Document:

Memorandum of Agreement dated March 5, 2006 between Melco and PBL

 Exhibit 4.6 
 DATED 5TH MARCH 2006 
 Publishing and Broadcasting Limited 
 - and - 
 Melco International Development
Limited 
 MEMORANDUM OF AGREEMENT 
 Lovells 
 23rd Floor, Cheung Kong Center

 2 Queen’s Road Central 
 Hong Kong 
 Ref: TAF/U1172/00013 

 CONTENTS 
  

					
	CLAUSE	  	PAGE
	1.	  	DEFINED TERMS	  	2
			
	2.	  	SUBCONCESSION	  	3
			
	3.	  	JOINT VENTURE	  	5
			
	4.	  	PBL MACAU	  	6
			
	5.	  	CASINO OPERATIONS	  	6
			
	6.	  	REGULATORY ISSUES	  	7
			
	7.	  	FURTHER TERMS	  	7
			
	8.	  	ANNOUNCEMENT	  	7
			
	9.	  	FURTHER ASSURANCES	  	7
			
	10.	  	EXECUTION IN COUNTERPARTS	  	7
			
	11.	  	COSTS	  	8
			
	12.	  	MISCELLANEOUS	  	8
			
	13.	  	CONDITIONS PRECEDENT	  	9
			
	14.	  	PROVISIONAL AGREEMENT WITH SJM	  	10

 THIS MEMORANDUM OF
AGREEMENT dated 5th March 2006 is entered into between:
  

	(1)	Publishing and Broadcasting Limited of 54 Park Street, Sydney, New South Wales, Australia (ABN 52 009 071 167) (“PBL”); and 

  

	(2)	Melco International Development Limited of 38th Floor, The Centrium, 60 Wyndham Street, Central, Hong Kong (“Melco”). 

 WHEREAS: 
  

	(A)	The parties formed a joint venture to develop Gaming Ventures in the Territory and for that purpose have entered into and caused their respective subsidiaries, PBLSub and MelcoSub
to enter into, among other agreements and commitments, a subscription agreement dated 23 December 2004 and a shareholders deed (the “Deed”) dated 8 March 2005 relating to the affairs of Melco PBL Holdings Limited
(“JVCo”) and the joint venture. 

  

	(B)	The parties have made substantial investments and commitments in the joint venture and intend to make further investments in the joint venture, for among other purposes, the
development of the Crown Macau Hotel/Casino Business and “City of Dreams” project and additional casino projects in the Territory as may be agreed by the parties from time to time. 

  

	(C)	Provisions of the joint venture are to the effect that Melco will own an effective interest of 60% of all Gaming Ventures in the Greater China Region (including Macau SAR)
(collectively the First Gaming Business) and PBL will own an effective interest of 60% of all Gaming Ventures in other countries in the Territory. 

  

	(D)	A term of the Deed provides for JVCo to hold the interests in the Gaming Ventures in the Territory. 

  

	(E)	The opportunity to acquire a grant of the Subconcession of Wynn Resorts (Macau) S.A.’s Licence Contract, to operate Games of Fortune and Chance or other Casino Games in Macau
SAR has arisen which the parties believe is a valuable opportunity for their joint venture. Such grant would be conditional, inter alia, on the approval of the Government of Macau SAR. The latest draft of the proposed agreement for the acquisition
of the Subconcession (the “Subconcession Agreement”) is attached hereto marked (A). 

  

	(F)	This Memorandum of Agreement sets out the parties’ intention in relation to: 

  

	 	(i)	the Subconcession Agreement and the acquisition of the Subconcession from Wynn Resorts (Macau) S.A.; 

	 	(ii)	the exploitation of the Subconcession in conjunction with the Gaming Ventures in Macau SAR, including the operation of casinos, other licensed games and electronic and mechanical
gaming lounges of Crown Macau and City of Dreams and other casinos, gaming or electronic and gaming lounges (including the Mocha Slot Group business) in Macau SAR; 

  

	 	(iii)	variation to the terms of the joint venture and Deed; and 

  

	 	(iv)	certain other agreements and commitments consequent upon these arrangements. 

 IT IS AGREED AS FOLLOWS: 
 PBL
agrees for itself and PBLSub and Melco agrees for itself and MelcoSub the following principal matters: 
  

	1.	DEFINED TERMS 

  

	1.1	The following capitalised terms used herein shall have the meaning set out in the Deed: 

 First Gaming Business 
 Gaming Ventures 
 Group 
 Group Companies 
 Macau SAR 
 MelcoSub 
 Mocha Slot Group 
 PBLSub 
 Territory 
  

	1.2	The following capitalised terms shall have the meaning ascribed in the Subconcession Agreement: 

 Closing 
 Concession Agreement 
 PBL Macau 
  

 - 2 - 

 Deposit 
 Purchase Price 
 Subconcession 
  

	2.	SUBCONCESSION 

  

	2.1	PBL shall proceed to enter into the Subconcession Agreement with Wynn Resorts Limited (“Wynn”) and Wynn Resorts (Macau) S.A (“Wynn Macau”) for the
grant of Subconcession substantially in the form and content attached hereto, with such amendments or variations (except as to purchase price) as PBL shall deem expedient to reach agreement with Wynn and Wynn Macau as soon as possible, provided that
any changes of substance shall have first been consulted and cleared with Melco. 

  

	2.2	PBL shall as soon as possible establish PBL Macau, as referred to in the Subconcession Agreement, as a wholly owned subsidiary of PBL, to be the grantee of the Subconcession. PBL
shall perform its obligations and cause PBL Macau to perform its obligations under the Subconcession Agreement. PBL shall have the responsibilities as provided in the Subconcession Agreement to negotiate and agree the terms of the definitive
Subconcession with the Government of Macau SAR in accordance with the Subconcession Agreement and all other matters and things referred under the Subconcession Agreement required to obtain the grant of the Subconcession and for the Subconcession to
come into force and effect. 

  

	2.3	PBL and PBL Macau will closely consult with Melco in relation to the negotiations for the grant of the Subconcession and the terms of the definitive Subconcession and will not agree
any material variation from the terms of the Subconcession referred to in the Subconcession Agreement without the consent of Melco, such consent not be unreasonably withheld or delayed. At the request of PBL, Melco will and will cause relevant Melco
Group Companies to use their best efforts to support and cooperate with PBL and PBL Macau in negotiations with the Government of Macau SAR and other relevant persons or regulatory authorities for the grant of the Subconcession and all matters
incidental or ancillary thereto. 

  

	2.4	Subject to the terms and conditions herein, the Purchase Price for the grant of the Subconcession namely US$900,000,000 (nine hundred million United Stated dollars) shall be
provided by the parties as follows: 

  

	 	(a)	PBL and Melco shall make or cause to be made by their wholly-owned subsidiaries, capital contributions to PBL Macau of respectively, US$240,000,000 (two hundred and forty million
United Stated dollars) and US$160,000,000 (one hundred and sixty million United States dollars), which sums shall be applied towards the Purchase Price. 

  

 - 3 - 

	 	(b)	The balance of the Purchase Price shall be met by means of non-recourse finance arranged by PBL Macau on terms acceptable to both parties but failing the ability to arrange such
third party finance on acceptable terms, the balance of the Purchase Price shall be provided to PBL Macau by PBL and Melco in the same proportion as their capital contributions specified in 2.4(a) above. 

 2.5 
  

	 	(a)	Melco expressly acknowledges that on entering into the Subconcession Agreement as provided in clause 2.1, PBL will be bound to pay the Deposit following execution of the
Subconcession Agreement and the balance of the Purchase Price thereunder upon Closing and may be liable to forfeit the Deposit subject to the terms and conditions provided in the Subconcession Agreement. Melco agrees and undertakes to PBL to assume
and be responsible for and to pay 40 percent of such Deposit and the balance of the Purchase Price and 40 percent of any other sum or liabilities incurred by PBL in entering into the Subconcession Agreement upon Closing and hereby agrees to
indemnify PBL accordingly. Melco agrees promptly after the date of execution of this Memorandum of Agreement and the Subconcession Agreement to fund PBL with 40 percent of the Deposit (being an amount of forty million United States dollars
(US$40,000,000)) in order for PBL to pay the Deposit as required by the Subconcession Agreement. This amount so advanced by Melco shall be deemed to be an advance made under Clause 2.4(a). 

  

	 	(b)	PBL expressly acknowledges that Melco enters into this Memorandum of Agreement on the basis and understanding that PBL will carry out its obligations and liabilities under the
Subconcession Agreement in accordance with its terms. PBL hereby indemnifies Melco against any failure by it to carry out its obligations and/or liabilities aforesaid. PBL agrees and undertakes to Melco to assume and be responsible for and to pay
60 per cent of the Deposit and the Purchase Price and 60 per cent of any other sum or liabilities that may be incurred in entering into the Sub-Concession Agreement and hereby agrees to indemnify Melco accordingly.

  

	2.6	The parties’ respective capital contributions to PBL Macau shall be made by the subscription for shares or by way of interest free subordinated loans and will be paid at the
same time and from time to time as shall be required by the Subconcession Agreement or by the terms of the Subconcession. 

  

	2.7	Melco’s initial capital contribution of US$160,000,000 (one hundred and sixty million United States dollars) shall be made by way of subordinated interest free loan and not by
the subscription of shares. 

  

 - 4 - 

	2.8	Subject to any required approvals of the Government of Macau SAR or other terms and conditions of the Subconcession and following Closing and the grant of the Subconcession and the
same coming into force and effect, Melco shall have the right and PBL shall have the right to require Melco upon the giving of 5 Business Days notice, to convert its loan capital contribution into shares of PBL Macau by the subscription of new
shares of PBL Macau with the intent that each of the equity capital and the loan capital (if any) of PBL Macau is owned as to 60% by PBL or its subsidiary and as to 40% by Melco or its subsidiary. 

  

	2.9	The right of Melco to require the issue of shares in PBL Macau to it shall be subject to any required approvals of the Government of Macau SAR or other terms and conditions of the
Subconcession. In the event that the Government of Macau SAR shall refuse to give its approval to Melco to subscribe for a total of 40% of issued shares of PBL Macau, then, unless the parties agree on other arrangements, Melco’s capital
contribution to PBL Macau shall remain in the form of loan capital until such time as the consent of the Government of Macau SAR is obtained but the parties shall adjust the term of such loans and their arrangements to ensure that Melco will share
the risks, liabilities, commitments, capital contributions and economic values and benefits of the projects and business in Macau on a 50:50 basis. 

  

	2.10	At the same time as Melco becoming a holder of 40% of issued shares of PBL Macau, PBL and Melco shall: 

  

	 	(a)	enter into a shareholders’ agreement which will reflect:- 

  

	 	(i)	the principle that material dealings of or under the Subconcession shall be subject to the unanimous approval of the board of PBL Macau; 

  

	 	(ii)	Melco and PBL will share the risks, liabilities, commitments, capital contributions and economic values and benefits of the projects and business in Macau on a 50:50 basis; and

  

	 	(b)	revise the Deed to reflect the agreement that all Gaming Ventures in the Territory outside the Macau SAR shall be owned and carried out on a 50:50 basis. 

 

	3.	JOINT VENTURE 

  

	3.1	The parties have agreed in principle the following variations to the terms of the joint venture consequent upon the acquisition and grant of the Subconcession:

  

	 	(a)	subject to any required regulatory approvals of relevant gaming regulatory authority in Macau SAR, the parties intend that PBL Macau will be owned 60% directly or indirectly by PBL
and 40% directly or indirectly by Melco and that the parties will participate in PBL Macau on that basis; 

  

	 	(b)	Melco and PBL will share risks, liabilities, commitments, capital contributions and economic values and benefits of the project and business in Macau on a 50:50 basis and the
parties shall negotiate and agree on the most efficient structure for giving effect to this principle; and 

  

 - 5 - 

	 	(c)	Melco and PBL will share capital contributions and the economic values and benefits of the project and business in other parts of the Territory on a 50:50 basis and the parties
shall negotiate and agree on the most efficient structure for giving effect to this principle. 

  

	4.	PBL MACAU 

 On Melco
(or its wholly-owned subsidiary) becoming a shareholder of PBL Macau, the parties shall cause the adoption by PBL Macau of a constitution and/or shareholders agreement for the respective rights of the shareholders, the transfer of shares and for the
operation and management of PBL Macau, on the same basis as that adopted under the Deed (as required to be amended hereby to give effect to the principle that PBL or its subsidiary holds 60% of PBL Macau and Melco or its subsidiary holds 40% of PBL
Macau) subject to any contrary regulatory requirements of relevant gaming regulatory authorities of Macau and Australia, including (a) minority protection provision of a level not less than that provided in the Deed; (b) PBL shall not
grant any subconcession to any party; and (c) any other matters agreed between the parties. The parties will also consider and agree what changes are required to the Deed to give effect to the principles set out in this Memorandum of Agreement.

  

	5.	CASINO OPERATIONS 

 The parties agree to cause and procure that the relevant Group Companies (including, without limitation, Great Wonders, Investments Limited and Melco Hotels and Resorts (Macau) Limited) as one party and PBL Macau as
the other party to enter into Lease Agreements and Commercial Agreements for the lease to PBL Macau of the casino areas (including high roller areas/VIP rooms) and electronic gaming machine lounges owned or developed by the Group in Macau from time
to time, and operation thereof by PBL Macau under the Subconcession and the parties shall cause PBL Macau to enter into Service Agreements with relevant Group Companies in relation to the provision of relevant services by the Group Company (all
subject to the requirements of relevant gaming regulatory authorities in Macau or Australia) on the principal terms discussed by the parties and on the following terms: 
  

	 	(i)	PBL Macau shall be entitled to an amount of 53% of gross gaming revenue in respect of table games in the casino (and shall be responsible for the payment of tax to the Government of
Macau SAR); and 

  

 - 6 - 

	 	(ii)	PBL Macau shall be entitled to an amount of 69% of gross gaming revenue in respect of slot machines (and shall be responsible for the payment of tax to the Government of Macau SAR).

  

	6.	REGULATORY ISSUES 

 Each party agrees that to the extent that any director, executive or shareholder of either party is subject to an adverse finding by a gaming regulatory authority then the relevant party will use their best endeavours
to procure the removal of that director, executive or shareholder from their position or from holding shares in the relevant entity as soon as reasonably practicable. The parties agree that they will insert an appropriate provision to this effect in
the Deed and in any shareholders agreement to be entered into in respect of PBL Macau. 
  

	7.	FURTHER TERMS 

 The terms of clause 10 (Provisions of Information), clause 11 (Confidentiality), clause 19 (Dispute Resolution) and clause 24.1 (Notices), clause 24.2 (Governing Law), clause 24.3 (Jurisdiction) of the Deed shall be incorporated and applied
as appropriate to this Memorandum of Agreement. 
  

	8.	ANNOUNCEMENT 

 This
Memorandum of Agreement shall become effective upon execution and release (as notified by PBL) of the Subconcession Agreement. PBL and Melco International Development Limited will make announcements (in a form to be agreed) to their respective stock
exchanges in respect of the matters dealt with in this Memorandum of Agreement. In the event that the relevant stock exchange requires additional disclosure beyond the agreed form, the relevant party will use its best endeavours to inform the other
party before the announcement is issued. In the event any party wishes to issue a press release at the same time as the announcement is made, the issuing party will let the other party see a reasonably final form of the release in advance before the
same is issued. 
  

	9.	FURTHER ASSURANCES 

 Each party to this Memorandum of Agreement shall act in good faith to give effect to the intent of this Agreement and agrees to execute and deliver such other documents and to take such other action as may be
necessary or convenient to consummate the purpose and subject matter of this Memorandum of Agreement. 
  

	10.	EXECUTION IN COUNTERPARTS 

 To facilitate execution, this Memorandum of Agreement may be executed in as many counterparts as may be required; and it 
  

 - 7 - 

 shall not be necessary that the signatures of, or on behalf of, each party, appear on each counterpart;
but rather, it shall be sufficient that the signatures of the persons required to bind any party, appear on one or more of the counterparts. All counterparts together will collectively constitute a single agreement. It shall not be necessary in
making proof of this Memorandum of Agreement to produce or account for more than such number of counterparts as contain one signature of, or on behalf of, each of the parties hereto. 
  

	11.	COSTS 

 Each party
will bear its own costs of negotiating and agreeing this Memorandum of Agreement and any documents or agreements contemplated herein. 
  

	12.	MISCELLANEOUS 

  

	12.1	Representations and Warranties 

 Each party hereto
represents and warrants to the other that: 
  

	 	(a)	It is duly organised, validly existing and in good standing under the laws of the jurisdiction in which it is organised. 

  

	 	(b)	The execution, delivery and performance of this Memorandum of Agreement (and any documents to be entered into by it pursuant to this Memorandum of Agreement) and performance of its
obligations hereunder (and the obligations of any documents to be entered into by it pursuant to this Memorandum of Agreement): 

  

	 	(i)	are within its organisational powers and have been duly authorised by all necessary action; 

  

	 	(ii)	do not and will not contravene any provision of law applicable to it or any contractual restriction binding on or affecting it; 

  

	 	(iii)	do not require any other approval or consent of, or filing with, any governmental agency or authority except for those expressly set out herein; 

  

	 	(iv)	are and will be valid and legally binding obligations of the party enforceable against it in accordance with the terms hereof, except as may be limited by bankruptcy, insolvency,
reorganisation or similar laws relating to or affecting generally the enforcement of creditors’ rights. 

  

	12.2	Severability of Provisions  

 If one or more of the
provisions of this Memorandum of Agreement is for any reason whatsoever held invalid or unenforceable, 
  

 - 8 - 

 such provisions will be deemed severable from the remaining provisions of this Memorandum of Agreement
and such invalidity or unenforceability will in no way affect the validity or enforceability of such remaining provisions or the rights of any parties to this Memorandum of Agreement. To the extent permitted by law, the parties to this Memorandum of
Agreement hereby waive any provision of law that renders any provision of this Memorandum of Agreement invalid or unenforceable in any respect. 
  

	12.3	Drafting Presumption  

 This Memorandum of Agreement
will be construed fairly as to each party regardless of which party drafted it. 
  

	13.	CONDITIONS PRECEDENT 

 PBL acknowledge that the payment of the capital contribution and investments in PBL Macau (but not the Deposit) as contemplated herein by Melco is, as stipulated by the Listing Rules of the Stock Exchange of Hong
Kong, subject to the approval of the shareholders of Melco. Melco agrees to use its best efforts to secure the approval of its shareholders as soon as practicable and confirms that its directors and their associates have undertaken to vote in favour
of such resolutions. Melco confirm that arrangements between PBL Macau and the joint venture in relation to the operations of the joint venture’s casinos shall be given effect to irrespective of such shareholders’ approval. 
 If the approval of Melco’s shareholders of the payment of the capital contribution and investments in PBL Macau is not obtained, then, the parties
will discuss and agree on alternative arrangements in connection with PBL Macau and the joint venture on the principle that, taking the joint venture and the business of PBL Macau together, the parties and their affiliates shall contribute equally
to the capital and shall share equally in the risks, liabilities, commitments and economic values and benefits associated with the businesses of the joint venture. 
  

 - 9 - 

	14.	PROVISIONAL AGREEMENT WITH SOCIEDADE DE JOGOS DE MACAU
S.A. 

 The parties acknowledge that the letter agreements made between Great Wonder and Sociedade de Jogos de Macau S.A.
dated 11 November 2004 in respect of leasing of casino space shall be terminated. 
 SIGNED as an agreement

  

	
	SIGNED for and on behalf of
	MELCO INTERNATIONAL DEVELOPMENT LIMITED by:
	
	 /s/

	Lawrence Ho (Director)
	
	Dated March 5, 2006
	
	 SIGNED for and on behalf of PUBLISHING
 AND BROADCASTING LIMITED by:

	
	 /s/

	Geoff Kleemman (Duly Authorised Signatory)
	
	Dated 5 March 2006

  

 - 10 -Supplemental Agreement to the Memorandum of Agreement dated May 26, 2006

 EXHIBIT 4.7 
 DATED 26TH MAY 2006 
 Publishing and Broadcasting Limited 
 - and - 
 Melco International Development
Limited 
 SUPPLEMENTAL AGREEMENT 
 TO 
 MEMORANDUM OF
AGREEMENT 
 Lovells 
 23rd Floor, Cheung Kong Center 
 2 Queen’s Road Central 
 Hong Kong 
 Ref: TAF/U1172/00013 

 CONTENTS 
  

					
	CLAUSE	  	PAGE
	1.	  	DEFINED TERMS	  	1
			
	2.	  	SUBCONCESSION	  	1
			
	3.	  	FUNDING THE PREMIUM PAYABLE TO WYNN MACAU	  	3
			
	4.	  	FURTHER REORGANISATION OF JOINT VENTURE	  	3
			
	5.	  	ARRANGEMENTS TO EFFECT 50:50 SHARING OF ECONOMIC VALUE AND
BENEFITS OF PBL MACAU IF THE CONSENT OF THE GOVERNMENT OF MACAU SAR
IS NOT OBTAINED FOR PBL MACAU TO BECOME A GROUP COMPANY OF THE
JOINT VENTURE	  	4
			
	6.	  	AMENDMENTS TO THE DEED	  	5
			
	7.	  	OTHER MATTERS	  	6
			
	8.	  	GOVERNMENT OF MACAU SAR CONSENT REQUIRED	  	6
			
	9.	  	AGREEMENT TO ACHIEVE COMMERCIAL INTENTIONS	  	6

 THIS SUPPLEMENTAL AGREEMENT dated
26th May 2006 is entered into between:
  

	(1)	Publishing and Broadcasting Limited of 54 Park Street, Sydney, New South Wales, Australia (ABN 52 009 071 167) (“PBL”); and 

  

	(2)	Melco International Development Limited of 38th Floor, The Centrium, 60 Wyndham Street, Central, Hong Kong (“Melco”). 

 IT IS AGREED AS FOLLOWS: 
  

	1.	DEFINED TERMS 

  

	1.1	This Agreement is supplemental to the parties’ Memorandum of Agreement dated 5 March 2006, and sets out certain amendments to the terms of the Memorandum and supplemental
provisions to give effect to the principles agreed by the parties under the Memorandum and shall be given effect to accordingly. 

  

	1.2	Terms defined in the Memorandum of Agreement shall have the same meaning in this Supplemental Agreement unless the context otherwise requires. 

  

	1.3	The following further capitalised terms shall have the meaning set out in the Deed: 

 Dispose 
 Great Wonders 
 Law 
 Melco PBL Entertainment 
 Melco PBL Holdings 
 Melco PBL International 
 MelcoSub 
 Melco Hotels 
 Mocha Slot 
 PBLSub 
 Regulatory Authority 
  

	2.	SUBCONCESSION 

  

	2.1	It is agreed pursuant to clause 2.3 of the Memorandum that PBL should enter into the First Amendment Agreement to the Subconcession Agreement and into the Side Letter Agreement with
Wynn. References to the Subconcession Agreement shall be read as the Subconcession Agreement as amended by the First Amendment Agreement. 

  

	2.2	In the light of the regulatory requirement for a Macau resident to be appointed managing or executive director of PBL Macau and to hold 10% of that company’s issued share
capital for the grant of the Subconcession, and the desirability of PBL 

 maintaining a majority interest in the issued share capital of PBL Macau following the grant of the
Subconcession and the parties’ intention that, subject to requisite consents of the Government of Macau SAR and any relevant requirements of Australian Regulatory Authorities, the economic value and benefit of PBL Macau (and the associated
risks, liabilities, commitments and capital contributions) be shared by the parties on 50:50 basis, it is agreed that: 
  

	 	(a)	Subject to necessary consents and requirements of relevant Regulatory Authorities being obtained, the parties’ 50:50 economic interest in PBL Macau be given effect to through
their interests in the Joint Venture; 

  

	 	(b)	Prior to the grant of the Subconcession, the capital of PBL Macau will be established by PBL as MOP200,000,000 divided into 2,000,000 shares of MOP100 each of which:

  

	 	(i)	200,000 Shares will be classified as “A” Shares and issued to the Managing or Executive Director. The “A” Shares shall carry a right to vote but shall only
participate in a right to dividends of PBL Macau up to MOP1 in aggregate and shall only participate in a return of capital of PBL Macau or on a liquidation of PBL Macau up to MOP1 in aggregate and shall otherwise not enjoy any other right of return
or economic benefit or rights; 

  

	 	(ii)	1,800,000 Shares will be classified “B” Shares enjoying a right to vote and full participation in any dividends and capital distribution and to participate in a
liquidation and will enjoy all other economic benefits or rights derived from PBL Macau, which “B” Shares shall be held by or issued to PBLSub (with one “B” Share held by a nominee of PBL). 

  

	 	(c)	Conditional upon the Government of Macau SAR granting the Subconcession to PBL Macau and giving its required consent for Melco and its affiliates to take up an interest in PBL Macau
through the Joint Venture, the capital of PBL Macau will be increased to 1,000,000,000 MOP divided into 2,800,000 “A” Shares and 7,200,000 “B” Shares, with the existing issued “B” Shares held by PBLSub (and its nominee)
reclassified as “A” Shares. The “B” Shares shall be subscribed for by Melco PBL International in the manner referred to below. Additional “A” Shares shall be issued to the Managing or Executive Director in order to
maintain the Managing or Executive Director’s required 10% interest in the issued share capital of PBL Macau, so establishing the shareholdings of PBL Macau as: 

 Managing or Executive Director - 10% (1,000,000 Class “A” Shares) 
 PBL Asia - 18% (1,800,000 Class “A” Shares) 
 Melco PBL International - 72% (7,200,000 Class “B” Shares). 
  

 - 2 - 

	 	(d)	Clause 3.1(a) and clause 4 of the Memorandum are amended as far as necessary to give effect to the Supplemental Agreement of the parties set out in this clause 2.2.

  

	3.	FUNDING THE PREMIUM PAYABLE TO WYNN MACAU

  

	3.1	The Premium of US$900,000,000 payable to Wynn Macau on grant of the Subconcession to PBL Macau by the Government of Macau SAR shall be funded: 

  

	 	(a)	by PBL causing PBLSub to subscribe US$80,000,000 for Shares of PBL Macau prior to the grant of the Subconcession (including the subscription money on account of the issue of Shares
to the Managing Director); 

  

	 	(b)	by PBL causing PBLSub to make an interest free subordinated loan of US$160,000,000 to PBL Macau (“PBL Loan”); 

  

	 	(c)	by Melco causing MelcoSub to make a subordinated interest free loan to PBL Macau of US$160,000,000 as provided in the Memorandum of Agreement (“Melco Loan”) and the
parties shall endeavour to arrange the funding of the balance of the Premium by third party financing and failing which shall themselves fund the balance of the Premium in the proportions specified in the Memorandum. It is confirmed for the
avoidance of doubt that Melco’s obligation to provide subordinated interest free loans and to fund a 40 per cent share of the Premium is not conditional upon the approval of the Government of Macau SAR, to its taking an interest in PBL
Macau, through the Joint Venture or otherwise. 

  

	3.2	To implement the reorganisation of the share capital of PBL Macau and subscription of shares in PBL Macau set out in clause 2.2(c) above, the parties agree (subject to the required
consent of the Government of Macau SAR) to cause the subscription of US$320,000,000 by Melco PBL International for the issue of 7,200,000 B Shares (and to fund the issue of an additional 800,000 “A” Shares to the Managing or Executive
Director to maintain her percentage holding). 

  

	3.3	Simultaneously with the subscription referred to in clause 3.2, PBL Macau shall repay the subordinated interest free loans to PBLSub and to MelcoSub, who shall contribute these
monies as further capital injection into Melco PBL Holdings, with the intent that it would then further capitalise Melco PBL International. 

  

	4.	FURTHER REORGANISATION OF JOINT VENTURE 

  

	4.1	Subject to Melco PBL International acquiring a 72% interest in PBL Macau, Melco PBL Entertainment’s interest in Great 

  

 - 3 - 

 Wonders and Melco Hotels shall be transferred to PBL Macau and the business of Mocha Slot shall be
transferred to PBL Macau. A structure chart showing the intended structure of the Joint Venture on completion of these steps is attached marked “A”. 
  

	4.2	It is intended that the transfers from Melco PBL Entertainment referred to in clause 4.1 be effected without consideration or for a nominal consideration only but in a tax efficient
manner. 

  

	4.3	Subject to Melco PBL International acquiring a 72% interest in PBL Macau, the shares representing 20% of Melco PBL Entertainment held by Melco Sub will be amended and reclassified
as non-voting deferred shares. The non-voting deferred shares will not be entitled to vote at general meetings of shareholders of Melco PBL Entertainment, will not participate in dividends or other distributions and, as a practical matter, will not
receive a distribution on a winding-up or liquidation of Melco PBL Entertainment. 

  

	4.4	Following Melco PBL International having acquired a 72% interest in PBL Macau and Melco PBL Entertainment’s interests in Great Wonders and Melco Hotels and the business of
Mocha Slot having been transferred to PBL Macau, as contemplated under clause 4.1, the 20% holding of non-voting deferred shares in Melco PBL Entertainment held by Melco Sub will either be contributed to the Joint Venture and transferred to Melco
PBL International for nominal consideration, or Melco PBL Entertainment will be liquidated or allowed to remain dormant. 

  

	4.5	Following the transfer of the business of Mocha Slot and its subsidiaries to PBL Macau, Mocha Slot and its subsidiaries will have no material remaining business or assets and those
companies will be liquidated or allowed to remain dormant. 

  

	5.	ARRANGEMENTS TO EFFECT 50:50 SHARING OF ECONOMIC VALUE AND
BENEFITS OF PBL MACAU IF THE CONSENT OF THE GOVERNMENT OF MACAU SAR
IS NOT OBTAINED FOR PBL MACAU TO BECOME A GROUP COMPANY OF THE
JOINT VENTURE 

  

	5.1	If the Government of Macau SAR does not give its approval for PBL Macau to become a joint venture company, then the steps set out in clause 2.2(c) and in clause 4 would not occur
and Melco’s participation in PBL Macau shall remain in the form of the Melco Loan (and any further funding provided by Melco under clause 2.4(b) of the Memorandum) until such time as the consent of the Government of Macau SAR is obtained. If,
following the grant of the Subconcession, the Government of Macau SAR does not give its approval for PBL Macau to become a joint venture company, then Melco and PBL shall cause MelcoSub and PBL Macau to adjust the terms of the Melco Loan and the PBL
Loan and their other arrangements between PBL Macau and the Joint Venture to ensure that Melco and PBL will share the risks, liabilities, commitments, capital contributions and economic 

  

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 value and benefits of PBL Macau on a 50:50 basis. To give effect to the last sentence, the terms of the
Melco Loan and the terms of PBL Loan advanced to PBL Macau shall be amended so that they will be held as participating convertible bonds with the principal features referred to in clauses 5.2, 5.3 and 5.4. 
  

	5.2	The participating convertible bonds will have a maturity date of 80 years from the date of their issue. Subject to obtaining the approval of the Government of Macau SAR for the
conversion, each participating convertible bond will be convertible into Class “B” Shares of PBL Macau representing 50% of the aggregate number of Class “B” Shares of PBL Macau to be issued on conversion of all the participating
convertible bonds outstanding. All other shares of PBL Macau in issue at the time of conversion which are not already Class “A” Shares of PBL Macau would be amended and reclassified as Class “A” Shares of PBL Macau on conversion
of the participating convertible bonds and the shareholders of PBL Macau would be parties to the participating convertible bonds documents in order to achieve this. Following the conversion of the participating convertible bonds, the operations and
management of PBL Macau will be subject to one or more shareholders’ agreements which will replicate the provisions of the Deed and the shareholders’ agreement described in clause 2.10 of the Memorandum. 

  

	5.3	The participating convertible bonds held by Melco Sub and PBL Sub will each be assigned by their respective holders to Melco PBL International, as additional contributions by Melco
Sub and PBL Sub to the Joint Venture. All of the participating convertible bonds outstanding will be required to be converted promptly following the approval of the Government of Macau SAR having been obtained which would permit conversion. Partial
conversion of the participating convertible bonds will not permitted. 

  

	5.4	Prior to the conversion of the participating convertible bonds, no dividends will be permitted to be paid or other distributions made in respect of any shares of PBL Macau without
the prior consent of Melco PBL International as bondholder and the bondholder will be entitled to a participation right the terms of which will entitle Melco PBL International to substantially all the economic value and benefits of PBL Macau. The
participating convertible bonds will contain a list of matters relating to PBL Macau and its subsidiaries requiring the prior consent of Melco PBL International as bondholder, in order to protect the rights of the bondholder.

  

	5.5	The Deed will be amended to require that any consent to be given by Melco PBL International as bondholder will only be given if the giving of the consent is approved by an unanimous
resolution of the board of directors of Melco PBL International. 

  

	6.	AMENDMENTS TO THE DEED 

 Following the completion of the acquisition by Melco PBL International of a 72% interest in PBL Macau, the Deed will be amended to reflect the agreement
that all existing and future gaming ventures of the Joint Venture in the Territory will be owned and carried on on a 50:50 basis. 
  

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	7.	OTHER MATTERS 

  

	7.1	It is agreed that the first Managing Director of PBL Macau be Manuela Antonio, the senior partner of Manuela Antonio lawyers. 

  

	7.2	With effect from the date of the grant of the Subconcession to PBL Macau and subject to any required approval or consents of the Government of Macau SAR, at all times up to (and
including) the date of completion of the acquisition by Melco PBL International of a 72% interest in PBL Macau, the parties shall exercise all the rights and powers respectively available to them to ensure that PBL Macau shall be managed and
operated in accordance with applicable laws and regulations of Macau SAR and the terms of the Subconcession and, subject thereto, PBL shall consult with Melco and shall have proper regard to the principles of their joint venture in relation to PBL
Macau. 

  

	7.3	The rights attaching to the shares of PBL Macau acquired by Melco PBL International shall be exercised in accordance with the provisions of the Deed (as amended as contemplated by
clause 6). Decisions of the board of PBL Macau on reserved matters shall require at least the approval of the directors appointed by Melco PBL International (but not unanimous approval of all directors). 

  

	7.4	Save as amended or supplemented hereby (or by further agreement in writing by the parties), the terms and provisions of the Memorandum shall remain in full force and effect.

  

	8.	GOVERNMENT OF MACAU SAR CONSENT REQUIRED 

 The parties acknowledge that the acquisition of the Subconcession, the further reorganisation of the Joint Venture and other matters contemplated under
this Agreement are subject to the prior approval and consent of the Government of Macau SAR. The parties will cooperate to the fullest extent required by the Government of Macau SAR, including by promptly providing such information and documents as
may be required by the Government of Macau SAR in order to make a determination in relation to the granting of any such approval or consent, and will use their respective reasonable endeavours to achieve the grant by the Government of Macau SAR of
all approvals and consents necessary for the transactions contemplated by the Memorandum and this Agreement. 
  

	9.	AGREEMENT TO ACHIEVE COMMERCIAL INTENTIONS 

 The parties agree that if it is not possible to implement the transactions contemplated by the Memorandum (as amended by this Agreement) in the terms
contemplated by the Memorandum (as amended by this Agreement), the parties will cooperate in good faith to agree such variations of the Memorandum (as amended by this Agreement), or such alternative or additional terms, as 
  

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 may be necessary or desirable to achieve the commercial intentions of the parties as set out in the
Memorandum (as amended by this Agreement). 
 SIGNED as an agreement 
  

	
	SIGNED for and on behalf of
	MELCO INTERNATIONAL DEVELOPMENT LIMITED by:
	
	 /s/

	
	SIGNED for and on behalf of
	PUBLISHING AND BROADCASTING LIMITED by:
	
	 /s/

  

 - 7 - 

 A 
 Structure Chart

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