Document:

EX-10.23

 Exhibit 10.23 

EXECUTION VERSION 

IMPLEMENTATION AGREEMENT 

This IMPLEMENTATION AGREEMENT executed as a deed (as it may be amended from time to time in accordance with the terms hereof, this
“Agreement”), dated as of                  is made by and among Studio City International Holdings Limited (formerly known as CYBER ONE AGENTS LIMITED),
a business company incorporated in the British Virgin Islands with limited liability (the “Pre-Migration Company” and, following the proposed transfer by way of continuation (redomiciling) of
the Pre-Migration Company as an exempted company with limited liability in the Cayman Islands, the “Company”), MCE Cotai Investments Limited, an exempted company incorporated in the Cayman
Islands with limited liability (“MCE Cotai”), Melco Resorts & Entertainment Limited, an exempted company incorporated in the Cayman Islands with limited liability (“Melco”), and New Cotai, LLC, a Delaware
limited liability company (“New Cotai”). 
 WHEREAS, New Cotai owns 7,251.176 ordinary shares of the Pre-Migration Company, representing a 40% equity interest in the Pre-Migration Company, and MCE Cotai owns 10,876.764 ordinary shares of the
Pre-Migration Company, representing a 60% equity interest in the Pre-Migration Company; 

WHEREAS, it is contemplated that the Company will effect an underwritten public offering (the “IPO”) of American Depositary
Shares (“ADS”), each ADS representing a certain number of Company Class A Ordinary Shares (as defined below); 

WHEREAS, in anticipation of the IPO, the Pre-Migration Company intends to transfer by way of
continuation from the British Virgin Islands to the Cayman Islands whereupon the Pre-Migration Company shall become the Company for all purposes under this Agreement (the “Continuation”); 

WHEREAS, in anticipation of the Continuation and the IPO, the parties to this Agreement (collectively, the “Parties”)
(i) have agreed to undertake various transactions in order to permit the Company to effect the Continuation and the IPO and (ii) desire to enter into this Agreement to govern their arrangements with respect to such transactions, including
the order in which such transactions are to occur; and 
 WHEREAS, in anticipation of the Continuation and the IPO, the Boards of Directors
of the Pre-Migration Company, Melco, MCE Cotai, and New Cotai have each approved this Agreement. 

NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein and for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 

 ARTICLE I 

IMPLEMENTATION TRANSACTIONS 

Section 1.1 Agreement as to Implementation. The Parties hereby agree to implement the transactions in this
Section 1.1 in accordance with, and upon the terms and subject to the conditions of this Agreement, as follows: 

(a) Following the execution of this Agreement but, in the case of each of clause (vii) and (viii) below, no earlier than the Commencement
Date: 
 (i) the Pre-Migration Company shall (x) form, as a wholly-owned
subsidiary, a business company incorporated in the British Virgin Islands with limited liability (“Newco”) and (y) procure the execution and delivery by Newco of a joinder to this Agreement substantially in the form attached as
Exhibit A hereto, pursuant to which Newco shall agree to become a party to, to be bound by and to comply with, the provisions of this Agreement as if Newco were an original signatory to this Agreement;  
 (ii) Newco shall adopt the Newco Memorandum and Articles of Association
substantially in the form attached as Exhibit B hereto (the “Newco Memorandum and Articles of Association”) and shall make all necessary filings with the Registrar of Corporate Affairs in the British Virgin Islands to bring
the Newco Memorandum and Articles of Association into force; and 
 (iii) (if such assignment has not been effected prior to
the date of this Agreement) Studio City (HK) Limited (“SCHK”) shall assign to the Pre-Migration Company one loan owed to SCHK by a subsidiary of the
Pre-Migration Company in partial satisfaction of the debt owed by SCHK to the Pre-Migration Company (the “SCHK Shareholder Loan”); 

(iv) the Pre-Migration Company and Newco shall enter into the Hong Kong Share Purchase
Agreement substantially in the form attached as Exhibit C hereto; 
 (v) the
Pre-Migration Company shall sign a share transfer to transfer the outstanding SCHK share and assign the SCHK Shareholder Loan remaining after consummation of the transaction as set out in (iii) above to
Newco in consideration of a debt due from Newco to the Pre-Migration Company (the “Newco Shareholder Loan”); 

(vi) the Pre-Migration Company and Newco shall, promptly after the consummation of the
transaction as set forth in (iii) above, submit such documents as required to the Stamp Duty Office of the Hong Kong Inland Revenue Department to be submitted for stamp duty adjudication; 

  
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 (vii) the Pre-Migration Company and Newco
shall enter into the Transfer Agreement substantially in the form attached as Exhibit D hereto (the “Transfer Agreement,” and the transfer by the Pre-Migration
Company of such assets and liabilities as set forth in the Transfer Agreement and the assumption by Newco of such obligations and liabilities of the Pre-Migration Company as set forth in the Transfer
Agreement, in each case, in accordance with the Transfer Agreement, the “Contribution”; for the avoidance of doubt, (A) such assets shall include (1) the Newco Shareholder Loan, (2) any amounts owed to the Pre-Migration Company by any of the subsidiaries (direct or indirect) of the Pre-Migration Company, and (3) any cash on hand under the name of the Pre-Migration Company and (B) such liabilities shall include all amounts owed by the Pre-Migration Company to Melco and its subsidiaries, other than any subsidiaries
(direct or indirect) of the Pre-Migration Company; and 
 (viii) Register of members
of SCHK shall be updated by SCHK’s company secretary after any stamp duty assessed by the Stamp Office is fully paid. 
 (b)
Immediately following the Contribution, the Pre-Migration Company shall adopt the Amended and Restated Memorandum and Articles of Association substantially in the form attached as
Exhibit E hereto (the “Charter Amendment”) and shall make all necessary filings with the Registrar of Corporate Affairs in the British Virgin Islands as is required to effectuate the Charter Amendment. 

(c) In connection with the Charter Amendment, the Pre-Migration Company shall amend and subdivide its
authorized share capital (the “Pre-IPO Share Amendment”), which shall cause each issued and outstanding ordinary share, par value US$1.00 per share, of the
Pre-Migration Company to be converted into 10,000 Class A Ordinary Shares, par value US$0.0001 per share, of the Pre-Migration Company (the
“Class A Ordinary Shares”). Upon the Charter Amendment taking effect, New Cotai shall own 72,511,760 Class A Ordinary Shares (the “New Cotai Shares”) and MCE Cotai shall own 108,767,640
Class A Ordinary Shares (the “MCE Cotai Shares”). 
 (d) The Pre-IPO Share
Amendment and the Charter Amendment shall also authorize Class B Ordinary Shares, par value US$0.0001 per share, of the Pre-Migration Company (the
“Pre-Migration Company Class B Shares”). 

  
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 (e) Immediately following the effectiveness of the Charter Amendment (i) New Cotai and the Pre-Migration Company shall enter into the NC Share Exchange Agreement substantially in the form attached as Exhibit F hereto (the “NC Share Exchange Agreement”) and (ii) the Pre-Migration Company, Newco and New Cotai shall execute and deliver each of the Participation Agreement substantially in the form attached as Exhibit G hereto (the “Participation Agreement”)
and the Tax Side Letter substantially in the form attached as Exhibit H hereto (the “Tax Side Letter”). Immediately upon execution and delivery of the NC Share Exchange Agreement, the Participation Agreement, and the Tax Side
Letter and in accordance therewith, upon the terms and subject to the conditions of the applicable document, (x) New Cotai shall transfer the New Cotai Shares to the Pre-Migration Company in exchange for
(the “New Cotai Exchange”) (A) the Pre-Migration Company procuring Newco’s grant of the Participation (as defined below) to New Cotai and (B) the
Pre-Migration Company’s issuance to New Cotai of (1) 72,511,760 Pre-Migration Company Class B Shares and (2) the right to receive, immediately
following the effectiveness of the Continuation (i) the rights, interests, and entitlements granted to New Cotai under the Amended and Restated Company Shareholders Agreement in the form attached as Exhibit I hereto (the “Amended
and Restated Company Shareholders Agreement”), (ii) the rights, interests, and entitlements granted to New Cotai under the Amended and Restated Registration Rights Agreement in the form attached as Exhibit J
hereto (the “Amended and Restated Registration Rights Agreement”), (iii) the rights, interests, and entitlements granted to New Cotai under the PFIC Side Letter in the form attached as Exhibit K hereto
(the “PFIC Side Letter”) and (iv) the rights, interests, and entitlements granted to New Cotai under the Finance Cooperation Side Letter in the form attached as Exhibit L hereto (the “Finance
Cooperation Side Letter”) and (y) the Participant (as defined in the Participation Agreement) shall accede to certain rights, interests, entitlements, and obligations of a “Participant” holding all of the Participation
Percentage as determined pursuant to the Participation Agreement (all of such rights, interests, entitlements and obligations, together with those under the Tax Side Letter, the “Participation”). Upon the New Cotai Exchange, the Pre-Migration Company shall update its register of members to reflect the issuance of such Pre-Migration Company Class B Shares and the transfer of the New Cotai Shares
to the Pre-Migration Company and deliver to New Cotai a certified copy of such updated register of members. 

(f) One (1) business day following (i) the grant of the Participation to New Cotai and (ii) the consummation of the New Cotai
Exchange, the Pre-Migration Company shall commence the Continuation by filing the Continuation Documents listed on Exhibit M hereto (the “Continuation Documents”)
with the Registrar of Corporate Affairs in the British Virgin Islands and the Registrar of Companies in the Cayman Islands. The Pre-Migration Company and the Company, as appropriate, shall take such steps and
execute such documents listed on Schedule A hereto, in the time period indicated in such schedule, as is necessary for the discontinuation of the Pre-Migration Company in the British
Virgin Islands and the continuation of the Company in the Cayman Islands. 
 (g) Upon the effectiveness of the Continuation, the Company
shall adopt the Memorandum and Articles of Association substantially in the form attached as Exhibit N hereto (the “Company Memorandum and Articles of Association”), and shall make any necessary filings
with the Registrar of Companies in the Cayman Islands required under the Companies Law (2018 Revision) (as amended and revised) of the Cayman Islands in respect of the Company Memorandum and Articles of Association. 

(h) Immediately following the effectiveness of the Continuation, (i) the Company shall (x) execute a confirmation with respect to
the Participation Agreement and the Tax Side Letter in the form attached as Exhibit O hereto (the “Participation Agreement and Tax Side Letter Confirmation”), pursuant to which the Company shall confirm
that it shall continue to remain a party to, to be bound by and to comply with, the provisions of the Participation Agreement and the Tax Side Letter, and deliver the Participation Agreement and Tax Side Letter Confirmation to the other parties to
the Participation Agreement and the Tax Side Letter and (y) execute and deliver the PFIC Side Letter to New Cotai, (ii) the Company shall deliver to New Cotai a certified copy of the register of members of the Company showing New Cotai as
the registered holder of 72,511,760 Class B ordinary shares, par value US$0.0001 per share, of the Company (“Company Class B Ordinary Shares”), (iii) New Cotai shall not hold any Pre-Migration
Company Class B Shares as a result of the Continuation, (iv) MCE Cotai shall, by operation of law on the Continuation, have exchanged all of its right, title and interest in and to the MCE Cotai Shares with the Company for 108,767,640
Company Class A Ordinary Shares, (v) the Company, MCE Cotai, Melco, and New Cotai shall enter into the Amended and Restated Company Shareholders Agreement, (vi) the Company, MCE Cotai, and New Cotai shall enter into the Amended and
Restated Registration Rights Agreement, and (vii) the Company, Melco, and New Cotai shall enter into the Finance Cooperation Side Letter.  

  
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 Section 1.2 Order of Transaction Steps. The Parties hereby agree that it is the
mutual understanding and intention of the Parties that the transactions in Section 1.1 (save for the transaction set forth in Section 1.1(a)(iii) if already effected prior to the date of this Agreement) shall be deemed
to occur in the order provided for therein, and that the deemed chronological order of such transactions is of the essence with respect to the performance by the Parties of their obligations hereunder. 

Section 1.3 Company Share Issuances. The Company agrees that it shall contribute to Newco any proceeds received by it from the
sale of its Company Class A Ordinary Shares or ADSs in the IPO (net of any underwriting fees, discounts and selling commissions, or similar fees or related expenses, and costs) in exchange for a number of ordinary shares of Newco equal to the
number of Company Class A Ordinary Shares issued by the Company in the IPO (including Company Class A Ordinary Shares that underlie any ADSs issued by the Company in the IPO) and Newco agrees that it shall accept such contribution and
issue such number of Newco Shares to the Company. 
 Section 1.4 Waiver of Certain Provisions in Existing Shareholders
Agreement. Each of Melco and MCE Cotai hereby waives the compliance by New Cotai with its obligations under clause 22.1 (Shareholders) and clause 24 (Minority Shareholders) of the Shareholders’ Agreement, dated July 25, 2011, by and
among the Pre-Migration Company, New Cotai, MCE Cotai and Melco, as amended and in effect as of the date of this Agreement (the “Existing Shareholders Agreement”), solely with respect to the
transfer and delivery by New Cotai to the Pre-Migration Company, and the repurchase and acceptance by the Pre-Migration Company, of New Cotai’s right, title and
interest in and to the New Cotai Shares, in each case pursuant to the NC Share Exchange Agreement. 
 ARTICLE II 

REPRESENTATIONS AND WARRANTIES 

Section 2.1 Representations and Warranties of the Parties. Each of the Parties, severally and not jointly, represents and
warrants that (i) it is duly incorporated, formed or organized, as applicable, and, to the extent such concept exists in its jurisdiction of organization, is in good standing under the laws of such jurisdiction; (ii) it has all requisite
corporate or other legal power and authority to enter into and perform its respective obligations under this Agreement and to consummate the transactions contemplated hereby; (iii) the execution and delivery of this Agreement by it and the
consummation by it of the transactions contemplated hereby, have been duly authorized by all necessary corporate or other entity action on its part; and (iv) this Agreement constitutes the valid and binding obligation of such Party enforceable
against such Party in accordance with its terms. 

  
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 ARTICLE III 

TAX MATTERS 

Section 3.1 Tax Elections 

(a) Immediately after the New Cotai Exchange, the Company shall promptly file IRS Form SS-4 to obtain
an employer identification number (“EIN”) for the Company and shall file IRS Form 8832 and the accompanying cover letter, each substantially in the form attached hereto as
Exhibit P-1, electing pursuant to Treasury Regulations section 301.7701-3 to be classified for U.S. Tax Purposes as a partnership for as long
as it is considered to have two or more owners for U.S. Tax Purposes and as an entity disregarded as separate from its owner (a “disregarded entity”) in all other instances, such classification to be effective as of the first day after the
date of the New Cotai Exchange. Such filing shall be made by certified mail, return receipt requested, no later than seven (7) days following the consummation of the New Cotai Exchange, and the Company shall promptly deliver evidence of such
filing to New Cotai. 
 (b) The Company shall, promptly following the IPO, file an IRS Form 8832 and the accompanying cover letter, each
substantially in the form attached hereto as Exhibit P-2, electing pursuant to Treasury Regulations section 301.7701-3 to change its
classification to that of an association taxable as a corporation for U.S. Tax Purposes effective as of the first day after the Continuation. Such filing shall be made by certified mail, return receipt requested, no later than seven (7) days
following the consummation of the IPO. 
 (c) Newco shall, promptly following the NC Share Exchange, file IRS Form 8832 (using the Pre-Migration Company’s EIN, which shall be Newco’s EIN (the “Legacy EIN”)) and the accompanying cover letter, each substantially in the form attached hereto as Exhibit Q,
confirming (as the successor to the Pre-Migration Company) pursuant to Treasury Regulations section 301.7701-3 to be classified for U.S. Tax Purposes as a partnership
for as long as it is considered to have two or more owners for U.S. Tax Purposes and as an entity disregarded as separate from its owner (a “disregarded entity”) in all other instances, effective as of the day immediately following the NC
Share Exchange. Such filing shall be made by certified mail, return receipt requested, no later than seven (7) days following the NC Share Exchange, and Newco shall promptly deliver evidence of such filing to New Cotai. 

(d) The Company shall not use the Legacy EIN with respect to any elections, forms, returns, schedules, or other documents filed with the IRS
or any other Governmental Authority for any period beginning after the date of the execution of the New Cotai Exchange. 
 ARTICLE IV

 UNWINDING 

Section 4.1 Failure to Complete the IPO. 

  
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 (a) The Parties hereby agree that, if, following the execution of the Transfer Agreement,
(i) the Company does not consummate the IPO by the later of December 31, 2018 (or such later date as may be agreed by the Parties in writing) and the latest closing date for the IPO permitted by an underwriting or similar agreement
executed on or prior to December 31, 2018; provided that such closing date shall not be later than five business days after December 31, 2018 or (ii) at any time after September 30, 2018 and prior to the earlier of
December 31, 2018 (or such later date as may be agreed by the Parties in writing) and the date the Company commences the Road Show, a Change in Law occurs that would reasonably be expected to have a material adverse tax consequence to the
holder of a Participation (or any holder of an interest, direct or indirect, in such holder of a Participation) (the occurrence of clause (i) or (ii), the “IPO Cut-off Date”), then
the following transactions shall occur in the order listed in subsections (i)-(iv) below (collectively, the “Unwinding”), with the purpose of reversing certain elements of the restructuring effected by the Transaction Documents:

 (i) As promptly as reasonably practicable (but in no event later than five (5) business days following the IPO Cut-off Date), the Company and Newco shall enter into a plan of merger and, upon the terms and subject to the conditions therein, the Company shall merge with and into Newco, with Newco as the surviving entity (the
“Merger”). 
 (ii) Upon the effectiveness of the Merger, (1) Newco shall adopt a new memorandum and
articles of association having the same provisions as the memorandum and articles of association of the Pre-Migration Company as in effect on the date of this Agreement, (2) each Company Class A
Ordinary Share and each Company Class B Ordinary Share shall be converted into one ten-thousandth of an ordinary share of Newco, such ordinary shares of Newco shall have the same provisions and rights as
the ordinary shares of the Pre-Migration Company outstanding as of the date of this Agreement, and (3) the Participation Agreement (including the Tax Side Letter) (other than (x) Article VII of the
Participation Agreement (excluding Sections 7.1, 7.7, 7.13, and 7.14), (y) paragraphs 1 and 5 of the Tax Side Letter, and (z) any definitions in Section 1.1 of the Participation Agreement or in paragraph 22 of the Tax Side Letter
necessary to effect the foregoing) shall be automatically terminated and shall have no further effect, and any Participation then outstanding shall be cancelled and cease to exist. 

(iii) Immediately following the effectiveness of the Merger, (x) Melco, MCE Cotai, New Cotai, and Newco shall enter into a
shareholders’ agreement (the “Newco Shareholders Agreement”) with respect to Newco, effective as of the effective date of the Merger, having the same terms, rights, interests, entitlements, and obligations as those
contained in the Existing Shareholders Agreement, with all references to the “Company” thereunder referring to Newco following the Merger, (y) Newco and New Cotai shall enter into a registration rights agreement with respect to
Newco’s securities, effective as of the effective date of the Merger, having the same terms, rights, interests, entitlements, and obligations as those contained in the Registration Rights Agreement, dated July 27, 2011, by and between the Pre-Migration Company and New Cotai, as amended and in effect as of the date of this Agreement, with all references to the “Company” thereunder referring to Newco following the Merger and (z) Newco,
Melco, and New Cotai shall enter into a finance cooperation side letter having the same terms, rights, interests, entitlements, and obligations as those contained in the Finance Cooperation Side Letter, with all references to the “Company”
thereunder referring to Newco following the Merger; provided, however, the parties shall not be obligated to enter into such finance cooperation letter unless New Cotai shall have executed and delivered all documents, and performed all
of its obligations, in each case as required hereunder (and in the manner and at the time as required to be executed and delivered or performed ) and shall have not taken any action in violation of this Agreement, and such Unwinding was not caused
by, and did not result from any failure or delay after the date hereof by New Cotai to take any action, provide any approval or consent or execute any document, in each case, necessary to consummate the IPO, including, but not limited to, such
actions, approvals, consents or documents required or requested to be provided or executed by the underwriters of the IPO (provided that New Cotai’s failure to take any action, provide any approval or consent or execute any document relating to
an extension of the IPO Cut-Off Date shall not relieve any obligation to enter into such finance cooperation letter). 

  
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 (iv) Immediately following the completion of steps (i)-(iii) above, the Amended
and Restated Company Shareholders Agreement, the Amended and Restated Registration Rights Agreement, the Tax Side Letter (other than to the extent set forth in step (ii) above), the Participation Agreement and Tax Side Letter Confirmation, the
PFIC Side Letter, and the Finance Cooperation Side Letter shall terminate and have no further force and effect. 
 (b) The Parties hereby
agree that, in the event of an Unwinding (i) Newco shall continue to be treated for U.S. Tax Purposes as the successor to the Pre-Migration Company and, as such, shall use for all U.S. Tax Purposes
(including its U.S. federal, state and local Tax Returns) the Legacy EIN and (ii) to take all actions consistent, and no actions inconsistent, with such treatment, in each case, for U.S. Tax Purposes. 

(c) The Parties hereby agree to cooperate and take all actions reasonably necessary to effect the Unwinding. 

(d) The Parties hereby agree that, if this Agreement is terminated pursuant to Section 5.13 without the Transfer
Agreement having been executed, Newco, Melco, and New Cotai shall enter into a finance cooperation side letter having the same terms, rights, interests, entitlements, and obligations as those contained in the Finance Cooperation Side Letter, with
all references to the “Company” thereunder referring to Newco following the Merger; provided, however, the parties shall not be obligated to enter into the Finance Cooperation Letter pursuant to this
Section 4.1(d) unless New Cotai shall have executed and delivered all documents, and performed all of its obligations, in each case as required hereunder (and in the manner and at the time as required to be executed and
delivered or performed) and shall have not taken any action in violation of this Agreement, and such termination was not caused by, and did not result from any failure or delay after the date hereof by New Cotai to take any action, provide any
approval or consent or execute any document, in each case, necessary to consummate the IPO, including, but not limited to, such actions, approvals, consents or documents required or requested to be provided or executed by the underwriters of the IPO
(provided that New Cotai’s failure to take any action, provide any approval or consent or execute any document relating to an extension of the IPO Cut-Off Date shall not relieve any obligation to enter
into the Finance Cooperation Letter). 

  
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 ARTICLE V 

MISCELLANEOUS 

Section 5.1 Further Action. The Parties shall execute and deliver all documents, provide all information and take or refrain from
taking action as may be necessary or appropriate to achieve the purposes of this Agreement, including effectuating the transactions described herein in the order identified herein and, if applicable, the Unwinding. 

Section 5.2 Definitions. The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary,
applied to the terms used in this Agreement. 
 (a) “business day” means any day other than a Saturday, a Sunday or a day
on which banking institutions in the United States, Hong Kong, Cayman Islands or British Virgin Islands are authorized by law, regulation or executive order to remain closed and, in the case of Hong Kong, other than a day on which a tropical cyclone
warning No. 8 or above or a “black rainstorm warning signal” is hoisted or remains hoisted at any time between 9:00am and 5:00pm. If a date on which an event is to occur is a non-business day at
a place at which the event is to occur, the event may be made at that place on the next succeeding day that is a business day. 
 (b)
“Change in Law” means any of the following: (i) the adoption, entry into effect, or issuance of any U.S. tax statute, treaty, regulation (whether final, proposed, or temporary), or other official pronouncement, including
notices or announcements, or (ii) any material change in any U.S. tax statute, treaty, regulation (whether final, proposed, or temporary), or other official pronouncement, including notices or announcements. 

(c) “Commencement Date” means the date on which the Board of Directors of the Company, or a pricing committee appointed by
the Board of Directors of the Company, determines that, based on indications from the managing underwriters of the IPO, the pricing of the IPO is reasonably likely to occur within three (3) business days following such date; provided
that in no event shall the Commencement Date occur prior to the commencement of the Road Show. 
 (d) “Company
Class A Ordinary Shares” means the Class A ordinary shares, par value US$0.0001 per share, of the Company. 

(e) “Continuation” means the transfer by way of continuation of the Pre-Migration
Company from the British Virgin Islands to the Cayman Islands as described in Section 1.1 of this Agreement. 

(f) “Governmental Authority” means the government of any nation, state, city, locality or other political subdivision
thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including, the Financial Industry Regulatory Authority, Inc. and any corporation or other entity owned or
controlled, through stock or capital ownership or otherwise, by any of the foregoing. 

  
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 (g) “Road Show” means a road show (as such term is defined in Rule 433(h)(4)
promulgated under the Securities Act of 1933, as amended) related to the IPO. 
 (h) “Tax” means tax, levy, duty, or other
charge or withholding of a similar nature imposed by a Governmental Authority (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same). 

(i) “U.S. Tax Purposes” means, as the context requires, U.S. federal, state, and/or local income Tax purposes. 

Section 5.3 Interpretation. In this Agreement, unless otherwise provided: 

(a) A reference to an Article, Section, Schedule or Exhibit is a reference to an Article or Section of, or Schedule or Exhibit to, this
Agreement, and references to this Agreement include any recital in or Schedule or Exhibit to this Agreement. The Exhibits form an integral part of and are hereby incorporated by reference into this Agreement. 

(b) Headings are inserted for convenience only and shall not affect the construction or interpretation of this Agreement. 

(c) The word “shall” shall be obligatory and the word “may” shall be permissive. 

(d) Unless the context otherwise requires, words importing the singular include the plural and vice versa, words importing the masculine
include the feminine and vice versa, and words importing persons include corporations, associations, partnerships, joint ventures and limited liability companies and vice versa. 

(e) The words “hereof” and “herein”, and words of similar meaning shall refer to this Agreement as a whole and not to any
particular Article, Section or clause, and the words “include”, “includes” and “including” shall be deemed to be followed by the words “without limitation.” 

(f) Except as otherwise specified herein, a reference to any legislation or to any provision of any legislation shall include any amendment
to, and any modification or re-enactment thereof, any legislative provision substituted therefor and all rules, regulations and statutory instruments issued thereunder or pursuant thereto. 

(g) Except as otherwise specified herein, a reference herein to any other agreement or document shall be to such agreement or document as it
may have been or may hereafter be amended, modified, supplemented, waived or restated from time to time in accordance with its terms and, to the extent applicable, the terms of this Agreement, and shall include all annexes, exhibits, schedules and
other documents or agreements attached thereto. 
 Section 5.4 Addresses and Notices. All notices, requests, claims, demands and
other communications hereunder shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by courier service, by fax (delivery receipt requested), by electronic mail or by registered or
certified mail (postage prepaid, return receipt requested) to the respective parties at the following addresses (or at such other address for a party as shall be as specified in a notice given in accordance with this
Section 5.4): 

  
 10 

 (a) If to the Company, to: 

Studio City International Holdings Limited 

36/F, The Centrium 
 60 Wyndham
Street 
 Central 
 Hong Kong

 Fax:
              +852-2537-3618 

E-mail:
         comsec@sc-macau.com 
 Attention:
     Company Secretary 
 with copy to: 

Latham & Watkins 
 18th
Floor, One Exchange Square 
 8 Connaught Place, Central 

Hong Kong 
 Fax:
              +852 2912 2600 

E-mail:          Helena.Kim@lw.com 

Attention:      Ji-Hyun Helena Kim 

(b) If to MCE Cotai, to: 
 MCE
Cotai Investments Limited 
 c/o Melco Resorts & Entertainment Limited at its address set out herein for delivery of notice 

Fax:
              +852-2537-3618 

E-mail:
         mco-comsec@melco-resorts.com 
 Attention:
     Company Secretary 
 with copy to: 

Latham & Watkins 
 18th
Floor, One Exchange Square 
 8 Connaught Place, Central 

Hong Kong 
 Fax:
              +852 2912 2600 

E-mail:          Helena.Kim@lw.com 

Attention:      Ji-Hyun Helena Kim 

  
 11 

 (c) If to Melco, to: 

Melco Resorts & Entertainment Limited 

36/F, The Centrium 
 60 Wyndham
Street 
 Central 
 Hong Kong

 Fax:
              +852-2537-3618 

E-mail:
         mco-comsec@melco-resorts.com 
 Attention:
     Company Secretary 
 with a copy to: 

Latham & Watkins 
 18th
Floor, One Exchange Square 
 8 Connaught Place, Central 

Hong Kong 
 Fax:
              +852 2912 2600 

E-mail:          Helena.Kim@lw.com 

Attention:      Ji-Hyun Helena Kim 

(d) If to New Cotai, to: 
 New
Cotai, LLC 
 c/o New Cotai Holdings, LLC 

Two Greenwich Plaza 
 Greenwich,
Connecticut 06830 
 United States of America 

Fax:
              +1-203-542-4133 

E-mail:          tlavelle@silverpointcapital.com 

Attention:      Timothy Lavelle 

With a copy to: 
 Skadden, Arps,
Slate, Meagher & Flom LLP 
 300 South Grand Avenue, Suite 3400 

Los Angeles, CA 90071-3144 

Fax:               +1 213 621 5288 

E-mail:          Jeffrey.Cohen@skadden.com 

Attention:      Jeffrey H. Cohen, Esq. 

Section 5.5 Binding Effect; Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of all of
the parties and, to the extent permitted by this Agreement, their respective successors, executors, administrators, heirs, legal representatives and permitted assigns; provided, however, neither this Agreement nor any rights or
obligations hereunder may be assigned by any of the Parties without the prior written consent of the other Parties. 

  
 12 

 Section 5.6 Severability. If any term or other provision of this Agreement is held to
be invalid, illegal or incapable of being enforced by any rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the
transactions is not affected in any manner materially adverse to any party. Upon a determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement
so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

Section 5.7 Amendment. The provisions of this Agreement may be amended, modified, altered or supplemented only by a written
instrument signed by each of the Parties. 
 Section 5.8 Waiver. No failure by any party to insist upon the strict performance
of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach of any other covenant, duty, agreement or condition. 

Section 5.9 Submission to Jurisdiction. The parties irrevocably consent to the
non-exclusive jurisdiction of the courts of the Cayman Islands in connection with any action relating to this Agreement. 

Section 5.10 Counterparts. This Agreement may be executed and delivered (including by facsimile transmission or by e-mail delivery of a “.pdf” format data file) in one or more counterparts, and by the different Parties in separate counterparts, each of which when executed and delivered shall be deemed to be an original
but all of which taken together shall constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy, by e-mail delivery of a “.pdf” format data file or other
electronic transmission service shall be considered original executed counterparts for purposes of this Section 5.10. 

Section 5.11 Specific Performance. The Parties agree that irreparable damage would occur in the event that any of the provisions
of this Agreement were not performed in accordance with their specific terms, including the order of the transactions contemplated hereby, or were otherwise breached. It is accordingly agreed that the parties shall be entitled to specific
performance of the terms and provisions hereof, in addition to any other remedy to which they are entitled at law or in equity. 

Section 5.12 Applicable Law. This Agreement shall be governed by, and construed in accordance with, the law of the Cayman Islands,
without giving effect to any choice or conflict of laws provision or rule that would cause the application of the laws of any other jurisdiction. 

Section 5.13 Termination. If the IPO is not consummated prior to the IPO Cut-off Date,
this Agreement shall terminate and have no further force and effect; provided that Article IV and this Article V shall remain in full force and effect. 

  
 13 

 Section 5.14 Fees and Expenses. 

(a) Newco agrees to pay or reimburse all fees and expenses incurred by the Company in connection with this Agreement (including the
Unwinding). 
 (b) Promptly (x) upon the earlier of the completion of the IPO and the Unwinding, or (y) upon the termination of
this Agreement pursuant to Section 5.13 if such termination occurs without the Transfer Agreement having been executed, Newco agrees to reimburse each of New Cotai and MCE Cotai for all reasonable and documented out-of-pocket fees and expenses incurred in connection with this Agreement and the transactions contemplated hereunder (including the Unwinding) (such amount, the
“Expense Reimbursement”); provided, however, that (A) the Expense Reimbursement shall not exceed US$1,000,000 for each of New Cotai and MCE Cotai; and (B) in the event of an Unwinding or termination of this
Agreement, Newco shall reimburse New Cotai and/or MCE Cotai only if New Cotai or MCE Cotai, as applicable, (i) shall have executed and delivered all documents, and performed all of its obligations, in each case as required hereunder (in the
manner and at the time as required to be executed and delivered or performed), (ii) shall have not taken any action in violation of this Agreement and (iii) such Unwinding or termination was not caused by, and did not result from any
failure or delay after the date hereof by New Cotai or MCE Cotai, as the case may be, to take any action, provide any approval or consent or execute any document, in each case, necessary to consummate the IPO, including, but not limited to, such
actions, approvals, consents or documents required or requested to be provided or executed by the underwriters of the IPO (provided that New Cotai’s or MCE Cotai’s failure to take any action, provide any approval or consent or execute any
document relating to an extension of the IPO Cut-Off Date shall not relieve any reimbursement obligation hereunder with respect to New Cotai or MCE Cotai, as the case may be). 

(c) Except as provided in this Section 5.14, each Party shall pay all of its fees and expenses in connection with
this Agreement and the transactions contemplated hereby. 
 Section 5.15 Third Party Rights. A person who is not a party to this
Agreement shall not have any rights under the Contracts (Rights of Third Parties) Law, 2014 (as amended) to enforce any term of this Agreement. 

Section 5.16 Effectiveness. This Agreement shall become effective upon the execution and delivery hereof by the parties hereto.

 Section 5.17 Entire Agreement. This Agreement, together with all of the agreements referenced herein (when such agreements
are executed and delivered by the parties thereto in substantially the forms attached hereto), the exhibits to any such agreements (when executed and delivered, if applicable) and the transactions contemplated hereby and thereby, represents the
entire agreement between the Parties with respect to the reorganization of the Company as described in Section 1.1 hereof, including the Contribution (the “Reorganization and Transfer”). All previous
negotiations, understandings, representations, warranties, memoranda or commitments concerning the Reorganization and Transfer are superseded by this Agreement (together with all such other agreements) and are of no effect. No party is liable to any
other party in respect of those matters except as provided under this Agreement and, when executed and delivered by the parties thereto in substantially the forms attached hereto, all such other agreements. No oral explanation or information
provided by any party to another affects the meaning or interpretation of this Agreement or constitutes any collateral agreement, warranty or understanding between any of the parties with respect to this Agreement or the Reorganization and Transfer.

  
 14 

 Section 5.18 Headings. The headings of the sections of this Agreement have been
inserted for convenience of reference only and shall not be deemed a part of this Agreement. 
 [Signature Pages Follow] 

  
 15 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as a deed as of
the date first set forth above. 
  

			
	STUDIO CITY INTERNATIONAL HOLDINGS LIMITED

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	MCE COTAI INVESTMENTS LIMITED

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	MELCO RESORTS & ENTERTAINMENT LIMITED

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	NEW COTAI, LLC

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Implementation Agreement] 

 EXHIBIT A 

FORM OF JOINDER TO IMPLEMENTATION AGREEMENT 

 JOINDER AGREEMENT 

This Joinder Agreement (“Joinder Agreement”) is a joinder to the Implementation Agreement, dated as of [●], 2018
(the “Agreement”), by and among Studio City International Holdings Limited (formerly known as CYBER ONE AGENTS LIMITED), a business company incorporated in the British Virgin Islands with limited liability (the “Pre-Migration Company” and, following the proposed transfer by way of continuation (redomiciling) of the Pre-Migration Company as an exempted company with limited
liability in the Cayman Islands, the “Company”), MCE Cotai Investments Limited, an exempted company incorporated in the Cayman Islands with limited liability (“MCE Cotai”), Melco Resorts & Entertainment
Limited, an exempted company incorporated in the Cayman Islands with limited liability (“Melco”), and New Cotai, LLC, a Delaware limited liability company (“New Cotai”). 

By executing and delivering this Joinder Agreement to MCE Cotai, Melco, New Cotai and the
Pre-Migration Company, the undersigned agrees to become a party to, to be bound by, and to comply with the provisions of, the Agreement as if the undersigned were an original signatory thereto. The parties to
the Agreement shall treat the execution and delivery hereof by the undersigned as the execution and delivery of the Agreement by the undersigned and, upon receipt of this Joinder Agreement by MCE Cotai, Melco, New Cotai, and the Pre-Migration Company, the signature of the undersigned set forth below shall constitute a counterpart signature to the signature page of the Agreement. This Joinder Agreement shall be governed by, and construed in
accordance with, the laws of the Cayman Islands, without giving effect to any choice or conflict of laws provision or rule that would cause the application of the laws of any other jurisdiction. 

[Signature Page Follows] 

 IN WITNESS WHEREOF, the undersigned has caused this Joinder Agreement to be duly executed as of
the date first set forth above. 
  

			
	MSC COTAI LIMITED
		
	By:	 	  

		 	 Name:
 Title:

 [Signature Page – Joinder Agreement] 

 EXHIBIT B 

FORM OF NEWCO MEMORANDUM AND ARTICLES OF ASSOCIATION 

 EXHIBIT C 

FORM OF HONG KONG SHARE PURCHASE AGREEMENT 

 EXHIBIT D 

FORM OF TRANSFER AGREEMENT 

 EXHIBIT E 

FORM OF CHARTER AMENDMENT 

 TERRITORY OF THE BRITISH
VIRGIN ISLANDS 
 BVI BUSINESS COMPANIES ACT, 2004 

Amended & Restated 

Memorandum of Association 

and 
 Articles of
Association 
 of 

STUDIO CITY INTERNATIONAL HOLDINGS LIMITED 

First Incorporated on 2 August 2000 

(ADOPTED BY RESOLUTION DATED
                     2018 AND REGISTERED ON
                     2018) 

 TERRITORY OF THE BRITISH VIRGIN ISLANDS 

THE BVI BUSINESS COMPANIES ACT 2004 

AMENDED & RESTATED 

MEMORANDUM OF ASSOCIATION 

OF 
 STUDIO CITY
INTERNATIONAL HOLDINGS LIMITED 
 A COMPANY LIMITED BY SHARES 
  

	1.	 DEFINITIONS AND INTERPRETATION 

 

	1.1.	 In this Memorandum of Association and the attached Articles of Association, if not inconsistent with the
subject or context: 

 “Act” means the BVI Business Companies Act (No. 16 of 2004) and includes the
regulations made under the Act; 
 “Articles” means the attached Amended and Restated Articles of Association of the
Company; 
 “Chairman of the Board” has the meaning specified in Regulation 13; 

“Class A Ordinary Shares” has the meaning give in Clause 7.1(a); 

“Class B Ordinary Shares” has the meaning give in Clause 7.1(b); 

“Distribution” in relation to a distribution by the Company means the direct or indirect transfer of an asset, other than
Shares, to or for the benefit of the Shareholder in relation to Class A Ordinary Shares held by a Shareholder, and whether by means of a purchase of an asset, the redemption or other acquisition of Shares, a distribution of indebtedness
or otherwise, and includes a dividend; 
 “Eligible Person” means individuals, corporations, trusts, the estates of deceased
individuals, partnerships and unincorporated associations of persons; 
 “Memorandum” means this Amended and Restated
Memorandum of Association of the Company; 
 “Resolution of Directors” means either: 

 

	 	(a)	 a resolution approved at a duly convened and constituted meeting of directors of the Company or of a committee
of directors of the Company by the affirmative vote of a majority of the directors present at the meeting who voted except that where a director is given more than one vote, he shall be counted by the number of votes he casts for the purpose of
establishing a majority; or 

  

	 	(b)	 a resolution consented to in writing by all directors or by all members of a committee of directors of the
Company, as the case may be; 

 “Resolution of Shareholders” means either: 

	 	(a)	 a resolution approved at a duly convened and constituted meeting of the Shareholders of the Company by the
affirmative vote of a majority of the votes of the Shares entitled to vote thereon which were present at the meeting and were voted; or 

  

	 	(b)	 a resolution consented to in writing by a majority of the votes of Shares entitled to vote thereon;

 “Seal” means any seal which has been duly adopted as the common seal of the Company; 

“Share” means a share issued or to be issued by the Company; 

“Shareholder” means an Eligible Person whose name is entered in the register of members of the Company as the holder of one or
more Shares or fractional Shares; 
 “Shareholders Agreement” means the shareholders agreement attached as Schedule
1, dated on or around 27 July 2011 between MCE Cotai Investments Limited, New Cotai, LLC, Melco Crown Entertainment Limited and the Company, as amended from time to time in accordance with the terms thereof; 

“Treasury Share” means a Share that was previously issued but was repurchased, redeemed or otherwise acquired by the Company
and not cancelled; and 
 “written” or any term of like import includes information generated, sent, received or stored by
electronic, electrical, digital, magnetic, optical, electromagnetic, biometric or photonic means, including electronic data interchange, electronic mail, telegram, telex or telecopy, and “in writing” shall be construed accordingly.

  

	1.2.	 In the Memorandum and the Articles, unless the context otherwise requires a reference to:

  

	 	(a)	 a “Regulation” is a reference to a regulation of the Articles; 

 

	 	(b)	 a “Clause” is a reference to a clause of the Memorandum; 

 

	 	(c)	 voting by Shareholders is a reference to the casting of the votes attached to the Shares held by the
Shareholder voting; 

  

	 	(d)	 the Act, the Memorandum or the Articles is a reference to the Act or those documents as amended; and

  

	 	(e)	 the singular includes the plural and vice versa. 

 

	1.3.	 Any words or expressions defined in the Act unless the context otherwise requires bear the same meaning in the
Memorandum and Articles unless otherwise defined herein. 

  

	1.4.	 Headings are inserted for convenience only and shall be disregarded in interpreting the Memorandum and
Articles. 

  

	2.	 NAME 

The name of the Company is STUDIO CITY INTERNATIONAL HOLDINGS LIMITED. 

	3.	 RE-REGISTRATION 

The Company was first incorporated on 2 August 2000 under the International Business Companies Act, 1984 and was automatically re-registered under the Act on 1 January 2007. Immediately before its re-registration under the Act, it was governed by the International Business Companies Act, 1984.

  

	4.	 STATUS 

The Company is a company limited by shares. 
  

	5.	 REGISTERED OFFICE AND REGISTERED AGENT 

 

	5.1.	 The first registered office of the Company is at Offshore Incorporations Centre, P.O. Box 957, Road Town,
Tortola, British Virgin Islands, the office of the first registered agent. 

  

	5.2.	 The first registered agent of the Company is Offshore Incorporations Limited of Offshore Incorporations Centre,
P.O. Box 957, Road Town, Tortola, British Virgin Islands. 

  

	5.3.	 At the date of filing the notice of election to disapply Part IV of Schedule 2 of the Act the registered office
of the Company was situated at the office of the registered agent, Offshore Incorporations Centre, P.O. Box 957, Road Town, Tortola, British Virgin Islands. 

  

	6.	 CAPACITY AND POWERS 

 

	6.1.	 Subject to the Act and any other British Virgin Islands legislation, the Company has, irrespective of corporate
benefit: 

  

	 	(a)	 full capacity to carry on or undertake any business or activity, do any act or enter into any transaction; and

  

	 	(b)	 for the purposes of paragraph (a), full rights, powers and privileges. 

 

	6.2.	 For the purposes of section 9(4) of the Act, there are no limitations on the business that the Company may
carry on. 

  

	7.	 NUMBER AND CLASSES OF SHARES 

 

	7.1.	 The Company is authorised to issue a maximum of 2,000,000,000 Shares divided into two classes consisting of:

  

	 	(a)	 1,927,488,240 Class A Ordinary Shares of par value US$0.0001 each (“Class A
Ordinary Shares”); and 

  

	 	(b)	 72,511,760 Class B Ordinary Shares of par value US$0.0001 each (“Class B
Ordinary Shares”). 

  

	7.2.	 The Company may issue fractional Shares and a fractional Share shall have the corresponding fractional rights,
obligations and liabilities of a whole share of the same class or series of shares. 

  

	7.3.	 Shares shall be issued in the currency of the United States of America. 

	8.	 DESIGNATIONS, POWERS, PREFERENCES, ETC. OF SHARES 

 

	8.1.	 In addition and subject to any rights, privileges, restrictions and conditions attaching to any of the Shares
as provided for elsewhere in this Memorandum or in the Articles, the rights and restrictions attached to the Class A Ordinary Shares shall be as follows: 

 

	 	(a)	 the right to one vote at a meeting of the Shareholders of the Company or on any Resolution of Shareholders;

  

	 	(b)	 the right to an equal share in any dividend paid by the Company; and 

 

	 	(c)	 the right to an equal share in the distribution of the surplus assets of the Company on its liquidation.

  

	8.2.	 In addition and subject to any rights, privileges, restrictions and conditions attaching to any of the Shares
as provided for elsewhere in this Memorandum or in the Articles, the rights and restrictions attached to the Class B Ordinary Shares shall be as follows: 

 

	 	(a)	 the right to one vote at a meeting of the Shareholders of the Company or on any Resolution of Shareholders;

  

	 	(b)	 subject to Clause 8.4, no right to any share in any dividend paid by the Company; 

 

	 	(c)	 no right to any share in the distribution of the surplus assets of the Company on its liquidation; and

  

	 	(d)	 no right to transfer any Class B Ordinary Share. 

 

	8.3.	 The directors may at their discretion by Resolution of Directors redeem, purchase or otherwise acquire all or
any of the Shares in the Company subject to Regulation 3 of the Articles. 

  

	8.4.	 In no event should any share dividend, share split, reverse share split, combination of shares, sub-division, reclassification or recapitalization be declared or made in respect of the Class A Ordinary Shares (each, a “Share Adjustment”) unless a corresponding Share Adjustment is made to
the Class B Ordinary Shares in the same proportion and the same manner. Share dividends with respect to each class of shares of the Company may only be made with the shares of the same class as such class of shares of the Company.

  

	9.	 VARIATION OF RIGHTS 

 

	9.1.	 The rights attached to Shares as specified in Clause 8 may only, whether or not the Company is being wound
up, be varied with the consent in writing of or by a resolution passed at a meeting by the holders of more than 50 per cent of the issued Shares entitled to vote at a meeting of the Shareholders (voting together as a single class); provided
that, in addition to such consent: 

  

	 	(a)	 a variation of the rights attached to the Class A Ordinary Shares as specified in Clause 8.1(a) shall
require the prior consent in writing of the holders of more than 50 per cent of the issued Class A Ordinary Shares and more than 50 per cent of the holders of the Class B Ordinary Shares, or resolutions passed at separate class
meetings of the holders of Class A Ordinary Shares and Class B Ordinary Shares by the holders of more than 50 per cent of the issued Class A Ordinary Shares and the holders of more than 50 per cent of the issued Class B
Ordinary Shares; 

  

	 	(b)	 a variation of the rights attached to the Class A Ordinary Shares (other than as specified in Clause
8.1(a)) shall require the prior consent in writing of, or a resolution passed at a separate class meeting of the holders of Class A Ordinary Shares by, the holders of more than 50 per cent of the issued Class A Ordinary Shares;

	 	(c)	 a variation of the rights attached to the Class B Ordinary Shares as specified in Clause 8.2(a) shall
require the prior consent in writing of the holders of more than 50 per cent of the issued Class A Ordinary Shares and the holders of more than 50 per cent of the issued Class B Ordinary Shares or resolutions passed at separate
class meetings of the holders of Class A Ordinary Shares and Class B Ordinary Shares by the holders of more than 50 per cent of the issued Class A Ordinary Shares and the holders of more than 50 per cent of the issued
Class B Ordinary Shares; and 

  

	 	(d)	 a variation of the rights attached to the Class B Ordinary Shares as specified in Clauses 8.2(b), 8.2(c)
or 8.2(d) shall require the prior consent in writing of, or a resolution passed at a separate class meeting of the holders of Class B Ordinary Shares by, the holders of more than 50 per cent of the issued Class B Ordinary Shares.

  

	10.	 RIGHTS NOT VARIED BY THE ISSUE OF SHARES PARI PASSU 

The rights conferred upon the holders of the Shares of any class issued with preferred or other rights shall not, unless otherwise expressly
provided by the terms of issue of the Shares of that class, be deemed to be varied by the creation or issue of further Shares ranking pari passu therewith. 
  

	11.	 REGISTERED SHARES 

 

	11.1.	 The Company shall issue registered shares only. 

 

	11.2.	 The Company is not authorised to issue bearer shares, convert registered shares to bearer shares or exchange
registered shares for bearer shares. 

  

	12.	 TRANSFER OF SHARES 

 

	12.1.	 Subject to Clause 8.2, the Company shall, on receipt of an instrument of transfer complying with Sub-Regulation 7.1 of the Articles, enter the name of the transferee of a Share in the register of members unless the directors resolve to refuse or delay the registration of the transfer for reasons that shall be
specified in a Resolution of Directors. 

  

	12.2.	 Subject to Clause 8.2, the directors may not resolve to refuse or delay the transfer of a Share unless the
Shareholder has failed to pay an amount due in respect of the Share. 

  

	13.	 AMENDMENT OF MEMORANDUM AND ARTICLES 

Subject to Clause 9, the Company may amend its Memorandum or Articles by a Resolution of Shareholders or by a Resolution of Directors, save
that no amendment may be made by a Resolution of Directors: 
  

	 	(a)	 to restrict the rights or powers of the Shareholders to amend the Memorandum or Articles;

  

	 	(b)	 to change the percentage of Shareholders required to pass a Resolution of Shareholders to amend the Memorandum
or Articles; 

  

	 	(c)	 in circumstances where the Memorandum or Articles cannot be amended by the Shareholders; or

  

	 	(d)	 to Clauses 8, 9 or 10 or this Clause 13. 

 Notwithstanding the foregoing no amendment may be made to the Memorandum or Articles without the
approval of each Minority Shareholder (as defined in the Shareholders Agreement) holding 20% or more of the Shares on issue. 
  

	14.	 PARAMOUNT EFFECT OF SHAREHOLDERS AGREEMENT 

 

	14.1.	 To the extent not prohibited by the Act the provisions of the Shareholders Agreement are hereby incorporated
into the Memorandum, and for the avoidance of doubt and without limiting the generality of this Clause 14.1: 

  

	 	(a)	 notwithstanding anything contained in the Memorandum, if the Shareholders Agreement prohibits an act being
done, the act shall not be done; and 

  

	 	(b)	 nothing contained in the Memorandum prevents an act being done that the Shareholders Agreement requires to be
done. 

  

	14.2.	 To the extent not prohibited by the Act if any provision of the Memorandum is or becomes inconsistent with the
Shareholders Agreement, the Shareholders Agreement shall prevail. 

 We, Offshore Incorporations Limited of Offshore Incorporations Centre, P.O. Box 957, Road Town, Tortola, British
Virgin Islands for the purpose of incorporating a BVI Business Company under the laws of the British Virgin Islands hereby sign this Memorandum of Association the 3rd day of July 2007 . 

Incorporator: 
 Offshore Incorporations Limited 

 

	
	Sgd: Richard Parsons
	  

	Authorised Signatory

 TERRITORY OF THE BRITISH VIRGIN ISLANDS 

THE BVI BUSINESS COMPANIES ACT 2004 

AMENDED & RESTATED 

ARTICLES OF ASSOCIATION 

OF 
 STUDIO CITY
INTERNATIONAL HOLDINGS LIMITED 
 A COMPANY LIMITED BY SHARES 
  

	1.	 PARAMOUNT EFFECT OF SHAREHOLDERS AGREEMENT 

 

	1.1.	 To the extent not prohibited by the Act the provisions of the Shareholders Agreement are hereby incorporated
into the Articles and, for the avoidance of doubt and without limiting the generality of this Regulation 1: 

  

	 	(a)	 notwithstanding anything contained in these Articles, if the Shareholders Agreement prohibits an act being
done, the act shall not be done; and 

  

	 	(b)	 nothing contained in these Articles prevents an act being done that the Shareholders Agreement requires to be
done. 

  

	1.2.	 To the extent not prohibited by the Act if any provision of these Articles is or becomes inconsistent with the
Shareholders Agreement, the Shareholders Agreement shall prevail. 

  

	2.	 REGISTERED SHARES 

 

	2.1.	 Every holder of Class A Ordinary Shares is entitled to a certificate signed by a director of the Company
or under the Seal specifying the number of Class A Ordinary Shares held by him and the signature of the director and the Seal may be facsimiles. No share certificates shall be issued in respect of the Class B Ordinary Shares.

  

	2.2.	 Any Shareholder receiving a certificate shall indemnify and hold the Company and its directors and officers
harmless from any loss or liability which it or they may incur by reason of any wrongful or fraudulent use or representation made by any person by virtue of the possession thereof. If a certificate for Shares is worn out or lost it may be renewed on
production of the worn out certificate or on satisfactory proof of its loss together with such indemnity as may be required by a Resolution of Directors. 

  

	2.3.	 If several Eligible Persons are registered as joint holders of any Class A Ordinary Shares, any one
of such Eligible Persons may give an effectual receipt for any Distribution. 

	3.	 SHARES 

  

	3.1.	 Shares may be issued at such times, to such Eligible Persons, for such consideration and on such terms as the
directors may by Resolution of Directors determine. 

  

	3.2.	 Section 46 of the Act (Pre-emptive rights) does not apply
to the Company. 

  

	3.3.	 A Share may be issued for consideration in any form, including money, a promissory note, real property,
personal property (including goodwill and know-how) or a contract for future services. 

  

	3.4.	 No Shares may be issued for a consideration other than money, unless a Resolution of Directors has been passed
stating: 

  

	 	(a)	 the amount to be credited for the issue of the Shares; 

 

	 	(b)	 their determination of the reasonable present cash value of the
non-money consideration for the issue; and 

  

	 	(c)	 that, in their opinion, the present cash value of the non-money
consideration for the issue is not less than the amount to be credited for the issue of the Shares. 

  

	3.5.	 The Company shall keep a register (the “register of members”) containing:

  

	 	(a)	 the names and addresses of the Eligible Persons who hold Shares; 

 

	 	(b)	 the number of each class and series of Shares held by each Shareholder; 

 

	 	(c)	 the date on which the name of each Shareholder was entered in the register of members; and

  

	 	(d)	 the date on which any Eligible Person ceased to be a Shareholder. 

 

	3.6.	 The register of members may be in any such form as the directors may approve, but if it is in magnetic,
electronic or other data storage form, the Company must be able to produce legible evidence of its contents. Until the directors otherwise determine, the magnetic, electronic or other data storage form shall be the original register of members.

  

	3.7.	 A Share is deemed to be issued when the name of the Shareholder is entered in the register of members.

  

	4.	 REDEMPTION OF SHARES AND TREASURY SHARES 

 

	4.1.	 The Company may purchase, redeem or otherwise acquire and hold its own Shares save that the Company may not
purchase, redeem or otherwise acquire its own Shares without the consent of Shareholders whose Shares are to be purchased, redeemed or otherwise acquired unless the Company is permitted by the Act or any other provision in the Memorandum or Articles
to purchase, redeem or otherwise acquire the Shares without their consent. 

  

	4.2.	 The Company may only offer to acquire Shares if at the relevant time the directors determine by Resolution of
Directors that immediately after the acquisition the value of the Company’s assets will exceed its liabilities and the Company will be able to pay its debts as they fall due. 

 

	4.3.	 Sections 60 (Process for acquisition of own shares), 61 (Offer to one or more shareholders) and
62 (Shares redeemed otherwise than at the option of company) of the Act shall not apply to the Company. 

	4.4.	 Shares that the Company purchases, redeems or otherwise acquires pursuant to this Regulation may be cancelled
or held as Treasury Shares except to the extent that such Shares are in excess of 50 percent of the issued Shares in which case they shall be cancelled but they shall be available for reissue. 

 

	4.5.	 All rights and obligations attaching to a Treasury Share are suspended and shall not be exercised by the
Company while it holds the Share as a Treasury Share. 

  

	4.6.	 Treasury Shares may be disposed of by the Company on such terms and conditions (not otherwise inconsistent with
the Memorandum and Articles) as the Company may by Resolution of Directors determine. 

  

	4.7.	 Where Shares are held by another body corporate of which the Company holds, directly or indirectly, shares
having more than 50 per cent of the votes in the election of directors of the other body corporate, all rights and obligations attaching to the Shares held by the other body corporate are suspended and shall not be exercised by the other body
corporate. 

  

	5.	 MORTGAGES AND CHARGES OF SHARES 

 

	5.1.	 Shareholders may mortgage or charge their Shares. 

 

	5.2.	 There shall be entered in the register of members at the written request of the Shareholder:

  

	 	(a)	 a statement that the Shares held by him are mortgaged or charged; 

 

	 	(b)	 the name of the mortgagee or chargee; and 

 

	 	(c)	 the date on which the particulars specified in subparagraphs (a) and (b) are entered in the register of
members. 

  

	5.3.	 Where particulars of a mortgage or charge are entered in the register of members, such particulars may be
cancelled: 

  

	 	(a)	 with the written consent of the named mortgagee or chargee or anyone authorised to act on his behalf; or

  

	 	(b)	 upon evidence satisfactory to the directors of the discharge of the liability secured by the mortgage or charge
and the issue of such indemnities as the directors shall consider necessary or desirable. 

  

	5.4.	 Whilst particulars of a mortgage or charge over Shares are entered in the register of members pursuant to this
Regulation: 

  

	 	(a)	 no transfer of any Share the subject of those particulars shall be effected; 

 

	 	(b)	 the Company may not purchase, redeem or otherwise acquire any such Share; and 

 

	 	(c)	 no replacement certificate shall be issued in respect of such Shares, 

without the written consent of the named mortgagee or chargee. 

	6.	 FORFEITURE 

  

	6.1.	 Shares that are not fully paid on issue are subject to the forfeiture provisions set forth in this Regulation
and for this purpose Shares issued for a promissory note or a contract for future services are deemed to be not fully paid. 

  

	6.2.	 A written notice of call specifying the date for payment to be made shall be served on the Shareholder who
defaults in making payment in respect of the Shares. 

  

	6.3.	 The written notice of call referred to in Sub-Regulation 6.2 shall name
a further date not earlier than the expiration of 14 days from the date of service of the notice on or before which the payment required by the notice is to be made and shall contain a statement that in the event of
non-payment at or before the time named in the notice the Shares, or any of them, in respect of which payment is not made will be liable to be forfeited. 

 

	6.4.	 Where a written notice of call has been issued pursuant to
Sub-Regulation 6.3 and the requirements of the notice have not been complied with, the directors may, at any time before tender of payment, forfeit and cancel the Shares to which the notice relates.

  

	6.5.	 The Company is under no obligation to refund any moneys to the Shareholder whose Shares have been cancelled
pursuant to Sub-Regulation 6.4 and that Shareholder shall be discharged from any further obligation to the Company. 

  

	7.	 TRANSFER OF SHARES 

 

	7.1.	 Class A Ordinary Shares may be transferred by a written instrument of transfer signed by the transferor
and containing the name and address of the transferee, which shall be sent to the Company at the office of its registered agent for registration. 

  

	7.2.	 The transfer of a Class A Ordinary Share is effective when the name of the transferee is entered on the
register of members. 

  

	7.3.	 If the directors of the Company are satisfied that an instrument of transfer relating to Class A Ordinary
Shares has been signed but that the instrument has been lost or destroyed, they may resolve by Resolution of Directors: 

  

	 	(a)	 to accept such evidence of the transfer of Class A Ordinary Shares as they consider appropriate; and

  

	 	(b)	 that the transferee’s name should be entered in the register of members notwithstanding the absence of the
instrument of transfer. 

  

	7.4.	 Subject to the Memorandum, the personal representative of a deceased Shareholder may transfer a Class A
Ordinary Share even though the personal representative is not a Shareholder at the time of the transfer. 

  

	8.	 MEETINGS AND CONSENTS OF SHAREHOLDERS 

 

	8.1.	 Any director of the Company may convene meetings of the Shareholders at such times and in such manner and
places within or outside the British Virgin Islands as the director considers necessary or desirable. 

	8.2.	 Upon the written request of Shareholders entitled to exercise 30 per cent or more of the voting rights in
respect of the matter for which the meeting is requested the directors shall convene a meeting of Shareholders. 

  

	8.3.	 The director convening a meeting shall give not less than seven days’ notice of a meeting of Shareholders
to: 

  

	 	(a)	 those Shareholders whose names on the date the notice is given appear as Shareholders in the register of
members of the Company and are entitled to vote at the meeting; and 

  

	 	(b)	 the other directors. 

 

	8.4.	 The director convening a meeting of Shareholders may fix as the record date for determining those Shareholders
that are entitled to vote at the meeting the date notice is given of the meeting, or such other date as may be specified in the notice, being a date not earlier than the date of the notice. 

 

	8.5.	 A meeting of Shareholders held in contravention of the requirement to give notice is valid if Shareholders
holding at least 90 per cent of the total voting rights on all the matters to be considered at the meeting have waived notice of the meeting and, for this purpose, the presence of a Shareholder at the meeting shall constitute waiver in relation
to all the Shares which that Shareholder holds. 

  

	8.6.	 The inadvertent failure of a director who convenes a meeting to give notice of a meeting to a Shareholder or
another director, or the fact that a Shareholder or another director has not received notice, does not invalidate the meeting. 

  

	8.7.	 A Shareholder may be represented at a meeting of Shareholders by a proxy who may speak and vote on behalf of
the Shareholder. 

  

	8.8.	 The instrument appointing a proxy shall be produced at the place designated for the meeting before the time for
holding the meeting at which the person named in such instrument proposes to vote. The notice of the meeting may specify an alternative or additional place or time at which the proxy shall be presented. 

 

	8.9.	 The instrument appointing a proxy shall be in substantially the following form or such other form as the
chairman of the meeting shall accept as properly evidencing the wishes of the Shareholder appointing the proxy. 

  

	
	  

[ Name of Company ]
  

I/We being a Shareholder of the above Company HEREBY APPOINT
                 of                  or failing him
                 of
                 to be my/our proxy to vote for
me/us at the meeting of Shareholders to be held on the              day of
                    ,
20     and at any adjournment thereof.

 
 (Any restrictions on voting to be inserted here.)

 
 Signed this
             day of                     ,
20    
  
 
                                        

Shareholder

  

	8.10.	 The following applies where Shares are jointly owned: 

	 	(a)	 if two or more persons hold Shares jointly each of them may be present in person or by proxy at a meeting of
Shareholders and may speak as a Shareholder; 

  

	 	(b)	 if only one of the joint owners is present in person or by proxy he may vote on behalf of all joint owners; and

  

	 	(c)	 if two or more of the joint owners are present in person or by proxy they must vote as one.

  

	8.11.	 A Shareholder shall be deemed to be present at a meeting of Shareholders if he participates by telephone or
other electronic means and all Shareholders participating in the meeting are able to hear each other. 

  

	8.12.	 A meeting of Shareholders is duly constituted if, at the commencement of the meeting, there are present in
person or by proxy not less than 50 per cent of the votes of the Shares or class or series of Shares entitled to vote on Resolutions of Shareholders to be considered at the meeting. A quorum may comprise a single Shareholder or proxy and then
such person may pass a Resolution of Shareholders and a certificate signed by such person accompanied where such person be a proxy by a copy of the proxy instrument shall constitute a valid Resolution of Shareholders 

 

	8.13.	 If within two hours from the time appointed for the meeting a quorum is not present, the meeting, if convened
upon the requisition of Shareholders, shall be dissolved; in any other case it shall stand adjourned to the next business day in the jurisdiction in which the meeting was to have been held at the same time and place or to such other time and place
as the directors may determine, and if at the adjourned meeting there are present within one hour from the time appointed for the meeting in person or by proxy not less than one third of the votes of the Shares or each class or series of Shares
entitled to vote on the matters to be considered by the meeting, those present shall constitute a quorum but otherwise the meeting shall be dissolved. 

  

	8.14.	 At every meeting of Shareholders, the Chairman of the Board shall preside as chairman of the meeting. If there
is no Chairman of the Board or if the Chairman of the Board is not present at the meeting, the Shareholders present shall choose one of their number to be the chairman. If the Shareholders are unable to choose a chairman for any reason, then the
person representing the greatest number of voting Shares present in person or by proxy at the meeting shall preside as chairman failing which the oldest individual Shareholder or representative of a Shareholder present shall take the chair.

  

	8.15.	 The chairman may, with the consent of the meeting, adjourn any meeting from time to time, and from place to
place, but no business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place. 

 

	8.16.	 At any meeting of the Shareholders the chairman is responsible for deciding in such manner as he considers
appropriate whether any resolution proposed has been carried or not and the result of his decision shall be announced to the meeting and recorded in the minutes of the meeting. If the chairman has any doubt as to the outcome of the vote on a
proposed resolution, he shall cause a poll to be taken of all votes cast upon such resolution. If the chairman fails to take a poll then any Shareholder present in person or by proxy who disputes the announcement by the chairman of the result of any
vote may immediately following such announcement demand that a poll be taken and the chairman shall cause a poll to be taken. If a poll is taken at any meeting, the result shall be announced to the meeting and recorded in the minutes of the meeting.

  

	8.17.	 Any Eligible Person other than an individual which is a Shareholder may by resolution of its directors or other
governing body authorise such individual as it thinks fit to act as its representative at any meeting of Shareholders or of any class of Shareholders, and the individual so authorised shall be entitled to exercise the same rights on behalf of the
Eligible Person which he represents as that Eligible Person could exercise if it were an individual. 

	8.18.	 The chairman of any meeting at which a vote is cast by proxy or on behalf of any Eligible Person other than an
individual may call for a notarially certified copy of such proxy or authority which shall be produced within seven days of being so requested or the votes cast by such proxy or on behalf of such Eligible Person shall be disregarded.

  

	8.19.	 Directors of the Company may attend and speak at any meeting of Shareholders and at any separate meeting of the
holders of any class or series of Shares. 

  

	8.20.	 An action that may be taken by the Shareholders at a meeting may also be taken by a Resolution of Shareholders
consented to in writing, without the need for any notice, but if any Resolution of Shareholders is adopted otherwise than by the unanimous written consent of all Shareholders, a copy of such resolution shall forthwith be sent to all Shareholders not
consenting to such resolution. The consent may be in the form of counterparts, each counterpart being signed by one or more Shareholders. If the consent is in one or more counterparts, and the counterparts bear different dates, then the resolution
shall take effect on the earliest date upon which Eligible Persons holding a sufficient number of votes of Shares to constitute a Resolution of Shareholders have consented to the resolution by signed counterparts. 

 

	9.	 DIRECTORS 

  

	9.1.	 The first directors of the Company shall be appointed by the first registered agent within six months of the
date of incorporation of the Company; and thereafter, the directors shall be elected by Resolution of Shareholders or by Resolution of Directors for such term as the Shareholders or directors determine. 

 

	9.2.	 No person shall be appointed as a director of the Company unless he has consented in writing to act as a
director. 

  

	9.3.	 The minimum number of directors shall be one and the maximum number shall be five. 

 

	9.4.	 Each director holds office for the term, if any, fixed by the Resolution of Shareholders or Resolution of
Directors appointing him, or until his earlier death, resignation or removal. If no term is fixed on the appointment of a director, the director serves indefinitely until his earlier death, resignation or removal. 

 

	9.5.	 A director may be removed from office only in accordance with the Shareholders Agreement.

  

	9.6.	 A director may resign his office by giving written notice of his resignation to the Company and the resignation
has effect from the date the notice is received by the Company at the office of its registered agent or from such later date as may be specified in the notice. A director shall resign forthwith as a director if he is, or becomes, disqualified from
acting as a director under the Act. 

  

	9.7.	 The directors may at any time appoint any person to be a director either to fill a vacancy or as an addition to
the existing directors. Where the directors appoint a person as director to fill a vacancy, the term shall not exceed the term that remained when the person who has ceased to be a director ceased to hold office. 

 

	9.8.	 A vacancy in relation to directors occurs if a director dies or otherwise ceases to hold office prior to the
expiration of his term of office. 

  

	9.9.	 The Company shall keep a register of directors containing: 

 

	 	(a)	 the names and addresses of the persons who are directors of the Company; 

	 	(b)	 the date on which each person whose name is entered in the register was appointed as a director of the Company;

  

	 	(c)	 the date on which each person named as a director ceased to be a director of the Company; and

  

	 	(d)	 such other information as may be prescribed by the Act. 

 

	9.10.	 The register of directors may be kept in any such form as the directors may approve, but if it is in magnetic,
electronic or other data storage form, the Company must be able to produce legible evidence of its contents. Until a Resolution of Directors determining otherwise is passed, the magnetic, electronic or other data storage shall be the original
register of directors. 

  

	9.11.	 The directors may, by a Resolution of Directors, fix the emoluments of directors with respect to services to be
rendered in any capacity to the Company. 

  

	9.12.	 A director is not required to hold a Share as a qualification to office. 

 

	10.	 POWERS OF DIRECTORS 

 

	10.1.	 The business and affairs of the Company shall be managed by, or under the direction or supervision of, the
directors of the Company. The directors of the Company have all the powers necessary for managing, and for directing and supervising, the business and affairs of the Company. The directors may pay all expenses incurred preliminary to and in
connection with the incorporation of the Company and may exercise all such powers of the Company as are not by the Act or by the Memorandum or the Articles required to be exercised by the Shareholders. 

 

	10.2.	 Each director shall exercise his powers for a proper purpose and shall not act or agree to the Company acting
in a manner that contravenes the Memorandum, the Articles or the Act. Each director, in exercising his powers or performing his duties, shall act honestly and in good faith in what the director believes to be the best interests of the Company.

  

	10.3.	 If the Company is the wholly owned subsidiary of a holding company, a director of the Company may, when
exercising powers or performing duties as a director, act in a manner which he believes is in the best interests of the holding company even though it may not be in the best interests of the Company. 

 

	10.4.	 Any director which is a body corporate may appoint any individual as its duly authorised representative for the
purpose of representing it at meetings of the directors, with respect to the signing of consents or otherwise. 

  

	10.5.	 The continuing directors may act notwithstanding any vacancy in their body. 

 

	10.6.	 The directors may by Resolution of Directors exercise all the powers of the Company to incur indebtedness,
liabilities or obligations and to secure indebtedness, liabilities or obligations whether of the Company or of any third party. 

  

	10.7.	 All cheques, promissory notes, drafts, bills of exchange and other negotiable instruments and all receipts for
moneys paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed, as the case may be, in such manner as shall from time to time be determined by Resolution of Directors. 

 

	10.8.	 For the purposes of Section 175 (Disposition of assets) of the Act, the directors may by Resolution
of Directors determine that any sale, transfer, lease, exchange or other disposition is in the usual or regular course of the business carried on by the Company and such determination is, in the absence of fraud, conclusive. 

	11.	 PROCEEDINGS OF DIRECTORS 

 

	11.1.	 Any one director of the Company may call a meeting of the directors by sending a written notice to each other
director. 

  

	11.2.	 The directors of the Company or any committee thereof may meet at such times and in such manner and places
within or outside the British Virgin Islands as the directors may determine to be necessary or desirable. 

  

	11.3.	 A director is deemed to be present at a meeting of directors if he participates by telephone or other
electronic means and all directors participating in the meeting are able to hear each other. 

  

	11.4.	 A director shall be given not less than three days’ notice of meetings of directors, but a meeting of
directors held without three days’ notice having been given to all directors shall be valid if all the directors entitled to vote at the meeting who do not attend waive notice of the meeting, and for this purpose the presence of a director at a
meeting shall constitute waiver by that director. The inadvertent failure to give notice of a meeting to a director, or the fact that a director has not received the notice, does not invalidate the meeting. 

 

	11.5.	 A director may by a written instrument appoint an alternate who need not be a director and the alternate shall
be entitled to attend meetings in the absence of the director who appointed him and to vote or consent in place of the director until the appointment lapses or is terminated. 

 

	11.6.	 A meeting of directors is duly constituted for all purposes if at the commencement of the meeting there are
present in person or by alternate not less than one-half of the total number of directors, unless there are only two directors in which case the quorum is two. 

 

	11.7.	 If the Company has only one director the provisions herein contained for meetings of directors do not apply and
such sole director has full power to represent and act for the Company in all matters as are not by the Act, the Memorandum or the Articles required to be exercised by the Shareholders. In lieu of minutes of a meeting the sole director shall record
in writing and sign a note or memorandum of all matters requiring a Resolution of Directors. Such a note or memorandum constitutes sufficient evidence of such resolution for all purposes. 

 

	11.8.	 At meetings of directors at which the Chairman of the Board is present, he shall preside as chairman of the
meeting. If there is no Chairman of the Board or if the Chairman of the Board is not present, the directors present shall choose one of their number to be chairman of the meeting. 

 

	11.9.	 An action that may be taken by the directors or a committee of directors at a meeting may also be taken by a
Resolution of Directors or a resolution of a committee of directors consented to in writing by all directors or by all members of the committee, as the case may be, without the need for any notice. The consent may be in the form of counterparts each
counterpart being signed by one or more directors. If the consent is in one or more counterparts, and the counterparts bear different dates, then the resolution shall take effect on the date upon which the last director has consented to the
resolution by signed counterparts. 

  

	12.	 COMMITTEES 

  

	12.1.	 The directors may, by Resolution of Directors, designate one or more committees, each consisting of one or more
directors, and delegate one or more of their powers, including the power to affix the Seal, to the committee. 

	12.2.	 The directors have no power to delegate to a committee of directors any of the following powers:

  

	 	(a)	 to amend the Memorandum or the Articles; 

 

	 	(b)	 to designate committees of directors; 

 

	 	(c)	 to delegate powers to a committee of directors; 

 

	 	(d)	 to appoint directors; 

 

	 	(e)	 to appoint an agent; 

 

	 	(f)	 to approve a plan of merger, consolidation or arrangement; or 

 

	 	(g)	 to make a declaration of solvency or to approve a liquidation plan. 

 

	12.3.	 Sub-Regulation 12.2(b) and (c) do not prevent a committee of
directors, where authorised by the Resolution of Directors appointing such committee or by a subsequent Resolution of Directors, from appointing a sub-committee and delegating powers exercisable by the
committee to the sub-committee. 

  

	12.4.	 The meetings and proceedings of each committee of directors consisting of two or more directors shall be
governed mutatis mutandis by the provisions of the Articles regulating the proceedings of directors so far as the same are not superseded by any provisions in the Resolution of Directors establishing the committee. 

 

	12.5.	 Where the directors delegate their powers to a committee of directors they remain responsible for the exercise
of that power by the committee, unless they believed on reasonable grounds at all times before the exercise of the power that the committee would exercise the power in conformity with the duties imposed on directors of the Company under the Act.

  

	13.	 OFFICERS AND AGENTS 

 

	13.1.	 The Company may by Resolution of Directors appoint officers of the Company at such times as may be considered
necessary or expedient. Such officers may consist of a Chairman of the Board of Directors, a president and one or more vice-presidents, secretaries and treasurers and such other officers as may from time to time be considered necessary or expedient.
Any number of offices may be held by the same person. 

  

	13.2.	 The officers shall perform such duties as are prescribed at the time of their appointment subject to any
modification in such duties as may be prescribed thereafter by Resolution of Directors. In the absence of any specific prescription of duties it shall be the responsibility of the Chairman of the Board to preside at meetings of directors and
Shareholders, the president to manage the day to day affairs of the Company, the vice-presidents to act in order of seniority in the absence of the president but otherwise to perform such duties as may be delegated to them by the president, the
secretaries to maintain the register of members, minute books and records (other than financial records) of the Company and to ensure compliance with all procedural requirements imposed on the Company by applicable law, and the treasurer to be
responsible for the financial affairs of the Company. 

  

	13.3.	 The emoluments of all officers shall be fixed by Resolution of Directors. 

 

	13.4.	 The officers of the Company shall hold office until their successors are duly appointed, but any officer
elected or appointed by the directors may be removed at any time, with or without cause, by Resolution of Directors. Any vacancy occurring in any office of the Company may be filled by Resolution of Directors. 

	13.5.	 The directors may, by a Resolution of Directors, appoint any person, including a person who is a director, to
be an agent of the Company. An agent of the Company shall have such powers and authority of the directors, including the power and authority to affix the Seal, as are set forth in the Articles or in the Resolution of Directors appointing the agent,
except that no agent has any power or authority with respect to the matters specified in Sub-Regulation 12.2. The Resolution of Directors appointing an agent may authorise the agent to appoint one or more
substitutes or delegates to exercise some or all of the powers conferred on the agent by the Company. The directors may remove an agent appointed by the Company and may revoke or vary a power conferred on him. 

 

	14.	 CONFLICT OF INTERESTS 

 

	14.1.	 A director of the Company shall, forthwith after becoming aware of the fact that he is interested in a
transaction entered into or to be entered into by the Company, disclose the interest to all other directors of the Company. 

  

	14.2.	 For the purposes of Sub-Regulation 14.1, a disclosure to all other
directors to the effect that a director is a member, director or officer of another named entity or has a fiduciary relationship with respect to the entity or a named individual and is to be regarded as interested in any transaction which may, after
the date of the entry or disclosure, be entered into with that entity or individual, is a sufficient disclosure of interest in relation to that transaction. 

  

	14.3.	 Provided that the Board of directors of the Company has given prior authorisation by way of a Resolution of
Directors (for which purposes the interested director shall not be able to vote), a director of the Company who is interested in a transaction entered into or to be entered into by the Company may: 

 

	 	(a)	 vote on a matter relating to the transaction; 

 

	 	(b)	 attend a meeting of directors at which a matter relating to the transaction arises and be included among the
directors present at the meeting for the purposes of a quorum; and 

  

	 	(c)	 sign a document on behalf of the Company, or do any other thing in his capacity as a director, that relates to
the transaction, 

 and, subject to compliance with the Act shall not, by reason of his office be accountable to the
Company for any benefit which he derives from such transaction and no such transaction shall be liable to be avoided on the grounds of any such interest or benefit. 
  

	15.	 INDEMNIFICATION 

 

	15.1.	 Subject to the limitations hereinafter provided the Company shall indemnify against all expenses, including
legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings any person who: 

 

	 	(a)	 is or was a party or is threatened to be made a party to any threatened, pending or completed proceedings,
whether civil, criminal, administrative or investigative, by reason of the fact that the person is or was a director of the Company; or 

  

	 	(b)	 is or was, at the request of the Company, serving as a director of, or in any other capacity is or was acting
for, another company or a partnership, joint venture, trust or other enterprise. 

	15.2.	 The indemnity in Sub-Regulation 15.1 only applies if the person acted
honestly and in good faith with a view to the best interests of the Company and, in the case of criminal proceedings, the person had no reasonable cause to believe that their conduct was unlawful. 

 

	15.3.	 The decision of the directors as to whether the person acted honestly and in good faith and with a view to the
best interests of the Company and as to whether the person had no reasonable cause to believe that his conduct was unlawful is, in the absence of fraud, sufficient for the purposes of the Articles, unless a question of law is involved.

  

	15.4.	 The termination of any proceedings by any judgment, order, settlement, conviction or the entering of a nolle
prosequi does not, by itself, create a presumption that the person did not act honestly and in good faith and with a view to the best interests of the Company or that the person had reasonable cause to believe that his conduct was unlawful.

  

	15.5.	 The Company may purchase and maintain insurance in relation to any person who is or was a director, officer or
liquidator of the Company, or who at the request of the Company is or was serving as a director, officer or liquidator of, or in any other capacity is or was acting for, another company or a partnership, joint venture, trust or other enterprise,
against any liability asserted against the person and incurred by the person in that capacity, whether or not the Company has or would have had the power to indemnify the person against the liability as provided in the Articles.

  

	16.	 RECORDS 

  

	16.1.	 The Company shall keep the following documents at the office of its registered agent: 

 

	 	(a)	 the Memorandum and the Articles; 

 

	 	(b)	 the register of members, or a copy of the register of members; 

 

	 	(c)	 the register of directors, or a copy of the register of directors; and 

 

	 	(d)	 copies of all notices and other documents filed by the Company with the Registrar of Corporate Affairs in the
previous 10 years. 

  

	16.2.	 If the Company maintains only a copy of the register of members or a copy of the register of directors at the
office of its registered agent, it shall: 

  

	 	(a)	 within 15 days of any change in either register, notify the registered agent in writing of the change; and

  

	 	(b)	 provide the registered agent with a written record of the physical address of the place or places at which the
original register of members or the original register of directors is kept. 

  

	16.3.	 The Company shall keep the following records at the office of its registered agent or at such other place or
places, within or outside the British Virgin Islands, as the directors may determine: 

  

	 	(a)	 minutes of meetings and Resolutions of Shareholders and classes of Shareholders; 

 

	 	(b)	 minutes of meetings and Resolutions of Directors and committees of directors; and 

 

	 	(c)	 an impression of the Seal, if any. 

 

	16.4.	 Where any original records referred to in this Regulation are maintained other than at the office of the
registered agent of the Company, and the place at which the original records is changed, the Company shall provide the registered agent with the physical address of the new location of the records of the Company within 14 days of the change of
location. 

	16.5.	 The records kept by the Company under this Regulation shall be in written form or either wholly or partly as
electronic records complying with the requirements of the Electronic Transactions Act (No. 5 of 2001). 

  

	17.	 REGISTERS OF CHARGES 

The Company shall maintain at the office of its registered agent a register of charges in which there shall be entered the following
particulars regarding each mortgage, charge and other encumbrance created by the Company: 
  

	 	(a)	 the date of creation of the charge; 

 

	 	(b)	 a short description of the liability secured by the charge; 

 

	 	(c)	 a short description of the property charged; 

 

	 	(d)	 the name and address of the trustee for the security or, if there is no such trustee, the name and address of
the chargee; 

  

	 	(e)	 unless the charge is a security to bearer, the name and address of the holder of the charge; and

  

	 	(f)	 details of any prohibition or restriction contained in the instrument creating the charge on the power of the
Company to create any future charge ranking in priority to or equally with the charge. 

  

	18.	 SEAL 

The Company may have more than one Seal and references herein to the Seal shall be references to every Seal which shall have been duly adopted
by Resolution of Directors. The directors shall provide for the safe custody of the Seal and for an imprint thereof to be kept at the registered office. Except as otherwise expressly provided herein the Seal when affixed to any written instrument
shall be witnessed and attested to by the signature of any one director or other person so authorised from time to time by Resolution of Directors. Such authorisation may be before or after the Seal is affixed, may be general or specific and may
refer to any number of sealings. The directors may provide for a facsimile of the Seal and of the signature of any director or authorised person which may be reproduced by printing or other means on any instrument and it shall have the same force
and validity as if the Seal had been affixed to such instrument and the same had been attested to as hereinbefore described. 
  

	19.	 DISTRIBUTIONS BY WAY OF DIVIDEND 

 

	19.1.	 Subject to Clause 8.4, the directors of the Company may, by Resolution of Directors, authorise a distribution
by way of dividend at a time and of an amount they think fit if they are satisfied, on reasonable grounds, that, immediately after the distribution, the value of the Company’s assets will exceed its liabilities and the Company will be able to
pay its debts as they fall due. 

  

	19.2.	 Dividends may be paid in money, shares, or other property. 

 

	19.3.	 Notice of any dividend that may have been declared shall be given to each Shareholder as specified in Sub-Regulation 21.1 and all dividends unclaimed for 3 years after having been declared may be forfeited by Resolution of Directors for the benefit of the Company. 

	19.4.	 No dividend shall bear interest as against the Company and no dividend shall be paid on Treasury Shares.

  

	20.	 ACCOUNTS AND AUDIT 

 

	20.1.	 The Company shall keep records that are sufficient to show and explain the Company’s transactions and that
will, at any time, enable the financial position of the Company to be determined with reasonable accuracy. 

  

	20.2.	 The Company may by Resolution of Shareholders call for the directors to prepare periodically and make available
a profit and loss account and a balance sheet. The profit and loss account and balance sheet shall be drawn up so as to give respectively a true and fair view of the profit and loss of the Company for a financial period and a true and fair view of
the assets and liabilities of the Company as at the end of a financial period. 

  

	20.3.	 The Company may by Resolution of Shareholders call for the accounts to be examined by auditors.

  

	20.4.	 The first auditors shall be appointed by Resolution of Directors; subsequent auditors shall be appointed by a
Resolution of Shareholders. 

  

	20.5.	 The auditors may be Shareholders, but no director or other officer shall be eligible to be an auditor of the
Company during their continuance in office. 

  

	20.6.	 The remuneration of the auditors of the Company: 

 

	 	(a)	 in the case of auditors appointed by the directors, may be fixed by Resolution of Directors; and

  

	 	(b)	 subject to the foregoing, shall be fixed by Resolution of Shareholders or in such manner as the Company may by
Resolution of Shareholders determine. 

  

	20.7.	 The auditors shall examine each profit and loss account and balance sheet required to be laid before a meeting
of the Shareholders or otherwise given to Shareholders and shall state in a written report whether or not: 

  

	 	(a)	 in their opinion the profit and loss account and balance sheet give a true and fair view respectively of the
profit and loss for the period covered by the accounts, and of the assets and liabilities of the Company at the end of that period; and 

  

	 	(b)	 all the information and explanations required by the auditors have been obtained. 

 

	20.8.	 The report of the auditors shall be annexed to the accounts and shall be read at the meeting of Shareholders at
which the accounts are laid before the Company or shall be otherwise given to the Shareholders. 

  

	20.9.	 Every auditor of the Company shall have a right of access at all times to the books of account and vouchers of
the Company, and shall be entitled to require from the directors and officers of the Company such information and explanations as he thinks necessary for the performance of the duties of the auditors. 

 

	20.10.	 The auditors of the Company shall be entitled to receive notice of, and to attend any meetings of Shareholders
at which the Company’s profit and loss account and balance sheet are to be presented. 

	21.	 NOTICES 

  

	21.1.	 Any notice, information or written statement to be given by the Company to Shareholders may be given by
personal service or by mail addressed to each Shareholder at the address shown in the register of members. 

  

	21.2.	 Any summons, notice, order, document, process, information or written statement to be served on the Company may
be served by leaving it, or by sending it by registered mail addressed to the Company, at its registered office, or by leaving it with, or by sending it by registered mail to, the registered agent of the Company. 

 

	21.3.	 Service of any summons, notice, order, document, process, information or written statement to be served on the
Company may be proved by showing that the summons, notice, order, document, process, information or written statement was delivered to the registered office or the registered agent of the Company or that it was mailed in such time as to admit to its
being delivered to the registered office or the registered agent of the Company in the normal course of delivery within the period prescribed for service and was correctly addressed and the postage was prepaid. 

 

	22.	 VOLUNTARY WINDING UP AND DISSOLUTION 

The Company may by a Resolution of Shareholders or by a Resolution of Directors appoint a voluntary liquidator. 

 

	23.	 CONTINUATION 

The Company may by Resolution of Shareholders or by a resolution passed unanimously by all directors of the Company continue as a company
incorporated under the laws of a jurisdiction outside the British Virgin Islands in the manner provided under those laws. 

 We, Offshore Incorporations Limited of Offshore Incorporations Centre, P.O. Box 957, Road Town, Tortola, British
Virgin Islands for the purpose of incorporating a BVI Business Company under the laws of the British Virgin Islands hereby sign these Articles of Association the 3rd day of July 2007. 

Incorporator: 
 Offshore Incorporations Limited 

 

	
	Sgd: Richard Parsons
	   

	Authorised Signatory

 SCHEDULE 1 

SHAREHOLDERS AGREEMENT 

 EXHIBIT F 

FORM OF NC SHARE EXCHANGE AGREEMENT 

 SHARE EXCHANGE AGREEMENT 

This SHARE EXCHANGE AGREEMENT (this “Agreement”), dated as of [●], 2018, is made by and between Studio City
International Holdings Limited, a business company limited by shares incorporated in the British Virgin Islands (the “Pre-Migration Company” and, following the proposed transfer by way of
continuation of the Pre-Migration Company as an exempted company with limited liability in the Cayman Islands, the “Company”) and New Cotai, LLC, a Delaware limited liability company
(“New Cotai” and, together with the Pre-Migration Company, the “Parties” and, each, a “Party”). 

WITNESSETH: 
 WHEREAS, New
Cotai owns 72,511,760 Class A Ordinary Shares of the Pre-Migration Company, representing 40% of the issued shares of the Pre-Migration Company (the “New
Cotai Shares”); 
 WHEREAS, it is contemplated that the Company will effect an underwritten public offering (the
“IPO”) of American Depositary Shares (“ADS”), each ADS representing a certain number of Company Class A Ordinary Shares (as defined below); 

WHEREAS, in anticipation of the IPO, (i) prior to the date hereof, the Pre-Migration Company
formed a business company incorporated in the British Virgin Islands as a wholly-owned subsidiary (“Newco”), and transferred substantially all of its assets and liabilities to Newco pursuant to the Transfer Agreement in the form
attached as Exhibit D to the Implementation Agreement, (ii) following the date hereof, the Pre-Migration Company intends to transfer by way of continuation from the British Virgin Islands to the
Cayman Islands whereupon the Pre-Migration Company shall become the Company for all purposes under this Agreement (the “Continuation”), and (iii) upon the terms and subject to the
conditions set forth herein, New Cotai desires to transfer and deliver to the Pre-Migration Company, and the Pre-Migration Company desires to repurchase for cancellation
and accept from New Cotai, New Cotai’s right, title, and interest in and to the New Cotai Shares (the “New Cotai Share Repurchase”); 

WHEREAS, prior to the execution and delivery of this Agreement, Melco and MCE Cotai have duly waived the obligations of New Cotai under clause
22.1 (Shareholders) and clause 24 (Minority Shareholders) of the Pre-Migration Company Shareholders Agreement solely with respect to the New Cotai Share Repurchase to the extent such provisions of the Pre-Migration Company Shareholders Agreement restrict the New Cotai Share Repurchase; and 

 WHEREAS, in consideration of and in exchange for the New Cotai Share Repurchase, (i) the Pre-Migration Company desires to procure Newco’s grant of the Participation (as defined below) to New Cotai, and New Cotai desires to acquire and accept the Participation from Newco, (ii) the Pre-Migration Company desires to issue to New Cotai, and New Cotai desires to subscribe for and accept from the Pre-Migration Company, 72,511,760 Class B Ordinary Shares,
par value US$0.0001 per share, of the Pre-Migration Company free and clear of any liens or encumbrances (such shares, the “Pre-Migration Company
Class B Shares”), and (iii) the Pre-Migration Company desires to deliver to New Cotai, and New Cotai desires to accept from the
Pre-Migration Company, the right to receive, immediately following the effectiveness of the Continuation, (A) the rights, interests, and entitlements granted to New Cotai under the Amended and Restated
Company Shareholders Agreement in the form attached as Exhibit I to the Implementation Agreement (the “Amended and Restated Company Shareholders Agreement”), (B) the rights, interests, and entitlements granted to New Cotai
under the Amended and Restated Registration Rights Agreement in the form attached as Exhibit J to the Implementation Agreement (the “Amended and Restated Registration Rights Agreement”), (C) the rights, interests, and
entitlements granted to New Cotai under the PFIC Side Letter in the form attached as Exhibit K to the Implementation Agreement (the “PFIC Side Letter”), and (D) the rights, interests, and entitlements granted to New
Cotai under the Financing Cooperation Side Letter in the form attached as Exhibit L to the Implementation Agreement (the “Financing Cooperation Side Letter”), in each case, upon the terms and subject to the conditions set
forth herein (the consideration being delivered by the Pre-Migration Company under clauses (i) through (iii), the “Specified Consideration”). 

NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein and for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound thereby, the Parties hereby agree as follows: 

ARTICLE I 
 SHARE
REPURCHASE AND DELIVERABLES 
 SECTION 1.01 New Cotai Share Repurchase. Upon the terms and subject to the conditions set
forth herein, and in exchange for the Specified Consideration, New Cotai hereby transfers and delivers to the Pre-Migration Company, and the Pre-Migration Company hereby
repurchases and accepts from New Cotai, all right, title, and interest of New Cotai in and to the New Cotai Shares, free and clear of any liens or encumbrances. 

SECTION 1.02 Deliverables of New Cotai, the Pre-Migration Company, and the Company. 

(a) Deliverables of New Cotai. Concurrently with the execution and delivery of this Agreement, New Cotai shall deliver to the Pre-Migration Company: 
 (i) Share Certificates 11 and 13 representing an aggregate of 3,251.176 ordinary
shares of par value US$1.00 each in the Pre-Migration Company in issue prior to the Charter Amendment (as defined in the Implementation Agreement); 

(ii) a Declaration and Indemnity for Lost Share Certificate in the form attached hereto as Exhibit A with respect to Share Certificates
6 and 8 representing an aggregate of 4000 ordinary shares of par value US$1.00 each in the Pre-Migration Company in issue prior to the Charter Amendment (as defined in the Implementation Agreement); 

(iii) a counterpart signature page to the Share Repurchase Letter in the form attached hereto as Exhibit B, duly executed by New Cotai;

  
 2 

 (iv) a counterpart signature page to the Participation Agreement in the form attached as
Exhibit G to the Implementation Agreement (the “Participation Agreement”), duly executed by New Cotai; 
 (v) a
counterpart signature page to the Tax Side Letter in the form attached as Exhibit H to the Implementation Agreement (the “Tax Side Letter”), duly executed by New Cotai; 

(vi) a counterpart signature page to the Amended and Restated Company Shareholders Agreement, duly executed by New Cotai, to be held in escrow
and deemed automatically released upon the effectiveness of the Continuation and delivery to New Cotai of the items set forth in Section 1.02(c) hereof; 

(vii) a counterpart signature page to the Amended and Restated Registration Rights Agreement, duly executed by New Cotai, to be held in escrow
and deemed automatically released upon the effectiveness of the Continuation and delivery to New Cotai of the items set forth in Section 1.02(c) hereof; 

(viii) a copy of the PFIC Side Letter, duly executed by New Cotai, to be held in escrow and deemed automatically released upon the
effectiveness of the Continuation and delivery to New Cotai of the items set forth in Section 1.02(c) hereof; and 
 (ix) a copy of the
Financing Cooperation Side Letter, duly executed by New Cotai, to be held in escrow and deemed automatically released upon the effectiveness of the Continuation and delivery to New Cotai of the items set forth in Section 1.02(c) hereof. 

(b) Deliverables of the Pre-Migration Company. Concurrently with the execution and delivery of
this Agreement, the Pre-Migration Company shall: 
 (i) deliver, allot and issue to New Cotai the Pre-Migration Company Class B Shares, duly authorized, fully paid, and non-assessable and free and clear of any liens or encumbrances, except for such liens and
encumbrances set forth in the Pre-Migration Company’s Memorandum of Association and Articles of Association and under Applicable Law; and 

(ii) deliver or cause to be delivered to New Cotai: 

(A) a copy of the updated register of members of the Pre-Migration Company reflecting
the issuance of the Pre-Migration Company Class B Shares and the cancellation of the New Cotai Shares certified by a director or the registered agent of the
Pre-Migration Company; 
 (B) counterpart signature pages to the Participation
Agreement, duly executed by the Pre-Migration Company and Newco; and 
 (C)
counterpart signature pages to the Tax Side Letter, duly executed by the Pre-Migration Company and Newco. 

  
 3 

 (c) Deliverables of the Company. Upon the effectiveness of the Continuation, the Company
shall deliver to New Cotai: 
 (i) counterpart signature pages to the Amended and Restated Company Shareholders Agreement, duly executed by
the Company, Melco, and MCE Cotai; 
 (ii) a counterpart signature page to the Amended and Restated Registration Rights Agreement, duly
executed by the Company; 
 (iii) a counterpart signature page to the PFIC Side Letter, duly executed by the Company; 

(iv) counterpart signature pages to the Financing Cooperation Side Letter, duly executed by the Company and Melco; and 

(v) a register of members of the Company showing New Cotai as the registered holder of 72,511,760 Class B ordinary shares, par value
US$0.0001 per share, of the Company certified by a director or the registered office provider of the Company. 
 ARTICLE II 

REPRESENTATIONS AND WARRANTIES 

SECTION 2.01 Representations and Warranties of the Pre-Migration Company. The Pre-Migration Company represents and warrants that (i) it is an exempted company duly incorporated and is existing in good standing under the laws of its jurisdiction of organization; (ii) it has all
requisite corporate power and authority to enter into and perform its respective obligations under this Agreement and to consummate the transactions contemplated hereby, including the issuance of the Class B Ordinary Shares and the procurement
of Newco’s entry into the Participation Agreement in accordance with the terms hereof; (iii) the execution and delivery of this Agreement by it and the consummation by it of the transactions contemplated hereby, including the issuance of
the Class B Ordinary Shares and the procurement of Newco’s entry into the Participation Agreement, have been duly authorized by all necessary corporate action on its part and will not contravene any agreement or other instrument binding
upon it or any judgment, order or decree of any governmental body, agency or court having jurisdiction over it; (iv) the Class B Ordinary Shares issued to New Cotai have been duly authorized, and are fully paid, non-assessable, and free and clear of any liens or encumbrances, except for such liens and encumbrances set forth in the Pre-Migration Company’s Memorandum of Association
and Articles of Association and under Applicable Law; and (v) this Agreement constitutes a legal, valid, and binding obligation of the Pre-Migration Company enforceable against the Pre-Migration Company in accordance with its terms. 

  
 4 

 SECTION 2.02 Representations and Warranties of New Cotai. New Cotai represents
and warrants that (i) it is duly formed, is validly existing, and is in good standing under the laws of its jurisdiction of organization; (ii) it has all requisite limited liability company power and authority to enter into and perform its
respective obligations under this Agreement and to consummate the transactions contemplated hereby; (iii) the execution and delivery of this Agreement by it and the consummation by it of the transactions contemplated hereby, have been duly
authorized by all necessary limited liability company action on its part and will not contravene any agreement or other instrument binding upon it or any judgment, order or decree of any governmental body, agency or court having jurisdiction over
it; (iv) the New Cotai Shares are owned directly by New Cotai, free and clear of any liens or encumbrances; and (v) this Agreement constitutes the valid and binding obligation of New Cotai enforceable against New Cotai in accordance with
its terms. 
 ARTICLE III 

COVENANTS AND AGREEMENTS 

SECTION 3.01 Further Assurances. In addition to the actions specifically provided for in this Agreement, each Party shall use its
reasonable best efforts to take, or cause to be taken, all actions, and to do, or cause to be done, all things reasonably necessary, proper, or advisable under Applicable Law, regulations, and agreements to consummate and make effective the
transactions contemplated hereby. Without limiting the foregoing, each Party shall cooperate with the other Party, and execute and deliver, or use its reasonable best efforts to cause to be executed and delivered, the instruments, including, without
limitation, instruments of conveyance, assignment, and transfer, and to make the filings with, and, to the extent practicable and as permitted by Law, to obtain the consents, approvals, or authorizations of, any Governmental Authority or other
Person under any permit, license, agreement, or other instrument, and take all such other actions as such Party may reasonably be requested to take by any other Party from time to time, consistent with the terms hereof, in order to effectuate the
provisions and purposes of this Agreement and the transactions contemplated hereby. 
 SECTION 3.02 Waiver. The Pre-Migration Company hereby irrevocably and unconditionally waives the compliance by New Cotai with its obligations under clause 22.1 (Shareholders) and clause 24 (Minority Shareholders) of the Pre-Migration Company Shareholders Agreement solely with respect to the New Cotai Share Repurchase to the extent such provisions restrict the New Cotai Share Repurchase. 

ARTICLE IV 

MISCELLANEOUS 

SECTION 4.01 Definitions. 

(a) Unless otherwise defined herein, all capitalized terms used in this Agreement shall have the meanings set forth in the Implementation
Agreement. 
 (b) The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the
terms used in this Agreement: 
 “Action” means any action, claim, suit, litigation, proceeding (including, without
limitation, arbitral) or investigation. 

  
 5 

 “Agreement” has the meaning set forth in the preamble, and includes any
amendments or modifications to this Agreement after the date hereof. 
 “Applicable Law” means any Law applicable to any of
the Parties or any of their respective directors, officers, employees, properties, or assets. 
 “Class A
Ordinary Shares” means the Class A ordinary shares, par value US$0.0001 per share, of the Company. 
 “Implementation
Agreement” means the Implementation Agreement, dated as of [ ], by and among the Pre-Migration Company, New Cotai, and the other parties thereto. 

“Law” means any federal, state, local, municipal, or foreign (including, without limitation, supranational) law, statute,
ordinance, rule, regulation, judgment, order, injunction, decree, arbitration award, agency requirement, license, or permit of any Governmental Authority. 

“MCE Cotai” means MCE Cotai Investments Limited, an exempted company incorporated in the Cayman Islands with limited
liability. 
 “Melco” means Melco Resorts & Entertainment Limited, an exempted company incorporated in the Cayman
Islands with limited liability. 
 “Participation” means the rights, interests, entitlements, and obligations of a
Participant (as defined in the Participation Agreement) under the Participation Agreement and the Tax Side Letter. 

“Person” means any individual, firm, corporation, partnership, trust, incorporated or unincorporated association, joint
venture, joint stock company, limited liability company, Governmental Authority, or other entity of any kind, and shall include any successor (by merger or otherwise) of such entity. 

“Pre-Migration Company Shareholders Agreement” means the Shareholders Agreement dated
July 27, 2011, among MCE Cotai, New Cotai, Melco, and the Pre-Migration Company, as amended on September 25, 2012, May 17, 2013, June 3, 2014 and July 21, 2014. 

SECTION 4.02 Interpretation. In this Agreement, unless otherwise provided: 

(a) A reference to an Article, Section, or Schedule is a reference to an Article or Section of, or Schedule to, this Agreement, and references
to this Agreement include any recital in or Schedule to this Agreement. 
 (b) Headings are inserted for convenience only and shall not
affect the construction or interpretation of this Agreement. 
 (c) The word “shall” shall be obligatory and the word
“may” shall be permissive. 

  
 6 

 (d) Unless the context otherwise requires, words importing the singular include the plural and
vice versa, words importing the masculine include the feminine and vice versa, and words importing persons include corporations, associations, partnerships, joint ventures, and limited liability companies and vice versa. 

(e) The words “hereof” and “herein”, and words of similar meaning shall refer to this Agreement as a whole and not to any
particular Article, Section, or clause, and the words “include”, “includes”, and “including” shall be deemed to be followed by the words “without limitation.” 

(f) Except as otherwise specified herein, a reference to any legislation or to any provision of any legislation shall include any amendment
to, and any modification or re-enactment thereof, any legislative provision substituted therefor and all rules, regulations, and statutory instruments issued thereunder or pursuant thereto. 

(g) Except as otherwise specified herein, a reference herein to any other agreement or document shall be to such agreement or document as it
may have been or may hereafter be amended, modified, supplemented, waived, or restated from time to time in accordance with its terms and, to the extent applicable, the terms of this Agreement, and shall include all annexes, exhibits, schedules, and
other documents or agreements attached thereto. 
 SECTION 4.03 Addresses and Notices. All notices, requests, claims, demands,
and other communications hereunder shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by courier service, by fax (delivery receipt requested), by electronic mail, or by registered
or certified mail (postage prepaid, return receipt requested) to the respective parties at the following addresses (or at such other address for a Party as shall be as specified in a notice given in accordance with this Section 4.03): 

(a) If to the Pre-Migration Company or, following the effectiveness of the Continuation, the Company,
to: 
 Studio City International Holdings Limited 

36/F, The Centrium 
 60 Wyndham
Street 
 Central 
 Hong Kong

Fax:                 
+852-2537-3618 

E-mail:           
 comsec@sc-macau.com 
 Attention:        Company Secretary 

  
 7 

 With a copy to: 

Latham & Watkins 
 18th Floor, One Exchange Square 
 8 Connaught Place, Central 

Hong Kong 

Fax:                 +852 2912 2600 

E-mail:            Helena.Kim@lw.com 

Attention:        Ji-Hyun Helena Kim 

(b) If to New Cotai, to: 
 New
Cotai, LLC 
 c/o New Cotai Holdings, LLC 

Two Greenwich Plaza 
 Greenwich,
Connecticut 06830 
 United States of America 

Fax:      
           +1-203-542-4133 

E-mail:            
creditadmin@silverpointcapital.com 
 Attention:        CreditAdmin 

With a copy to: 
 Skadden, Arps,
Slate, Meagher & Flom LLP 
 300 South Grand Avenue, Suite 3400 

Los Angeles, CA 90071-3144 

Fax:                 +1 213 621 5288 

E-mail:            
Jeffrey.Cohen@skadden.com 
 Attention:        Jeffrey H. Cohen, Esq. 

SECTION 4.04 Binding Effect; Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of each of the
Parties and, to the extent permitted by this Agreement, their respective successors (including, in the case of the Company, as a result of the Continuation), executors, administrators, heirs, legal representatives, and permitted assigns;
provided, however, neither this Agreement nor any rights or obligations hereunder may be assigned by either of the Parties without the prior written consent of the other Party. 

SECTION 4.05 Severability. If any term or other provision of this Agreement is held to be invalid, illegal, or incapable of being
enforced by any rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions is not affected in any manner
materially adverse to any Party. Upon a determination that any term or other provision is invalid, illegal, or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the
Parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

  
 8 

 SECTION 4.06 Amendment. The provisions of this Agreement may be amended, modified,
altered, or supplemented only by a written instrument signed by each of the Parties. 
 SECTION 4.07 Waiver. No failure by any
Party to insist upon the strict performance of any covenant, duty, agreement, or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach of any other covenant, duty,
agreement, or condition. 
 SECTION 4.08 Submission to Jurisdiction. The Parties irrevocably consent to the non-exclusive jurisdiction of the courts of the Cayman Islands in connection with any action relating to this Agreement. 

SECTION 4.09 Counterparts. This Agreement may be executed and delivered (including by facsimile transmission or by e-mail delivery of a “.pdf” format data file) in one or more counterparts, and by the different Parties in separate counterparts, each of which when executed and delivered shall be deemed to be an original
but all of which taken together shall constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy, by e-mail delivery of a “.pdf” format data file, or other
electronic transmission service shall be considered original executed counterparts for purposes of this Section 4.09. 

SECTION 4.10 Specific Performance. The Parties agree that irreparable damage would occur in the event that any of the provisions
of this Agreement were not performed in accordance with their specific terms, including the order of the transactions contemplated hereby, or were otherwise breached. It is accordingly agreed that the Parties shall be entitled to specific
performance of the terms and provisions hereof, in addition to any other remedy to which they are entitled at law or in equity. 

SECTION 4.11 Applicable Law. This Agreement shall be governed by, and construed in accordance with, the law of the Cayman Islands,
without giving effect to any choice or conflict of laws provision or rule that would cause the application of the laws of any other jurisdiction. 

SECTION 4.12 Third Party Rights. A person who is not a party to this Agreement shall not have any rights under the Contracts
(Rights of Third Parties) Law, 2014 (as amended) to enforce any term of this Agreement. 
 [Remainder of page left intentionally blank]

  
 9 

 IN WITNESS WHEREOF, the Parties have duly executed this Agreement as of the date first written
above. 
  

			
	 STUDIO CITY INTERNATIONAL

HOLDINGS LIMITED

 
			
		
	By: 	 	  

 
			
	Name:	 	
	Title:	 	
	
	NEW COTAI, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Share Exchange Agreement] 

 EXHIBIT A 

Declaration and Indemnity for Lost Share Certificate 

(See attached.) 

 DECLARATION AND INDEMNITY FOR LOST SHARE CERTIFICATE 

The Directors 
 Studio City International Holdings Limited 

36/F, The Centrium 
 60 Wyndham Street 

Hong Kong 

[                    ] 2018 

Dear Sirs 
 We, New Cotai, LLC, being the registered holder of
4,000 shares (the “Shares”) in the capital of Studio City International Holdings Limited (the “Company”), DO HEREBY DECLARE as follows: 

 

	1.	 we received from the Company and held share certificates numbered 6 and 8 (the “Certificates”)
in respect of the Shares; 

  

	2.	 since the Certificates were issued to us, none of the Shares and none of the Certificates have been
transferred, charged, lent, pledged, deposited or dealt with in any way that may affect our title to the Shares; and 

  

	3.	 to the best of our knowledge and belief, the Certificates have either been lost or destroyed.

 We hereby undertake: 
  

	 	(a)	 to indemnify and hold harmless the Company, its directors and its officers, from any loss or liability which it
or they may incur by reason of any wrongful or fraudulent use or representation made by any person by virtue of the possession of the Certificates (or any of them); and 

 

	 	(b)	 that in the event of the Certificates (or any of them) being found, we shall, as soon as reasonably
practicable, surrender such Certificate(s) to the Company for cancellation. 

  

	
	  

	
	For and on behalf of
	New Cotai, LLC
	
	Name:
	
	Title:

 EXHIBIT B 

Share Repurchase Letter 

(See attached.) 

 [New Cotai, LLC headed paper] 

Repurchase Notice 
 To: 

Board of Directors 
 Studio City International
Holdings Limited (the “Company”) 
 36/F, The Centrium 

60 Wyndham Street 
 Hong Kong 

Date:                2018 

We refer to the share exchange agreement dated [●] 2018 and entered into among the Company and New Cotai, LLC (the
“Agreement”) and the Amended and Restated Memorandum of Association and Articles of Association of the Company (the “Articles”) adopted by way of resolutions of directors of the Company dated [●] 2018 (the
“Resolutions”) and resolutions of the members of the Company dated [●] 2018. Unless otherwise defined herein, the defined terms shall have the same meanings as used in the Resolutions. 

We hereby give notice to you that, in accordance with the terms of the Agreement, we require the Company to repurchase all of our 72,511,760
Class A Ordinary Shares (as defined in the Articles) in exchange for (i) the Company procuring Newco’s grant of the Participation (as defined in the Participation Agreement) to us, and (ii) the Company’s issuance to us of
(1) 72,511,760 Class B Ordinary Shares (as defined in the Articles), and (2) the right to receive, immediately following the effectiveness of the Migration, among other things, the rights, interests and entitlements granted to New
Cotai under the Amended and Restated SHA, the Amended and Restated Registration Rights Agreement, the PFIC Side Letter, and the Finance Cooperation Side Letter, in each case, upon the terms and subject to the conditions set forth in the Agreement.

 We enclose herewith the original share certificates and lost certificate affidavit[s] representing our 72,511,760 Class A Ordinary
Shares. 
 [THE FOLLOWING SPACE IS INTENTIONALLY LEFT BLANK] 

 [New Cotai, LLC headed paper] 

 

	
	For and on behalf of
	New Cotai, LLC
	
	  

	
	Name:
	
	Title:
	
	Date:
	
	 Countersigned for and on behalf of
 Studio
City International Holdings Limited

	
	  

	
	Name:
	
	Title:
	
	Date:

 EXHIBIT G 

FORM OF PARTICIPATION AGREEMENT 

 EXHIBIT H 

FORM OF TAX SIDE LETTER 

 EXHIBIT I 

FORM OF AMENDED AND RESTATED COMPANY SHAREHOLDERS AGREEMENT 

 EXHIBIT J 

FORM OF AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 

 EXHIBIT K 

FORM OF PFIC SIDE LETTER 

 EXHIBIT L 

FORM OF FINANCE COOPERATION SIDE LETTER 

 EXHIBIT M 

CONTINUATION DOCUMENTS 
  

	1.	 Shareholder Resolution of the Pre-Migration Company (the
“Shareholder Resolutions”) 

  

	2.	 Board Resolution of the Pre-Migration Company (the “Board
Resolutions”) 

  

	3.	 Certificate of Good Standing of the Pre-Migration Company, dated within
one month of the continuation filing date (the “Certificate of Good Standing”) 

  

	4.	 Certified copy of the Certificate of Incorporation of the Pre-Migration
Company 

  

	5.	 Certified copy of the current Memorandum and Articles of Association of the
Pre-Migration Company 

  

	6.	 Certified copy of the current Register of Directors of the
Pre-Migration Company 

  

	7.	 Certified copy of the current Register of Members of the Pre-Migration
Company 

  

	8.	 Certified copy of the current Register of Charges of the Pre-Migration
Company 

  

	9.	 Notice of the Pre-Migration Company’s proposed registered office
in the Cayman Islands pursuant to section 201(2)(e) of the Companies Law (2018 Revision) (as amended and revised) (the “CCL”) 

  

	10.	 Declaration of the Pre-Migration Company to confirm that its operations
will be conducted mainly outside the Cayman Islands pursuant to section 201(2)(f) of the CCL 

  

	11.	 Undertaking of the Pre-Migration Company to confirm that notice of the
continuation has been or will be given within 21 days of registration to secured creditors pursuant to section 201(2)(l) of the CCL 

  

	12.	 General declaration of a director of the Pre-Migration Company pursuant
to section 201(3) of the CCL 

  

	13.	 Statement of Assets and Liabilities of the Pre-Migration Company, dated
within one month of the continuation filing date 

 Documents 1 to 13 together constituting the “Cayman Islands Continuation
Documents” 
  

	14.	 Certificate of Registration (the “Certificate of Registration”) confirming that the Company
has been registered by way of continuation as an exempted company in the Cayman Islands with effect from the date specified therein (the “Registration Date”) 

	15.	 Declaration of the Pre-Migration Company confirming compliance with
Cayman Laws pursuant to section 184(2A) of the BVI Business Companies Act, 2004 

 Documents 14 to 15, together with the Shareholder
Resolutions, Board Resolutions and Certificate of Good Standing, constituting the “BVI Continuation Documents”. 

 EXHIBIT N 

FORM OF COMPANY MEMORANDUM AND ARTICLES OF ASSOCIATION 

 EXHIBIT O 

FORM OF PARTICIPATION AGREEMENT AND TAX SIDE LETTER CONFIRMATION 

 EXHIBIT P-1 

IRS FORM 8832 AND THE ACCOMPANYING COVER LETTER FOR THE COMPANY 

 EXHIBIT P-2 

IRS FORM 8832 AND THE ACCOMPANYING COVER LETTER FOR THE COMPANY 

 EXHIBIT Q 

IRS FORM 8832 AND THE ACCOMPANYING COVER LETTER FOR NEWCO 

 SCHEDULE A 

CONTINUATION STEPS 
  

	1.	 Upon the commencement of the Continuation pursuant to Section 1.1(f) of this Agreement, the proposed
registered office provider of the Company in the Cayman Islands (the “Registered Office”) shall file the Cayman Islands Continuation Documents with the Registrar of Companies in the Cayman Islands (the “Cayman
Registrar”). 

  

	2.	 Upon receipt by the Registered Office of the Certificate of Registration from the Cayman Registrar, the
registered agent of the Pre-Migration Company in the British Virgin Islands (the “Registered Agent”) shall file the BVI Continuation Documents with the Registrar of Corporate Affairs in the
British Virgin Islands (the “BVI Registrar”). 

  

	3.	 Upon receipt by the Registered Agent of the Certificate of Discontinuance from the BVI Registrar confirming
that the Pre-Migration Company was discontinued in the British Virgin Islands on the date specified therein, the Continuation shall be deemed to have become effective for the purposes of this Agreement.

  

	4.	 The Company shall: 

  

	 	a.	 within twenty-one days of the Registration Date give notice of the
Continuation to the secured creditors of the Company (if any); and 

  

	 	b.	 pursuant to Section 1.1(g) of this Agreement, immediately upon receipt of the Certificate of Registration
file a special resolution to adopt the Company Memorandum and Articles of Association with the Cayman Registrar (and the Registered Office shall make any relevant filings with the Cayman Registrar accordingly) and obtain all other shareholder
consents as may be necessary in accordance with the terms of the Amended and Restated Company Shareholders Agreement.EX-10.22

 Exhibit 10.22 

PARTICIPATION AGREEMENT 

This PARTICIPATION AGREEMENT (as it may be amended from time to time in accordance with the terms hereof, this “Agreement”),
dated [●], 2018, is made by and among Studio City International Holdings Limited (formerly known as CYBER ONE AGENTS LIMITED), a business company limited by shares incorporated in the British Virgin Islands (the “Pre-Migration Company” and, following the proposed transfer by way of continuation (redomiciling) of the Pre-Migration Company as an exempted company with limited
liability under the laws of the Cayman Islands, the “Company”), [●], a business company limited by shares incorporated in the British Virgin Islands (“Newco”), and New Cotai, LLC, a Delaware limited liability
company (“New Cotai”). Any capitalized term used and not otherwise defined herein shall have the meaning given to it in Article I. 

WHEREAS, New Cotai owns 7,251.176 ordinary shares of the Pre-Migration Company, representing a 40%
equity interest in the Pre-Migration Company (the “New Cotai Shares”), and MCE Cotai Investments Limited (“MCE Cotai”), a wholly-owned subsidiary of Melco Resorts &
Entertainment Limited (“Melco”), owns 10,876.764 ordinary shares of the Pre-Migration Company, representing a 60% equity interest in the Pre-Migration
Company (the “MCE Cotai Shares”); 
 WHEREAS, the Pre-Migration Company, Newco, MCE
Cotai, Melco, and New Cotai have entered into that certain Implementation Agreement, dated as of [●], 2018 pursuant to which, and subject to the premises thereof, Newco has agreed to enter into this Participation Agreement pursuant to which
the Participant accedes to certain rights, interests, entitlements, and obligations as set forth in this Agreement (all of such rights, interests, entitlements, and obligations, the “Participation”); 

WHEREAS, as set forth in the Implementation Agreement and subject to the premises thereof, the parties hereto have, among other things, agreed
to take certain other actions in anticipation of the Continuation and the contemplated initial public offering (the “IPO”) by the Company of American Depositary Shares (“ADS”), each ADS representing a certain number
of Class A Ordinary Shares; and 
 WHEREAS, the Boards of Directors of the Pre-Migration
Company, Newco, and New Cotai have each approved this Agreement and determined that the transactions contemplated herein are in the best interests of the Pre-Migration Company, Newco, and New Cotai, as the
case may be. 

 NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein and
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1    Definitions. 

The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this
Agreement. 
 “Adjusted Class A Ordinary Shares Amount” means, with respect to an Exchanged
Participation Interest, a number of Class A Ordinary Shares equal to the product of (i) the Participation Percentage corresponding to such Exchanged Participation Interest and (ii) the number of Class A Ordinary Shares issued and
outstanding immediately prior to the Exchange of such Exchanged Participation Interest; provided that, for purposes of calculating the number of Class A Ordinary Shares issued and outstanding immediately prior to the Exchange, any
Adjustment Event the record date of which was prior to the effective date of such Exchange Date but which was effective after the effective date of such Exchange shall be deemed to have occurred immediately prior to the effective date of such
Exchange with respect to such Exchanged Participation Interest for purposes of the above calculation. 
 “Adjustment
Change” has the meaning set forth in Section 2.5(a) to this Agreement. 
 “Adjustment Change
Calculations” has the meaning set forth in Section 2.5(a) to this Agreement. 
 “Adjustment
Change Notice” has the meaning set forth in Section 2.5(a) to this Agreement. 
 An “Adjustment
Event” shall be deemed to have occurred upon either of the following: 
 (i)    the Company
(a) paying (whether or not declared) a dividend on its outstanding Class A Ordinary Shares wholly or partly in Class A Ordinary Shares or making a distribution to all holders of its outstanding Class A Ordinary Shares wholly or
partly in Class A Ordinary Shares, (b) splitting or subdividing its outstanding Class A Ordinary Shares or (c) effecting a reverse share split, consolidation, or otherwise combining its outstanding Class A Ordinary Shares
into a smaller number of Class A Ordinary Shares; or 
 (ii)    the Company completing a
Recapitalization. 
 “ADS” has the meaning set forth in the recitals to this Agreement. 

“Affiliate” means, with respect to any Person, a Person that directly, or indirectly through one or more intermediaries,
controls or is controlled by, or is under common control with, such Person. 

  
 2 

 “Agreement” has the meaning set forth in the preamble to this Agreement. 

“Average Class A Ordinary Share Price” means the volume-weighted average trading price of an ADS for the
five (5)-trading day period immediately preceding (a) the date on which an Exchange Notice is delivered pursuant to Section 3.1(b), (b) the effective date of the applicable Mandatory Exchange pursuant to
Section 3.1(e), or (c) the applicable date of determination pursuant to Section 2.7, Section 2.8, Section 3.1(a), or the definition of
“Termination Event”, as the case may be, based on quotations as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the New York Stock Exchange or, if such ADSs
are not listed or admitted to trading on the New York Stock Exchange, as reported on the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which such ADSs are
listed or admitted to trading, in each case, divided by the number of Class A Ordinary Shares that one ADS represents; provided that, for purposes of the definition of “Termination Event”, “five (5)-trading day
period” shall be replaced with “twenty (20)-trading day period”.  

“business days” means any day other than a Saturday, a Sunday or a day on which banking institutions in the United States,
Hong Kong, Cayman Islands or British Virgin Islands are authorized by law, regulation or executive order to remain closed and, in the case of Hong Kong, other than a day on which a tropical cyclone warning No. 8 or above or a “black
rainstorm warning signal” is hoisted or remains hoisted at any time between 9:00am and 5:00pm. If a date on which an event is to occur is a non-business day at a place at which the event is to occur, the
event may be made at that place on the next succeeding day that is a business day, and no interest shall accrue on such payment for the intervening period. 

“Cash Change of Control” means any Change of Control; provided that holders of the Class A Ordinary Shares or
ADSs do not (i) receive (or have the right to receive) securities of a class that is registered under the Exchange Act in such Change of Control or (ii) retain (or have the right to retain) Class A Ordinary Shares or ADSs following
such Change of Control. 
 “Cash Settlement” means immediately available funds in U.S. dollars in an amount equal to the
product of (i) the number of shares of Class A Ordinary Shares that would otherwise be delivered to a Participant in an Exchange pursuant to clauses (i) or (iv) of Section 3.1(e), and (x) in the case of
a Cash Change of Control, the amount of cash consideration (and the fair market value, as determined by members of the Company’s board of directors that are disinterested in the transaction, of any
non-cash consideration) per share each holder of Class A Ordinary Shares is to receive in the applicable Cash Change of Control, or (y) in the case of an Unsuitability Determination, the Average
Class A Ordinary Share Price. 
 A “Change in Control” shall be deemed to have occurred upon: 

(i)    the sale, lease, or transfer, in one or a series of related transactions, of all or substantially all of the
Company’s assets (determined on a consolidated basis) to a Third Party; provided, that, for clarity and notwithstanding anything to the contrary, neither the approval of nor consummation of (A) a transaction treated for U.S. federal
income tax purposes as a liquidation of Newco into the Company or a wholly-owned Subsidiary of the Company or (B) a merger or consolidation of Newco into the Company or a wholly-owned Subsidiary of the Company will constitute a Change in
Control; or 

  
 3 

 (ii)    a merger or consolidation (including by way of scheme of arrangement
or plan of arrangement) of the Company with another Person in which the holders of Class A Ordinary Shares receive solely cash in exchange for their Class A Ordinary Shares; or 

(iii)    a merger or consolidation of the Company or any Subsidiary of the Company with any other person, other than a
merger or consolidation which would result in the Voting Securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into Voting Securities of the surviving entity)
at least 50.1% of the total voting power represented by the Voting Securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; or 

(iv)    the acquisition, directly, or indirectly, by any Third Party (other than (a) a trustee or other fiduciary
holding securities under an employee benefit plan of the Company, or (b) a corporation or other entity owned, directly or indirectly, by all of the shareholders of the Company in substantially the same proportions as their ownership of shares
in the Company) of beneficial ownership (as defined in Rule 13d-3 under the Exchange Act) of at least 50.01% of the aggregate voting power of the Voting Securities of the Company pursuant to a Tender Offer;
provided, that the Company’s board of directors determines that such Tender Offer is in the best interests of the Company and its shareholders, approves such transaction and recommends to the shareholders of the Company that they tender
their Equity Securities of the Company in such Tender Offer. 
 “Class A Ordinary Shares” means the
Class A ordinary shares, par value US$[●] per share, of the Company. 
 “Class A Ordinary Shares
Amount” means, with respect to an Exchanged Participation Interest, a number of Class A Ordinary Shares equal to the product of (i) the Participation Percentage corresponding to such Exchanged Participation Interest and
(ii) the number of Class A Ordinary Shares issued and outstanding immediately prior to the Exchange of such Exchanged Participation Interest. 

“Class B Ordinary Shares” means the Class B ordinary shares, par value US$[●] per share, of the
Company. 
 “Code” shall mean the United States Internal Revenue Code of 1986, as in effect from time to time. 

“Company” has the meaning set forth in the preamble to this Agreement. 

  
 4 

 “Company Material Adverse Effect” means a material adverse effect on the Gaming
License. 
 “Company Shareholders Agreement” means the Amended and Restated Shareholders’ Agreement by and among MCE
Cotai, Melco, New Cotai, and the Company, effective immediately after the consummation of the Continuation. 

“Continuation” means the transfer by way of continuation of the Pre-Migration Company
from the British Virgin Islands to the Cayman Islands as described in Section [●] of the Implementation Agreement. “Corresponding Class B Ordinary Shares Amount” means, with respect to an Exchanged
Participation Interest, a number of Class B Ordinary Shares equal to the product of (i) the number of aggregate Class B Ordinary Shares outstanding immediately prior to the Exchange Date with respect to such Exchanged Participation
Interest and (ii) the quotient of (x) such Exchanged Participation Interest divided by (y) the Total Participation Percentage, provided that, to the extent that the Corresponding Class B Ordinary Shares Amount would include a
fractional Class B Ordinary Share, such fractional amount shall be rounded up to one (1). 
 “Corresponding Payment”
has the meaning set forth in Section 2.5(a) to this Agreement. 
 “Corresponding Securities” has
the meaning set forth in Section 6.2(a) to this Agreement. 
 “Deemed Distributed Rights” has the
meaning set forth in Section 2.8(a). 
 “Deemed Partnership” has the meaning set forth in
Section 7.4(b)(i) of this Agreement. 
 “Discount” has the meaning set forth in
Section 6.4 to this Agreement. 
 “Dispute” has the meaning set forth in
Section 8.9(a) of this Agreement. 
 “Dispute Notice” has the meaning set forth in
Section 8.9(a) of this Agreement. 
 “Distributed Right” means any right, option, or warrant
granted by the Company to all holders of its Class A Ordinary Shares to subscribe for, purchase, or otherwise acquire Class A Ordinary Shares, or other securities or rights convertible into, or exchangeable or exercisable for, Class A
Ordinary Shares. 
 “Disputing Parties” has the meaning set forth in Section 8.9(a) of this
Agreement. 
 “DRE Notice” shall mean a notice sent by the IRS or other U.S. federal Governmental Authority asserting that
Newco is not properly classified as a partnership for U.S. Tax Purposes but instead is properly classified as a disregarded entity for U.S. Tax purposes. 

  
 5 

 “DRE Resolution” shall mean an agreement executed by the relevant parties (as
determined for U.S. Tax purposes) that binds any U.S. taxpayers to report for U.S. Tax Purposes that Newco is properly classified as a disregarded entity for U.S. Tax Purposes. 

“EIN” has the meaning set forth in Section 7.4(a)(i) of this Agreement. 

“Equity Plan” means any compensation plan, agreement, or other arrangement that provides for the grant or issuance of equity
or equity-based awards (including share options) and that is approved by the Company for the benefit of any of the employees of the Company, Newco, or any Subsidiaries or Affiliates of Newco or other service providers (including directors, advisers
and consultants), or the employees or other services providers (including directors, advisers and consultants) of any of their respective Affiliates or Subsidiaries. 

“Equity Securities” means, with respect to any Person, equity securities or any securities convertible into or exchangeable
or exercisable for any equity securities of such Person. For the purposes of Article IV of this Agreement, any Distributed Rights are not included in the definition of Equity Securities. 

“Exchange” has the meaning set forth in Section 3.1(a) of this Agreement. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 “Exchange Date” has the meaning set forth in Section 3.1(b) of this Agreement. 

“Exchange Notice” has the meaning set forth in Section 3.1(b) of this Agreement. 

“Exchange Right” has the meaning set forth in Section 3.1(a) of this Agreement. 

“Exchanged Participation Interest” has the meaning set forth in Section 3.1(a) of this Agreement.

 “Exchanging Participant” has the meaning set forth in Section 3.1(b) of this Agreement. 

“GAAP” means United States generally accepted accounting principles, consistently applied. 

“Gaming License” means the license, concession, subconcession, or other authorization from any Government Authority which
authorizes, permits, concedes or allows any Affiliate of the Company, the Company or any of its Subsidiaries, at the relevant time, to own or manage casino or gaming areas or operate casino games of fortune and chance, in each case, on the
Company’s or any of its Subsidiaries’ premises. 

  
 6 

 “Governmental Authority” means (i) any court or tribunal in any
jurisdiction (domestic or foreign) or any governmental or regulatory body (whether domestic, national, federal, state, provincial, municipal, local, foreign, or multinational), agency, department, commission, central bank, board, bureau, or other
authority or instrumentality, (ii) any subdivision or authority of any of the foregoing, or (iii) any quasi-governmental body exercising, or entitled to exercise, any regulatory, administrative, executive, judicial, legislative, police,
expropriation, or Tax authority under or for the account of any of the above. 
 “Implementation Agreement” means the
Implementation Agreement, dated as of [●], 2018, by and among the Pre-Migration Company, MCE Cotai, Melco, and New Cotai. 

“Initial Calculations” has the meaning set forth in Section 2.5(a) to this Agreement. 

“IPO” has the meaning set forth in the recitals to this Agreement. 

“IRS” shall mean the United States Internal Revenue Service. 

“Joinder Agreement” shall have the meaning set forth in Section 8.1 of this Agreement. 

“Legacy EIN” shall have the meaning set forth in Section 7.1(b) of this Agreement. 

“Lock-Out Period” means the period that ends on the date that is 180 days after the
date of the prospectus relating to the IPO or, if earlier, another date that marks the end of the “Lock-Up Period” contained in the lock-up agreement that the
applicable Participant entered into in connection with the IPO. 
 “Mandatory Contribution” has the meaning set forth in
Section 6.1(a) of this Agreement. 
 “Mandatory Exchange” has the meaning set forth in
Section 3.1(e) of this Agreement. 
 “MCE Cotai” has the meaning set forth in the recitals to
this Agreement. 
 “MCE Cotai Shares” has the meaning set forth in the recitals to this Agreement. 

“Melco” has the meaning set forth in the recitals to this Agreement. 

“Minimum Exchange Participation Interest” means, with respect to a Participant, the portion of a Participation Interest such
that, if such Participant exercised its Exchange Right for such portion, such Participant would receive the number of Class A Ordinary Shares representing 0.05% of the voting rights of the Voting Securities of the Company. 

“Negotiation Period” has the meaning set forth in Section 2.5(c) of this Agreement. 

“New Cotai” has the meaning set forth in the preamble to this Agreement. 

“New Cotai Shares” has the meaning set forth in the recitals to this Agreement. 

“New Entity” has the meaning set forth in Section 7.5(b) of this Agreement. 

  
 7 

 “Newco” has the meaning set forth in the preamble to this Agreement. 

“Newco Cash Distribution” has the meaning set forth in Section 2.2(a) of this Agreement. 

“Newco Charter” has the meaning set forth in Section 6.3(a) of this Agreement. 

“Newco Employee” means an employee or director of (or any other service provider to) Newco or any of its Subsidiaries,
including any employee of an Affiliate of Newco that provides services for the business and operations of Newco and its Subsidiaries, or the Company acting in such capacity; provided that any such employee of the Company is an executive
officer of the Company and such employment is directly related to the Company’s status as the holder of the Newco Shares or the Company’s listing on the New York Stock Exchange. 

“Newco In-Kind Distribution” has the meaning set forth in
Section 2.2(b) of this Agreement. 
 “Newco Liquidating Distribution” has the meaning set forth
in Section 2.2(c) of this Agreement. 
 “Newco Repurchase” has the meaning set forth in
Section 6.2(c) of this Agreement. 
 “Newco Shares” means the ordinary shares, par value
US$[●] per share, of Newco. 
 “Newco Share Issuance” means an issuance of shares by Newco to the Company in exchange
for the contribution (or any deemed contribution) by the Company in accordance with this Agreement of all of the cash proceeds and/or property received by the Company (net of any underwriting fees, discounts and selling commissions, or similar fees
or related expenses, and costs) from (a) a public offering or a Person that is a Third Party, (b) a Person that is an Affiliate of the Company in a transaction between the Company and such Person that has been approved by members of the
Company’s board of directors that are disinterested in the transaction, (c) a Person with respect to “assured entitlement” arrangements as required by Practice Note 15 of the Listing Rules of The Stock Exchange of Hong Kong
Limited (as it may be amended from time to time), in exchange for the Company’s issuance to such Person of Class A Ordinary Shares or ADSs, (d) the issuance of Class A Ordinary Shares pursuant to an Equity Plan in accordance with
Section 2.7 or (e) the issuance of Class A Ordinary Shares in connection with the exercise of any Distributed Right. 

“Notional Equity Securities” has the meaning set forth in Section 4.2(b) of this Agreement. 

“Notified Party” means the Company, Newco or any Affiliate of either or both. 

“Objection Calculations” has the meaning set forth in Section 2.5(b) of this Agreement. 

“Objection Period” has the meaning set forth in Section 2.5(b) of this Agreement. 

  
 8 

 “Offer” has the meaning set forth in Section 4.1 of
this Agreement. 
 “Offer Notice” has the meaning set forth in Section 4.2 of this Agreement.

 “Participant” means New Cotai in its capacity as the recipient of the Participation Interest under this Agreement and
each other Person that becomes a party to this Agreement pursuant to Section 8.1. 
 “Participants
Representative” means, at any given time (a) a member of the board of directors of the Company at such time that has been appointed by New Cotai pursuant to the Shareholders Agreement or (b) if there is no such member of the board
of directors at the relevant time, the Participant that holds the greatest Participation Percentage at such time. 

“Participation” has the meaning set forth in the recitals to this Agreement. 

“Participation Interest” means, with respect to any Participant, such Participant’s interest in the Participation. 

“Participation Percentage” means, with respect to each Participant, the number of percentage points represented by such
Participant’s Participation Interest, subject to adjustment from time to time as set forth in this Agreement (it being understood that, after each such adjustment, the Participation Percentage, as so adjusted, shall be the Participation
Percentage with respect to such Participant for purposes of this Agreement for any periods thereafter until the next adjustment as provided by this Agreement). As of the date of this Agreement and immediately prior to the IPO, the Participation
Percentage of New Cotai is 66-2/3%. 
 “Participation Rights” has the meaning set
forth in Section 2.8(a). 
 “Participant’s Tax Allocation Percentage” shall mean, with
respect to a Participant, from time to time, the quotient of such Participant’s Participation Percentage divided by the sum of 100% and the aggregate Participation Percentages of all Participants at such time. 

“Payment Notice” has the meaning set forth in Section 2.5(a) to this Agreement. 

“Permitted Transferee” means, with respect to any Participant, any one or more investment funds or other entities directly or
indirectly owned, managed or advised by Oaktree Capital Management, L.P. or Silver Point Capital, L.P. (for so long as the transferee continues to be directly or indirectly owned, managed or advised by Oaktree Capital Management, L.P. or Silver
Point Capital, L.P.). 
 “Person” means an individual, a partnership (including a limited partnership), a corporation, a
limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, association, or other entity or a Governmental Authority. 

“Pre-Migration Company” has the meaning set forth in the preamble to this Agreement.

  
 9 

 “Pro Rata Share” has the meaning set forth in
Section 4.1 of this Agreement. 
 “Protective Election” has the meaning set forth in
Section 7.4(a)(i) of this Agreement. 
 “Recapitalization” means, with respect to any Person, a
merger, consolidation, business combination, scheme of arrangement, or plan of arrangement by a Person or with or into another Person or the transfer of all or substantially all of the Person’s assets to another Person, other than a Change in
Control. For the avoidance of doubt, the Transfer Agreement and the transactions undertaken thereunder are not included in the definition of “Recapitalization”. 

“Registration Rights Agreement” means the registration rights agreement by and among the Company and the shareholders party
thereto, dated as of the date hereof. 
 “Registration Statement” means the Company’s registration statement on Form F-1 related to the IPO, initially filed with the Securities and Exchange Commission on [●], 2018 (File No. [●]). 

“Regulatory Allocations” shall mean the allocation and capital account maintenance provisions of Treasury Regulations under
section 704 of the Code, including a “qualified income offset,” rules regarding allocation of “partner nonrecourse deductions,” “minimum gain chargeback,” and “partner nonrecourse debt minimum gain
chargeback,” the limitation on allocation of losses that would cause a deficit capital account in excess of a partner’s capital contribution obligations and share of minimum gain and partner nonrecourse debt minimum gain, and the rules
regarding allocation of gain or loss resulting from basis adjustments pursuant to Section 734(b) or 743(b) of the Code, each as set forth in Treasury Regulations section 1.704-1 and -2, as applicable. 
 “Relevant Review Event Date” has the meaning set forth in
Section 3.1(e) of this Agreement. 
 “Reviewable Materials” has the meaning set forth in
Section 2.5(c) of this Agreement. 
 “Review Event” means the requirement after the date hereof
by a Government Authority having jurisdiction over the Company or any of its Subsidiaries (or any of their Affiliates holding a Gaming License) that the Participants exchange all Participation Interests for the Class A Ordinary Shares Amount or
any notice by such Governmental Authority determining that the continued performance of this Agreement in accordance with its terms is not permitted (or, as permitted, is not viable) or that such continued performance could have a Company Material
Adverse Effect. 
 “Rights Purchase Price” has the meaning set forth in Section 2.8(b). 

“SC Tax Allocation Percentage” shall mean, from time to time, 100% reduced by the aggregate Participant’s Tax Allocation
Percentage of all Participants at such time. 

  
 10 

 “Securities Act” means the Securities Act of 1933, as amended, and the rules and
regulations thereunder. 
 “Settlement Notice” has the meaning set forth in Section 3.1(c). 

“Subsidiary” means, with respect to any Person: 

(i)    any corporation, association or other business entity of which (i) more than 50% of the total voting power of
shares of capital stock entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement or shareholders’ agreement that effectively transfers voting power) to vote in the election of directors,
managers or trustees of the corporation, association or other business entity that is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person (or a combination thereof) or
(ii) the composition of its board of directors is directly or indirectly controlled by such Person; and 

(ii)    any partnership or limited liability company of which (a) more than 50% of the capital accounts, distribution
rights, total equity and voting interests or general and limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person or a combination thereof,
whether in the form of membership, general, special or limited partnership interests or otherwise, and (b) such Person or any Subsidiary of such Person is a controlling general partner or otherwise controls such entity. 

“Tax” shall mean tax, levy, duty, or other charge or withholding of a similar nature imposed by a Governmental Authority
(including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same). 
 “Tax
Return” shall mean any return, declaration, report, claim for refund, information return or other similar document, including any schedule or attachment thereto, including any amendment thereof, filed or required to be filed with any
Governmental Authority or other authority in connection with the determination, assessment or collection of any Tax. 
 “Tender
Offer” means a tender offer under Rule 14e-1 of the Exchange Act. 
 “Termination
Event” means the earlier of the time at which (a) the combined value of the Class A Ordinary Shares issuable if all Participants exercised their Exchange Rights with respect to the entirety of the remaining Participation Interests
would no longer equal at least US$40,000,000 based on the Average Class A Ordinary Share Price or (b) the number of Class A Ordinary Shares issuable if all Participants exercised their Exchange Rights with respect to the entirety of
the remaining Participation Interests would be less than 1.00% of the outstanding Class A Ordinary Shares. 

  
 11 

 “Third Party” means, with respect to a Person, any Person that is not an
Affiliate of such Person. Unless the context otherwise requires, “Third Party” refers to a Third Party with respect to the Company. 

“Third Party Expert” has the meaning set forth in Section 2.5(c) of this Agreement. 

“Total Participation Percentage” means, at any time, the aggregate Participation Percentage represented by the Participation
Interests held by the Participants at such time (it being understood that, after each adjustment to the Participation Percentage of a Participant pursuant to this Agreement, the Total Participation Percentage, determined after giving effect to such
adjustment, shall be the Total Participation Percentage for purposes of this Agreement for any periods thereafter until the next adjustment as provided by this Agreement). As of the date of this Agreement and immediately prior to the IPO, the Total
Participation Percentage is 66-2/3%. 
 “Transaction Documents” means [●].

 “Transfer” means to transfer, sell, assign, convey, or otherwise dispose of. 

“Transfer Agreement” means the Transfer Agreement, dated as of [●], 2018, by and between the Pre-Migration Company and Newco. 
 “Treasury Regulations” shall mean regulations
promulgated by the IRS under the Code. 
 “Unsuitable Person Determination” shall mean the receipt by Newco or any of its
Subsidiaries or Affiliates of a written notice (an “Unsuitable Person Notice”) from a Government Authority to whose jurisdiction Newco, such Subsidiary or such Affiliate is subject, setting forth the name of a Person who is
considered to be an Unsuitable Person; provided that a Review Event shall not constitute an Unsuitable Person Determination. 

“Unsuitable Person” means a Person who (i) is determined by a Government Authority to be unsuitable to have any
Participation Interest in Newco, whether directly or indirectly, (ii) causes Newco, the Company or any of their respective Subsidiaries or Affiliates to lose or to be threatened by a Government Authority with the loss of any Gaming License, or
(iii) in the sole discretion of the board of directors of the Company, is deemed likely to jeopardize Newco’s or any of its Subsidiaries’ or Affiliates’ application for, receipt of approval for, right to the use of, or
entitlement to, any Gaming License, and “Unsuitability” and “Unsuitable” shall be construed accordingly. 

“U.S. Tax Purposes” shall mean, as the context requires, U.S. federal, state, and/or local income Tax purposes. 

“US$” and “U.S. dollars” mean the lawful currency of the United States of America. 

  
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 “Voting Securities” mean any securities of the Company which are entitled to
vote generally in matters submitted for a vote of the Company’s shareholders or generally in the election of the Company’s board of directors. 

Section 1.2    Interpretation. In this Agreement, unless otherwise provided: 

(a)    A reference to an Article, Section, Schedule or Exhibit is a reference to an Article or Section of, or Schedule or
Exhibit to, this Agreement, and references to this Agreement include any recital in or Schedule or Exhibit to this Agreement. The Exhibits form an integral part of and are hereby incorporated by reference into this Agreement. 

(b)    Headings are inserted for convenience only and shall not affect the construction or interpretation of this
Agreement. 
 (c)    The word “shall” shall be obligatory and the word “may” shall be permissive.

 (d)    Unless the context otherwise requires, words importing the singular include the plural and vice versa, words
importing the masculine include the feminine and vice versa, and words importing persons include corporations, associations, partnerships, joint ventures, and limited liability companies and vice versa. 

(e)    The words “hereof” and “herein”, and words of similar meaning shall refer to this Agreement as
a whole and not to any particular Article, Section, or clause, and the words “include”, “includes” and “including” shall be deemed to be followed by the words “without limitation.” 

(f)    Except as otherwise specified herein, a reference to any legislation or to any provision of any legislation shall
include any amendment to, and any modification or re-enactment thereof, any legislative provision substituted therefor and all rules, regulations, and statutory instruments issued thereunder or pursuant thereto. 

(g)    Except as otherwise specified herein, a reference herein to any other agreement or document shall be to such
agreement or document as it may have been or may hereafter be amended, modified, supplemented, waived, or restated from time to time in accordance with its terms and, to the extent applicable, the terms of this Agreement, and shall include all
annexes, exhibits, schedules, and other documents or agreements attached thereto. 

Section 1.3    Calculations. Any calculations undertaken pursuant to this Agreement shall be carried out to
the fourth decimal place. 
 ARTICLE II 

PARTICIPATION RIGHTS 

Section 2.1    Participation. Each of Newco and the Company acknowledges and agrees that, with respect to a
Participant’s Participation Interest, such Participant shall participate in the profits and losses and business and assets and properties of Newco to the extent set forth in this Agreement (it being understood that this Agreement shall not
confer upon any Participant any right (a) to participate in the management of, or any management rights with respect to, Newco or (b) to be a shareholder of, or any voting rights with respect to, or other rights as a shareholder of,
Newco). 

  
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 Section 2.2    Payments on the Participation. 

(a)    Newco shall not pay (whether or not declared) any dividend or other distribution in cash in respect of or on account
of Newco Shares (a “Newco Cash Distribution”) unless, contemporaneously with any such payment, Newco pays to each Participant as of the record date for such Newco Cash Distribution, and each such Participant shall be entitled to
receive in respect of its Participation Interest as of such record date, an amount in cash (in U.S. dollars) equal to the product of (x) such Participant’s Participation Percentage as of such record date and (y) the aggregate amount
of the Newco Cash Distribution. At any time Newco declares and sets aside any funds for the payment of any dividend or other distribution (whether or not declared) in cash in respect of or on account of Newco Shares, Newco shall set aside the
corresponding amount that would be required to be paid to all Participants, as of the record date for such Newco Cash Distribution, with respect to, and at the time that, the Newco Cash Distribution is paid. Notwithstanding the first sentence of
this Section 2.2(a), at the time the amount set aside for distribution to Participants pursuant to the immediately preceding sentence is otherwise to be paid pursuant to the first sentence of this
Section 2.2(a), such amount may be paid pursuant to Section 3.3 to the extent an applicable Exchange Date occurs after such amount is set aside and prior to the applicable Newco Cash Distribution.

 (b)    Newco shall not pay (whether or not declared) any dividend or other distribution of assets other than cash in
respect of or on account of Newco Shares (a “Newco In-Kind Distribution”) unless, contemporaneously with any such payment, dividend, or distribution, Newco pays or transfers to each
Participant as of the record date for such Newco In-Kind Distribution, and each such Participant shall be entitled to receive in respect of its Participation Interest as of such record date, the portion of
such distributed assets equal to the difference of (i) the aggregate amount of such Newco In-Kind Distribution, minus (ii) the quotient of (x) the aggregate amount of such Newco In-Kind Distribution divided by (y) the sum of 100% and such Participant’s Participation Percentage as of such record date. 

(c)    In the event of any voluntary or involuntary liquidation, dissolution, or winding up of Newco, immediately prior to
the earliest of (w) such liquidation, dissolution, or winding up, (x) the date a petition for winding up of Newco is filed in a court of competent jurisdiction, (y) the date a resolution with respect to a winding up is approved by
Newco’s board of directors or, if earlier, approved by Newco’s shareholder, and (z) the record date for any payment of any distributions in respect of or on account of the Newco Shares in connection with such liquidation, dissolution
or winding up (a “Newco Liquidating Distribution”), the Exchange of all Participation Interests held by all Participants for the Class A Ordinary Shares Amount shall be effected and all Class B Ordinary Shares shall be
deemed to have been surrendered for cancellation and cancelled. An Exchange pursuant to this Section 2.2(c) shall be effected in accordance with the provisions of Section 3.1(e). 

  
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 Section 2.3    Contributions to Newco. A Participant shall have
no obligation under any circumstances to make any contribution to Newco. 
 Section 2.4    Adjustments to
Participation Percentage. The Participation Percentage of a Participant shall be adjusted as follows: 
 (a)    At
such time as any Participant exercises the Exchange Right under Section 3.1(a) of this Agreement with respect to all or part of such Participant’s Participation Interest, the Participation Percentage of each
Participant (as in effect immediately prior to such exercise) shall be adjusted to equal the quotient (expressed as a percentage) of (x) the number of Class A Ordinary Shares that such Participant would be entitled to receive pursuant to
the terms of this Agreement if, immediately after the exercise of such Exchange Right, such Participant were to exercise its Exchange Rights in accordance with the terms of this Agreement with respect to the entirety of its Participation Interest
(as determined immediately after the exercise of such Exchange Right and, for the avoidance of doubt, excluding the number of Class A Ordinary Shares delivered in connection with the exercise of such Exchange Right) divided by (y) the
number of Class A Ordinary Shares issued and outstanding immediately after the exercise of such Exchange Right, which, for the avoidance of doubt, shall include any Class A Ordinary Shares delivered upon the exercise of such Exchange Right
but shall not include any Class A Ordinary Shares described in clause (x) of this Section 2.4(a); provided that if any Participant provides an Exchange Notice pursuant to
Section 3.1(b) and then withdraws, or is deemed to have withdrawn, such Exchange Notice, such Participant shall be deemed not to have exercised the related Exchange Rights for purposes of this
Section 2.4(a) upon such withdrawal or deemed withdrawal. 
 (b)    Immediately after a Newco
Share Issuance, the Participation Percentage of each Participant (as in effect immediately prior to such Newco Share Issuance) shall be adjusted to equal the quotient (expressed as a percentage) of (x) the number of Class A Ordinary Shares
that such Participant would have been entitled to receive pursuant to the terms of this Agreement if, immediately prior to such Newco Share Issuance, such Participant had exercised its Exchange Rights in accordance with the terms of this Agreement
with respect to the entirety of its Participation Interest divided by (y) the number of Class A Ordinary Shares issued and outstanding immediately after such Newco Share Issuance, which, for the avoidance of doubt, shall not include any
Class A Ordinary Shares described in clause (x) of this Section 2.4(b). 

(c)    The Participation Percentage of any Participant shall not be adjusted as a result of Newco effecting (A) a
split, subdivision, reverse split, or consolidation of a class of shares issued by Newco or (B) a dividend or distribution in respect of the Newco Shares payable in the form of Newco Shares. 

  
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 (d)    Subject to Section 2.4(b) and so long as the
Company is in compliance with Section 6.3(b), no adjustment shall be made to the Participation Percentage of any Participant if there is any capital reorganization of Newco or any reclassification or recapitalization of the
Newco Shares. 
 (e)    At such time as Newco engages in a Newco Repurchase that is permitted by
Section 6.2(c), the Participation Percentage of each Participant (as in effect immediately prior to such Newco Repurchase) shall be adjusted to equal the quotient (expressed as a percentage) of (x) the number of
Class A Ordinary Shares that such Participant would have been entitled to receive pursuant to the terms of this Agreement if, immediately prior to such Newco Repurchase, such Participant had exercised its Exchange Rights in accordance with the
terms of this Agreement with respect to the entirety of its Participation Interest divided by (y) the number of Class A Ordinary Shares issued and outstanding immediately after such Newco Repurchase, which, for the avoidance of doubt,
shall not include any Class A Ordinary Shares described in clause (x) of this Section 2.4(e). 

(f)    Without duplication for any adjustment effected pursuant to Section 2.4(b), the
Participation Percentage of each Participant shall be adjusted as required by Section 2.8 or Section 4.6 and as required by the transactions that occur or are deemed to have occurred pursuant to
Section 2.7. 
 Section 2.5    Adjustment and Payment Notices; Disputed
Calculations.
 (a)    Newco shall deliver to the Participants, (i) promptly (but in no event later than five
(5) business days) following the occurrence of an event resulting in an adjustment to the Participation Percentage of the Participants pursuant to Section 2.4(a), (b) or (e),
Section 2.7, Section 2.8, or Section 4.6 of this Agreement (an “Adjustment Change”), a notice (an “Adjustment Change Notice”) which shall
set forth Newco’s good faith determination of the Adjustment Change and include reasonable supporting details and good faith calculations of such Adjustment Change (the “Adjustment Change Calculations”) and (ii) at least
five (5) business days prior to Newco making any Newco Cash Distribution, Newco In-Kind Distribution or a Newco Liquidating Distribution, a notice (a “Payment Notice”) which shall set
forth Newco’s good faith determination of the corresponding payment (the “Corresponding Payment”) to be made hereunder in respect of the Participation Interest, if any, and include reasonable supporting details and good faith
calculations of such payment (together with Adjustment Change Calculations, the “Initial Calculations”). 

(b)    If, within twenty (20) days following the receipt of an Adjustment Change Notice described in
Section 2.5(a)(i) or within ten (10) days following the receipt of a Payment Notice described in Section 2.5(a)(ii) (the “Objection Period”), the Participants do not
provide a written objection to such determination (which must be provided through the Participants Representative), together with reasonable supporting calculations, that the Initial Calculations were not in accordance with this Agreement (the
“Objection Calculations”) then the determination of Newco with respect to such Adjustment Change or Corresponding Payment, as the case may be, and the Initial Calculations shall be deemed final and binding on the Participants;
provided, however, that the time limitations set forth in this sentence shall not apply in the event Newco has engaged in fraud or intentional misconduct in connection with its determination of whether a proper Adjustment Change or
Corresponding Payment, as the case may be, has occurred. 

  
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 (c)    If the Participants Representative delivers a written objection to the
Adjustment Change Notice or Payment Notice under Section 2.5(b) within the applicable Objection Period, the Participants Representative and Newco shall promptly endeavor in good faith to resolve such dispute. In the event
that a written agreement has not been reached within thirty (30) days after the date of receipt by Newco of the objection, or such later date as Newco and the Participants Representative may mutually agree to (the “Negotiation
Period”), then the Participants Representative and Newco shall promptly submit for review to an internationally recognized independent valuation or accounting firm agreed between Newco and the Participants Representative or, failing
agreement, to KPMG International Cooperative and if KPMG International Cooperative is unwilling or is unavailable to serve in such capacity to BDO International Limited (the “Third Party Expert”) the Adjustment Change Notice or
Payment Notice, as applicable, the Initial Calculations and the Objection Calculations (i.e., no independent review) (the “Reviewable Materials”) and the Third Party Expert shall consider solely the provisions of this
Agreement and the Reviewable Materials and shall select either the Initial Calculations or the Objection Calculations (in its totality and without modification). Each of the Participants Representative and Newco shall use commercially reasonable
efforts to cause the Third Party Expert to render a decision in accordance with this Section 2.5, along with a statement of reasons therefor, within thirty (30) days of the submission of the Reviewable Materials, or a
reasonable time thereafter, to the Third Party Expert. The decision of the Third Party Expert shall be final and binding upon the Participants and Newco (absent fraud or manifest error) and the decision of the Third Party Expert shall constitute an
arbitral award that is final, binding, and non-appealable and upon which a judgment may be entered by a court having jurisdiction thereover. 

(d)    In the event the Participants Representative and Newco submit any Reviewable Materials to the Third Party Expert
for resolution pursuant to this Section 2.5, each of the Participants and Newco shall pay its costs and expenses incurred under this Section 2.5; and the fees and costs of the Third Party Expert
shall be borne by Newco, on the one hand, if the Third Party Expert selects the Objection Calculations, and the Participants, on the other hand, if the Third Party Expert selects the Initial Calculations. 

Section 2.6    Transfer of Participation Interest. If a Participant Transfers all or any portion of its
Participation Interest to a Permitted Transferee in accordance with the terms and conditions of this Agreement (including the satisfaction of the conditions set out in Section 8.1 and the limitations set out in
Section 6.5), such Participant’s Participation Percentage shall be reduced by the number of percentage points equal to the Participation Percentage represented by the transferred Participation Interest (as set out in
the Joinder Agreement) on the business day immediately following the date on which the fully completed and executed Joinder Agreement is delivered and received by Newco and the Company in accordance with Section 8.2. In the
agreement governing the transfer of a Participation Interest and the Joinder Agreement, the Participant shall indicate the number of percentage points equal to the Participation Percentage represented by the Participation Interest to be transferred.

  
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 Section 2.7    Equity Plans. 

(a)    Share Options Granted to Persons other than Newco Employee. If, at any time or from time to time, in
connection with any Equity Plan, an option to purchase Class A Ordinary Shares granted to a Person other than a Newco Employee is duly exercised, then: 

(i)    the Company shall, as soon as practicable after such exercise, make a contribution to the capital of
Newco in an amount equal to the exercise price paid, if any, to the Company by such exercising party in connection with the exercise of such share option and, in exchange for such contribution to the capital of Newco, Newco shall issue to the
Company a number of Newco Shares equal to the number of Class A Ordinary Shares issued by the Company in connection with the exercise of such share option; and 

(ii)    the Company shall be deemed to have contributed to Newco as a contribution an amount equal to the
product of the Average Class A Ordinary Share Price as of the date of exercise and the number of Class A Ordinary Shares then being issued in connection with the exercise of such share option. 

(b)    Share Options Granted to Newco Employees. If, at any time or from time to time, in connection with any
Equity Plan, an option to purchase Class A Ordinary Shares granted to a Newco Employee is duly exercised, then: 

(i)    the Company shall issue to the Newco Employee exercising such option the number of Class A
Ordinary Shares required to be issued as a result of such exercise and Newco shall issue to the Company in exchange for the exercise price paid, if any, by the Newco Employee to Newco (reduced by any payment in respect of payroll taxes or other
withholdings made by the Company) a number of Newco Shares equal to the number of Class A Ordinary Shares issued by the Company to such Newco Employee as a result of such exercise; and 

(ii)    the following events will be deemed to have occurred: 

(1)    the Company shall be deemed to have sold to Newco, and Newco shall be deemed to have purchased from
the Company, the number of Class A Ordinary Shares as to which such stock option is being exercised in exchange for a purchase price per Class A Ordinary Share equal to the Average Class A Ordinary Share Price as of the date of
exercise; 

  
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 (2)    Newco shall be deemed to have sold to the Newco
Employee for a cash price per share equal to the Average Class A Ordinary Share Price as of the date of exercise the number of Class A Ordinary Shares equal to the quotient of (a) the exercise price paid to the Company by the
exercising party in connection with the exercise of such share option divided by (b) the Average Class A Ordinary Share Price as of the date of exercise; and 

(3)    Newco shall be deemed to have transferred to the Newco Employee the number of Class A Ordinary
Shares equal to the number of Class A Ordinary Shares described in Section 2.7(b)(ii)(1) less the number of Class A Ordinary Shares described in Section 2.7(b)(ii)(2). 

(c)    Class A Ordinary Shares Issued to Newco Employees Under Equity Plans. If, at any time or from time to time,
in connection with any Equity Plan (other than in respect of the exercise of a share option), any Class A Ordinary Shares are issued to a Newco Employee (including any Class A Ordinary Shares that are subject to surrender or forfeiture in
the event specified vesting conditions are not achieved and any Class A Ordinary Shares issued in settlement of a restricted share unit or similar award) in consideration for services performed for Newco or any of its Subsidiaries, then: 

(i)    the Company shall issue such number of Class A Ordinary Shares as are to be issued to the Newco
Employee in accordance with the Equity Plan and Newco shall issue to the Company in exchange for any amounts paid by the Newco Employee (reduced by any payment in respect of payroll taxes or other withholdings made by the Company) a number of Newco
Shares equal to the number of Class A Ordinary Shares issued by the Company to such Newco Employee at such time pursuant to the Equity Plan; and 

(ii)    the following events will be deemed to have occurred: 

(1)    the Company shall be deemed to have sold such Class A Ordinary Shares to Newco for a purchase
price per share equal to the Average Class A Ordinary Share Price on such date, 
 (2)    Newco
shall be deemed to have delivered the Class A Ordinary Shares to the Newco Employee, and 

(3)    the Company shall be deemed to have contributed the purchase price to Newco as a contribution to the
capital of Newco. 

  
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 (d)    Class A Ordinary Shares Issued to Persons other than Newco
Employees Under Equity Plans. If, at any time or from time to time, in connection with any Equity Plan (other than in respect of the exercise of a share option), any Class A Ordinary Shares are issued to a Person other than a Newco Employee
(including any Class A Ordinary Shares that are subject to surrender or forfeiture in the event specified vesting conditions are not achieved and any Class A Ordinary Shares issued in settlement of a restricted share unit or similar award)
in consideration for services performed for the Company, Newco, or any Subsidiary of Newco, then: 

(i)    the Company shall issue such number of Class A Ordinary Shares as are to be issued to such
Person in accordance with the Equity Plan and Newco shall issue to the Company in exchange for any amounts paid by such Person (reduced by any payment in respect of withholdings made by the Company) a number of Newco Shares equal to the number of
Class A Ordinary Shares issued by the Company to such Person at such time pursuant to the Equity Plan; and 

(ii)    the Company shall be deemed to have contributed the product of the Average Class A Ordinary
Share Price as of such date and the number of Class Ordinary Shares issued by the Company to such Person to Newco as a contribution to the capital of Newco. 

(e)    If any holder of Class A Ordinary Shares under any Equity Plan surrenders or forfeits all or a portion of such
Class A Ordinary Shares for no payment, an equivalent number of Newco Shares held by the Company shall be surrendered or forfeited and the Participation Percentage of each Participant shall be adjusted to equal the quotient (expressed as a
percentage) of (x) the number of Class A Ordinary Shares that such Participant would have been entitled to receive pursuant to the terms of this Agreement if, immediately prior to such surrender or forfeiture, such Participant had
exercised its Exchange Rights with respect to the entirety of its Participation Interest divided by (y) the number of Class A Ordinary Shares issued and outstanding immediately after such surrender or forfeiture, which, for the avoidance
of doubt, shall not include any surrendered or forfeited Class A Ordinary Shares and shall not include Class A Ordinary Shares described in clause (x) of this Section 2.7(e). 

Section 2.8    Grants of Distributed Rights 

(a)    If, at any time or from time to time, the Company grants a Distributed Right (other than in connection with any
Equity Plan) (i) at a price per share less than the Average Class A Ordinary Share Price on the record date for such grant or (ii) that does not expire by the thirty (30) days after such grant, then Newco shall grant to each
Participant similar rights, options, or warrants (“Participation Rights”), as applicable, with the same terms and conditions as such Distributed Rights mutatis mutandis, such that each Participant shall have the right to subscribe
for, to purchase, or to otherwise acquire, as the case may be, an increase in its Participation Interest that would increase the Class A Ordinary Share Amount with respect to its Participation Interest (as determined immediately before such
grant) by the same number of Class A Ordinary Shares as such Participant would have been entitled to subscribe for, to purchase, or to otherwise acquire on the exercise of the Distributed Rights that such Participant would have been granted if,
immediately prior to the record date for such Distribution Right, such Participant, in accordance with the terms of this Agreement, had exercised its Exchange Rights with respect to the entirety of its Participation Interest (the “Deemed
Distributed Rights”). For the avoidance of doubt, if the Exchange Date occurs prior to or on the record date for such grant with respect to all or a portion of the Participation Interest of an Exchanging Participant, then notwithstanding
anything in this Section 2.8, Newco shall not grant any Participation Rights to such Participant with respect to its Exchanged Participation Interest. 

  
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 (b)    Each Participant shall have the right (subject to any applicable
exercise conditions contained in the Distributed Rights) to exercise all or a portion of its Participation Rights by paying to Newco an amount (the “Rights Purchase Price”) equal to the product of (x) the total price that such
Participant would have had to pay to exercise all of its Deemed Distributed Rights and (y) a fraction (1) the numerator of which shall be the Participation Rights being exercised by such Participant, and (2) the denominator of which
shall be the Participation Rights received by such Participant; provided that, if the Distributed Rights included a “cashless exercise” or similar feature, such “cashless exercise” or similar feature shall also apply to
the Participation Rights. 
 (c)    Upon a Participant’s exercise of any of its Participation Rights, such
Participant’s Participation Percentage shall be adjusted to equal the quotient (expressed as a percentage) of (x) the sum of (1) the number of Class A Ordinary Shares that such Participant would be entitled to receive pursuant to
the terms of this Agreement if, immediately prior to such exercise of its Participation Rights, such Participant had exercised its Exchange Rights in accordance with the terms of this Agreement with respect to the entirety of its Participation
Interest and (2) the number of Class A Ordinary Shares that such Participant would have been entitled to purchase for the Rights Purchase Price payable by such Participant upon such exercise of its Participation Rights if such Participant
held Distribution Rights divided by (y) the number of Class A Ordinary Shares issued and outstanding immediately prior to such exercise of Participation Rights, which, for the avoidance of doubt, shall not include any Class A Ordinary
Shares described in clause (x) of this Section 2.8(b). 
 (d)    If such Participation
Rights are not exercisable prior to the time a Participant exchanges all of its Participation Interests, the Participant shall continue to hold such Participation Rights. Notwithstanding anything to the contrary in this
Section 2.8, with respect to any Participation Rights held by a Participant that would not otherwise have been exercisable prior to a Termination Event, upon such Termination Event, Newco shall procure a Distribution Right
of the Company with the same terms and conditions as such Participation Rights mutatis mutandis, and deliver such Distribution Rights to such Participant in exchange for such Participation Rights. 

  
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 ARTICLE III 

EXCHANGE RIGHTS 

Section 3.1    Exchange of Participation Interest. 

(a)    Subject to Section 3.1(i), from and after the expiration of the Lock-Out Period, each Participant shall be entitled at any time and from time to time, upon the terms and subject to the conditions hereof, to exchange all or part of its Participation Interest subject to the
surrender to the Company for cancellation of the Corresponding Class B Ordinary Shares Amount (such right to exchange, the “Exchange Right”, and such portion of the Participation Interest proposed to be exchanged, expressed as
a number of percentage points equal to the Participation Percentage represented by such portion, the “Exchanged Participation Interest”) for the Class A Ordinary Shares Amount, provided that, to the extent that a Participant
would receive a fractional Class A Ordinary Share in respect of the Exchanged Participation Interest, Newco shall pay to such Participant an amount in cash (in U.S. dollars) equal to the product of (i) such fractional share and
(ii) the Average Class A Ordinary Share Price as of the date of the applicable Exchange Notice (such an exchange of Participation Interests and the surrender to the Company for cancellation of the Corresponding Class B Ordinary Shares
Amount for Class A Ordinary Shares, an “Exchange”). Upon such Exchange, the Company shall update the register of members and books and records of the Company to indicate that the Corresponding Class B Shares Amount set out
in the Exchange Notice has been cancelled, effective at such time. 
 (b)    A Participant (an “Exchanging
Participant”) shall exercise its right to effect an Exchange as set forth in Section 3.1(a) above by delivering to Newco (i) a written election of exchange in respect of the Exchanged Participation Interest
substantially in the form of Exhibit A hereto (the “Exchange Notice”), duly executed by the Exchanging Participant, delivered to Newco to its electronic mail address and confirmed by mail at its address set forth in
Section 8.2, (ii) any share certificates representing the Corresponding Class B Ordinary Shares Amount and (iii) if applicable, Internal Revenue Service Form W-9. On
the Exchange Date, all rights of the exchanging Participant in the Exchanged Participation Interest and the Corresponding Class B Ordinary Shares Amount that are being surrendered to the Company, shall be free and clear of any pledges, liens,
security interests, encumbrances, rights of first refusal, equities, claims and the like, and cancelled pursuant to the Exchange shall cease. 

(i)    An Exchange Notice from an Exchanging Participant shall specify the future date on which the
Exchange is to be effected; provided that such Exchange Notice may be contingent (including as to the timing or date of the Exchange) upon the consummation of a purchase by another Person of Class A Ordinary Shares into which the
Exchanged Participation Interest is exchangeable (whether in a tender or exchange offer, an underwritten offering or otherwise); provided that an Exchange may not be effective, under any circumstances, on a date that is earlier than the fifth
business day, or later than a date that is ninety (90) days, following delivery of the Exchange Notice to Newco (such date upon which the Exchange is to be effective, whether by specification of a date or the satisfaction of certain
contingencies, the “Exchange Date”); provided further that any contingency is required to be satisfied within ninety (90) days of the date of the Exchange Notice. In the event any contingency set out in an
Exchange Notice remains unsatisfied on the ninetieth day after the Exchange Notice (the “Exchange Notice Withdrawal Date”), such Exchange Notice shall be deemed to have been withdrawn by the Exchanging Participant pursuant to
Section 3.1(b)(iii) on the Exchange Notice Withdrawal Date. 

  
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 (ii)    Upon the delivery by Newco of the Class A
Ordinary Shares Amount to an Exchanging Participant pursuant to an Exchange Notice, and the surrender of the Corresponding Class B Ordinary Shares Amount by such Exchanging Participant to the Company for cancellation, a Corresponding
Class B Ordinary Shares Amount of such Exchanging Participant shall be cancelled and the Exchanging Participant shall be automatically deemed to no longer be the holder of such Class B Ordinary Shares, without any further action on the
part of the Exchanging Participant or Newco; provided that the register of members of the Company shall forthwith be updated accordingly. Notwithstanding anything in this Agreement to the contrary, the Participants hereby agree that, upon an
Exchange, pursuant to the applicable Exchange Notice, each Exchanging Participant shall be deemed to have surrendered its Corresponding Class B Ordinary Shares for cancellation and the Company hereby agrees that such surrender shall be
effective upon the Exchange Date without any action on part of the Participant. 
 (iii)    An Exchanging
Participant may amend an Exchange Notice at any time prior to the Exchange Date by delivery of a written notice of amendment to Newco, provided that the Exchange Date may not be earlier than on the fifth business day following delivery of
such notice of amendment to Newco; provided further that such amendment notice may not change, as the case may be, the future date or the period for satisfaction of the contingency referred to in
Section 3.1(b)(i) beyond ninety (90) days of the date of the initial Exchange Notice. An Exchanging Participant may withdraw an Exchange Notice at any time prior to the Exchange Date by delivery of a written notice of
withdrawal to Newco, in which event such Exchange Notice shall be null and void; provided that, upon request by Newco, such Exchanging Participant shall promptly reimburse Newco for all reasonable out-of-pocket expenses (including any expenses of the registrar for the Company and Newco) incurred by Newco and the Company in connection with such proposed Exchange prior to receipt of such withdrawal
notice. Such obligation of the Exchanging Participant to reimburse Newco shall also apply to any deemed withdrawal of the Exchange Notice pursuant to Section 3.1(b)(i). 

(iv)    An Exchanging Participant shall be entered in the register of members of the Company as the holder
of the Class A Ordinary Shares Amount deliverable to such Exchanging Participant in connection with an Exchange on the Exchange Date, and such Exchanging Participant shall be deemed to be the holder of such Class A Ordinary Shares from and
after the Exchange Date; on the Exchange Date, Newco shall deliver or procure the delivery of a copy of the register of members of the Company showing (or, if the Exchanging Participant so elects, as soon as reasonably practicable after any such
election, share certificates representing) the Class A Ordinary Shares Amount deliverable upon such Exchange to the Exchanging Participant, registered in the name of such Exchanging Participant. 

  
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 (c)    Within three (3) business days following the business day on
which Newco has received the Exchange Notice or, in the case of a Mandatory Exchange, at least five (5) business days prior to the date of such Mandatory Exchange, Newco shall give written notice (the “Settlement Notice”) to
each Exchanging Participant (with a copy to the Company) (or in the case of a Mandatory Exchange, all Participants) of a good faith estimate of the Class A Ordinary Shares Amount (or in the case of a Mandatory Exchange that is the result of
either a Cash Change of Control pursuant to clause (i) of Section 3.1(e) or an Unsuitable Person Determination pursuant to clause (iv) of Section 3.1(e), the Cash Settlement, if
applicable) such Participant will receive and the corresponding Class B Ordinary Shares Amount, which shall include reasonable supporting documentation and calculations to allow such Participants to determine compliance with this Agreement. If
a record date for an Adjustment Event occurs prior to any Exchange Date and a previously delivered Settlement Notice with respect to such Exchange Date did not reflect such Adjustment Event, the Company shall provide an updated Settlement Notice
within five (5) business days of such record date. 
 (d)    Notwithstanding anything herein to the contrary, with
respect to any Exchange pursuant to this Section 3.1: 
 (i)    Without the
consent of Newco, a Participant may not effect an Exchange for less than the Minimum Exchange Participation Interest. 

(ii)    After delivery of the Exchange Notice in respect of an Exchanged Participation Interest, a
Participant shall continue to hold such Exchanged Participation Interest subject to an Exchange and, for the avoidance of doubt, shall have no rights as a shareholder of the Company with respect to the Class A Ordinary Shares issuable in
connection with the Exchange until the Exchange Date. 
 (iii)    In the case of a Mandatory Exchange
pursuant to clause (iv) (Unsuitable Person Determination) of Section 3.1(e), the relevant Participant shall not be entitled to (aa) receive any payment of any kind (other than (A) to the extent permitted by law and the Unsuitable Person
Notice, for any payment owed to such Participant pursuant to this Agreement on account of any Newco Cash Distribution or Newco In-Kind Distribution declared prior to the receipt of the related Unsuitable
Person Notice but not yet paid to such Participant and (B) the Cash Settlement), with respect to its Participation Interest, (bb) receive any remuneration in any form from Newco, the Company or any of their Affiliates for services rendered
after the date of the related Unsuitable Person Notice, or (cc) exercise, directly or indirectly or through any proxy, trustee, or nominee, any other right conferred by such Participation Interest. 

  
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 (e)    Notwithstanding any other provision of this Agreement, in the event of
(i) a Change in Control, (ii) a Review Event, (iii) a Newco Liquidating Distribution, (iv) an Unsuitable Person Determination, or (v) a Termination Event, the Participants (or the relevant Participant in case of an
Unsuitable Person Determination) shall exchange all of their Participation Interests for the Class A Ordinary Shares Amount, free and clear of any pledges, liens, security interests, encumbrances, rights of first refusal, equities, claims and
the like, and all corresponding Class B Ordinary Shares shall be accordingly deemed surrendered and automatically cancelled; provided, such Mandatory Exchange shall occur, as applicable, on (aa) the closing of such Change in
Control, (bb) the date indicated or required by the relevant Governmental Authority or regulation (the “Relevant Review Event Date”), (cc) the date required pursuant to Section 2.2(c) in the case
of a Newco Liquidating Distribution, (dd) with respect to an Unsuitable Person Determination, the date determined by Newco as the date required by the relevant Government Authority or (ee) the date of such Termination Event;
provided that, in the event of a Review Event, promptly following the occurrence of the Review Event and until the Relevant Review Event Date, Newco and any relevant Affiliates will, to the extent practicable in consideration of the
applicable legal and timing requirements, engage in good faith discussions with the Participants Representative and, if appropriate, the relevant Governmental Authority, to find an alternative arrangement that may address the Review Event and
provide the Participants with similar corporate, U.S. tax and organizational consequences as this Agreement. To the extent practicable and permitted by law, Newco shall provide to the Participants at least thirty (30) days prior written notice
of the date on which such Mandatory Exchange shall occur; provided that if such notice is not practicable or permitted by law, Newco shall use its reasonable best efforts to provide Newco with as much advance notice of such Mandatory Exchange
as reasonably practicable and in no event less than five (5) business days or such shorter period if so required by law. Newco, at its option, may elect to settle a Mandatory Exchange that is the result of either a Cash Change of Control
pursuant to clause (i) above or an Unsuitable Person Determination pursuant to clause (iv) above, by providing the Cash Settlement instead of the Class A Ordinary Shares Amount; provided that in the case of a Mandatory Exchange
that is a result of a Cash Change of Control pursuant to clause (i) above, Newco must notify all applicable Participants that it has elected such Cash Settlement in the applicable Settlement Notice and that the Cash Settlement shall apply to
all Participants; provided, further, that, in case of a Mandatory Exchange that is a result of an Unsuitable Person Determination pursuant to clause (iv) above, Newco must notify the relevant Participants that it has elected such
Cash Settlement in the applicable Settlement Notice and, in the case of a Cash Change of Control, the Cash Settlement shall apply to all Participants. An Exchange pursuant to this Section 3.1(e) is referred to herein as a
“Mandatory Exchange.” A Mandatory Exchange shall be effected in accordance with the relevant provisions of this Article III. 

(f)    Subject to Section 3.2(c), if any Class A Ordinary Shares issued upon an Exchange
shall be issued in certificated form, the certificates evidencing such Class A Ordinary Shares shall bear a legend in substantially the following form: 

THE TRANSFER OF THESE SECURITIES HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY
OTHER JURISDICTION AND MAY NOT BE SOLD OR TRANSFERRED OTHER THAN IN ACCORDANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933, AS AMENDED (OR OTHER APPLICABLE LAW), OR AN EXEMPTION THEREFROM. 

  
 25 

 (g)    If (i) any Class A Ordinary Shares may be sold pursuant to a
registration statement that has been declared effective by the Securities and Exchange Commission, (ii) all of the applicable conditions of Rule 144 are met, or (iii) if a Participant otherwise requests removal of the legend, the Company,
upon the written request of the Participant and, in the case of clauses (ii) and (iii), receipt of an opinion of counsel addressed to such Participant (any cost related thereto to be borne by the Participant) and the Company reasonably
acceptable to the Company, shall take all necessary action promptly to remove such legend and, if the Class A Ordinary Shares are certificated, issue to such Participant new certificates evidencing such Class A Ordinary Shares without the
legend. 
 (h)    Except as specifically provided herein, Newco and each Participant shall bear their own expenses
related to any Exchange; provided that Newco shall bear all transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, any Exchange (which, for the avoidance of doubt, shall not include any
income or similar taxes imposed on any Participant); provided, however, that, if any Class A Ordinary Shares are to be registered in a name other than that of the Participant that requested the Exchange, then such Participant
and/or the person in whose name such shares are to be registered shall pay to the Company the amount of any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, such Exchange or shall establish
to the reasonable satisfaction of the Company that such tax has been paid or is not payable. In the event that an Exchange fails to be consummated due to the failure of one or more conditions set forth by this Agreement, the Exchanging Participant
shall promptly reimburse Newco for all reasonable out-of-pocket expenses incurred by Newco and the Company in connection with such proposed Exchange prior to the failure
of such conditions to be known to Newco. 
 (i)    Notwithstanding anything to the contrary in this Article III,
a Participant shall not be entitled to effect an Exchange (and, if attempted, any such Exchange shall be void ab initio), and Newco shall have the right to refuse to honor any request to effect an Exchange, at any time or during any period,
if Newco shall reasonably determine that such Exchange would be prohibited by any applicable law (including the unavailability of any requisite registration statement filed under the Securities Act or any exemption from the registration requirements
thereunder), provided this Section 3.1(i) shall not limit Newco’s obligations under Section 3.2(c). Upon such determination, Newco shall promptly provide the Participant requesting the
Exchange written notice of such determination, and such notice shall include an explanation in reasonable detail as to the reason that the Exchange has not been effected. 

Section 3.2    Validity of Class A Ordinary Shares; Procurement of Class A
Ordinary Shares. 
 (a)    Each of Newco and the Company covenants that all Class A Shares issued upon an
Exchange will, upon delivery in accordance with this Agreement, be validly issued, fully paid and non-assessable. Upon the exercise of an Exchange Right by a Participant, unless Newco has determined, at its
option, to effect such a Mandatory Exchange that is the result of either a Cash Change of Control pursuant to clause (i) of Section 3.1(e) or an Unsuitable Person Determination pursuant to clause (iv) of
Section 3.1(e), by means of a Cash Settlement, Newco covenants that it will procure the Class A Ordinary Shares to be delivered by Newco to such Participant on the Exchange Date in connection with such Exchange. 

  
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 (b)    In connection with an Exchange, Newco shall be permitted under this
Agreement to acquire newly-issued Class A Ordinary Shares in exchange for the issuance to the Company of Newco Shares on a one-for-one basis. 

(c)    Upon the terms of and subject to the conditions of the Registration Rights Agreement, Newco covenants and agrees to
deliver the Class A Ordinary Shares, if requested, in a transaction registered pursuant to an effective registration statement under the Securities Act with respect to any Exchange to the extent that a registration statement is effective and
available for such shares.
 Section 3.3    No Impairment of Payments; No Duplications. No Exchange shall
impair the right of a Participant that delivers an Exchange Notice to receive any payment, dividend, or distribution payable with respect to such Participant’s Exchanged Participation Interest pursuant to Section 2.2
of this Agreement. If a Participant exercises the Exchange Right prior to the record date for a payment, dividend, or distribution in respect of Newco Shares and the Exchange Date occurs after such record date, then the Participant who delivered an
Exchange Notice shall be entitled to receive such payment, dividend, or distribution with respect to the Exchanged Participation Interest on the payment date from Newco notwithstanding the Exchange of the Exchanged Participation Interest on the
Exchange Date, provided that such Participant shall not be entitled to receive such payment, dividend, or distribution if such Participant would otherwise receive such payment, dividend, or distribution in respect of any Class A Ordinary Shares
received in exchange for the Exchanged Participation Interest. For the avoidance of doubt, to the extent that any payment, distribution, adjustment, or consideration has been applied to the Participant’s entire Participation Percentage in
connection with an event pursuant to this Agreement, such Participant shall not receive, nor be entitled to receive, any payment, distribution, adjustment, or consideration with respect to the same event under any circumstances, including in case of
an Exchange. In the event that a Participant receives any payment, distribution, or adjustment with respect to the same event in breach of the provisions of this Section 3.3, Newco and the Company reserves its right to
setoff against such Participant’s payment, distribution, adjustment, or consideration. 

Section 3.4    Adjusted Class A Ordinary Shares Amount. With respect to any Exchanging
Participant in an Exchange, if the effectiveness of such Exchange occurs after the record date for an Adjustment Event and prior to such Adjustment Event, (A) if the Adjusted Class A Ordinary Shares Amount is greater than the Class A
Ordinary Share Amount, the Company shall issue to such Exchanging Participants the excess of the Adjusted Class A Ordinary Share Amount over the Class A Ordinary Shares Amount, and (B) if the Class A Ordinary Shares Amount is
greater than the Adjusted Class A Ordinary Share Amount, such Exchanging Participant shall surrender, for no consideration, the excess of the Class A Ordinary Share Amount over the Adjusted Class A Ordinary Shares Amount. 

  
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 ARTICLE IV 

RIGHTS RELATING TO CERTAIN ISSUANCES AFFECTING PARTICIPATION 

Section 4.1    Rights Relating to Certain Issuances Affecting Participation. If the Company proposes to offer
Equity Securities for subscription (other than issuances in connection with a public offering, under any Equity Plan or “assured entitlement” arrangements as required by Practice Note 15 of the Listing Rules of The Stock Exchange of Hong
Kong Limited (as it may be amended from time to time), solely or primarily to Melco or any of its Affiliates, Newco hereby grants to each Participant the right to maintain its Participation Percentage based on such Participant’s pro rata share
of such Equity Securities that are offered to Melco and/or its Affiliates. A Participant’s pro rata share shall be equal to the fraction, the numerator of which shall be the number of Class A Ordinary Shares that such Participant would be
entitled to receive pursuant to the terms of this Agreement if such Participant exercised its Exchange Rights with respect to all of such Participant’s Participation Interests pursuant to Section 3.1(a), and the
denominator of which shall be the sum of (i) the number of issued and outstanding Class A Ordinary Shares held by Melco and its Affiliates, (ii) the number of Class A Ordinary Shares then held by the Participants or former
Participants (as adjusted for any Adjustment Event) as a result of exercises of Exchange Rights, and (iii) the number of Class A Ordinary Shares issuable if all Participants exercised their Exchange Rights with respect to the entirety of
the remaining Participation Interests (such fraction, the “Pro Rata Share”). If the Company proposes to undertake an issuance of Equity Securities to which the rights under this Article IV apply, Newco shall give written
notice to each Participant of the proposed issuance, describing the type of Equity Securities, the cash price per Equity Security, the number of Equity Securities, and the general terms upon which the Company proposes to issue the same (an
“Offer”). 
 Section 4.2    Offer Notice. Newco shall make the Offer to each Participant by
giving a notice in writing (an “Offer Notice”) to each Participant specifying: 
 (a)    the total
number of Equity Securities proposed to be issued to Melco and/or its Affiliates; 
 (b)    the number of Equity
Securities the Participant would have been entitled to subscribe for (up to its Pro Rata Share of the aggregate of all Equity Securities to be issued to Melco and its Affiliates) if such Participant had exercised its Exchange Rights with respect to
all of its Participation Interests as if the Participant held pre-emptive rights from the Company that correspond to the pre-emptive rights set forth under this
Article IV (the “Notional Equity Securities”); and 
 (c)    the terms of issue of the Equity
Securities (including the issue price which shall be the same price for all of the Equity Securities being offered) and Newco shall provide such Offer Notice as soon as reasonably practicable (but not less than fifteen (15) business days) prior
to the date of the closing of the issue of the Equity Securities; provided that if Newco determines that such advance notice is not practical under the circumstances, Newco may provide notice as soon as practicable after such closing. 

  
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 Section 4.3    Response to Offer. Within fifteen
(15) business days after the date the Offer Notice is deemed given in accordance with Section 8.2, each Participant shall give notice to Newco stating that such Participant accepts all or any portion of the Notional
Equity Securities offered to it in the Offer Notice or declines the Offer in full. 
 Section 4.4    Failure to
Respond. If a Participant does not give notice to Newco within the period stated in Section 4.3, the Participant shall be deemed to have declined the Offer in full. 

Section 4.5    Payment by Accepting Participants. If a Participant accepts all or any portion of the Notional
Equity Securities offered to such Participant in the Offer, upon the closing of the issuance of the Equity Securities as specified in the Offer Notice, such Participant shall pay to Newco an amount in cash (in U.S. dollars) equal to the aggregate
purchase price for the number of Notional Equity Securities specified in its notice of acceptance of its Offer on the terms specified in the Offer Notice. 

Section 4.6    Adjustments to Participation Percentage. Upon the issuance and sale of the Equity Securities
that constitute Class A Ordinary Shares by the Company and the payment by a Participant of the amounts payable to Newco pursuant to Section 4.5, such Participant’s Participation Percentage shall be adjusted to
equal the quotient (expressed as a percentage) of (x) the number of Class A Ordinary Shares that such Participant would be entitled to receive pursuant to the terms of this Agreement if, immediately after such issuance and sale of Equity
Securities, such Participant were to exercise its Exchange Rights in accordance with the terms of this Agreement with respect to the entirety of its Participation Interest (determined after giving effect to this Article IV) divided by
(y) the number of Class A Ordinary Shares issued and outstanding immediately after such issuance and sale of Equity Securities, which, for the avoidance of doubt, shall not include any Class A Ordinary Shares that Participants would
be entitled to receive pursuant to the exercise of Exchange Rights described in clause described in clause (x) of this Section 4.6. Upon the issuance and sale of the Equity Securities that do not constitute
Class A Ordinary Shares by the Company and the payment by a Participant of the amounts payable to Newco pursuant to Section 4.5, such Participant shall be granted a participation right corresponding thereto similar to
that granted pursuant to this Agreement, mutatis mutandis. 

  
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 ARTICLE V 

REPRESENTATIONS AND WARRANTIES 

Section 5.1    Representations and Warranties of Newco. Newco represents and warrants that (i) it is a
business company duly incorporated and existing in good standing under the laws of its jurisdiction of organization; (ii) it has all requisite corporate power and authority to enter into and perform its respective obligations under this
Agreement and to consummate the transactions contemplated hereby, including causing the delivery of the Class A Ordinary Shares in accordance with the terms hereof; (iii) the execution and delivery of this Agreement by it and the
consummation by it of the transactions contemplated hereby, including causing the delivery of the Class A Ordinary Shares, have been duly authorized by all necessary corporate action on its part; and (iv) this Agreement constitutes a
legal, valid, and binding obligation of Newco enforceable against Newco in accordance with its terms.     

Section 5.2    Representations and Warranties of the Pre-Migration
Company. The Pre-Migration Company represents and warrants that (i) it is an exempted company duly incorporated and is existing in good standing under the laws of its jurisdiction of organization;
(ii) it has all requisite corporate power and authority to enter into and perform its respective obligations under this Agreement and to consummate the transactions contemplated hereby, including the issuance of the Class A Ordinary Shares
in accordance with the terms hereof; (iii) the execution and delivery of this Agreement by it and the consummation by it of the transactions contemplated hereby, including the issuance of the Class A Ordinary Shares, have been duly
authorized by all necessary corporate action on its part; and (iv) this Agreement constitutes a legal, valid, and binding obligation of the Pre-Migration Company enforceable against the Pre-Migration Company in accordance with its terms. The Pre-Migration Company represents and warrants that it has reserved for issuance, solely for the purpose of issuance
upon an Exchange, the maximum number of Class A Ordinary Shares as may be deliverable from time to time by Newco to Participants upon exchange of all outstanding Participation Interests. 

Section 5.3    Representations and Warranties of the Participants. Each Participant, severally and not
jointly, represents and warrants that (i) it is duly organized, as applicable, and, to the extent such concept exists in its jurisdiction of organization, is in good standing under the laws of such jurisdiction; (ii) it has all requisite
legal capacity and authority to enter into and perform this Agreement and to consummate the transactions contemplated hereby; (iii) the execution and delivery of this Agreement by it and the consummation by it of the transactions contemplated
hereby have been duly authorized by all necessary corporate or other entity action on the part of such Participant; and (iv) this Agreement constitutes a legal, valid, and binding obligation of such Participant enforceable against such
Participant in accordance with its terms. 
 ARTICLE VI 

COVENANTS 

Section 6.1    Covenants of the Company and the Pre-Migration Company.

 (a)    The Company irrevocably covenants to (i) contribute to Newco: (A) all proceeds (net of any
underwriting fees, discounts and selling commissions, or similar fees or related expenses and costs) received by the Company from the issuance or sale of Equity Securities of the Company, including the net proceeds from the issuance of Equity
Securities upon the exercise of equity compensation or the deposit of Equity Securities with a depositary in connection with such equity compensation and (B) all assets acquired by the Company after the date of this Agreement, whether acquired
for cash or Equity Securities of the Company (such contributions in clauses (A) and (B), a “Mandatory Contribution”); and (ii) transfer to Newco all proceeds received by the Company from any indebtedness for borrowed money
(net of any underwriting fees, discounts and selling commissions, or similar fees or related expenses and costs), in which event Newco shall issue to the Company an intercompany note equal in principal amount to such indebtedness and otherwise on
the same terms as such indebtedness. 

  
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 (b)    The Company irrevocably covenants that the Company shall at all times
own all of the issued and outstanding Newco Shares and that the Company shall not own the capital stock, shares, or equity interests of any other Person or any other assets not permitted hereby. 

(c)    The Pre-Migration Company covenants that, upon the Continuation taking
effect, the Company (i) will be an exempted company duly incorporated and will be existing in good standing under the laws of the Cayman Islands; (ii) will have all requisite corporate power and authority to perform its respective
obligations under this Agreement and to consummate the transactions contemplated hereby, including the issuance of the Class A Ordinary Shares in accordance with the terms hereof; (iii) the consummation by it of the transactions
contemplated hereby, including the issuance of the Class A Ordinary Shares, will have been duly authorized by all necessary corporate action on its part; and (iv) this Agreement will constitute a legal, valid, and binding obligation of the
Company enforceable against the Company in accordance with its terms. 
 (d)    If there has been any change in the
number of Class A Ordinary Shares or Class B Ordinary Shares issued and outstanding in any given calendar month, the Company shall deliver a certified copy of the register of members within ten (10) business days following the end of
such month, showing such change. 
 (e)    The Company irrevocably covenants not to cause or initiate a voluntary
liquidation, dissolution, or winding up of Newco; provided that the Company may cause or initiate a voluntary liquidation, dissolution, or winding up of Newco if, substantially concurrently with such liquidation, dissolution, or winding up,
the Company is also liquidated, dissolved, or wound-up. 

Section 6.2    Covenants of Newco. 

(a)    Other than as provided by Section 6.2(d), Newco irrevocably covenants that Newco shall issue to the Company a
number of Newco Shares corresponding to the number of Equity Securities issued by the Company in respect of a Mandatory Contribution; provided that, in the event that any of such Equity Securities issued by the Company are securities
convertible into or exchangeable or exercisable for Equity Securities of the Company (other than an option to purchase Class A Ordinary Shares in connection with any Equity Plan) (including Distributed Rights but excluding any option issued in
connection with any Equity Plan), Newco shall, with respect to such convertible, exchangeable, or exercisable securities, issue to the Company a like amount and type of convertible, exchangeable, or exercisable securities (“Corresponding
Securities”) that shall convert into or be exchanged or exercised for Equity Securities of Newco at the time(s) and in such number(s) as the applicable securities of the Company shall then convert or be exchanged into. 

  
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 (b)    Other than with respect to Corresponding Securities issued in
accordance with Section 6.2(a), Newco irrevocably covenants that Newco shall not issue Equity Securities, share equivalents, or any other classes of shares other than the Newco Shares, and that Newco shall not issue any
Newco Shares to any Person other than the Company. 
 (c)    Newco irrevocably covenants not to effect any purchase,
redemption, cancellation, surrender, or otherwise acquire for value any Newco Shares (a “Newco Repurchase”) unless the Company uses the net proceeds of such Newco Repurchase solely to purchase, redeem, cancel, surrender, or
otherwise acquire the same number of Class A Ordinary Shares (including by acquiring a corresponding number of ADSs) (i) from holders of the Class A Ordinary Shares or ADSs who are Third Parties, (ii) through open-market
purchases of ADSs or (iii) from Affiliates of the Company provided that the terms of such purchase, redemption, cancellation, surrender or other acquisition from such Affiliates are approved by the members of the board of directors of the
Company who are disinterested in such transaction. 
 (d)    Newco irrevocably covenants that it and its subsidiaries
shall not, directly or indirectly, lend, advance funds, issue debt securities, or otherwise extend credit to, or purchase any securities of, the Predecessor Company or the Company; provided that Newco may provide guarantees of indebtedness
for borrowed money of the Company; provided, further, that this covenant shall not prohibit the Company from recording as an intercompany loan the amount of any fees or expenses of the Company paid by Newco. 

(e)    Newco irrevocably covenants that it shall pay all fees and expenses owed by the Company, including pursuant to
Section 6.4, unless otherwise directed by the Company. 
 Section 6.3    Covenants of
the Company and Newco. 
 (a)    Each of Newco and the Company irrevocably covenants that, for as long as this
Agreement is in effect, it shall not: 
 (i)    amend the following provisions of the (x) Memorandum
and Articles of Association of Newco and (y) Articles of Association of Newco, registered on [●], 2018 (together, the “Newco Charter”): 

(1)    Article 21 of the Memorandum of Association of Newco; and 

(2)    Articles 9, 19, and 156 of the Articles of Association of Newco, 

  
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 (ii)    amend the Newco Charter in a manner that adversely
affects the rights of a Participant to receive payments pursuant to this Agreement, a Participant’s Exchange Rights, or the Class A Ordinary Shares Amount issuable upon exercise thereof or any related definitions; or 

(iii)    amend any provision in the Newco Charter otherwise protecting the rights set forth in subsections
(a) and (b) above. 
 (b)    The Company and Newco irrevocably covenant not to cause or initiate any capital
reorganization of Newco or any redesignation, reclassification or recapitalization of the Newco Shares; provided that the Company or Newco may cause or initiate such a capital reorganization of Newco or reclassification or
recapitalization of the Newco Shares if, substantially concurrently therewith, a corresponding capital reorganization of the Company or reclassification or recapitalization of the Company’s Class A Ordinary Shares occurs, as applicable.

 (c)    Upon a capital reorganization of Newco or any reclassification or recapitalization of the Newco Shares; each
of the Company and Newco irrevocably covenant that they shall cause a corresponding capital reorganization of the Company or reclassification or recapitalization of the Company’s Class A Ordinary Shares, as applicable.  
 Section 6.4    Covenants of Newco, the Company and
the Participants. In consideration of Newco receiving all of the assets of the Company as of the date of this Agreement (and assuming all of the Company’s liabilities) (other than, in each case, as specifically provided for in the Transfer
Agreement) as set forth in the Transfer Agreement and because Newco is and will continue to be a wholly owned Subsidiary of the Company, whose ADSs will, upon the completion of the IPO, be publicly traded, the parties hereto acknowledge and agree,
that the Company shall be reimbursed by Newco for any reasonable out-of-pocket expenses incurred by the Company, including all fees, expenses, and costs of the Company
being a public company (including public reporting obligations, proxy statements, shareholder meetings, stock exchange fees, transfer agent fees, SEC and FINRA filing fees, fees related to share based compensation, and offering expenses) and
maintaining its corporate existence. In the event that (i) shares of Class A Ordinary Shares were sold to underwriters in the IPO of the Company or are sold to underwriters in any public offering after the IPO, in each case, at a price per
share that is lower than the price per share for which such shares of Class A Ordinary Shares are sold to the public in such public offering after taking into account underwriters’ discounts or commissions and brokers’ fees or
commissions (such difference, the “Discount”) and (ii) the net proceeds from such public offering are used to fund the cash contributed to Newco, Newco shall reimburse the Company for such Discount by treating such Discount as
additional cash contributed by the Company to Newco, and increasing the Company’s capital account by the amount of such Discount. To the extent practicable, expenses incurred by the Company that are the subject of this
Section 6.4 shall be billed directly to and paid by Newco.  

  
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 Section 6.5    Covenants of the Participants. Each Participant
acknowledges and agrees that the number of Participants under this Agreement at any time shall not exceed twenty-five (25), and that any Transfer or request for Transfer in violation of this Section 6.5 shall be null and
void. 
 ARTICLE VII 

TAX MATTERS 

Section 7.1    Tax Characterization of Newco, Elections. 

(a)    Pursuant to Section 3.1(b) of the Implementation Agreement, Newco has elected pursuant to Treas. Reg. section 301.7701-3 to be classified for U.S. Tax Purposes as a partnership for as long as it is considered to have two or more owners for U.S. Tax Purposes and as an entity disregarded as separate from its owner (a
“disregarded entity”) in all other instances [and has reaffirmed such status, as set forth in the Transfer Agreement]. 

(b)    Each of Newco, each Participant, and the Company agrees (i) that it is the mutual understanding and intention
of the parties to this Agreement that, immediately after the effectiveness of the Continuation, Newco shall be treated for U.S. Tax Purposes as a successor to the Pre-Migration Company and, as such, shall use
for all U.S. Tax Purposes (including its Tax Returns) the Pre-Migration Company’s employer identification number (the “Legacy EIN”), and (ii) to take all actions consistent, and no
actions inconsistent, with such treatment, in each case, for U.S. Tax Purposes. 
 (c)    Following the consummation of
the Continuation, the Company shall not to use the Legacy EIN with respect to any Tax Returns (or other documents or information) that are filed for U.S. Tax Purposes or in any filings with any Governmental Authority, in each case, for any periods
after the Continuation. 
 (d)    Each of Newco, each Participant, and the Company shall (i) timely make upon the
reasonable request of the Participants, any elections or file other information with U.S. federal, state, or local Tax Authorities reasonably necessary to effect, perfect, and preserve treatment of Newco as a partnership and successor to the Pre-Migration Company for U.S. Tax Purposes, (ii) cooperate with each other with respect to the matters set forth in clause (i), and (iii) file, and cause their respective Affiliates to file, all relevant
Tax Returns for U.S. Tax Purposes in a manner consistent with the classification of Newco as a partnership and successor to the Pre-Migration Company for U.S. Tax Purposes. 

Section 7.2    Allocations. Each of Newco, each Participant, and the Company agrees that for U.S. Tax
Purposes, other than if there has occurred a DRE Resolution, 
 (a)    it shall treat each Participant and the Company
as a partner in Newco with each Participant’s percentage interest in Newco at any time and from time to time equal to such Participant’s Tax Allocation Percentage at such time and the Company’s percentage interest in Newco equal to
the SC Tax Allocation Percentage at such time; 

  
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 (b)    there shall be established and maintained in accordance with the Code
and Treasury Regulations, including Treasury Regulations section 1.704-1(b)(2)(iv), for each Participant and the Company a capital account with respect to Newco. The provisions of this Agreement relating to
the maintenance of capital accounts are intended to comply with Treasury Regulations section 1.704-1 and 1.704-2 and shall be interpreted and applied consistently
therewith; 
 (c)    for each fiscal year, after giving effect to the allocations set forth in this
Section 7.2(c), all items of income, gain, loss, deduction, or credit realized by Newco shall be allocated to the capital accounts of each Participant and the Company in proportion, in the case of a Participant, the
Participant’s Tax Allocation Percentage and, in the case of the Company, the SC Tax Allocation Percentage, taking into account in accordance with section 706 of the Code any variation in the Participant’s Tax Allocation Percentage and the
SC Tax Allocation Percentage during such fiscal year, as relevant; 
 (i)    the Regulatory Allocations
are hereby incorporated by reference and are intended to comply with certain requirements of the Treasury Regulations. 

(ii)    it is the intent of each of Newco, each Participant, and the Company that, to the extent possible,
all Regulatory Allocations shall be offset either with other Regulatory Allocations or with special allocations of items of income, gain, loss, deduction, or credit realized by Newco pursuant to this Section 7.2(c)(ii).
Therefore, notwithstanding any other provision of this Agreement, the Regulatory Allocations shall be taken into account in allocating items of income, gain, loss, deduction, or credit realized by Newco among each Participant and the Company so
that, to the extent possible, the net amount of such allocations of other items and the Regulatory Allocations to each Participant and the Company shall be equal to the net amount that would have been allocated to each Participant and the Company
pursuant to Section 7.2(c) if the Regulatory Allocations had not occurred. 

Section 7.3    Tax Information. On or before March 10th of each fiscal year, Newco shall provide to each
Participant and the Company a draft of IRS Form K-1 or substitute K-1 with respect to Newco based on information then available to Newco for the prior fiscal year. On or
before June 15 of each fiscal year, Newco shall provide to each Participant and the Company on Form K-1 or substitute K-1 with respect to Newco the information
necessary for each Participant and the Company to file their U.S. federal income tax returns with respect to the operations and business of each of Newco and the Newco Subsidiaries for such prior fiscal year. Newco shall make its employees and those
of any Newco Subsidiary reasonably available to assist each Participant and the Company in obtaining any additional information with respect to the Newco, any Newco Subsidiary, or any New Entity (as defined below) reasonably necessary for each
Participant and the Company to complete its Tax filings. 

  
 35 

 Section 7.4    Protective Election. 

(a)    Each of Newco, each Participant, and the Company agree that: 

(i)    the Company shall authorize and cause Newco (a) to execute and file IRS Form SS-4 to obtain an employer identification number (“EIN”) for the Deemed Partnership (defined below) and (b) to execute and file IRS Form 8832 (substantially in the form attached hereto) to
elect effective upon the effectiveness of the Transaction Documents (as a protective measure) under Treasury Regulation section 301.7701-3 for the Deemed Partnership to be classified for U.S. Tax Purposes as a
partnership (the “Protective Election”); 
 (ii)    Newco shall take such actions as are
necessary to authorize its officers to effect the actions set forth in Section 7.4(a)(i); 

(iii)    it shall not to revoke or seek to revoke (or cause Newco to seek to or revoke) the Protective
Election; and 
 (iv)    it shall take all actions consistent with and no actions inconsistent with the
Protective Election (other than to the extent otherwise provided in this Agreement). 
 (b)    During such time as this
Agreement is in effect, each of Newco, each Participant, and the Company agrees that: 
 (i)    it is
their mutual understanding and intention that, if Newco at any time is classified for U.S. Tax Purposes as a disregarded entity, the arrangement among Newco, the Participants, and the Company under this Agreement constitutes a business entity for
purposes of Treasury Regulation section 301.7701-1(a)(2) (the “Deemed Partnership”); 

(ii)    if there is a DRE Resolution, 

(1)    it shall treat for U.S. Tax Purposes each Participant and Newco as a partner in the Deemed
Partnership with each Participant’s percentage interest in the Deemed Partnership equal to its Participation Percentage and Newco’s percentage interest in the Deemed Partnership equal to the SC Tax Allocation Percentage, in each case, as
adjusted from time to time; 

  
 36 

 (2)    the information provided pursuant to
Section 7.3, the maintenance of capital accounts pursuant to Section 7.2(b), and the allocation of items of income, gain, loss deduction, or credit pursuant to
Section 7.2(c) shall be with respect to the Deemed Partnership and not with respect to Newco; and 

(iii)    if any of Newco, a Participant, or the Company receives a DRE Notice, it shall send copies of the
DRE Notice promptly to each of the others (and for the avoidance of doubt, to all of the Participants) and Newco and, if necessary, the Company shall be entitled to authorize the Participants (at the Participants’ own expense) to control the
prosecution of the classification matters set forth in such DRE Notice, provided that the Participants shall not be entitled to settle or otherwise dispose of such matters without the prior written consent of Newco, which consent shall not be
unreasonably withheld. If Newco or the Company determine to control the prosecution of any such matter, it shall permit the Participants to participate (at the Participants’ own expense) in such prosecution and shall not settle or otherwise
dispose of such matters without the consent of the Participants, which consent shall not be unreasonably withheld. 

Section 7.5    Newco Subsidiaries, New Entities. 

(a)    Each Newco Subsidiary has previously elected to be classified for U.S. Tax Purposes as a disregarded entity. None of
Newco, any Newco Subsidiary, any Participant, or the Company shall (1) take any action or position (whether in a filing or otherwise) inconsistent with such classification or (2) revoke or seek to revoke any election made by or for Newco
or any Newco Subsidiary pursuant to Treasury Regulation section 301.7701-3 to be classified for U.S. Tax Purposes as a partnership, in the case of Newco, or a disregarded entity, in the case of any Newco
Subsidiary. 
 (b)    Each Newco Subsidiary formed or acquired after the date hereof (each a “New
Entity”) shall be an “eligible entity” within the meaning of Treasury Regulation section 301.7701-3. 

(c)    Each New Entity with only one owner for U.S. Tax Purposes shall make an election pursuant to Treasury Regulation
section 301.7701-3 to be classified for U.S. Tax Purposes as a disregarded entity. Each New Entity with two or more owners for U.S. Tax Purposes shall make an election pursuant to Treasury Regulation section 301.7701-3 to be classified for U.S. Tax Purposes as a partnership. None of Newco, any Newco Subsidiary, any New Entity, any Participant, and the Company shall (1) take any action or position (whether in a
filing or otherwise) inconsistent with such classification of a New Entity or (2) revoke or seek to revoke any election made by or for a New Entity pursuant to Treasury Regulation section 301.7701-3 so to
be classified. 
 Section 7.6    Publicly Traded Partnership. The Company, New Cotai, and Newco agree not to
make or permit any transfers of shares of, or other equity interests in, Newco or all or any portion of the Participation to the extent that, upon the advice of U.S. tax counsel, such transfer would cause Newco to be treated as a publicly traded
partnership or to be classified as a corporation for U.S. Tax Purposes, in each case, pursuant to section 7704 of the Code; provided that, the foregoing shall not preclude any transfer of all or any portion of the Participation to a Permitted
Transferee, pursuant to the Exchange Right, or pursuant to any transactions contemplated in connection with the consummation of the IPO. 

  
 37 

 Section 7.7    Consistency. The consistency and other obligations
set forth in Sections 7.1–7.6 (including any relevant provisions in Article I or, as relevant, Article VIII) are imposed on the parties solely for U.S. Tax Purposes, and the parties acknowledge and
agree that the parties can take inconsistent positions for other purposes, including financial accounting and reporting purposes and Macau regulatory purposes. 

ARTICLE VIII 

MISCELLANEOUS 

Section 8.1    Additional Participants. Subject to Section 6.5, a Participant shall
have the right to Transfer, at any time, all or any portion of the Participation Interest held by such Participant to such Participant’s Permitted Transferees subject to the following conditions: (i) the Transfer will not violate
registration requirements under any federal or state securities laws; (ii) such Participant has obtained all required authorizations, if any, from each relevant Governmental Authority (x) having jurisdiction over the Company or its
Subsidiaries or (y) that regulates the Gaming License, (iii) the Transfer is not made to any Person who lacks the legal right, power, or capacity to own such Participation Interest in Newco; (iv) the Transfer will not cause any
portion of the assets of Newco to become “plan assets” of any “benefit plan investor” within the meaning of regulations issued by the U.S. Department of Labor at Section 2510.3-101 of
Part 2510 of Chapter XXV, Title 29 of the Code of Federal Regulations as modified by Section 3(42) of the Employee Retirement Income Security Act of 1974, as amended from time to time; (v) the Transfer will not result in Newco being
subject to the Investment Company Act of 1940, as amended; (vi) except for any Transfer that would not be prohibited under the Lock-up Agreement, the Transfer is not made prior to the expiration of the Lock-Out Period; (vii) the transferor also Transfers to the same Permitted Transferee the Corresponding Class B Ordinary Shares Amount (subject to all required authorizations, if any, from each relevant
Governmental Authority (x) having jurisdiction over the Company or its Subsidiaries or (y) that regulates the Gaming License); (viii) the Transferee shall have executed and delivered to Newco a joinder to this Agreement substantially in
the form of Exhibit B hereto (the “Joinder Agreement”); (ix) the Participation Interest being so Transferred must be no less than the Minimum Exchange Participation Interest; and (x) the Participant shall have promptly
delivered notice to Newco, the Company, and the other Participants of such Permitted Transferee’s execution of a Joinder Agreement, whereupon such Permitted Transferee shall become a Participant hereunder. Except as set forth in this
Section 8.1, a Participant may not assign or transfer any of its rights or obligations under this Agreement. 

  
 38 

 Section 8.2    Addresses and Notices. All notices, requests,
claims, demands, and other communications hereunder shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by courier service, by fax (delivery receipt requested), by electronic mail
or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the following addresses (or at such other address for a party as shall be as specified in a notice given in accordance with this
Section 8.2): 
 (a)    If to Newco, to: 

[●] 
 [●] 

[●] 
 [●] 

Fax:                 [●] 

E-mail:            [●] 

Attention:        [●] 

(b)    If to the Company, to: 

[●] 
 [●] 

[●] 

Fax:                 [●] 

E-mail:            [●] 

Attention:        [●] 

(c)    If to New Cotai, to: 

New Cotai, LLC 
 c/o New Cotai
Holdings, LLC 
 Two Greenwich Plaza 

Greenwich, Connecticut 
 06830
United States of America 
 Fax:              +1-203-542-4133 
 E-mail:         tlavelle@silverpointcapital.com 

Attention:     Timothy Lavelle 

With a copy to: 
 Skadden, Arps,
Slate, Meagher & Flom LLP 
 300 South Grand Avenue, Suite 3400 

Los Angeles, CA 90071-3144 

Fax:              +1 213 621 5288 

E-mail:         Jeffrey.Cohen@skadden.com 

Attention:     Jeffrey H. Cohen, Esq. 

  
 39 

 (d)    If to any other Participant, to the address and other contact
information set forth in the records of Newco or the Company from time to time. 
 Section 8.3    Further
Action. The parties shall execute and deliver all documents, provide all information and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 

Section 8.4    Binding Effect; Successors and Assigns. This Agreement shall be binding upon and inure
to the benefit of all of the parties and, to the extent permitted by this Agreement, their respective successors, executors, administrators, heirs, legal representatives, and permitted assigns; provided, however, neither this Agreement
nor any rights or obligations hereunder may be assigned by the Company or Newco, and no rights or obligations of any Participant may be assigned and no Participation Interest of any Participant may be transferred to any Person other than a Permitted
Transferee of such Participant in compliance and satisfaction of Section 8.1, in which event such transferring Participant shall promptly deliver notice of such proposed Transfer to Newco, the Company, and the other Participants. 

Section 8.5    Severability. If any term or other provision of this Agreement is held to be invalid, illegal,
or incapable of being enforced by any rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions is not
affected in any manner materially adverse to any party. Upon a determination that any term or other provision is invalid, illegal, or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to
effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

Section 8.6    Amendment. The provisions of this Agreement may be amended, modified, altered, or supplemented
only by a written instrument signed by the Company, Newco, and the Participants Representative. 

Section 8.7    Termination of Agreement. This Agreement shall terminate and have no further force and effect
upon the earlier of (a) the Mandatory Exchange related to a Termination Event being consummated and (b) no Participation Interest being outstanding (or Total Participation Percentage being zero); provided that (i) Sections
2.2(a), 2.2(b), 2.5(a)(i), 2.5(b), 2.5(c) and 2.5(d) shall survive the termination of this Agreement until (x) Newco has fulfilled all of its obligations thereunder with respect to payments and
distributions, and providing notices, to the Participants and (y) the parties hereto have had an opportunity, to the extent provided under this Agreement, to object to, and resolve any disputes with respect to, any calculations pursuant to such
sections, and (ii) Section 3.4 shall survive the termination of this Agreement until all Class A Ordinary Shares required to be delivered thereunder have been delivered in accordance therewith Section 3.4
or upon a determination by Newco that no such Class A Ordinary Shares are required to be so delivered; provided, further, that, for so long as any provision of this Agreement survives the termination of this Agreement pursuant to
clause (i) or (ii) above, this Article VIII (other than Section 8.1) shall also survive the termination of this Agreement. 

  
 40 

 Section 8.8    Waiver. No failure by any party to insist upon the
strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach of any other covenant, duty, agreement or condition.

 Section 8.9    Dispute; Submission to Jurisdiction. 

(a)    Except for disputes pursuant to Section 2.5 for which the procedures to resolve disputes
are set forth therein, if a dispute (a “Dispute”) arises out of or relates to this Agreement (including any dispute as to the existence, breach, or termination of this Agreement or as to any claim in tort, in equity or pursuant to
any statute), a party to this Agreement may only commence arbitration proceedings relating to the Dispute if the procedures set out in clauses 8.9(b) to 8.9(h) have been fulfilled. 

(b)    A party to this Agreement claiming the Dispute has arisen under or in relation to this Agreement must give written
notice (a “Dispute Notice”) to the other parties to the Dispute specifying the nature of the Dispute. 

(c)    On receipt of the Dispute Notice by the other parties, all the parties to the Dispute (the “Disputing
Parties”) must endeavor in good faith to resolve the Dispute expeditiously using informal dispute resolution techniques, such as mediation, expert evaluation, or determination or similar techniques agreed by them. 

(d)    If the Disputing Parties do not resolve the Dispute within twenty (20) days of receipt of the Dispute Notice,
the Dispute shall be determined by way of arbitration in accordance with the ICC Rules of Arbitration of the International Chamber of Commerce in force on the date when the request for arbitration is submitted in accordance with these rules. 

(e)    The number of arbitrators shall be three and the nationality, domicile, or residence of the chairman of the
arbitral tribunal shall not be the United States, China, Hong Kong or Macau. Each party shall nominate in the Request and the Answer, respectively, one arbitrator for confirmation. If a party fails to nominate an arbitrator, the appointment shall be
made by the ICC Court. The two arbitrators so appointed shall nominate a third arbitrator who shall act as the presiding arbitrator of the arbitral tribunal. Failing such designation within 30 days from the confirmation of the second arbitrator, ICC
Court shall appoint the presiding arbitrator. 
 (f)    The arbitral proceedings shall be conducted in the English
language and the place of arbitration shall be Hong Kong. 
 (g)    By agreeing to arbitration pursuant to clause
8.9(d), the parties do not intend to deprive any court of its jurisdiction to issue an interim injunction or other interim relief in aid of the arbitration proceedings or enforce such arbitration decision of an arbitral tribunal or any arbitral
award (including any relief for specific performance or injunctive relief), provided that the parties agree that they may seek only such relief as is consistent with their agreement to resolve the Dispute by way of arbitration. Without prejudice to
such relief that may be granted by a national court, the arbitral tribunal shall have full authority to grant interim or provisional remedies or to order a party to seek modification or vacation of the relief granted by a national court. For
purposes of this clause 8.9(g), the parties irrevocably and unconditionally submit to the non-exclusive jurisdiction of Hong Kong and any courts which have jurisdiction to hear appeals from those courts and
waive any right to object to any proceedings being brought in those courts. 

  
 41 

 (h)    Any dispute that arises under this Agreement must be resolved
in accordance with this Section 8.9. 
 Section 8.10    Counterparts. This Agreement may be executed
and delivered (including by facsimile transmission or by e-mail delivery of a “.pdf” format data file) in one or more counterparts, and by the different parties hereto in separate counterparts, each
of which when executed and delivered shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy, by
e-mail delivery of a “.pdf” format data file or other electronic transmission service shall be considered original executed counterparts for purposes of this Section 8.10.

 Section 8.11    Specific Performance. The parties hereto agree that irreparable damage would occur in the
event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to specific performance of the terms and provisions
hereof, in addition to any other remedy to which they are entitled at law or in equity. 

Section 8.12    Independent Nature of Participants’ Rights and Obligations. The obligations of each
Participant hereunder are several and not joint with the obligations of any other Participant, and no Participant shall be responsible in any way for the performance of the obligations of any other Participant hereunder. The decision of each
Participant to enter into this Agreement has been made by such Participant independently of any other Participant. Nothing contained herein, and no action taken by any Participant pursuant hereto, shall be deemed to constitute the Participants as a
partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Participants are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated hereby. 

Section 8.13    Participants Representative. If, at any time, there is more than one Participant, the
Participants, by executing a Joinder Agreement, hereby designate and appoint the Participants Representative” on behalf of the Participants. If any provision of this Agreement requires the decision, action, or consent of the Participants or
notice to be delivered to the Participants, the Participants Representative shall have the authority to make any such decision, take any such action, grant any consents or receive such notices on behalf of the Participants under this Agreement;
provided, however, that the Participants Representative shall not be entitled to act on behalf of the Participants with respect to the provisions of Article IV. Newco and the Company shall be entitled to deal exclusively with
the Participants Representative, and the decision, action or consent or waiver of the Participants Representative shall be determinative. Newco and the Company shall be entitled to rely upon the Participants Representative’s decision, action or
consent or waiver on behalf of the Participants. 

  
 42 

 Section 8.14    Applicable Law. This Agreement shall be governed
by, and construed in accordance with, the laws of the State of New York, without giving effect to any choice or conflict of laws provision or rule that would cause the application of the laws of any other jurisdiction.  
 Section 8.15    Acknowledgement and Agreement. Each of
the Company and Newco agrees and acknowledges that the Participation Agreement establishes Participation Interests, provides enforceable rights against each of the Company and Newco and is being entered into for due consideration. 

[Signature Pages Follow] 

  
 43 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of the date
first set forth above. 
  

			
	STUDIO CITY INTERNATIONAL
	HOLDINGS LIMITED

			
		
	By:	 	  

	Name:	 	
	Title:	 	

			
	
	[NEWCO]

			
		
	By:	 	  

	Name:	 	
	Title:	 	

			
	
	NEW COTAI, LLC

			
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Participation Agreement] 

 EXHIBIT A 

[FORM OF] 
 EXCHANGE NOTICE 

[Newco] 
 c/o [●] 

[●] 
 [●] 

Attention:        [●] 

Reference is hereby made to the Participation Agreement, dated as of [●], 2018 (the “Agreement”), among Studio City
International Holdings Limited, a business company limited by shares incorporated in the British Virgin Islands (the “Pre-Migration Company” and, following the proposed continuation
(redomiciling) of the Pre-Migration Company as an exempted company with limited liability under the laws of the Cayman Islands, the “Company”), [●], a business company limited by shares
incorporated in the British Virgin Islands with limited liability (“Newco”), and New Cotai, LLC, a Delaware limited liability company (“New Cotai”). Any capitalized term used but not defined herein shall have the
meaning given to it in the Agreement. 
 The undersigned Participant hereby transfers to Newco the Exchanged Participation Interest set
forth below in Exchange and hereby surrenders for cancellation the Corresponding Class B Shares Amount for Class A Ordinary Shares to be issued in its name as set forth below, in accordance with the terms of the Agreement. 

 

			
	Legal name of Participant:	  	  

			
		
	Address:	  	  

			
		
	E-mail:	  	  

			
		
	Pre-Exchange Participation Interest owned:	  	  

  
 A-1 

 Please fill in either A or B but not both.    Please fill in both blanks
of whichever A or B you select. 
 A. Exchanged Participation Interest (If you choose to complete A, please fill in both blanks below and DO NOT
complete B.) 
  

			
		 	Exchanged Participation Interest
	  
	 	
		
		 	Participation Interest owned post-exchange (Amount should equal the difference of subtracting the Exchanged Participation Interest from pre-Exchange Participation Interest owned)
	  
	 	

 B. Percentage of Pre-Exchange Participation Interest Being Exchanged (If you
choose to complete B (instead of A), please fill in both blanks below and DO NOT complete A.) 
  

			
		 	Percentage of Pre-Exchange Participation Interested being exchanged (i.e., X % of your Pre-Exchange Participation Interest)
	  
	 	
		
		 	Percentage of Pre-Exchange Participation Interested not being exchanged (i.e., 100% less the percentage of your Pre-Exchange Participation Interest
being exchanged )
	  
	 	

  

			
	Account number:	  	  

			
		
	Legal name of account holder:	  	  

 The undersigned hereby represents and warrants that (i) the undersigned has full legal capacity to
execute and deliver this Exchange Notice and to perform the undersigned’s obligations hereunder; (ii) this Exchange Notice has been duly executed and delivered by the undersigned and is the legal, valid, and binding obligation of the
undersigned enforceable against it in accordance with the terms thereof or hereof, as the case may be; (iii) the Exchanged Participation Interest and the Corresponding Class B Shares Amount subject to this Exchange Notice are being
transferred to Newco free and clear of any pledges, liens, security interests, encumbrances, rights of first refusal, equities, claims and the like; and (iv) no consent, approval, authorization, order, registration or qualification of any third
party or with any court or governmental agency or body having jurisdiction over the undersigned or the Exchanged Participation Interest subject to this Exchange Notice is required to be obtained by the undersigned for the transfer of the Exchanged
Participation Interest to Newco. 

  
 A-2 

 The undersigned hereby further represents and warrants that (i) the undersigned is an
“accredited investor” as that term is defined in Rule 501(a)(3) of Regulation D (“Regulation D”) to the Securities Act of 1933, as amended (the “Securities Act”), and the undersigned has not experienced a
disqualifying event as enumerated pursuant to Rule 506(d) of Regulation D; (ii) the undersigned is acquiring the Class A Ordinary Shares for the undersigned’s own account, for investment purposes only and not with a view towards, or
for resale in connection with, any public sale or distribution thereof; (iii) the undersigned understands that the Class A Ordinary Shares are being conveyed to the undersigned in reliance on specific exemptions from the registration
requirements of the United States federal and state securities laws and that Newco and the Company are relying upon the truth and accuracy of, and the undersigned’s compliance with, the representations and warranties of the undersigned set
forth herein in order to determine the availability of such exemptions and the eligibility of the undersigned to receive such Class A Ordinary Shares; (iv) the undersigned understands that its investment in the Class A Ordinary Shares
involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to the acquisition of the Class A Ordinary Shares; (v) the
undersigned understands that no United States federal or state agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the Class A Ordinary Shares or the fairness or suitability of the
investment in the Class A Ordinary Shares by the undersigned nor have such authorities passed upon or endorsed the merits of the offering of the Class A Ordinary Shares; (vi) the undersigned understands that: (a) the Class A
Ordinary Shares have not been and are not being registered under the Securities Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder or (2) sold in
reliance on an exemption therefrom; and (b) except as specifically set forth in the Registration Rights Agreement, neither the Company nor any other person is under any obligation to register the Class A Ordinary Shares under the
Securities Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder; (vii) the undersigned has such knowledge and experience in financial and business matters, is capable of evaluating the merits
and risks of an investment in the Class A Ordinary Shares and is able to bear the economic risk of an investment in the Class A Ordinary Shares in the amount contemplated hereunder for an indefinite period of time; (viii) the
undersigned has adequate means of providing for its current financial needs and contingencies and will have no current or anticipated future needs for liquidity which would be jeopardized by the investment in the Class A Ordinary Shares; and
(ix) the undersigned can afford a complete loss of its investment in the Class A Ordinary Shares. 
  

	CC:	Studio City International Holdings Limited 

	 	[●] 

	 	[●] 

	 	Attention:        [●] 

  
 A-3 

 IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this Exchange Notice to be executed and
delivered by the undersigned or by its duly authorized attorney. 
  

			
	  

	Name	 	
		
	Dated:	 	  

  
 A-4 

 EXHIBIT B 

[FORM OF] 
 JOINDER AGREEMENT 

This Joinder Agreement (“Joinder Agreement”) is a joinder to the Participation Agreement, dated as of [●], 2018 (the
“Agreement”), among Studio City International Holdings Limited, a business company limited by shares incorporated in the British Virgin Islands (the “Pre-Migration Company”
and, following the proposed continuation (redomiciling) of the Pre-Migration Company as an exempted company with limited liability under the laws of the Cayman Islands, the “Company”),
[●], a business company limited by shares incorporated in the British Virgin Islands (“Newco”), and New Cotai, LLC, a Delaware limited liability company (“New Cotai”). Any capitalized term used but not defined
in this Joinder Agreement shall have the meaning given to it in the Agreement. This Joinder Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to any choice or conflict of laws
provision or rule that would cause the application of the laws of any other jurisdiction. In the event of any conflict between this Joinder Agreement and the Agreement, the terms of this Joinder Agreement shall control. 

The undersigned, having acquired Class B Ordinary Shares and a Participation Interest and obtained all required authorizations, if any,
from each relevant Governmental Authority (x) having jurisdiction over the Company or its Subsidiaries or (y) that regulates the Gaming License, for such acquisition, hereby joins and enters into the Agreement. By signing and returning
this Joinder Agreement to Newco and the Company, the undersigned (i) accepts and agrees to be bound by and subject to all of the terms and conditions of and agreements of a Participant contained in the Agreement, with all attendant rights,
duties and obligations of a Participant thereunder and (ii) makes each of the representations and warranties of a Participant set forth in Section 5.3 of the Agreement as fully as if such representations and warranties
were set forth herein. The parties to the Agreement shall treat the execution and delivery hereof by the undersigned as the execution and delivery of the Agreement by the undersigned and, upon receipt of this Joinder Agreement by Newco and the
Company, the signature of the undersigned set forth below shall constitute a counterpart signature to the signature page of the Agreement. 
  

					
	Name:	  	  
	  	

  

					
	Address for Notices:	 		  	With copies to:
			
	  
	 		  	  

			
	  
	 		  	  

			
	  
	 		  	  

  
 B-1 

 IN WITNESS WHEREOF, the undersigned has caused this Joinder Agreement to be duly executed as of
the date first set forth above. 
  

			
	 PERMITTED TRANSFEREE

NAME:

			
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 B-2

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