melco Financing Terms (as defined below). 

 

	4.	 Funding of Development Budget Increase 

 

	4.1	 If there is any increase in the Initial Development Budget which has been approved in accordance with
Clause 5.3 (Development Budget) (each a “Development Budget Increase”), then the Shareholders will actively co-operate with the Company and use commercially reasonable endeavours to
source Third Party Finance for that Development Budget Increase on the best terms reasonably available on the open market. 

  

	4.2	 If, at the relevant time such funding is required as determined by the Board, Third Party Finance is
not available from third parties on Commercially Reasonable Pricing, then (subject to paragraph 2.2 above) the Original Melco Shareholder agrees that it shall fund such Development Budget Increase on the Acceptable Melco Financing Terms (as defined
below). 

  

	4.3	 Notwithstanding the availability of Third Party Finance as contemplated by paragraph 4.1 above, the
Original Melco Shareholder may (but is not obliged to) elect to provide a loan in the amount of the relevant Development Budget Increase (or part thereof) on terms which are (in the aggregate and taken as a whole) the same as or more favourable to
the Company than the relevant Third Party Finance and otherwise consistent with Acceptable Melco Financing Terms (as defined below). 

  

	5.	 Definitions used in this Part A of Schedule 6 (Company Funding) 

In this Part A: 
  

	 	(a)	 “Acceptable Melco Financing Terms” means all of the following (or such other terms as
agreed in writing by the Shareholders): 

  

	 	(i)	 the [***] must not provide for an interest rate which would exceed either: 

 

	 	(A)	 the maximum interest rate which would constitute Commercially Reasonable Pricing (as defined below); or

  

	 	(B)	 [***]% per annum; 

  
 57 

	 	(ii)	 the Original Melco Shareholder may apply a commitment fee of up to [***]% on any unutilised amounts of the
[***] (calculated from the date the commitment commences until the date of drawdown); 

  

	 	(iii)	 the [***] shall be capable of refinancing where the Company is able to obtain [***] financing from the
external market at an overall funding cost no higher than that applicable to the relevant loans from the Original Melco Shareholder; 

  

	 	(iv)	 the loans shall be amortising starting [***] following the Opening Date at [***]% of the total initial loan
amount per quarter for the first four quarters, then [***]% per quarter thereafter; and 

  

	 	(v)	 where any transaction with a third party for [***] is structured and generally viable (other than with
respect to the advisor-recommended pricing), the terms of any funding provided by the Original Melco Shareholder in lieu of such third party [***] shall, subject to paragraphs (i) and (ii) above, be at least as favourable to the Original Melco
Shareholder (as funder) as such third party debt. 

  

	 	(b)	 “Commercially Reasonable Pricing” means a blended funding cost (comprising interest and
fees) across [***] which does not exceed [***]% per annum. 

  
 58 

 PART B: ADDITIONAL FUNDING POST OPENING OF THE ICR 

 

	1	 Post opening of the ICR – additional Shareholder finance 

 

	1.1	 The Shareholders agree that, save as provided in Part A of Schedule 6, the Company shall be
self-financing and no Shareholder shall be required to contribute further capital or debt financing to the Company. 

  

	1.2	 If at any time after the Opening Date, the Board determines that additional finance is required for
the Project but is not available from third parties on terms which are reasonably acceptable to the Company (either in its entirety or for the full amount required) (with a target gearing of [***] debt to equity), then the Company may approach the
Shareholders for assistance in obtaining additional finance, and the Shareholders will actively co-operate with the Company in sourcing additional finance from third parties. 

 

	1.3	 In the event the Board determines that required additional finance is not available after the Company
has complied with paragraph 1.2 above, then the Company may request (but may not require) that the Shareholders provide additional funding (on identical terms for each Shareholder), by giving written notice (an “Additional Finance
Request”) to each of the Shareholders which specifies the following: 

  

	 	1.3.1	 the amount to be contributed by each Shareholder, which shall be pro rata to each
Shareholder’s then holding of Shares (the “Additional Finance Amount”); 

  

	 	1.3.2	 the date on which the Additional Finance Amount shall be paid, which shall be no earlier than 20
Business Days from the date of the Additional Finance Request (the “Additional Finance Date”); and 

  

	 	1.3.3	 details of the number of fully paid Shares proposed to be issued and the per Share subscription
price, which shall be equal to the Fair Market Value determined in accordance with Clause 22. 

  

	1.4	 Each Shareholder shall have the right to participate in such funding in proportion to the respective
percentage of Shares held by each of them as at the close of business on the date prior to the date on which the Additional Finance Request was received (the “Relevant Date”) and on the same terms as each other Shareholder.

  

	1.5	 Each Shareholder shall indicate their willingness to participate no later than 20 Business Days
following the Additional Finance Request, failing which any Shareholder which has not responded shall be deemed to not wish to participate in the provision of additional finance. 

 

	1.6	 Shareholders who wish to participate in such additional funding shall be entitled but not obliged to
indicate by notice in writing to the Company that they would accept, on the same terms, some or all of the allocation of the new Shares which have not been accepted by other Shareholders (the aggregate balance of such new Shares being the
“Excess Additional Shares”). Any Excess Additional Shares shall be allotted pro rata to the aggregate number of Shares held on the Relevant Date by the Shareholders accepting the Excess Additional Shares (provided that no such
Shareholder shall be allotted more than the maximum number of Excess Additional Shares such Shareholder has indicated it is willing to accept). If any Excess Additional Shares remain unallocated following compliance with this paragraph 1.6, the
Company shall issue no additional Shares pursuant to this Part B of Schedule 6. 

  

	1.7	 Notwithstanding the foregoing, to the extent that each Shareholder which has agreed to provide the
Additional Finance Amount agrees (or in the case where there is only a single Shareholder providing the Additional Finance Amount, that single Shareholder), such Shareholders or Shareholder may by written notice to the Company elect to provide the
Additional Finance Amount by way of a shareholder loan (which election shall oblige the Company to obtain the Additional Finance Amount by way of a shareholder loan as opposed to an issuance of Shares) provided that: 

  
 59 

	 	1.7.1	 such loan does not confer any voting rights (present, future or contingent);

  

	 	1.7.2	 the terms of such shareholder loan are no less favourable to the Company than those which could be
obtained through arm’s length negotiations with third party lenders; and 

  

	 	1.7.3	 no prepayment fees or similar costs are charged or included. 

 

	1.8	 On the Additional Finance Date, the Shareholders shall pay the Additional Finance Amount (as it may
be adjusted pursuant to paragraph 1.6 above) into the Company’s bank account and the Company shall (as the case may be): 

  

	 	1.8.1	 in the case of subscriptions for Shares, issue and allot such amount of fully paid Shares as is
determined by the Board in accordance with paragraph 1.6 above to each Shareholder and provide the Shareholders with duly executed certificates for the relevant number of Shares and register the same in the share register of the Company; or

  

	 	1.8.2	 in the case of shareholder loans, enter into loan agreements or issue loan notes to each Shareholder
(as such Shareholder shall direct) (or any Associated Company of a Shareholder as such Shareholder shall direct) in respect of the Additional Finance Amount. 

  
 60

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00307-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00307-of-00352.parquet"}]]