Document:

EX-10.19

 Exhibit 10.19 

SC Land Concession (2001) 

[ENGLISH TRANSLATION FOR REFERENCE ONLY] 
  

 
 MACAU SPECIAL ADMINISTRATIVE REGION

 BUREAU OF THE SECRETARY FOR TRANSPORT AND PUBLIC WORKS 

 

					
	OFFICIAL GAZETTE – SERIES II
	Diploma:	 	Dispatch of the Secretary for
Transport and Public
Works no. 100/2001	 	 •  Grants, by leasehold and with waiver of public tender, a plot of land
located in the Embankment Area between the islands of Taipa and Coloane.

	OG N.o:	 	42/2001	 	
	Published on:	 	2001.10.17	 	
	Page:	 	5725	 	
	Official Chinese version: http://bo.io.gov.mo/bo/ii/2001/42/despstop_cn.asp#100
	Official Portuguese version: http://bo.io.gov.mo/bo/ii/2001/42/despstop.asp#100

 Dispatch of the Secretary for Transport and Public Works no. 100/2001 

Using the faculty granted by article 64 of the Basic Law of the Macau Special Administrative Region, and in accordance with paragraph c) of no. 1 of article
29, with articles 37, 49 and ff., with paragraph a) of no. 1 and of no. 2 of article 57, all of Law no. 6/80/M, dated July 5, the Secretary for Transport and Public Works hereby orders: 

1. In accordance with the terms and conditions of the annexed contract, which forms an integral part of this dispatch, the plot of land with the global
area of 140,789 sq.m., consisting of Lots G300, G310 and G400 of the COTAI Plan, located in the Embankment Area between the islands of Taipa and Coloane, is hereby granted, by leasehold and with waiver of public tender. 

2. This dispatch enters into force immediately. 

October 9, 2001. 
 The Secretary for Transport and Public
Works, Ao Man Long. 

  
  

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 SC Land Concession (2001) 

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ANNEX 
 (File no. 6,396.1
of the Land, Public Works, and Transport Bureau and File no. 20/2001 of the Land Committee) 
 Contract agreed between: 

The Macau Special Administrative Region, as first party; and 

East Asia – Satellite Television Limited, as second party. 

Whereas: 
 1. By submission dated September 25,
2000, addressed to the Infrastructure Development Office (GDI), the company “Lai Sun Development Limited”, with head office in Hong Kong and therein listed on the Stock Exchange, requested a concession, by leasehold and with waiver of
public tender, of a plot of land with an area of around 100,000 sq.m., consisting of Lots G300, G400 and part of G310 of the COTAI Plan, located in the Embankment Area between the islands of Taipa and Coloane, to be developed with the construction
of a movie production center and supporting facilities for tourism and entertainment. 
 2. On October 4, 2000, a company of the same group (Lai
Sun), “eSun Holdings Limited”, equally with head office and listed on the Stock Exchange in Hong Kong, submitted a new development plan for the land, according to which the venture would be developed in two phases, the first on the land
initially requested and, the second, on an area of around 40,900 sq.m., for a future expansion of the movie production center and construction of facilities for housing of the respective personnel. 

3. Considering the innovative character of the venture, as well as its high economic and touristic interest, its materialization representing an
important investment, susceptible of directly and indirectly generating a significant number of jobs, the GDI issued a favorable opinion to the request, including the conditions under which the concession could be made effective, which merited the
approval of H.E. the Chief Executive, after which the procedure was sent to the Land, Public Works, and Transport Bureau (DSSOPT) for the promotion of subsequent proceedings. 

4. In the context of the instruction of the procedure, the applicant, through its attorney, Carlos Duque Simões, lawyer with office in Macau, at
Avenida da Praia Grande, no. 759, 3.o andar, requested that a substitution of the party in the concession procedure be considered, being the concession granted in favor of the local company, incorporated for that purpose, and
belonging to the Lai Sun Group, named East Asia – Satellite Television Limited, registered with the Commercial and Movable Assets Registry under no. 14,311 (SO). 

  
  

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5. Commenting on the preliminary draft of the contract that, for that purpose, was sent to them by the DSSOPT through a letter of March 3, 2001,
the applicant requested the introduction of some amendments, namely in what regards the purpose of the land, towards the introduction of the purpose of tourism and entertainment, the annual rent, and the interest over the premium. 

6. Pursuant to the analysis of the request, a new draft was sent, contemplating some of the proposed amendments, which obtained the general agreement
of the company East Asia – Satellite Television Limited, with exception of the clause relating to the rent, in relation to which the applicant proposed that, considering the characteristics of the venture, the various existing purposes, and its
phased execution, a unitary rent amount be stipulated, during and after the development, calculated on the basis of the granted land, or, alternatively, that no rent be charged for the free circulation and parking areas, as they considered they
could not be the object of any construction. The first solution was accepted. 
 7. The procedure followed its regular course, and was sent to the
Land Committee that, convening on August 2, 2001, issued a favorable opinion to the acceptance of the request. 
 8. The opinion of the Land
Committee was homologated by dispatch of H.E. the Chief Executive, recorded over the favorable opinion of the Secretary for Transport and Public Works, dated August 14, 2001. 

9. The land in question, with an area of 140,789 sq.m. is not described in the Land Registry (LR) and is marked with the letter “A” on the
cadaster plan no. 5,899/2000, issued by the Cartography and Cadaster Bureau (DSCC), on January 22, 2001. 
 10. In accordance with and for the
purposes provided by article 125 of Law 6/80/M, dated July 5, the conditions of the contract titled by this dispatch were notified to the concessionaire and expressly accepted by it, as per the statement submitted on September 10, 2001,
signed by Lam Kin Kgok Peter, divorced, of Hong Kong birth, of British nationality, resident in Hong Kong, May Road, Tower II, May Tower, 19th floor, in the capacity of Director, capacity and
powers that were verified by the Private Notary Carlos Duque Simões, in accordance with the certification affixed to the said statement. 
 11.
The installment of the premium provided for in no. 1 of the ninth clause of the contract was paid at the receivables of the Macau Tax Office on September 14, 2001 (income no. 46,103) through the invoice no. 73/2001, issued by the Land
Committee on September 4, 2001, which duplicate is archived in the respective procedure. 
 12. The security deposit provided for in no. 1 of
the tenth clause of the contract was paid by deposit in cash, through the invoice no. 021/ARR/2001, issued on September 17, 2001, by the Financial Services Bureau. 

First Clause – Object of the contract 

The first party grants to the second party, by leasehold and with waiver of public tender, a plot of land not described in the LR, located in the Embankment
Area between the islands of Taipa and Coloane, COTAI Plan, lots G300, G310 and G400, with the area of 140,789 sq.m. (one hundred and forty thousand seven hundred and eighty-nine square meters), with the attributed value of MOP$23,320,000.00
(twenty-three million and three hundred and twenty thousand patacas), marked with the letter “A” on plan no. 5,899/2000, issued by the DSCC on January 22, 2001, that is an integral part of the present contract, hereinafter simply
designated by land. 

  
  

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Second Clause – Lease Term 
 1.
The leasehold is valid for a term of 25 (twenty-five) years, counted from the date of the publication in the Official Gazette of the Macau Special Administrative Region of the dispatch that titles the present contract. 

2. The term of the lease, stipulated in the preceding number, may, in accordance with the applicable legislation, be successively renewed until
19 December 2049. 
 Third Clause – Development and Purpose of the Land 

1. The land is destined for the second party’s own use for the construction of a movie production center and supporting facilities for tourism and
entertainment, with an aggregate gross construction area of 144,650 sq.m., allocated to the following purposes: 
 1.1. First Phase:

 1.1.1. Movie industry (studios, with indoor and outdoor areas and supporting facilities) and supporting facilities for tourism and
entertainment, with a gross construction area of 71,010 sq.m.; 
 1.1.2. Offices, with a gross construction area of 5,925 sq.m.; 

1.1.3. Restaurant, with a gross construction area of 1,500 sq.m.; 

1.1.4. Parking, with a gross construction area of 4,800 sq.m.; 

1.1.5. Free circulation area, with a gross construction area of 20,515 sq.m.. 

1.2. Second Phase: 

1.2.1. Movie industry (studios, with indoor and outdoor areas and supporting facilities) and supporting facilities for tourism and
entertainment, with a gross construction area of 30,900 sq.m.; 
 1.2.2. Housing, with a gross construction area of 10,000 sq.m.. 

2. The development of the land must obey the conditions stipulated in the development plan, to be prepared and submitted by the second party and to be
approved by the first party. 

  
  

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Fourth Clause – Rent 
 1. In
accordance with Ordinance no. 50/81/M, dated March 21, the second party pays an annual rent of MOP$844,734.00 (eight hundred and forty-four thousand seven hundred and thirty-four patacas), corresponding to MOP$6.00 (six patacas) per square
meter of the granted land. 
 2. The rents are reviewed every five years, counted from the date of the publication in the Official Gazette of the
Macau Special Administrative Region of the dispatch that titles the present contract, notwithstanding the immediate application of new rent amounts established in legislation that, during the validity of this contract, may be published. 

Fifth Clause – Development Deadline 

1. The development of the land should occur within the global deadline of 66 (sixty-six) months, counted from
the date of the publication in the Official Gazette of the Macau Special Administrative Region of the dispatch that titles the present contract, subdivided into two phases, the first phase being within 36
(thirty-six) months, and the second phase within 30 (thirty) months. 
 2. The deadline provided in the
preceding number includes the deadlines necessary for the submission of the projects by the second party and respective consideration by the first party. 

Sixth Clause – Special Charges 

1. The following constitute special charges to be exclusively borne by the second party: 

1.1. The execution of the new embankment and the infrastructures necessary for the development of the land marked with the letter
“A” on plan no. 5,899/2000, issued by the DSCC on January 22, 2001; 
 1.2. The construction and paving of the COTAI
Plan roadways, designated by VL2(1), marked with the letter “B” on the abovementioned plan. 
 2. The second party guarantees the good
execution and quality of the materials and equipment to be applied in the construction works mentioned in paragraph 1.1., for the duration of the term of the concession of the land, and in paragraph 1.2., for a period of two years, counted from the
provisional receipt of such works, undertaking to repair and correct all deficiencies that may be manifested during that period. 
 Seventh Clause
– Materials for the embankment 
 The materials that may be necessary to apply for the embankment of the land, in addition to those
resulting from the eventual removal of soil from the site, must be appropriate and obtained outside the Macau Special Administrative Region or from sites previously indicated by the first party. 

  
  

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 SC Land Concession (2001) 

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Eight Clause – Fines 
 1. For the
non-compliance of the deadlines provided for in the fifth clause, relating to the conclusion of the first and second phase, the second party is subject to a fine that may be up to MOP$5,000.00 (five thousand
patacas) for each day of delay, up to 60 (sixty) days; in excess of such period and up to the global maximum of 120 (one hundred and twenty) days, it is subject to a fine up to twice the said amount, except when there are duly justified special
reasons, accepted by the first party. 
 2. The second party is exonerated from the responsibility mentioned in the preceding number in cases of
force majeure or other relevant facts that are proven to be beyond its control. 
 3. Cases of force majeure are considered as those
that result exclusively from unforeseeable and unavoidable events. 
 4. For the purpose of no. 2, the second party undertakes to notify, in writing,
the first party, as quickly as possible, of the occurrence of the abovementioned facts. 
 Ninth Clause – Premium of the contract

 The second party pays to the first party, as premium of the contract, the amount of MOP$23,230,000.00 (twenty-three million and two hundred
and thirty thousand patacas), as follows: 
 1. MOP$5,830,000.00 (five million and eight hundred and thirty thousand patacas) that the first party
has already received and of which it gives due quittance; 
 2. The remainder, in the amount of MOP$17,490,000.00 (seventeen million and four hundred
and ninety thousand patacas), which shall accrue interest at the annual rate of 7%, shall be paid in 4 (four) annual installments, equal in capital and interest, in the amount of MOP$5,163,540.00 (five million one hundred and sixty-three thousand
and five hundred and forty patacas) each, the first being due 1 (one) year after the date of the publication in the Official Gazette of the Macau Special Administrative Region of the dispatch that titles this contract. 

Tenth Clause – Security Deposit 

1. In accordance with article 126 of Law no. 6/80/M, dated July, 5, the second party pays a security deposit in the amount of MOP$844,734.00 (eight
hundred and forty-four thousand and seven hundred and thirty-four patacas), by way of a deposit or bank guarantee accepted by the first party. 
 2.
The amount of the security deposit, mentioned in the previous number, must always follow the amount of the respective annual rent. 

  
  

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 SC Land Concession (2001) 

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Eleventh Clause – Transfer 
 1.
The transfer of situations arising from this concession, due to its nature, is subject to prior authorization of the first party, and subjects the transferee to the revision of the conditions of the present contract. 

2. As guarantee for the financing necessary for the undertaking, the second party may constitute a voluntary mortgage over the leasehold right of the
hereby granted land, in favor of credit institutions with head office or with branches in the Macau Special Administrative Region, in accordance with article 2 of Decree-Law no. 51/83/M, dated December
26. 
 Twelfth Clause – Inspection 

During the development period of the granted land, the second party undertakes to allow access thereto and to the works, to the representatives of Government
Services that present themselves carrying out their inspections, giving them all assistance and means for the good performance of their function. 

Thirteenth Clause – Lapse 
 1.
The concession shall lapse in the following cases: 
 1.1. Upon the expiration of the period provided for in no. 1 of the eighth
clause during which the fine is aggravated; 
 1.2. Unauthorized alteration to the purpose of the concession while the development of
the land has not been completed; 
 1.3. Interruption of the development of the land for a period of more than 90 (ninety) days,
except when there are duly justified special reasons, accepted by the first party. 
 2. The lapse of the concession is declared by dispatch of H.E.
the Chief Executive, to be published in the Official Gazette of the Macau Special Administrative Region. 
 3. The lapse of the concession determines
the reversion of the land to the possession of the first party, with all improvements made thereon, without the right to any indemnification for the second party. 

Fourteenth Clause – Termination 

1. The present contract may be terminated upon verification of any of the following events: 

1.1. Lack of timely payment of the rent; 

  
  

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1.2. Unauthorized alteration to the development of the land and/or the purpose of the concession, in case the development of the land
has already been completed; 
 1.3. Transfer of situations arising from the concession, with violation of the provisions of the
eleventh clause; 
 1.4. Non-fulfillment of the undertakings provided for in the fifth, sixth
and ninth clauses. 
 2. The termination of the contract is declared by dispatch of H.E. the Chief Executive, to be published in the Official Gazette
of the Macau Special Administrative Region. 
 Fifteenth Clause – Jurisdiction 

For the purposes of resolving any dispute arising from the present contract, the competent jurisdiction is the Macau Special Administrative Region. 

Sixteenth Clause – Applicable Law 
 The
present contract is governed, in matters not herein provided for, by Law no. 6/80/M, dated July 5, and further applicable legislation. 

  
  

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9 / 9EX-10.20

 Exhibit 10.20 

First Amendment to SC Land Concession (2012) 

[ENGLISH TRANSLATION FOR REFERENCE ONLY] 
  

 
 MACAU SPECIAL ADMINISTRATIVE
REGION 
 BUREAU OF THE SECRETARY FOR TRANSPORT AND PUBLIC WORKS 

 

					
	 OFFICIAL GAZETTE – SERIES II
	  	
	Diploma:	  	Dispatch of the Secretary
for Transport and Public
Works no. 31/2012	  	 •  Revises the leasehold concession for a plot of land located in the
embankment area between the islands of Taipa and Coloane, Lots G300, G310 and G400, to be developed with the construction of a five star hotel complex and a movie production center with supporting facilities for tourism and
entertainment.

	OG N.o:	  	30/2012	  
	Published on:	  	2012.7.25	  
	Page:	  	8634-8643	  
	
	Official Chinese version: http://bo.io.gov.mo/bo/ii/2012/30/despstop_cn.asp#31
	Official Portuguese version: http://bo.io.gov.mo/bo/ii/2012/30/despstop.asp#31

 Dispatch of the Secretary for Transport and Public Works no. 31/2012 

Using the faculty granted by article 64 of the Basic Law of the Macau Special Administrative Region, and in accordance with articles 107 and 129 both of Law
no. 6/80/M, dated July 5, the Secretary for Transport and Public Works hereby orders: 
 1. In accordance with the terms and conditions of the
annexed contract, which forms an integral part of this dispatch, the leasehold concession for the plot of land with 140,789 sq.m., located in the embankment area between the islands of Taipa and Coloane, Lots G300, G310 and G400, registered with the
Land Registry under no. 23,059, to be developed with the construction of a five star hotel complex and a movie production center with supporting facilities for tourism and entertainment, is hereby revised. 

2. In the context of the abovementioned revision, and due to the new alignments defined for the site, a plot to be detached of the land identified in
the preceding number, with an area of 10,000 sq.m. shall revert, free of any charges and encumbrances, to the possession of the Macau Special Administrative Region, to form part of its private domain, being the granted land reduced to an area of
130,789 sq.m.. 
 3. This dispatch enters into force immediately. 

July 19, 2012. 
 The Secretary for Transport and Public
Works, Lau Si Io. 

  
  

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 First Amendment to SC Land Concession (2012) 

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ANNEX 
 (File no.
6,396.02 of the Land, Public Works, and Transport Bureau and File no. 12/2012 of the Land Committee) 
 Contract agreed between: 

The Macau Special Administrative Region, as first party; and 

The company Studio City Developments Limited, as second party. 

Whereas: 
 1. The company named “Studio City
Developments Limited” (formerly known as East Asia – Satellite Television Limited), with registered office in Macau, at Avenida Dr. Mário Soares, no. 25, Edifício Montepio, 1.o andar, Sala 13,
registered with the Commercial and Movable Assets Registry under no. 14,311 (SO), is the holder of the rights arising from the leasehold concession of the plot of land with 140,789 sq.m., located in the embankment area between the islands of Taipa
and Coloane, hereinafter referred to as COTAI, lots G300, G310 and G400, described in the Land Registry, hereinafter referred to as LR, under no. 23,059, as per the registration in favor of the concessionaire under no. 26,642F. 

2. The above mentioned concession is governed by the contract titled by the Dispatch of the Secretary for Transport and Public Works no. 100/2001,
published in the Official Gazette of the Macau Special Administrative Region no. 42, Series II, dated October 17, 2001. 
 3. Under the terms of
the third and fifth clauses of the leasehold concession contract, the land is intended for the concessionaire’s own use for the construction of a movie production center with supporting facilities for tourism and entertainment. 

4. In 2005, due to the submission of a new development plan which, further to the movie production center, contemplates the construction of a 5 star
hotel complex, a procedure for the revision of the leasehold concession contract was commenced. 
 5. This new plan intends to adjust the project to
the development of the Macau Special Administrative Region, hereinafter referred to as MSAR, especially with the materialization of investments made and projected for COTAI. 

6. The revision procedure followed its course; however it was not concluded for reasons attributable to the concessionaire, namely, first, the
submission of an amendment to the development plan submitted in 2005 and, subsequently, the failure to submit an economic and financial feasibility study for the proposed development, requested by the Land, Public Works, and Transport Bureau,
hereinafter referred to as DSSOPT, in accordance with the proposal made by the Land Committee. 

  
  

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7. The said study was submitted on August 8, 2011, and on later dates the concessionaire submitted additional information requested by the DSSOPT.

 8. In the meantime, meetings were held with representatives of the concessionaire in order to clarify the phasing of the project and the
adjustment of the conditions of the draft contract, which would be accepted by the concessionaire through the statement submitted on February 8, 2012. 

9. The land in question, with a total area of 140,789 sq.m. is noted and demarcated with letters “A” and “B”, with an area of
130,789 sq.m. and 10,000 sq.m., on plan no. 5,899/2000, issued by the Cartography and Cadaster Bureau, hereinafter referred to as DSCC, on January 3, 2012. 

10. Due to the new alignments defined for the site, the plot of land marked with letter “B” on the abovementioned plan, to be detached from
the plot of land mentioned in the preceding recital, shall be incorporated in the private domain of the MSAR. 
 11. The procedure followed its
regular course, and the file was sent to the Land Committee which, convening on March 29 and May 10, 2012, issued a favorable opinion to the acceptance of the request, which was confirmed by dispatch of the Chief Executive dated
May 21, 2012. 
 12. In accordance with and for the purposes provided by article 125 of Law 6/80/M, dated July 5, the conditions of the
contract titled by this dispatch were notified to the concessionaire and expressly accepted by it, as per the statement submitted on June 13, 2012, signed by Ho, Lawrence Yau Lung, with professional domicile in Macau, at Avenida Xian Xing Hai,
Edifício Golden Dragon Centre, 22.o andar, in his capacity as Group A Director and on behalf of the company named “Studio City Developments Limited”, capacity and powers verified by the Private Notary Hugo
Ribeiro Couto, in accordance with the certification affixed to the said declaration. 
 13. The concessionaire paid the premium stipulated in
paragraph 2) of Article Four of the contract titled by this dispatch. 
 Article One – Object of the contract 

1. The object of the present contract is: 

1) The revision of the leasehold concession contract, in light of the alteration of the purpose and the modification of the development
of the land, with the area of 140,789 sq.m. (one hundred and forty thousand seven hundred and eighty-nine square meters), located in the embankment area between the islands of Taipa and Coloane, lots G300, G310 and G400, described in the LR under
no. 23,059, and which rights arising from the leasehold concession are registered in favor of the second party under no. 26,642F, titled by the Dispatch of the Secretary for Transport and Public Works no. 100/2001, published in the Official Gazette
of the Macau Special Administrative Region no. 42, Series II, dated October 17, 2001. 

  
  

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2) The reversion, free from any charges and encumbrances, in favor of the first party, to be integrated in the private domain of the
MSAR, of a portion of the land identified in the preceding paragraph, with an area of 10,000 sq.m. (ten thousand square meters), marked with the letter “B” on plan no. 5,899/2000, issued by the DSCC, on January 3, 2012, that is an
integral part of the present contract, and to which a value of MOP$10,000,000.00 (ten million patacas) is attributed. 
 2. In consequence of what is
mentioned in the preceding number, the land will now have the area of 130,789 sq.m. (one hundred and thirty thousand seven hundred and eighty-nine square meters), noted and marked with the letter “A” in the abovementioned cadastral plan,
which concession is governed by the clauses of the contract titled by the Dispatch of the Secretary for Transport and Public Works no. 100/2001; published in the Official Gazette of the Macau Special Administrative Region no. 42, Series II, dated
October 17, 2001, with the amendments now introduced to the second, third, fourth, tenth and eleventh clauses, which will have the following wording: 

“Second Clause – Lease Term 
 1.
........... 
 2. The term of the lease, stipulated in the preceding number, may, in accordance with the applicable legislation, be successively
renewed. 
 Third Clause – Development and Purpose of the Land 

1. The land is developed with the construction of a complex of five star hotels and one movie production center and supporting facilities for tourism
and entertainment, with the following gross construction areas: 
  

			
	 1) Five star hotel
	  	480,000 sq.m.;
		
	 2) Movie Industry
  

(including supporting facilities for tourism and entertainment)
	  	80,000 sq.m.;
		
	 3) Parking (five star hotel)
	  	85,567 sq.m.;
		
	 4) Parking (movie industry)
	  	13,568 sq.m.;
		
	 5) Free area (five star hotel)
	  	39,962 sq.m.;
		
	 6) Free area (movie industry)
	  	7,981 sq.m.

 2. The areas mentioned in the preceding number may be subject to eventual rectifications, to be made when the
inspection takes place, for the purpose of the issuance of the respective occupancy license. 

  
  

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Fourth Clause – Rent 
 1. During the
period of the development of the land, the second party shall pay the annual rent of MOP$3,923,670.00 (three million nine hundred and twenty-three thousand six hundred and seventy patacas), corresponding to MOP$30.00 (thirty patacas) per square
meter of the granted land. 
 2. After the completion of the works for the development of the land, the annual rent to be paid is updated to
MOP$9,064,584.00 (nine million and sixty-four thousand five hundred and eighty-four patacas), calculated as follows: 
  

			
	 1) Five star hotel:
  

480,000 sq.m. x MOP$15.00/sq.m.
	  	MOP$7,200,000.00;
		
	 2) Movie industry:
  

80,000 sq.m. x MOP$6.00/sq.m.
	  	MOP$480,000.00;
		
	 3) Car parking (five star hotel):
  

85,567 sq.m. x MOP$10.00/sq.m.
	  	MOP$855,670.00;
		
	 4) Car parking (movie industry):
  

13,568 sq.m. x MOP$6.00/sq.m.
	  	MOP$81,408.00;
		
	 5) Free area (five star hotel):
  

39,962 sq.m. x MOP$10.00/sq.m.
	  	MOP$399,620.00;
		
	 6) Free area (movie industry):
  

7,981 sq.m. x MOP$6.00/sq.m.
	  	MOP$47,886.00.

 3. The rents are reviewed every five years, counted from the date of the publication in the Official Gazette of the
Macau Special Administrative Region of the dispatch that titles the present contract, notwithstanding the immediate application of new rent amounts established in legislation that, during the validity of this contract, may be published. 

Tenth Clause – Security Deposit 
 1. In
accordance with article 126 of Law no. 6/80/M, dated July, 5, the second party shall pay a security deposit in the amount of MOP$3,923,670.00 (three million nine hundred and twenty-three thousand six hundred and seventy patacas), by way of a deposit
or bank guarantee accepted by the first party. 
 2. ......... 

3. The security deposit mentioned in no. 1 shall be returned to the second party by the Financial Services Bureau, at the first’s request, upon
submission of the occupancy licenses issued by the DSSOPT. 

  
  

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Eleventh Clause – Transfer 
 1. The
transfer of situations arising from this concession, due to its nature, is subject to prior authorization of the first party, and subjects the transferee to the revision of the conditions of the present contract, namely the one relating to the
premium. 
 2. As guarantee for the financing necessary for the undertaking, the second party may constitute a voluntary mortgage over the leasehold
right of the hereby granted land, in favor of any credit institution with head office or branch in the MSAR, in accordance with article 2 of Decree-Law no. 51/83/M, dated December 26.” 

Article Two – Development Period 

1. The development of the land should be completed within the global deadline of 72 (seventy-two) months,
counted from the date of the publication in the Official Gazette of the Macau Special Administrative Region of the dispatch that titles the present contract. 

2. The deadline provided in the preceding number includes the deadlines for the submission, by the second party, and consideration, by the first party,
of the construction project and the issuance of the respective permits. 
 3. Regarding the submission of the projects and the commencement of the
works, the second party should comply with the following timeline: 
 1) 60 (sixty) days, counted from the date of the publication of
the dispatch mentioned in no. 1, to prepare and submit the preliminary construction project (architectural project); 
 2) 90 (ninety)
days, counted from the date of the notice of the approval of the architectural project, to prepare and submit the construction project (foundations, structure, water, waste, electricity and further specific projects); 

3) 90 (ninety) days, counted from the date of the notice of the approval of the construction project, to submit the request for the
construction permit; 
 4) 15 (fifteen) days, counted from the date of the issuance of the construction permit, to commence the works.

 4. For the purposes of compliance with the deadlines mentioned in the preceding number, the projects are only deemed to be effectively submitted
when they are fully and properly supported with all relevant elements. 
 Article Three - Fine 

1. For the non-compliance of any of the deadlines provided for in the preceding article, the second party is
subject to a fine, which may be of up to MOP$1,000,000.00 (one million patacas) for each day of delay, up to 60 (sixty) days; in excess of such period and up to the global maximum of 120 (one hundred and twenty) days, it is subject to a fine of up
to twice the said amount, except when there are duly justified special reasons, accepted by the first party. 

  
  

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2. The second party is exonerated from the responsibility mentioned in the preceding number in cases of force majeure or other relevant facts
that are proven to be beyond its control. 
 3. Cases of force majeure are considered as those that result exclusively from unforeseeable and
unavoidable events. 
 4. For the purpose of no. 2, the second party undertakes to notify, in writing, the first party, as quickly as possible, of
the occurrence of the abovementioned facts. 
 Article Four – Premium 

Notwithstanding the payment by the second party of the premium under the conditions established in the ninth clause of the concession contract titled by the
Dispatch of the Secretary for Transport and Public Works no. 100/2001, published in the Official Gazette of the Macau Special Region no.42, Series II, of October 17, 2001, the second party shall also pay to the first party, pursuant to the
present revision, as premium of the contract, the global amount of MOP$1,401,971,114.00 (one billion four hundred and one million nine hundred and seventy-one thousand and one hundred and fourteen patacas), in
the following manner: 
 1) MOP$188,800,000.00 (one hundred and eighty-eight million and eight hundred thousand patacas), already paid
at the Financial Services Bureau (Non-Recurrent Income Invoice no. 90/2006); 
 2)
MOP$283,000,000.00 (two hundred and eighty-three million patacas) at the time of acceptance of the conditions of the present contract, referred to in article 125 of Law no. 6/80/M, dated July 5; 

3) The remainder, in the amount of MOP$930,171,114.00 (nine hundred and thirty million one hundred and
seventy-one thousand and one hundred and fourteen patacas), which shall accrue interest at the annual rate of 5%, shall be paid in 5 (five) bi-annual installments, equal
in capital and interest, in the amount of MOP$200,216,412.00 (two hundred million two hundred and sixteen thousand and four hundred and twelve patacas) each, the first being due 6 (six) months after the date of the publication in the Official
Gazette of the Macau Special Administrative Region of the dispatch that titles this contract. 
 Article Five – Occupancy License

 The occupancy license will only be issued after the submission of proof that the premium determined in Article Four has been fully paid, and
provided that the obligations contained in the sixth clause of the contract mentioned in paragraph 1 of no. 1 of Article One are shown to be fulfilled. 

  
  

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Article Six – Lapse 
 1. The
concession shall lapse in the following cases: 
 1) upon the expiration of the period provided for in no. 1 of Article Three during
which the fine is aggravated; 
 2) unauthorized alteration to the purpose of the concession while the development of the land has not
been completed; 
 3) interruption of the development of the land for a period of more than 90 (ninety) days, except when there are
duly justified special reasons, accepted by the first party. 
 2. The lapse of the concession is declared by dispatch of the Chief Executive, to be
published in the Official Gazette of the Macau Special Administrative Region. 
 3. The lapse of the concession determines the reversion of the land
to the possession of the first party, with all improvements made thereon, without the right of any compensation for the second party. 
 Article
Seven - Termination 
 1. The concession may be terminated in any of the following events: 

1) Lack of timely payment of the rent; 

2) unauthorized alteration to the development of the land and/or the purpose of the concession, when the development of the land has
been completed; 
 3) non-fulfilment of the obligations contained in the sixth clause of the
contract mentioned in paragraph 1 of no. 1 of Article One and in Article Four; 
 4) a transfer of the rights resulting from this
concession in breach of the eleventh clause of the contract mentioned in paragraph 1 of no. 1 of Article One. 
 2. The termination of this contract
is declared by dispatch of the Chief Executive, to be published in the Official Gazette of the Macau Special Administrative Region. 
 Article
Eight – Reference 
 The initial contract, titled by the Dispatch of the Secretary for Transportation and Public Works no. 100/2001,
published in the Official Gazette of the Macau Special Administrative Region no.42, Series II, dated October 17, 2001, shall remain in effect in all that has not been expressly superseded by the present revision. 

  
  

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Article Nine - Jurisdiction 
 For the purposes of
resolving any disputes arising from the present contract, the competent jurisdiction is the Macau Special Administrative Region. 
 Article Ten –
Applicable Law 
 The present contract is governed, in matters not herein provided for, by Law no. 6/80/M, dated July 5, and further applicable
legislation. 

  
  

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