Document:

EX-4.41

 Exhibit 4.41 
 EXECUTION VERSION 
 MCE FINANCE LIMITED 

as Issuer 
 and

 THE SUBSIDIARY GUARANTORS AS SPECIFIED HEREIN 
 US$1,000,000,000 
 5.00% Senior Notes due 2021 

PURCHASE AGREEMENT 
  

 
 9/F, Central Tower 
 28 Queen’s Road Central 
 Hong Kong 

 PURCHASE AGREEMENT 

January 29, 2013 
 Each of
the institutions named in Schedule A hereto (each, an “Initial Purchaser” and, collectively, the “Initial Purchasers”) 
 Ladies and Gentlemen: 
 MCE Finance Limited, an exempted company with limited
liability incorporated under the laws of the Cayman Islands (the “Issuer”), confirms its agreement with the Initial Purchasers with respect to the issuance and sale by the Issuer and the purchase by the Initial Purchasers, acting
severally and not jointly, of the respective principal amounts set forth in Schedule A hereto of US$1,000,000,000 aggregate principal amount of the Issuer’s 5.00% Senior Notes due 2021 (the “Notes”), subject to the terms
and conditions set forth in this purchase agreement (this “Agreement”). The Notes are to be issued pursuant to an indenture (the “Indenture”), dated as of the Closing Date (as defined below), among the Issuer,
Deutsche Bank Trust Company Americas, as trustee (the “Trustee”) and certain of the subsidiaries of the Issuer listed on Schedule B hereto (each, a “Subsidiary Guarantor” and collectively, the
“Subsidiary Guarantors”). 
 The Issuer’s obligations under the Notes, including the due and punctual
payment of interest on the Notes, will be jointly, severally and unconditionally guaranteed on a senior basis by each of the Subsidiary Guarantors pursuant to the Indenture. 
 As used herein, the term “Notes” shall include the guarantees thereof (the “Guarantees”) by the Subsidiary Guarantors, unless the context otherwise requires, and this
Agreement, the Indenture, the Notes and any other documents entered into in connection with the offer and sale of the Notes are referred to herein as the “Operative Documents.” 

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

  
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 In connection with the sale of the Notes, the Issuer confirms that it has prepared and
delivered to each of the Initial Purchasers copies of a preliminary offering memorandum dated January 28, 2013 (the “Preliminary Offering Memorandum”) and final pricing supplement, in the form attached hereto as
Schedule D (the “Pricing Supplement”) and that it will prepare and deliver to each of the Initial Purchasers, dated the date hereof, a final offering memorandum (the “Final Offering Memorandum”), each for use
by such Initial Purchaser in connection with its solicitation of purchases of, or offering of, the Notes. “Offering Memorandum” means, with respect to any date or time referred to in this Agreement, the most recent offering
memorandum (whether the Preliminary Offering Memorandum or the Final Offering Memorandum, or any amendment or supplement to either such document), including, without limitation, exhibits thereto and any documents incorporated therein by reference,
which has been prepared and delivered by the Issuer to each of the Initial Purchasers in connection with their solicitation of purchases of, or offering of the Notes. 
 For purposes of this Agreement: 
 “Gaming License” means a
license for operating games of chance and other casino games in Macau, pursuant to a valid subconcession contract. 

“Material Contracts” means each of (i) the Subconcession Contract dated September 8, 2006 between Wynn Resorts
(Macau), S.A. and Melco Crown Gaming (Macau) Limited (previously known as Melco PBL Gaming (Macau) Limited and before that as PBL Entertainment (Macau) Limited) (“MC Gaming”); (ii) the US$1.75 billion Senior Secured Term Loan
and Revolving Credit Facilities Agreement dated September 5, 2007 for MC Gaming (as Original Borrower) arranged by Australia and New Zealand Banking Group Limited, Bank of America, N.A., Bank of China Limited, Macau Branch, Commerz Bank AG and
Deutsche Bank AG, Singapore Branch (as coordinating lead arrangers and bookrunners) with Deutsche Bank AG, Hong Kong Branch (as agent) and DB Trustees (Hong Kong) Limited (acting as security agent), as amended by transfer agreements dated
October 17, 2007 and December 4, 2007, a supplemental deed dated November 19, 2007, amendment agreements dated December 7, 2007, September 1, 2008, December 1, 2008, May 10, 2010 and June 22,
2011 (the “Fifth Amendment”), and all finance and security documents related thereto (together, the “SFA”) and the subconcession bank guarantee request letter, dated September 1, 2006, issued by MC Gaming and
the bank guarantee number 269/2006, dated September 6, 2006, extended by Banco Nacional Ultramarino, S.A. in favour of the Macau SAR Government at the request of MC Gaming and all finance and security documents related thereto; (iii) the
Subordination Deed dated September 13, 2007 between MC Gaming and Others (as Subordinated Creditors), MC Gaming and Others (as Obligors) and DB Trustees (Hong Kong) Limited (as Security Agent); (iv) the Order of the Secretary for Public
Works and Transportation No. 20/2006 with respect to the grant by the Macau government of a lease for Altira Macau (previously known as Crown Macau); (v) the Services and Right to Use Agreement dated May 11, 2007 (a supplemented)
between Studio City Entertainment Limited (previously known as New Cotai Entertainment (Macau) Limited) and MC Gaming; (vi) the Hotel Taipa Square Right to Use Agreement dated June 12, 2008 between Hotel Taipa Square (Macau) Company
Limited and MC Gaming; (vii) the Management Agreement for Grand Hyatt Macau dated August 30, 2008 between Melco Crown COD (GH) Hotel Limited and Hyatt of Macau Ltd.; (viii) the Hotel Trademark License Agreement dated January 22,
2007 between Hard Rock Holdings Limited and Melco Hotels and Resorts (Macau) Limited, as novated to Melco Crown COD (HR) Hotel Limited on August 30, 2008; (ix) the Memorabilia Lease (Casino) dated January 22, 2007 between Hard Rock
Cafe International (STP), Inc. and MC Gaming; (x) the Memorabilia Lease (Hotel) dated January 22, 2007 between Hard Rock Café International (STP), Inc. and Melco Hotels and Resorts (Macau) Limited, as novated to Melco Crown COD (HR)
Hotel Limited on August 30, 2008; (xi) the Loan Agreement dated September 5, 2007 between MC Gaming and MPEL Investments Limited; (xii) the Loan Agreements dated April 15, 2008, November 7, 2008 and May 1,
2009 between MPEL Investments Limited and MPEL International Limited; (xiii) the Gaming Promotion Agreement dated March 30, 2009 between MC Gaming, Jin Jun Gaming Promotion Company Limited and Chan Meng Kam as amended by an amendment
agreement dated April 27, 2010; (xiv) the Operating Agreement dated August 29, 2008 between Melco Crown (COD) Developments Limited and DFS Cotai Limitada; (xv) the Order of the Secretary for Public Works and Transportation
No. 25/2008 as amended by the Order of the Secretary for Public Works and Transportation No. 45/2010 with respect to the grant by the Macau SAR of a lease for the City of Dreams property; and (xvi) all amendments, variations,
modifications and supplements of the documents referred to in (i) through (xv) above. 
  

  
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 SECTION 1. Representations and Warranties by the Issuer and the Subsidiary
Guarantors. 
 Each of the Issuer and the Subsidiary Guarantors represents and warrants to each Initial Purchaser as of the
date hereof and, as of the Closing Date referred to in Section 2(b) hereof, and agrees with each Initial Purchaser, as follows: 
 (i) Disclosure Package and Final Offering Memorandum. As of the Applicable Time (as defined below), neither (x) the Offering Memorandum as supplemented by the Pricing Supplement, that has
been prepared and delivered by the Issuer to each Initial Purchaser in connection with their solicitation of offers to purchase Notes, all considered together (collectively, the “Disclosure Package”), nor (y) any individual
Supplemental Offering Materials (as defined below), when considered together with the Disclosure Package, included any untrue statement of a material fact or omitted to state any material fact necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading. “Applicable Time” means the time when sales of the Notes were first made. 
 “Supplemental Offering Materials” means any “written communication” (within the meaning of the rules and regulations promulgated under the 1933 Act by the U.S. Securities and
Exchange Commission (the “Commission”)), prepared by or on behalf of the Issuer, or used or referred to by the Issuer, that constitutes an offer to sell or a solicitation of an offer to buy the Notes other than the Offering
Memorandum or amendments or supplements thereto (including the Pricing Supplement), including, without limitation, any road show relating to the Notes that constitutes such a written communication. 

  
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 As of its date of issue and as of the Closing Date, the Final Offering Memorandum will not
include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that the
representations, warranties and agreements made in the first and third paragraphs of this Section 1(i) shall not apply to statements in or omissions from the Disclosure Package or the Final Offering Memorandum or any amendments or supplements
thereto made in reliance upon and in conformity with information furnished to the Issuer in writing by an Initial Purchaser expressly for use in the Disclosure Package or the Final Offering Memorandum or any amendments or supplements thereto. For
the avoidance of doubt, such information shall be limited to such Initial Purchaser’s name as set forth in the first sentence of the first paragraph under the sub-section “Plan of Distribution—Price Stabilization and Short
Positions” in the Disclosure Package and Final Offering Memorandum. 
 (ii) Existence. The Issuer and each of
its subsidiaries has been duly incorporated and is existing and (where such concept is applicable) in good standing under the laws of the jurisdiction of its incorporation or establishment, with power and authority (corporate and other) to own its
properties and conduct its business as described in the Disclosure Package and the Final Offering Memorandum and to enter into, execute and perform its obligations under the Operative Documents to which it is a party, and is duly qualified to do
business as a foreign corporation (where such concept is applicable) in good standing in all other jurisdictions in which its ownership or lease of property or the conduct of its business requires such qualification, except where the failure to be
so qualified in any such jurisdiction would not, individually or collectively, have a material adverse effect on the condition (financial or other), business, properties, business prospects or results of operations of the Issuer and its subsidiaries
taken as a whole (“Material Adverse Effect”).  
 (iii) Subsidiaries. The Issuer does not
have any subsidiaries other than the ones listed on Schedule C. Each subsidiary of the Issuer has been duly incorporated and is existing and (where such concept is applicable) in good standing under the laws of the jurisdiction of its
incorporation or establishment, with power and authority (corporate and other) to own its properties and conduct its business as described in the Disclosure Package and the Final Offering Memorandum; and each subsidiary of the Issuer is duly
qualified to do business as a foreign corporation (where such concept is applicable) in good standing in all other jurisdictions in which its ownership or lease of property or the conduct of its business requires such qualification, except where the
failure to be so qualified would not, individually or collectively, have a Material Adverse Effect; all of the issued and outstanding authorised shares of each subsidiary of the Issuer has been duly authorized and validly issued and is fully paid
and non-assessable; and the authorised shares of each subsidiary owned by the Issuer, directly or through subsidiaries, is owned free from liens, encumbrances and defects. The statements and the diagrams set forth in the Disclosure Package and Final
Offering Memorandum under the section “Summary—Corporate Structure and Certain Financing Arrangements,” insofar as they purport to describe the ownership interests of the Issuer and its subsidiaries are accurate and fair in all
material respects. 
 (iv) Share Capital. The authorized, issued and outstanding shares of the Issuer is as set forth
in the Disclosure Package and the Final Offering Memorandum in the column entitled “Actual” under the caption “Capitalization”; all outstanding shares of the Issuer have been duly authorized; and the shareholders of the Issuer
have no preemptive rights with respect to the authorised shares. 

  
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 (v) Registration Rights. There are no contracts, agreements or understandings
between the Issuer or any of its subsidiaries and any person granting such person the right to require the Issuer or such subsidiary to file a registration statement under the 1933 Act with respect to any securities of the Issuer or any of its
subsidiaries owned by such person or to require the Issuer or any of its subsidiaries to include such securities in the Notes registered pursuant to a registration statement or in any securities being registered pursuant to any other registration
statement filed by the Issuer under the 1933 Act. 
 (vi) Absence of Further Requirements. No consent, approval, or
order of, clearance by, or filing or registration with, any person (including any governmental agency or body or any court or any stock exchange) is required to be obtained or made by the Issuer or any of its subsidiaries for the consummation by the
Issuer or such subsidiary of the transactions contemplated by the Operative Documents, the Disclosure Package and the Final Offering Memorandum except (A) such as may be required under the blue sky or similar laws of any jurisdiction in
connection with the purchase and distribution of the Notes by the Initial Purchasers in the manner contemplated in the Operative Documents, the Disclosure Package and the Final Offering Memorandum and (B) such as may be required by the SGX-ST
in connection with its granting approval-in-principle for the listing and quotation of the Notes when such approval is obtained. 

(vii) Title to Property. The Issuer and its subsidiaries have good and marketable title to all real property and all
other property and assets owned by them as are necessary to the conduct of their respective businesses in the manner described in the Disclosure Package and the Final Offering Memorandum, in each case free from liens, charges, encumbrances and
defects that would materially affect the value thereof or materially interfere with the use made or to be made thereof by them, and the Issuer and its subsidiaries hold any leased real or personal property under valid and enforceable leases with no
terms or provisions that would materially interfere with the use made or to be made thereof by them and except for such liens, charges, encumbrances, defects, claims, options or restrictions which, individually or in the aggregate, would not have a
Material Adverse Effect. 
 (viii) Compliance. Neither the Issuer nor any of its subsidiaries is (A) in
violation of its respective constitutional documents, (B) in default of the performance or observance of any obligation, agreement, covenant or condition contained in any contract, indenture, mortgage, deed or trust, loan or credit agreement,
note, license, lease or other agreement or instrument, including, without limitation, each Material Contract (as defined above) to which the Issuer or any of its subsidiaries is a party or by which it may be bound, or to which any of the properties
or assets of the Issuer or any of its subsidiaries may be subject (and no event has occurred which, with the giving of notices or lapse of time or both, would constitute such default) or (C) in violation of any statute, law, rule, regulation,
judgment, order or decree of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Issuer or such subsidiary or any of its properties, as applicable, except, in the case of
(B) and (C) only, any defaults or violations which, individually and collectively, would not have a Material Adverse Effect. 

  
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 (ix) Absence of Defaults and Conflicts Resulting from Transaction. The
execution, delivery and performance of each Operative Document and the consummation of the transactions contemplated herein, the issuance and sale of the Notes and the application of the proceeds from the sale of the Notes, as described in the
Offering Memorandum under the caption “Use of Proceeds” and compliance by the Issuer and its subsidiaries with their obligations hereunder, do not and will not result in (A) a violation of the respective constitutional documents of
the Issuer or any of its subsidiaries, (B) a violation of any statute, law, rule, regulation, judgment, order or decree of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction
over the Issuer or any of its subsidiaries or any of their properties, or (C) a breach or violation of any of the terms and provisions of, or constitute a default or a Debt Repayment Triggering Event (as defined below) under, or result in the
imposition of any lien, charge or encumbrance upon any property or assets of the Issuer or any of its subsidiaries pursuant to, the constitutional documents of the Issuer or any of its subsidiaries, any statute, rule, regulation or order of any
governmental agency or body or any court, arbitrator or other authority, domestic or foreign, having jurisdiction over the Issuer or any of its subsidiaries or any of their properties, or any agreement or instrument to which the Issuer or any of its
subsidiaries is a party or by which the Issuer or any of its subsidiaries is bound or to which any of the properties of the Issuer or any of its subsidiaries is subject; except in the case of (B) and (C) above, where any such breach,
violation, contravention, default, lien, charge or encumbrance would not, individually or in the aggregate, have a Material Adverse Effect. A “Debt Repayment Triggering Event” means any event or condition that gives, or with the
giving of notice or lapse of time would give, the holder of any note, debenture, or other evidence of indebtedness (or any person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment of all or a portion
of such indebtedness by the Issuer or any of its subsidiaries, or that would prevent the satisfaction of, or defeat any condition to drawdown or other requirement under any contract related to indebtedness or otherwise adversely affect the
availability to the Issuer or any of its subsidiaries of financing contemplated thereby. 
 (x) Licenses. The
Issuer and its subsidiaries possess, and are in compliance with the terms of, all material licenses, certificates, authorizations, and franchise permits (collectively, “Licenses”) issued by appropriate governmental agencies or
bodies necessary to the conduct of the business now operated by them or proposed in the Disclosure Package and the Final Offering Memorandum to be conducted by them and have not received any notice of proceedings relating to the revocation or
modification of any License that, if determined adversely to the Issuer or any of its subsidiaries would, individually or in the aggregate, have a Material Adverse Effect. Without limiting the foregoing, MC Gaming holds a valid and subsisting Gaming
License which is and remains in full force and effect and which validly authorizes MC Gaming to carry on the gaming business as is and is proposed to be conducted by them and on the terms and conditions, in each case as described in the Disclosure
Package and the Final Offering Memorandum, and no notice of any proceeding or claim or action for the invalidation, revocation, cancellation or imposition of any further condition or requirement of or in connection with the Gaming License has
occurred or, to the best knowledge of the Issuer, is threatened. 
 (xi) Absence of Labor Dispute. No labor
dispute with the employees of the Issuer or any of its subsidiaries exists or, to the knowledge of the Issuer or any of its subsidiaries, is imminent, and neither the Issuer nor any of its subsidiaries is aware of any existing or imminent labor
disturbance by the employees of any of the Issuer’s or such subsidiaries principal suppliers, contractors or customers, that, in any such case described in this Section 1(xi), would have a Material Adverse Effect. 

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

(xiii) Offering Memorandum. The statements set forth in the Offering Memorandum (i) under the sections headed
“Description of Notes” and “Description of Other Material Indebtedness,” insofar as they purport to constitute a summary of the material terms of the Notes and the material indebtedness of the Issuer, respectively, and
(ii) under the sections headed “Plan of Distribution” and “Taxation” insofar as they purport to describe the provisions of the laws and documents referred to therein, are accurate and fair in all material respects.

 (xiv) Environmental Laws. Neither the Issuer nor any of its subsidiaries is in violation of any statute,
any rule, regulation, decision or order of any governmental agency or body or any court, domestic or foreign, relating to the use, disposal or release of hazardous or toxic substances or relating to the protection or restoration of the environment
or human exposure to hazardous or toxic substances or relating to the safety of employees in the workplace (collectively, “environmental laws”), owns or operates any real property contaminated with any substance that is subject to
any environmental laws, is liable for any off-site disposal or contamination pursuant to any environmental laws, or is subject to any civil, criminal or administrative action, suit, claim, hearing, notice of violation, investigation or proceeding
(“Proceeding”) relating to any environmental laws, which violation, contamination, liability or Proceeding would, individually or in the aggregate, have a Material Adverse Effect; and neither the Issuer nor any of its subsidiaries
is aware of any pending hearing or investigation which would lead to such a claim. 
 (xv) Insurance. The
Issuer and its subsidiaries maintain insurance in such amounts and covering such risks as the Issuer and each subsidiary reasonably considers adequate for the conduct of its business and as is customary for companies engaged in similar businesses in
similar industries and in similar locations, all of which insurance is in full force and effect. There are no material claims by the Issuer or any of its subsidiaries under any such policy or instrument as to which any insurance company is denying
liability or defending under a reservation of rights clause. Neither the Issuer nor any of its subsidiaries has a reason to believe that it will not be able to renew its existing renewable insurance as and when such coverage expires or will not be
able to obtain replacement insurance adequate for the conduct of the business and the value of its properties at a cost that would not have a Material Adverse Effect. 

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

(xvii) Absence of Accounting Issues. A member of the Board has confirmed that since December 31, 2011, the Board
has not reviewed or investigated, and neither the Issuer’s independent auditors nor the audit committee of the Issuer’s parent has made any formal recommendation that the Board review or investigate, adding to, deleting, changing the
application of, or changing the Issuer’s disclosure in any material way with respect to the Issuer’s material accounting policies. 
 (xviii) Taxes. No taxes, imposts or duties of any nature (including, without limitation, stamp or other issuance or transfer taxes or duties and capital gains, income, withholding or
other taxes) are payable by or on behalf of the Initial Purchasers to the governments of the Cayman Islands or Macau or, in each case, any political subdivision or taxing authority thereof or therein in connection with (A) the execution and
delivery of the Operative Documents, except Cayman Islands stamp duty will be payable if originals of the Operative Documents are executed or brought into the Cayman Islands, (B) the creation, issue or delivery of the Notes pursuant hereto and
the sale thereof and the giving of the Guarantees by the Subsidiary Guarantors, (C) the consummation of the transactions contemplated by this Agreement or (D) except as disclosed in the Disclosure Package and the Final Offering Memorandum
under the heading “Taxation,” the resale and delivery of such Notes by the Initial Purchasers in the manner contemplated in the Disclosure Package and the Final Offering Memorandum. 

(xix) Filing of Tax Returns. Each of the Issuer and its subsidiaries has filed on a timely basis all necessary tax
returns, reports and filings (except in any case in which the failure to file on a timely basis would not have a Material Adverse Effect), and all such returns, reports or filings are true, correct and complete in all material aspects, and are not
the subject of any disputes with revenue or other authorities, and to the Issuer’s knowledge there are no circumstances giving rise to, or which could give rise to, such disputes. None of the Issuer or its subsidiaries is delinquent in the
payment of any taxes due thereunder or has any knowledge of any tax deficiency which might be assessed against any of them, which, if so assessed, would have a Material Adverse Effect. 

(xx) Litigation. Except as disclosed in the Disclosure Package and the Final Offering Memorandum, there are no pending
actions, suits or proceedings (including any inquiries or investigations by any court or governmental agency or body, domestic or foreign) against or affecting the Issuer, any of its subsidiaries or any of their respective properties that, if
determined adversely to the Issuer or any of its subsidiaries, would individually or in the aggregate have a Material Adverse Effect, or which would have a material impact on the sale of the Notes; and to the Issuer’s and each of its
subsidiaries’ best knowledge, no such actions, suits or proceedings (including any inquiries or investigations by any court or governmental agency or body, domestic or foreign) are threatened or contemplated. 

(xxi) Auditors. Deloitte Touche Tohmatsu (“Deloitte”), who certified the financial statements and the
supporting schedules included in the Disclosure Package and the Final Offering Memorandum, are independent public accountants of the Issuer. 

  
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 (xxii) Financial Statements. The consolidated financial statements of the Issuer
and its consolidated subsidiaries, together with the applicable related notes, included in the Disclosure Package and the Final Offering Memorandum present fairly the consolidated financial position of the Issuer and its consolidated subsidiaries at
the dates indicated and their consolidated statement of operations, stockholders’ equity and cash flows for the periods specified. Such consolidated financial statements of the Issuer and its consolidated subsidiaries have been prepared in
conformity with generally accepted accounting principles applied on a consistent basis in the United States of America (“U.S. GAAP”) throughout the periods involved. The selected financial data and the summary financial information
included in the Disclosure Package and the Final Offering Memorandum present fairly in all material respects the information shown therein and have been compiled on a basis consistent with that of the audited financial statements included in the
Disclosure Package and the Final Offering Memorandum and the other financial information included in the Disclosure Package and the Final Offering Memorandum has been derived from the accounting records of the Issuer and its subsidiaries and
presents fairly the information shown thereby. 
 (xxiii) No Material Adverse Change in Business. Since the
date of the period covered by the latest financial statements included in the Disclosure Package and the Final Offering Memorandum, neither the Issuer nor any of its subsidiaries has (i) incurred, assumed or acquired any material liability
(including contingent liability) or other material obligation, (ii) received written notice of any (a) cancellation, termination, breach, violation or revocation of, or imposition or inclusion of additional conditions or requirements with
respect to the Gaming License, (b) cancellation, termination, breach, violation or revocation of any Material Contract, or (c) material Debt Repayment Triggering Event, (iii) acquired or disposed of or agreed to acquire or dispose of
any business or any other asset material to the Issuer and its subsidiaries taken as a whole, (iv) entered into a letter of intent or memorandum of understanding (or announced an intention to do so) relating to any matter identified in clauses
(i) through (iii) above, or (v) sustained any material loss or interference with its business from fire, explosion or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action,
order or decree, and since the respective dates as of which information is given in the Disclosure Package and the Final Offering Memorandum, there has been no change, nor any development or event that would have a Material Adverse Effect. Except as
disclosed in or contemplated by the Disclosure Package and the Final Offering Memorandum, there has been no dividend or distribution of any kind declared, paid or made by the Issuer on any class of its authorised shares and there has been no
material adverse change in the authorised shares, short-term indebtedness, long-term indebtedness, net current assets or net assets of the Issuer and its subsidiaries. 
 (xxiv) Management’s Discussion and Analysis of Financial Condition and Results of Operations. The section entitled “Management’s Discussion and Analysis of Financial
Condition and Results of Operations—Critical Accounting Policies and Estimates” in the Disclosure Package and the Final Offering Memorandum accurately and fully describes in all material respects (A) accounting policies which the
Issuer believes are the most important in the portrayal of the financial condition and results of operations of the Issuer and its consolidated subsidiaries and which require management’s most difficult, subjective or complex judgments
(“critical accounting policies”); (B) judgments and uncertainties affecting the application of critical accounting policies; and (C) explanation of the likelihood that materially different amounts would be reported under
different conditions or using different assumptions. 

  
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 (xxv) No Prohibition on Subsidiaries from Paying Dividends or Making Other
Distributions. Except as otherwise disclosed or contemplated in the Disclosure Package and the Final Offering Memorandum, no subsidiary of the Issuer is currently prohibited, directly or indirectly, (i) from paying any dividends to the
Issuer, (ii) from making any other distribution on such subsidiary’s authorised shares, (iii) from repaying to the Issuer any loans or advances to such subsidiary from the Issuer or (iv) from transferring any of such
subsidiary’s property or assets to the Issuer or any other subsidiary of the Issuer; provided that in the case of clause (iv) only, it is acknowledged that the transfer of gaming assets by MC Gaming and of casinos and/or gaming areas will
be subject to the compliance of the Gaming License and related requirements under Macau law. 
 (xxvi) Investment Company
Act. (i) None of the Issuer or the Subsidiary Guarantors is required to register, and after giving pro forma effect to the offering and sale of the Notes and the application of the proceeds thereof as described in the Offering Memorandum,
would be required to register, as an investment company under the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”). 
 (xxvii) No Undisclosed Relationships. No relationship, direct or indirect, exists between or among the Issuer or any of its subsidiaries, on the one hand, and the directors, officers,
shareholders, customers, suppliers or other affiliates of the Issuer or any of its subsidiaries, on the other hand, that is required to be described in the Disclosure Package and the Final Offering Memorandum that is not so described. 

(xxviii) Stabilization Activities. None of the Issuer or the subsidiaries, their respective Affiliates (as defined
below) or any person acting on its or their behalf, has taken or will take, directly or indirectly, any action for the purpose of stabilizing or manipulating the price of any security to facilitate the sale or resale of the Notes in violation of any
applicable law, provided, however, that this provision shall not apply to any trading or stabilization activities conducted by the Initial Purchasers. 
 (xxix) Choice of Law. The agreement of each of the Issuer and the Subsidiary Guarantors to the choice of law provisions set forth in Section 19 of this Agreement will be recognized
by the courts of the Cayman Islands and Macau and are legal, valid and binding; each of the Issuer and the Subsidiary Guarantors can sue and be sued in its own name under the laws of the Cayman Islands and Macau; the irrevocable submission by the
Issuer and the Subsidiary Guarantors to the jurisdiction of a New York court and the appointment of Law Debenture Corporate Services Inc., 400 Madison Avenue, 4th Floor, New York, New York 10017, as its authorized agent for the purpose described in
Section 19 of this Agreement is legal, valid and binding; service of process effected in the manner set forth in Section 19 of this Agreement will be effective to confer valid personal jurisdiction over the Issuer and the Subsidiary
Guarantors; and, except as disclosed in the Disclosure Package and the Final Offering Memorandum, a judgment obtained in a New York court arising out of or in relation to the obligations of the Issuer and the Subsidiary Guarantors under this
Agreement would be enforceable against the Issuer and the Subsidiary Guarantors in the courts of the Cayman Islands and Macau, in each case, without further review of the merits. 

  
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 (xxx) Compliance with Certain Laws and Regulations. None of the Issuer,
any of its subsidiaries or any director, officer, agent, employee or other person has used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity or made any direct or indirect
unlawful payment to any government official or employee from corporate funds. Each of the Issuer, its subsidiaries, its affiliates and any of their respective officers, directors, supervisors, managers, agents, or employees, has not violated, and
the Issuer operates its business in compliance with, all applicable: (a) anti-bribery laws, including but not limited to, the U.S. Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010 or any other law, rule or regulation of similar
purpose and scope, (b) any applicable anti-money laundering laws, including but not limited to, applicable federal, state, international, foreign or other laws, regulations or government guidance regarding anti-money laundering, including,
without limitation, Title 18 U.S. Code sections 1956 and 1957, the U.S. Patriot Act, the U.S. Bank Secrecy Act, and international anti-money laundering principles or procedures by an intergovernmental group or organization, such as the Financial
Action Task Force on Money Laundering, of which the United States is a member and with which designation the United States representative to the group or organization continues to concur, all as amended, and any Executive order, directive, or
regulation pursuant to the authority of any of the foregoing, or any orders or licenses issued thereunder or (c) laws and regulations of the United States and other countries or bodies imposing economic sanctions measures, including, but not
limited to, the International Emergency Economic Powers Act, the Trading with the Enemy Act, the Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010, the Iran Sanctions Act, as amended, the National Defense Authorization Act for
Fiscal Year 2012, the Iran Threat Reduction and Syria Human Rights Act of 2012, the United Nations Participation Act, and the Syria Accountability and Lebanese Sovereignty Act, all as amended, and any Executive Order, including but not limited to,
Executive Order 13590 and Executive Order 13622, directive, or regulation pursuant to the authority of any of the foregoing, including the regulations of the United States Treasury Department set forth under 31 CFR, Subtitle B, Chapter V, as amended
and any other regulations issued by the Office of Foreign Assets control of the United States Treasury Department, any sanctions imposed by the United Kingdom, the United Nations, Her Majesty’s Treasury, the European Union or any orders or
licenses issued under any of the above. 
 (xxxi) Forward-Looking Statements. Each “forward-looking
statement” (within the meaning of Section 27A of the Act and Section 21E of the U.S. Securities Exchange Act of 1934 Act (the “1934 Act”)) included or incorporated by reference in the Disclosure Package or the Final
Offering Memorandum has been made or reaffirmed by the Issuer with a reasonable basis, in good faith and based on sound and reasonable assumptions. 
 (xxxii) Authorization of this Agreement. The Issuer and each of the Subsidiary Guarantors have all requisite corporate power and authority to execute, deliver and perform their obligations
under this Agreement and to consummate the transactions contemplated hereby. This Agreement has been duly and validly authorized, executed and delivered by the Issuer and each Subsidiary Guarantor. 

(xxxiii) Authorization of the Notes. The Notes have been duly authorized and, at the Closing Date, will have been duly
executed by the Issuer and, when authenticated, issued and delivered in the manner provided for in the Indenture and delivered against payment of the Purchase Price (defined below) therefor as provided in this Agreement, will constitute legal, valid
and binding obligations of the Issuer, except that the enforcement thereof may be subject to bankruptcy, insolvency, reorganization, moratorium and similar laws affecting creditors’ rights generally, and to general principles of equity
(regardless of whether considered in a proceeding in equity or at law), and will be in the form contemplated by, and entitled to the benefits of, the Indenture, will be consistent with the information in the Disclosure Package and will conform to
the description thereof contained in the Final Offering Memorandum. 

  
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 (xxxiv) Authorization of the Indenture and the Guarantees. Each of the Indenture
and the Guarantees has been duly authorized by the Issuer and the Subsidiary Guarantors, and, when executed and delivered by the Issuer and the Subsidiary Guarantors (assuming the due authorization, execution and delivery by the Initial Purchasers),
will constitute a legal, valid and binding agreement of each of them, enforceable against each of them in accordance with its terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting
creditors’ rights generally and to general principles of equity (regardless of whether considered in a proceeding in equity or at law). 
 (xxxv) No Qualification under Trust Indenture Act. In connection with the offer, sale and delivery of the Notes to Initial Purchasers in the manner contemplated by this Agreement, no
qualification of the Indenture under the Trust Indenture Act of 1939, as amended, and the rules and regulations of the Commission thereunder (the “TIA”) is required in connection with the offer and sale of the Notes contemplated
hereby or in connection with the resales thereof by the Initial Purchasers. 
 (xxxvi) Payments without Withholding.
Except as described in the Disclosure Package and Final Offering Memorandum, all payments on the Notes will be made by the Issuer and the Subsidiary Guarantors without withholding or deduction for or on account of any and all taxes, duties or other
charges for or on account of taxation (including, without limitation, income taxes) imposed by the Cayman Islands or Macau, or, in each case, any political subdivision or taxing authority thereof or therein. 

(xxxvii) Sovereign Immunity. None of the Issuer or any of its subsidiaries or any of their respective properties has any
sovereign immunity from jurisdiction or suit of any court or from set-off or from any legal process or remedy (whether through service, notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) under the laws of
Macau. 
 (xxxviii) Solvency. Immediately after the Closing Time, the Issuer and each of its subsidiaries will be
Solvent. As used herein, the term “Solvent” means, with respect to the Issuer and each of its subsidiaries, on a particular date, that on such date (1) the fair market value of the assets of such entity is greater than the
total amount of liabilities (including contingent liabilities) of the entity, (2) the present fair saleable value of the assets of such entity is greater than the sum of stated liabilities and identified contingent liabilities, (3) such
entity is able to realize upon its assets and pay its debts and other liabilities, including contingent obligations, as they mature, (4) such entity does not have unreasonably small capital, and (5) such entity is not unable to or has not
been deemed to be unable to pay its debts as they fall due. No proceedings have been commenced by the Issuer or its subsidiaries for, nor has the Issuer or its subsidiaries passed resolutions or presented petitions for, and no judgment has been
rendered for, the liquidation, bankruptcy, winding-up, administration or analogous event of the Issuer and each of its subsidiaries. 

  
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 (xxxix) Undisclosed Liabilities. There are (i) no liabilities of the
Issuer or any of its subsidiaries, whether accrued, contingent, absolute, determined, determinable or otherwise that would be required to be set forth on a balance sheet in accordance with U.S. GAAP, and (ii) no existing situations or set of
circumstances that would reasonably be expected to result in such a liability, in each case other than (x) as set forth in the Issuer’s consolidated financial statements as of September 30, 2012, (y) liabilities, situations or
circumstances set forth in the Offering Memorandum, or (z) other undisclosed liabilities, situations or circumstances which would not, individually or in the aggregate, have a Material Adverse Effect. 

(xl) Accounting Controls. The Issuer and its consolidated subsidiaries maintain a system of internal accounting
controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial
statements in conformity with U.S. GAAP and to maintain accountability for assets, (iii) access to assets is permitted only in accordance with management’s general or specific authorization, and (iv) and the recorded accountability
for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. 
 (xli) Similar Offerings. None of the Issuer, any of its subsidiaries or any of its Affiliates, as such term is defined in Rule 501(b) under the 1933 Act (each, an
“Affiliate”) or any other person acting on their behalf, has, directly or indirectly, solicited any offer to buy, sold or offered to sell or otherwise negotiated in respect of, or will solicit any offer to buy, sell or offer to sell
or otherwise negotiate in respect of, in the United States or to any U.S. person (as defined in Regulation S), any security which is or would be integrated with the sale of the Notes in a manner that would require the Notes to be registered under
the 1933 Act. 
 (xlii) Rule 144A Eligibility. The Notes are eligible for resale pursuant to Rule 144A and
will not be, at the Closing Time, of the same class as securities listed on a national securities exchange registered under Section 6 of the 1934 Act, or quoted in a U.S. automated interdealer quotation system. Each of the Disclosure Package
and Final Offering Memorandum, as of its date, contain all the information specified in, and meeting the requirements of, Rule 144A(d)(4) under the 1933 Act. 
 (xliii) No General Solicitation. None of the Issuer or its subsidiaries, their Affiliates or any person acting on its or their behalf (other than the Initial Purchasers, as to whom no
representation is made) has engaged or will engage, in connection with the offering of the Notes, in any form of general solicitation or general advertising within the meaning of Rule 502(c) under the 1933 Act. 

(xliv) No Registration Required. Subject to compliance by the Initial Purchasers with the representations and
warranties set forth in this section and the procedures set forth in Section 6 hereof, it is not necessary in connection with the offer, sale and delivery of the Notes to the Initial Purchasers and to each Subsequent Purchaser in the manner
contemplated by this Agreement and the Offering Memorandum to register the Notes under the 1933 Act. 

  
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 (xlv) No Directed Selling Efforts. With respect to those Notes sold in
reliance on Regulation S, (A) none of the Issuer or its subsidiaries, their respective Affiliates or any person acting on its or their behalf (other than the Initial Purchasers, as to whom the Issuer and its subsidiaries make no representation)
has engaged or will engage in any directed selling efforts within the meaning of Regulation S and (B) each of the Issuer, its subsidiaries and their respective Affiliates and any person acting on its or their behalf (other than the Initial
Purchasers, as to whom the Issuer and its subsidiaries make no representation) has complied with and will comply with the offering restrictions requirement of Regulation S. The sale of the Notes and the Guarantees pursuant to Regulation S is not
part of a plan or scheme to evade the registration provisions of the 1933 Act. 
 (xlvi) Foreign Private Issuer.
The Issuer is a “foreign private issuer” as defined in Rule 405 under the 1933 Act. 
 (xlvii) ERISA
Compliance. (A) The Issuer, its subsidiaries and “ERISA Affiliates” (as defined below) and any “employee benefit plan” (as defined under the Employee Retirement Income Security Act of 1974, as amended, and the
regulations and published interpretations thereunder (collectively, “ERISA”), excluding any Foreign Plans (as defined below)) established or maintained by the Issuer, its subsidiaries or any ERISA Affiliate are in compliance with
ERISA and the Code (as defined below) except as would not have a Material Adverse Effect. “ERISA Affiliate” means, with respect to the Issuer or its subsidiaries, any member of any group of organizations described in Sections
414(b), (c), (m) or (o) of the Internal Revenue Code of 1986, as amended, and the regulations and published interpretations thereunder (the “Code”) of which the Issuer or such subsidiary is a member. No “reportable
event” (as defined under Section 4043 of ERISA) has occurred or is reasonably expected to occur with respect to any “employee benefit plan” subject to Title IV of ERISA established or maintained by the Issuer, its subsidiaries or
any ERISA Affiliate, except as would not, individually or in the aggregate have a Material Adverse Effect. None of the Issuer, its subsidiaries or any ERISA Affiliate has incurred or reasonably expects to incur any liability under (i) Title IV
of ERISA with respect to termination of, or withdrawal from, any “employee benefit plan” or (ii) Sections 412, 4975 or 4980B of the Code, except as would not, individually or in the aggregate, have a Material Adverse Effect.

 (B) With respect to any employee benefit plan, program or other arrangement providing compensation or benefits to any current
or former employee, director, officer or consultant (or any dependent or beneficiary thereof) of the Issuer or its subsidiaries that is subject to the laws of any jurisdiction outside of the United States (the “Foreign Plans”):
(i) such Foreign Plan has been maintained in all material respects in accordance with all applicable requirements and all applicable laws, (ii) except as would not reasonably be expected to result in a material liability to the Issuer or
any of its Subsidiaries, if intended to qualify for special tax treatment, such Foreign Plan meets all requirements for such treatment, (iii) except as would not reasonably be expected to result in a material liability to the Issuer or any of
its subsidiaries, if intended or required to be funded and/or book-reserved, such Foreign Plan is fully funded and/or book reserved, as appropriate, based upon reasonable actuarial assumptions, and (iv) no material liability exists or
reasonably could be expected to be imposed upon the assets of the Issuer or any of its subsidiaries by reason of such Foreign Plan. 
 (xlviii) Sale Proceeds. None of the transactions contemplated by this Agreement (including without limitation, the use of the proceeds from the sale of the Notes), will violate or result in a
violation of Section 7 of the 1934 Act, or any regulation promulgated thereunder, including, without limitation, Regulations T, U, and X of the Board of Governors of the Federal Reserve System. 

  
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 SECTION 2. Sale and Delivery to Initial Purchasers; Closing. 

(a) Notes. On the basis of the representations and warranties herein contained and subject to the terms and conditions herein
set forth, the Issuer agrees to sell to each Initial Purchaser, severally and not jointly, and each Initial Purchaser severally and not jointly, agrees to purchase from the Issuer, at the purchase price of 100% (consisting of the purchase price for
the Notes net the underwriting commission thereon) of the principal amount thereof (the “Purchase Price”), the aggregate principal amount of Notes set forth in Schedule A opposite the name of such Initial Purchaser, plus any
additional principal amount of Notes which such Initial Purchaser may become obligated to purchase pursuant to the provisions of Section 10 hereof. 
 (b) Payment of Purchase Price, Initial Purchaser Commission and Fees. Payment of the Purchase Price for the Notes shall be made by the Initial Purchasers, in U.S. dollars in immediately
available funds by wire transfer to the account of the Issuer notified to the Representative (as defined below) at least two business days before 9:30 A.M. New York City time on February 7, 2013 (the “Closing Date”), or at
least two business days before such other date, not later than seven calendar days after the foregoing date, as shall be agreed upon by the Representative and the Issuer (such time and date of payment being herein called the “Closing
Time”). The Initial Purchasers shall be entitled to offset from the payment of the Purchase Price for the Notes the costs and expenses which the Issuer and the Subsidiary Guarantors have agreed to pay pursuant to Section 4 of this
Agreement pursuant to the expense side letter entered into by the Initial Purchasers with MCE Finance Limited, dated January 29, 2013 (the “Expense Side Letter”). 

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

  
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 (d) Stabilization. Deutsche Bank AG, Singapore Branch, as Stabilizing Manager
(or any person duly appointed as acting for the Stabilizing Manager) may, to the extent permitted by applicable laws and regulations, over-allot Notes or effect transactions with a view to supporting the market price of the Notes at a level higher
than that which might otherwise prevail, but in doing so the Stabilizing Manager shall act as principal and not as agent of the Issuer. Each Initial Purchaser acknowledges that, in order to assist in the orderly distribution of the Notes, the
Stabilizing Manager may, after consultation with the other Initial Purchasers, overallot in arranging subscriptions, sales and purchases of the Notes and may subsequently make purchases and sales of the Notes, in addition to the Purchase Percentage,
in the open market or otherwise, on such terms as the Stabilizing Manager deems advisable. All such purchases, sales and overallotments shall be made in accordance with applicable law for the account of each Initial Purchaser, and may be reallocated
among the Initial Purchasers in proportion to the ratio that each Initial Purchaser’s underwriting commitment bears to the aggregate principal amount of the Notes; provided, however, notwithstanding the foregoing, upon consultation by the
Stabilizing Manager with the Initial Purchasers, each Initial Purchaser shall be responsible for managing its individual long or short position (the “Individual Position”) and may cover any short position, sell any long position
and/or engage in hedging activities in respect of its Individual Position (collectively, the “Stabilizing Activities”). “Purchase Percentage” means the principal amount of Notes subscribed for by an Initial
Purchaser as a ratio of the aggregate principal amount of the Notes. Each Initial Purchaser shall be liable for any loss, or entitled to any profit, arising from its own Stabilizing Activities and, for the avoidance of doubt, no Initial Purchaser
shall be liable for the loss, or entitled to any profit, arising from the Stabilizing Activities of any other Initial Purchaser’s Individual Position. All Stabilizing Activities and any gains or losses arising therefrom shall be made in
accordance with applicable law. Upon the aforementioned consultation by the Stabilizing Manager with the Initial Purchasers, any Stabilizing Activities may begin on or after the date on which adequate public disclosure of the terms of the offer of
the Notes is made and, if begun, may be ended at any time, but in no case later than the earlier of 30 days after the Closing Date and 60 days after the date of the allotment of the Notes. 

SECTION 3. Covenants of the Issuer and the Subsidiary Guarantors. The Issuer and each Subsidiary Guarantor covenants with each
Initial Purchaser as follows: 
 (a) Disclosure Package and Offering Memorandum. During the period from the date
hereof to that indicated in Section 3(b)(ii) below, the Issuer, as promptly as possible, will furnish to each Initial Purchaser, without charge, such number of copies of the Disclosure Package and Final Offering Memorandum and any amendments
and supplements thereto and documents incorporated by reference therein as such Initial Purchaser may reasonably request. 

  
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 (b) Notice and Effect of Material Events. The Issuer will immediately notify
each Initial Purchaser, and confirm such notice in writing, of (i) any filing made by the Issuer or any Subsidiary Guarantor of information relating to the offering of the Notes with any securities exchange or any other regulatory body in the
applicable jurisdiction, and (ii) at any time prior to the completion of the resale of the Notes by the Initial Purchasers, any material changes in or affecting the condition, financial or otherwise, or the earnings, business affairs or
business prospects of the Issuer and its subsidiaries considered as one enterprise which (x) make any statement in the Disclosure Package, any Offering Memorandum or any Supplemental Offering Material false or misleading or (y) are not
disclosed in the Disclosure Package or Offering Memorandum. In such event or if during such time any event shall occur or condition exist as a result of which it is necessary to amend or supplement the Offering Memorandum in order that the Offering
Memorandum not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein not misleading in the light of the circumstances then existing, or if in the reasonable opinion of the
Initial Purchasers or counsel for the Initial Purchasers it is otherwise necessary to amend or supplement the Offering Memorandum to comply with law, the Issuer will forthwith amend or supplement the Offering Memorandum by promptly preparing and
furnishing, at its own expense, to each Initial Purchaser an amendment or amendments of, or a supplement or supplements to, the Offering Memorandum (in form and substance satisfactory in the reasonable opinion of counsel for the Initial Purchasers)
so that, as so amended or supplemented, the Offering Memorandum will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing at
the time it is delivered to a person procured by an Initial Purchaser to purchase any Notes or a Subsequent Purchaser, not misleading or so that the Offering Memorandum, as amended or supplemented, will comply with law. 

(c) Amendments and Supplements to the Offering Memorandum; Preparation of Pricing Supplement; Supplemental Offering Materials.
The Issuer will promptly submit for review and approval to each Initial Purchaser any proposed amendment or supplement to the Disclosure Package and Offering Memorandum, such approval not to be unreasonably withheld or delayed. Neither the approval
of the Initial Purchasers, nor the Initial Purchaser’s delivery of any such amendment or supplement, shall constitute a waiver of any of the conditions set forth in Section 5 hereof. The Issuer represents and agrees that, unless it obtains
the prior consent of the Representative, it has not made and will not make any offer relating to the Notes by means of any Supplemental Offering Materials. 
 (d) Qualification of Notes for Offer and Sale. The Issuer and the Subsidiary Guarantors will use their commercially reasonable best efforts, in cooperation with the Initial Purchasers and
counsel for the Initial Purchasers, to qualify the Notes for offering and sale under the applicable securities laws of such states and other jurisdictions as the Initial Purchasers may designate and will maintain such qualifications in effect as
long as required for the sale of the Notes; provided, however, that neither Issuer nor any Subsidiary Guarantor shall be obligated to file any general consent to service of process or to qualify as a foreign corporation or as a dealer
in securities or take any other action in any jurisdiction in which it is not so qualified or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject. The Issuer will advise the Initial
Purchasers promptly of the suspension of the qualification or registration of (or any such exemption relating to) the Notes for offering, sale or trading in any jurisdiction or any initiation or threat of any proceeding for any such purpose, and in
the event of the issuance of any order suspending such qualification, registration or exemption, the Issuer shall use its best efforts to obtain the withdrawal thereof at the earliest possible moment. 

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

(g) Use of Proceeds. The Issuer will apply the net proceeds received by it from the sale of the Notes in the manner specified
in the Offering Memorandum under “Use of Proceeds” and will not use such net proceeds for any purpose that would be subject to sanction under any of the laws, rules or regulations described in clause (xxx) of Section 1 hereof.

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

(i) Listing on Securities Exchange. The Issuer will use commercially reasonable efforts to have the Notes listed or admitted
to trading on the SGX-ST. 
 (j) Investment Company. The Issuer shall not invest, or otherwise use the proceeds
received by the Issuer from its sale of the Notes in such a manner as would require the Issuer or any Subsidiary Guarantor to register as an investment company under the Investment Company Act. 

(k) Stabilization and Manipulation. In connection with the issuance and sale of the Notes, until the Initial Purchasers have
notified the Issuer and the other Initial Purchasers of the completion of the placement and resales of the Notes by the Initial Purchasers, none of the Issuer, any Subsidiary Guarantor or any of their respective Affiliates has taken, nor will any of
them take, directly or indirectly, any action designed to or that might reasonably be expected to cause or result in stabilization or manipulation of the price of the Notes to facilitate the sale or resale of the Notes. Except as permitted by the
1933 Act, none of the Issuer or the Subsidiary Guarantors will distribute any offering material, other than the Offering Memorandum, in connection with the resales of the Notes. 

SECTION 4. Payment of Expenses. 
 The Issuer and the Subsidiary Guarantors will pay the expenses of the Initial Purchasers as agreed in the Expense Side Letter, and the Representative, on behalf of the Initial Purchasers, shall be
entitled to deduct such amounts from the Purchase Price of the Notes as provided in Section 2(b) hereof. 

  
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 SECTION 5. Conditions of Initial Purchasers’ Obligations. 

The obligations of the several Initial Purchasers to purchase and pay for, or procure the purchase of and payment for, the Notes hereunder
are subject to the accuracy of the representations and warranties of the Issuer and the Subsidiary Guarantors contained in Section 1 hereof, as of the date hereof and as of the Closing Date, or in certificates of any officer or director of the
Issuer and the Subsidiary Guarantors, delivered pursuant to the provisions hereof, to the performance by the Issuer and the Subsidiary Guarantors of their respective covenants and other obligations hereunder, and to the following further conditions
(any of which may be waived by the Representative): 
 (a) Opinion of U.S. Counsel for the Issuer and the Subsidiary
Guarantors. At the Closing Time, the Representative on behalf of the Initial Purchasers shall have received (x) the opinion and (y) the 10b-5 disclosure letter, dated as of the Closing Time, of Latham & Watkins, U.S. counsel
for the Issuer and the Subsidiary Guarantors, substantially in the form attached as Exhibit A hereto. 
 (b) Opinion of
Cayman Islands Counsel for the Issuer. At the Closing Time, the Representative on behalf of the Initial Purchasers shall have received the opinion, dated as of the Closing Time, of Walkers, special Cayman Islands counsel for the Issuer,
substantially in the form attached as Exhibit B hereto. 
 (c) Opinion of Macau Counsel for the Issuer. At the
Closing Time, the Representative on behalf of the Initial Purchasers shall have received the opinion, dated as of the Closing Time, of Manuela António Lawyer and Notaries, special Macau counsel for the Issuer, substantially in the form
attached as Exhibit C hereto. 
 (d) Opinion of Special Counsel for the Issuer. At the Closing Time, the
Representative on behalf of the Initial Purchasers shall have received the opinion, dated as of the Closing Time, of Ashurst LLP, special counsel for the Issuer with respect to English law matters, substantially in the form attached as Exhibit D
hereto. 
 (e) Opinion of U.S. Counsel for the Initial Purchasers. At the Closing Time, the Representative on behalf
of the Initial Purchasers shall have received (x) the opinion and (y) the 10b-5 disclosure letter, dated as of the Closing Time, of White & Case, U.S. counsel for the Initial Purchasers, in form and substance satisfactory to the
Representative. 
 (f) Opinion of Cayman Islands Counsel for the Initial Purchasers. At the Closing Time the
Representative on behalf of the Initial Purchasers shall have received the opinion, dated as of the Closing Time, of Maples and Calder, special Cayman Islands counsel for the Initial Purchasers, in form and substance satisfactory to the
Representative. 
 (g) Opinion of Macau Counsel for the Initial Purchasers. At the Closing Time, the Representative
on behalf of the Initial Purchasers shall have received the opinion, dated as of the Closing Time, of Henrique Saldanha, Advogados e Notàrios, special Macau counsel for the Initial Purchasers, in form and substance satisfactory to the
Representative. 

  
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 (h) Compliance Certificate of the Issuer and the Subsidiary Guarantors. At the
Closing Time, the Representative on behalf of the Initial Purchasers shall have received a certificate signed by an executive officer or director of the Issuer and the Subsidiary Guarantors, dated as of the Closing Time, to the effect that
(i) since the date of the most recent financial statements included in the Disclosure Package, there shall have been no event or development, and no information shall have become known, that, individually or in the aggregate, has a Material
Adverse Effect, (ii) the representations and warranties of the Issuer and the Subsidiary Guarantors in Section 1 hereof are true and correct in all material respects with the same force and effect as though expressly made at and as of the
Closing Time, and (iii) the Issuer and the Subsidiary Guarantors have complied in all material respects with all agreements and satisfied all conditions on their part to be performed or satisfied at or prior to the Closing Time. 

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

 (j) Bring-down Comfort Letter. At the Closing Time, the Representative on behalf of the Initial Purchasers shall
have received from Deloitte a letter, dated as of the Closing Time, to the effect that Deloitte reaffirms the statements made in its letters furnished pursuant to subsection (i) of this Section 5, except that the specified date referred to
shall be a date not more than three business days prior to the Closing Time. 
 (k) Approval of Listing. At the
Closing Time, the Notes shall have been approved in principle for listing on the SGX-ST, subject only to official notice of issuance. 
 (l) No Material Adverse Change or Ratings Agency Change. For the period from and after the date of this Agreement and prior to the Closing Date: 

(i) in the judgment of the Initial Purchasers, there shall not have occurred any event or development, and no information shall have
become known, that, individually or in the aggregate, would have a Material Adverse Effect (“Material Adverse Change”); and 
 (ii) there shall not have occurred any downgrading, nor shall any notice have been given of any intended or potential downgrading or of any review for a possible change that does not indicate the
direction of the possible change, in the rating accorded any securities of the Issuer or any of its subsidiaries by any “nationally recognized statistical rating organization” as such term is defined for purposes of Rule 436 under the 1933
Act. 
 (m) DTC. At the Closing Time, the Notes shall be eligible for clearance and settlement through DTC.

  
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 (n) Operative Documents. With respect to any Operative Document to be executed
at Closing Time, each of the parties thereto shall have entered into each such Operative Document to which each is a party. The Initial Purchasers shall have received copies of each executed Operative Document. 

(o) Additional Documents. On or before the Closing Time, the Representative on behalf of the Initial Purchasers or counsel for
the Initial Purchasers shall have received such information, documents and opinions as they may reasonably require for the purpose of enabling them to pass upon the issuance and sale of the Notes as herein contemplated, or in order to evidence the
accuracy of any of the representations or warranties, or the fulfillment of any of the conditions, herein contained; and all proceedings taken by the Issuer and the Subsidiary Guarantors in connection with the issuance and sale of the Notes as
herein contemplated shall be reasonably satisfactory in form and substance in all material respects to the Initial Purchasers and counsel for the Initial Purchasers. 
 (p) Termination of Agreement. If any condition specified in this Section 5 shall not have been fulfilled in all material respects when and as required to be fulfilled, this Agreement may
be terminated by the Representative on behalf of the Initial Purchasers by notice to the Issuer at any time at or prior to the Closing Time, and such termination shall be without liability of any party to any other party except as provided in
Section 4 and except that Sections 1, 7 and 8 shall survive any such termination and remain in full force and effect. 

The documents required to be delivered by this Section 5 will be delivered at the offices of White & Case, counsel for the
Initial Purchasers, at 9th Floor, Central Tower, 28 Queen’s Road, Central, Hong Kong. 
 SECTION 6. Offers and Sales of
the Notes. 
 (a) Offer and Sale Procedures. The Initial Purchasers hereby establish and agree to observe the
following procedures in connection with the offer and sale of the Notes: 
 (i) Offers and Sales only to Qualified
Institutional Buyers in the United States or to Non-U.S. Persons. Initial offers and sales of the Notes shall only be made (A) by the U.S. broker-dealer affiliates of the Initial Purchasers to persons whom the Initial Purchasers reasonably
believe to be (x) qualified institutional buyers, as defined in Rule 144A (“QIBs”) or (B) to non-U.S. persons (as defined in Regulation S) outside the United States upon Regulation S. 

(ii) No Directed Selling Efforts. None of the Initial Purchasers, their Affiliates or any person acting on its or their
behalf, has engaged or will engage in any directed selling efforts within the meaning of Regulation S and each of the Initial Purchasers, their Affiliates and any person acting on its or their behalf has complied and will comply with the offering
restrictions of Regulation S. 
 (iii) No General Solicitation. No general solicitation or general advertising
(within the meaning of Rule 502(c) under the 1933 Act) has been or will be used in the United States in connection with the offering or sale of the Notes. 

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

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

(b) Covenants of the Issuer and the Subsidiary Guarantors. The Issuer and each Subsidiary Guarantor covenants with each Initial
Purchaser as follows: 
 (i) Integration. The Issuer and each Subsidiary Guarantor agrees that it will not and will
cause persons under its control or acting on its behalf, other than the Initial Purchasers, as to which the Issuer and the Subsidiary Guarantors do not covenant, directly or indirectly, solicit any offer to buy, sell or make any offer or sale of, or
otherwise negotiate in respect of, securities of the Issuer of any class if, as a result of the doctrine of “integration” referred to in Rule 502 of Registration D under the 1933 Act, such offer or sale would render invalid (for the
purpose of (i) the sale of the Notes by the Issuer to the Initial Purchasers, (ii) the resale of the Notes by the Initial Purchasers to Subsequent Purchasers or (iii) the resale of the Notes by such Subsequent Purchasers to others)
the exemption from the registration requirements of the 1933 Act provided by Section 4(2) thereof or by Rule 144A or by Regulation S thereunder or otherwise. 
 (ii) Rule 144A Information. The Issuer and each Subsidiary Guarantor agrees that, in order to render the Notes eligible for resale pursuant to Rule 144A, while any of the Notes remain
outstanding, it will make available, upon request, to any holder of Notes or prospective purchasers of Notes the information specified in Rule 144A(d)(4), unless the Issuer furnishes information to the Commission pursuant to Section 13 or 15(d)
of the 1934 Act. 
 (iii) Restriction on Repurchases. Until the expiration of one year after the later of the date of
the original issuance of the Notes and the last date on which the Issuer or any of its Affiliates were the owner of Notes, neither the Issuer nor any of its subsidiaries will, and will cause persons acting on its or their behalf, other than the
Initial Purchasers to which the Issuer and the Subsidiary Guarantors do not covenant, not to, resell any such Notes which are “restricted securities” (as such term is defined under Rule 144(a)(3) under the 1933 Act), whether as beneficial
owner or otherwise (except an agent acting as a securities broker on behalf of and for the account of customers in the ordinary course of business in unsolicited broker’s transactions). 

 

  
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 (c) Resale Pursuant to Rule 903 of Regulation S or Rule 144A. Each Initial
Purchaser understands that the Notes have not been and will not be registered under the 1933 Act and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in accordance with Regulation S or
pursuant to an exemption from the registration requirements of the 1933 Act. Each Initial Purchaser severally represents and agrees, that, except as permitted by Section 6(a) above, it has not offered and sold Notes and will not offer and sell
Notes (i) as part of their distribution at any time or (ii) otherwise until 40 days after the later of the date upon which the offering of Notes commences and the Closing Time, only in accordance with Rule 903 of Regulation S, 

Rule 144A or another applicable exemption from the registration requirements of the 1933 Act. Accordingly, neither the Initial Purchasers, their
Affiliates nor any persons acting on their behalf have engaged or engage in any directed selling efforts with respect to Notes sold hereunder pursuant to Regulation S, and the Initial Purchasers, their Affiliates and any person acting on their
behalf have complied and will comply with the offering restrictions of Regulation S. Each Initial Purchaser severally agrees that, at or prior to confirmation of a sale of Notes pursuant to Regulation S, it will have sent to each distributor, dealer
or person receiving a selling concession, fee or other remuneration that purchases Notes from it or through it during the restricted period a confirmation or notice to substantially the following effect: 

This Note has not been and will not be registered under the U.S. Securities Act of 1933, as amended (the
“Securities Act”), or with any securities regulatory authority of any jurisdiction and may not be reoffered, resold, pledged or otherwise transferred within the United States or to a U.S. person (as defined in Regulation S under the
Securities Act) except pursuant to an exemption from registration under the Securities Act. The Issuer of this Note has agreed that this legend shall be deemed to have been removed on the 41st day following the later of the commencement of the offering of the Notes and the final delivery date with respect
thereof.” 
 SECTION 7. Indemnification. 
 (a) Indemnification of Initial Purchasers. Each of the Issuer and the Subsidiary Guarantors will indemnify and hold harmless each Initial Purchaser, its partners, members, directors, officers,
employees, agents, affiliates and each person, if any, who controls such Initial Purchaser within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act (each, an “Indemnified Party”), against any and all
losses, claims, damages or liabilities, joint or several, to which such Indemnified Party may become subject, under the 1933 Act, the 1934 Act, other federal or state statutory law or regulation or otherwise, insofar as such losses, claims, damages
or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the Disclosure Package as of any time, the Final Offering Memorandum (or any amendment
or supplement thereto) or any Supplemental Offering Materials, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not
misleading, and will reimburse each Indemnified Party for any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating, defending against or appearing as a third party witness in connection with any such
loss, claim, damage, liability, action, litigation, investigation or proceeding whatsoever (whether or not such Indemnified Party is a party thereto), whether threatened or commenced, and in connection with the enforcement of this provision with
respect to any of the above as such expenses are incurred; provided, however, that neither the Issuer nor any Subsidiary Guarantor shall be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or
is based upon an untrue statement or alleged untrue statement in or omission or alleged omission from any of such documents in reliance upon and in conformity with written information furnished to the Issuer by any Initial Purchaser specifically for
use therein, it being understood and agreed that the only such information furnished by any Initial Purchaser consists of the information described as such in subsection (b) below. 

  
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 (b) Indemnification of Issuer and Subsidiary Guarantors. Each Initial Purchaser
will severally and not jointly indemnify and hold harmless the Issuer and the Subsidiary Guarantors and each person, if any, who controls the Issuer or the Subsidiary Guarantors within the meaning of Section 15 of the 1933 Act or
Section 20 of the 1934 Act (each, an “Initial Purchaser Indemnified Party”), against any losses, claims, damages or liabilities to which such Initial Purchaser Indemnified Party may become subject, under the 1933 Act, the 1934
Act, other federal or state statutory law or regulation or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any
material fact contained in any part of the Disclosure Package, the Final Offering Memorandum or in any Supplemental Offering Materials or arise out of or are based upon the omission or the alleged omission of a material fact required to be stated
therein or necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in
conformity with written information furnished to the Issuer by such Initial Purchasers specifically for use therein, and will reimburse any legal or other expenses reasonably incurred by such Initial Purchaser Indemnified Party in connection with
investigating or defending against any such loss, claim, damage, liability, action, litigation, investigation or proceeding whatsoever (whether or not such Initial Purchaser Indemnified Party is a party thereto), whether threatened or commenced,
based upon any such untrue statement or omission, or any such alleged untrue statement or omission as such expenses are incurred, it being understood and agreed that such information shall be limited to such Initial Purchaser’s name as set
forth in the first sentence of the first paragraph under the sub-section “Plan of Distribution—Price Stabilization and Short Positions” in the Disclosure Package and the Final Offering Memorandum. 

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

  
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 (d) Control Persons. The obligations of the Issuer and the Subsidiary Guarantors
under this Section 7 shall be in addition to any liability which the Issuer and the Subsidiary Guarantors may otherwise have and shall extend, upon the same terms and conditions, to each person, if any, who controls any Initial Purchaser,
within the meaning of the 1933 Act; and the obligations of the Initial Purchasers under this Section 7 shall be in addition to any liability which the respective Initial Purchaser may otherwise have and shall extend, upon the same terms and
conditions, to each director of the Issuer and the Subsidiary Guarantors and to each person, if any, who controls the Issuer and the Subsidiary Guarantors within the meaning of the 1933 Act. 

SECTION 8. Contribution. 
 If the indemnification provided for in Section 7 is unavailable or insufficient to hold harmless an indemnified party under Section 7 (a) or (b) above, then each indemnifying party
shall contribute to the amount paid or payable by such indemnified party as a result of the losses, claims, damages or liabilities referred to in Section 7 (a) or (b) above (i) in such proportion as is appropriate to reflect the
relative benefits received by the Issuer on the one hand and the Initial Purchasers on the other from the offering of the Notes or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion
as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Issuer and the Subsidiary Guarantors on the one hand and the Initial Purchasers on the other in connection with the
statements or omissions which resulted in such losses, claims, damages or liabilities as well as any other relevant equitable considerations. The relative benefits received by the Issuer and the Subsidiary Guarantors on the one hand and the Initial
Purchasers on the other shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) received by the Issuer and the Subsidiary Guarantors bear to the total underwriting discounts and
commissions received by the Initial Purchasers. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material
fact relates to information supplied by the Issuer or the Initial Purchasers and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The amount paid by an
indemnified party as a result of the losses, claims, damages or liabilities referred to in the first sentence of this Section 8 shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection
with investigating or defending any action or claim which is the subject of this Section 8. Notwithstanding the provisions of this Section 8, no Initial Purchaser shall be required to make contributions hereunder that in the aggregate
exceed the total discounts, commissions and other compensation received by such Initial Purchaser under this Agreement, less the aggregate amount of any damages that such Initial Purchaser has otherwise been required to pay by reason of the untrue
or alleged untrue statements or the omissions or alleged omissions to state a material fact. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any
person who was not guilty of such fraudulent misrepresentation. The Initial Purchasers’ obligations in this Section 8 to contribute are several in proportion to their respective underwriting obligations and not joint. The Issuer, the
Subsidiary Guarantors and the Initial Purchasers agree that it would not be just and equitable if contribution pursuant to this Section 8 were determined by pro rata allocation (even if the Initial Purchasers were treated as one entity for such
purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in this Section 8. 

  
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 SECTION 9. Agreement among Managers. 

The Initial Purchasers agree as between themselves that they will be bound by and will comply with the International Capital Market
Association Standard Form Agreement Among Managers version 1, together with the New York Law Schedule (the “AAM”) as amended in the manner set out below and further agree that references in the AAM to the “Joint Lead
Manager” and the “Managers” shall mean the Initial Purchasers and references in the AAM and this Agreement to the “Settlement Lead Manager” and the “Stabilising Manager” shall mean Deutsche Bank AG, Singapore
Branch (or persons acting on its behalf). The Initial Purchasers agree as between themselves to amend the AAM as follows: 

(a) references in the AAM to the “Commitments” shall mean, as between the Initial Purchasers only, the amounts set out in
Schedule A; 
 (b) clause 3 shall be deemed to be deleted in its entirety; 

(c) clause 4 shall be deemed to be deleted in its entirety; 
 (d) clause 5 shall be deemed to be deleted in its entirety and replaced with the following: 
 “Each Joint Lead Manager acknowledges that, in order to assist in the orderly distribution of the Securities, the Stabilising Manager may, after consultation with the other Joint Lead Managers,
overallot in arranging subscriptions, sales and purchases of the Securities and may subsequently make purchases and sales of the Securities, in addition to the Purchase Percentage, in the open market or otherwise, on such terms as the Stabilising
Manager deems advisable. All such purchases, sales and over-allotments shall be made in accordance with applicable law for the account of the Joint Lead Managers, and may be reallocated among the Joint Lead Managers in proportion to each Joint Lead
Manager’s Purchasing Percentage; provided, however, notwithstanding the foregoing, upon consultation by the Stabilising Manager with the Joint Lead Managers, each Joint Lead Manager shall be responsible for managing its individual long or short
position (the “Individual Position”) and may cover any short position, sell any long position and/or engage in hedging activity in respect of its Individual Position (collectively, the “Stabilising Activities”).
Purchase Percentage means the principal amount of Securities subscribed for by a Joint Lead Manager as a ratio of the aggregate principal amount of the Securities. 
 Each Joint Lead Manager shall be liable for any loss, or entitled to any profit, arising from its own Stabilising Activities and, for the avoidance of doubt, no Joint Lead Manager shall be liable for such
loss, or entitled to any profit, arising from the Stabilising Activities of any other Joint Lead Manager’s Individual Position. All Stabilising Activities and any gains or losses arising therefrom shall be made in accordance with applicable
law. Upon the aforementioned consultation by the Stabilising Manager with the Joint Lead Managers, any Stabilising Activities may begin on or after the date on which adequate public disclosure of the terms of the offer of the Securities is made and,
if begun, may be ended at any time, but in no case later than the earlier of 30 days after the issue date of the Securities and 60 days after the date of the allotment of the Securities.” 

  
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 (e) clause 6(b) shall be deemed to be deleted in its entirety; 

(f) clause 7 shall be deemed to be deleted in its entirety; 
 (g) Within 90 days of the Closing Date, the Settlement Lead Manager shall determine and pay the net commissions due to the other Initial Purchasers. The parties agree that interest earned on the
aggregate net commission will be shared between the Initial Purchasers pro rata by reference to their respective Commitments; 

(h) Deutsche Bank AG, Singapore Branch shall act as a representative of each of them for administrative purposes (in such capacity,
the “Representative”). 
 Where there are any inconsistencies between this Agreement and the AAM, the terms of this Agreement
shall prevail. 
 SECTION 10. Default of Initial Purchasers. 

If any Initial Purchaser or Initial Purchasers default in their obligations to purchase Notes hereunder at the Closing Time and the
aggregate number of Notes that such defaulting Initial Purchaser or Initial Purchasers agreed but failed to purchase does not exceed 10% of the total number of Notes that the Initial Purchasers are obligated to purchase at such Closing Time, the
Representative may make arrangements satisfactory to the Issuer for the purchase of such Notes by other persons, including any of the Initial Purchasers, but if no such arrangements are made by such Closing Time, the non-defaulting Initial
Purchasers shall be obligated severally, in proportion to their respective commitments hereunder, to purchase the Notes that such defaulting Initial Purchasers agreed but failed to purchase at such Closing Time. If any Initial Purchaser or Initial
Purchasers so default and the aggregate number of Notes with respect to which such default or defaults occur exceeds 10% of the total number of Notes that the Initial Purchasers are obligated to purchase at such Closing Time and arrangements
satisfactory to the Representative and the Issuer for the purchase of such Notes by other persons are not made within 36 hours after such default, this Agreement will terminate without liability on the part of any non-defaulting Initial Purchaser or
the Issuer, except as provided in Section 12 hereof. As used in this Agreement, the term “Initial Purchaser” includes any person substituted for an Initial Purchaser under this Section 10. Nothing herein will relieve a defaulting
Initial Purchaser from liability for its default. 
 SECTION 11. Representations, Warranties and Agreements to Survive
Delivery. 
 All representations, warranties and agreements contained in this Agreement or in certificates of officers of the
Issuer or any of the Subsidiary Guarantors submitted pursuant hereto shall remain operative and in full force and effect, regardless of any investigation made by or on behalf of any Initial Purchaser or controlling person, or by or on behalf of the
Issuer or any Subsidiary Guarantor, and shall survive delivery of the Notes to the Initial Purchasers. 

  
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 SECTION 12. Termination of Agreement. 

(a) Termination; General. Prior to the Closing Time, this Agreement may be terminated by the Initial Purchasers by notice
given to the Issuer if at any time: (i) trading in securities generally on the New York Stock Exchange, NASDAQ, the Hong Kong Stock Exchange, the London Stock Exchange or the SGX-ST shall have been suspended or materially limited, or minimum or
maximum prices shall have been generally established on any of such stock exchanges by the Commission or the SGX-ST, or maximum ranges for prices shall have been required by any of said exchanges or by such system or by order of the Commission or
any other governmental authority in the United States or otherwise or a material disruption has occurred in commercial banking or securities, settlement or clearance services with respect to DTC in the United States or with respect to Euroclear and
Clearstream, Luxembourg in Europe; (ii) a general banking moratorium shall have been declared by any of federal, New York, Cayman Islands, Macau, Hong Kong, Singapore or European authorities; (iii) there shall have occurred any outbreak or
escalation of national or international hostilities or any crisis or calamity, or any change in the United States or international financial markets, or any substantial change or development involving a prospective substantial change in United
States’ or international political, financial or economic conditions or currency exchange rates or exchange controls, in each case the effect of which is such as to make it, in the judgment of the Initial Purchasers, impracticable or
inadvisable to market the Notes in the manner and on the terms described in the Offering Memorandum or to enforce contracts for the sale of the Notes; (iv) in the judgment of the Initial Purchasers there shall have occurred any Material Adverse
Change; or (v) the Issuer and its subsidiaries shall have sustained a loss by strike, fire, flood, earthquake, accident or other calamity of such character as in the judgment of the Initial Purchasers may interfere materially with the conduct
of the business and operations of the Issuer and its subsidiaries taken as a whole regardless of whether or not such loss shall have been insured. Any termination pursuant to this Section 12 shall be without liability on the part of
(i) the Issuer or any Subsidiary Guarantor to any Initial Purchaser, except that the Issuer shall be obligated to reimburse the expenses of the Initial Purchasers pursuant to Section 13 hereof, (ii) any Initial Purchaser to the Issuer
or any Subsidiary Guarantor or (iii) any party hereto to any other party except that the provisions of Section 7 and Section 8 shall at all times be effective and shall survive such termination. 

(b) Liabilities. If this Agreement is terminated pursuant to this Section 12, such termination shall be without liability
of any party to any other party, and provided further that Sections 1, 7, 8 and 13 shall survive such termination and remain in full force and effect. 
 SECTION 13. Reimbursement of Initial Purchasers’ Expenses. 
 If this
Agreement is terminated by the Initial Purchasers pursuant to Section 5 or Section 12 hereof, including if the sale to the Initial Purchasers of the Notes on the Closing Date is not consummated because of any refusal, inability or failure
on the part of the Issuer or the Subsidiary Guarantors to perform any agreement herein or to comply with any provision hereof, the Issuer agrees to reimburse the Initial Purchasers (or such Initial Purchasers as have terminated this Agreement with
respect to themselves), severally, upon demand for all reasonable expenses as set forth in the Expense Side Letter. 

  
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 SECTION 14. Notices. 

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

	 	(a)	if to the Initial Purchasers: 

c/o the Representative, 
 Deutsche Bank AG, Singapore Branch, 
 One Raffles Quay 

#17-00 South Tower 
 Singapore 048583 
 Telephone : +65 6423 5342 

Attention: Global Risk Syndicate 
 Facsimile: +65 6883 1769 
 if to the Issuer: 

MCE Finance Limited 
 190 Elgin Avenue, George Town 
 Grand Cayman KY1-9005 

Cayman Islands 

c/o Melco Crown Entertainment Limited 
 36/F, The Centrium 
 60 Wyndham Street 

Central, Hong Kong 
 Telephone: 852 2598 3600 
 Attention: Company Secretary 

Facsimile: 852 2537 3818 
 SECTION 15. Parties. 
 This Agreement shall inure to the benefit of and be
binding upon the Initial Purchasers, the Issuer, the Subsidiary Guarantors and their respective successors. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, firm or corporation, other than the
Initial Purchasers, the Issuer and the Subsidiary Guarantors and their respective successors and the controlling persons and officers and directors referred to in Sections 7 and 8 and their heirs and legal representatives, any legal or
equitable right, remedy or claim under or in respect of this Agreement or any provision herein contained. This Agreement and all conditions and provisions hereof are intended to be for the sole and exclusive benefit of the Initial Purchasers, the
Issuer, the Subsidiary Guarantors and their respective successors, and said controlling persons and officers and directors and their heirs and legal representatives, and for the benefit of no other person, firm or corporation. No purchaser of Notes
from any Initial Purchaser shall be deemed to be a successor by reason merely of such purchase. 

  
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 SECTION 16. Counterparts. 

This Agreement may be signed in two or more counterparts, each of which shall be an original, with the same effect as if the signatures
thereto and hereto were upon the same instrument. 
 SECTION 17. Absence of Fiduciary Relationship. Each of the Issuer
and the Subsidiary Guarantors acknowledges and agrees that: 
 (a) No Other Relationship. The Initial Purchasers have
been retained solely to act as the initial purchasers of the Notes and that no fiduciary, advisory or agency relationship between the Issuer and the Subsidiary Guarantors and the Initial Purchasers has been created in respect of any of the
transactions contemplated by this Agreement, the Disclosure Package or the Final Offering Memorandum, irrespective of whether the Initial Purchasers have advised or are advising the Issuer or the Subsidiary Guarantors on other matters; 

(b) Arms’ Length Negotiations. The price of the Notes set forth in this Agreement was established by the Issuer and the
Subsidiary Guarantors following discussions and arms-length negotiations with the Initial Purchasers and each of the Issuer and the Subsidiary Guarantors is capable of evaluating and understanding and understands and accepts the terms, risks and
conditions of the transactions contemplated by this Agreement; 
 (c) Absence of Obligation to Disclose. Each of the
Issuer and the Subsidiary Guarantors has been advised that the Initial Purchasers and their affiliates are engaged in a broad range of transactions which may involve interests that differ from or conflict with those of the Issuer and the Subsidiary
Guarantors and that the Initial Purchasers have no obligation to disclose such interests and transactions to the Issuer and the Subsidiary Guarantors by virtue of any fiduciary, advisory or agency relationship; and 

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

 SECTION 18. Waiver of Immunity. 
 To the extent that the Issuer and each Subsidiary Guarantor has or hereafter may acquire any immunity (sovereign or otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or
from set-off or any legal process (whether service or notice, attachment in aid or otherwise) with respect to itself or any of its property, the Issuer and each Subsidiary Guarantor hereby irrevocably waives and agrees not to plead or claim such
immunity in respect of its obligations under this Agreement. 

  
 -30-

 SECTION 19. Applicable Law. 

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

Each of the Issuer and the Subsidiary Guarantors hereby submits to the non-exclusive jurisdiction of the federal and state courts in the
Borough of Manhattan in The City of New York in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. Each of the Issuer and the Subsidiary Guarantors irrevocably and unconditionally waives any
objection to the laying of venue of any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby in federal and state courts in the Borough of Manhattan in the City of New York and irrevocably and
unconditionally waives and agrees not to plead or claim in any such court that any such suit or proceeding in any such court has been brought in an inconvenient forum. Each of the Issuer and the Subsidiary Guarantors irrevocably appoints Law
Debenture Corporate Services Inc., 400 Madison Avenue, 4th Floor, New York, New York 10017, as its authorized agent in the Borough of Manhattan in the City of New York upon which process may be served in any such suit or proceeding, and agrees that
service of process upon such agent, and written notice of said service to the Issuer and the Subsidiary Guarantors by the person serving the same to the address provided in Section 14, shall be deemed in every respect effective service of
process upon the Issuer and the Subsidiary Guarantors in any such suit or proceeding. Each of the Issuer and the Subsidiary Guarantors further agrees to take any and all action as may be necessary to maintain such designation and appointment of such
agent in full force and effect for a period of nine years from the date of this Agreement. 
 The obligations of the Issuer and
the Subsidiary Guarantors pursuant to this Agreement in respect of any sum due to any Initial Purchaser shall, notwithstanding any judgment in a currency other than U.S. dollars, not be discharged until the first business day, following receipt by
such Initial Purchaser of any sum adjudged to be so due in such other currency, on which (and only to the extent that) such Initial Purchaser may in accordance with normal banking procedures purchase U.S. dollars with such other currency; if the
U.S. dollars so purchased are less than the sum originally due to such Initial Purchaser hereunder, the Issuer and the Subsidiary Guarantors agrees, as a separate obligation and notwithstanding any such judgment, to indemnify such Initial Purchaser
against such loss. If the U.S. dollars so purchased are greater than the sum originally due to such Initial Purchaser hereunder, such Initial Purchaser agrees to pay to the Issuer and the Subsidiary Guarantors an amount equal to the excess of the
dollars so purchased over the sum originally due to such Initial Purchaser hereunder. 
 SECTION 20. Waiver of Jury
Trial. Each party hereto hereby waives its rights to a jury trial of any claim or cause of action based upon or arising out of this Agreement or the subject matter hereof. The scope of this waiver is intended to be all-encompassing of any and
all disputes that may be filed in any court and that relate to the subject matter of this transaction, including, without limitation, contract claims, tort claims, breach of duty claims, and all other common law and statutory claims. This
Section 20 has been fully discussed by each of the parties hereto and these provisions shall not be subject to any exceptions. Each party hereto hereby further warrants and represents that such party has reviewed this waiver with its legal
counsel, and that such party knowingly and voluntarily waives its jury trial rights following consultation with legal counsel. This waiver is irrevocable, meaning that it may not be modified either orally or in writing, and this waiver shall apply
to any subsequent amendments, supplements or modifications to (or assignments of) this Agreement. In the event of litigation, this Agreement may be filed as a written consent to a trial (without a jury) by the court. 

  
 -31-

 SECTION 21. Effect of Headings. 

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

[Signature Pages to Follow] 

  
 -32-

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

			
	Very truly yours,
	
	The Issuer
	
	MCE FINANCE LIMITED
		
	By	 	 
	Name:	 	
	Title:	 	
	
	Subsidiary Guarantor
	
	MELCO CROWN GAMING (MACAU) LIMITED
		
	By	 	 
	Name:	 	
	Title:	 	
	
	Subsidiary Guarantor
	
	MPEL INTERNATIONAL LIMITED
		
	By	 	 
	Name:	 	
	Title:	 	

 
			
	Subsidiary Guarantor
	
	ALTIRA HOTEL LIMITED
		
	By	 	 
	Name:	 	
	Title	 	
	
	Subsidiary Guarantor
	
	ALTIRA DEVELOPMENTS LIMITED
		
	By	 	 
	Name:	 	
	Title:	 	
	
	Subsidiary Guarantor
	
	MELCO CROWN (COD) HOTELS LIMITED
		
	By	 	 
	Name:	 	
	Title:	 	
	
	Subsidiary Guarantor
	
	 MELCO CROWN (COD)

DEVELOPMENTS LIMITED

		
	By	 	 
	Name:	 	
	Title:	 	

 
			
	Subsidiary Guarantor
	
	MELCO CROWN (CAFE) LIMITED
		
	By	 	 
	Name:	 	
	Title:	 	
	
	Subsidiary Guarantor
	
	 GOLDEN FUTURE (MANAGEMENT
 SERVICES) LIMITED

		
	By	 	 
	Name:	 	
	Title:	 	
	
	Subsidiary Guarantor
	
	 MELCO CROWN HOSPITALITY AND
 SERVICES LIMITED

		
	By	 	 
	Name:	 	
	Title:	 	
	
	Subsidiary Guarantor
	
	 MELCO CROWN (COD) RETAIL
 SERVICES LIMITED

		
	By	 	 
	Name:	 	
	Title:	 	

 
			
	
	Subsidiary Guarantor
	
	MELCO CROWN (COD) VENTURES LIMITED
		
	By	 	 
	Name:	 	
	Title:	 	
	
	Subsidiary Guarantor
	
	COD THEATRE LIMITED
		
	By	 	 
	Name:	 	
	Title:	 	
	
	Subsidiary Guarantor
	
	MELCO CROWN COD (HR) HOTEL LIMITED
		
	By	 	 
	Name:	 	
	Title:	 	
	
	Subsidiary Guarantor
	
	MELCO CROWN COD (CT) HOTEL LIMITED
		
	By	 	 
	Name:	 	
	Title:	 	

 
			
	Subsidiary Guarantor
	
	 MELCO CROWN COD (GH) HOTEL LIMITED

		
	 By
	 	 
	 Name:
	 	
	 Title:
	 	

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

 

			
	DEUTSCHE BANK AG, SINGAPORE BRANCH
		
	By	 	 
	Name:	 	
	Title:	 	
		
	By	 	 
	Name:	 	
	Title:	 	

			
	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
		
	By	 	 
	Name:	 	
	Title:	 	
		
	By	 	 
	Name:	 	
	Title:	 	

			
	CITIGROUP GLOBAL MARKETS INC.
		
	By	 	 
	Name:	 	
	Title:	 	

			
	MERRILL LYNCH INTERNATIONAL
		
	By	 	 
	Name:	 	
	Title:	 	

 SCHEDULE A 

 

					
	 Name of Initial Purchaser
	  	Principal 
Amount of
Securities	 
	 Deutsche Bank AG, Singapore Branch
	  	$	400,000,000	  
	 Australia and New Zealand Banking Group Limited
	  	$	200,000,000	  
	 Citigroup Global Markets Inc.
	  	$	200,000,000	  
	 Merrill Lynch International
	  	$	200,000,000	  
		  	  
	  
	 
	 Total
	  	$	1,000,000,000	  
		  	  
	  
	 

 SCHEDULE B 
 SUBSIDIARY GUARANTORS 
 Melco Crown Gaming (Macau) Limited 

MPEL International Limited 
 Altira Hotel Limited

 Altira Developments Limited 
 Melco
Crown (COD) Hotels Limited 
 Melco Crown (COD) Developments Limited 
 Melco Crown (Cafe) Limited 
 Golden Future (Management Services) Limited 

Melco Crown Hospitality and Services Limited 

Melco Crown (COD) Retail Services Limited 
 Melco
Crown (COD) Ventures Limited 
 COD Theatre Limited 
 Melco Crown COD (HR) Hotel Limited 
 Melco Crown COD (CT) Hotel Limited 

Melco Crown COD (GH) Hotel Limited 

 SCHEDULE C 
 SUBSIDIARIES OF THE ISSUER 
 MPEL International Limited 

Melco Crown Gaming (Macau) Limited 
 MPEL
Investments Limited 
 Altira Hotel Limited 
 Altira Developments Limited 
 Melco Crown (COD) Hotels Limited 

Melco Crown (COD) Developments Limited 
 Melco
Crown (Cafe) Limited 
 Golden Future (Management Services) Limited 
 Melco Crown Hospitality and Services Limited 
 Melco Crown (COD) Retail Services Limited

 Melco Crown (COD) Ventures Limited 

COD Theatre Limited 
 Melco Crown COD (HR) Hotel
Limited 
 Melco Crown COD (CT) Hotel Limited 
 Melco Crown COD (GH) Hotel Limited 
 MPEL Nominee One Limited 

MPEL Nominee Two Limited 
 MPEL Nominee Three
Limited 
 Melco Crown (Macau Peninsula) Hotel Limited 
 Melco Crown (Macau Peninsula) Developments Limited 

 SCHEDULE D 
 PRICING SUPPLEMENT 

 EXHIBIT A 
 OPINION OF U.S. COUNSEL FOR THE ISSUER AND THE SUBSIDIARY GUARANTORS 

Subject to the foregoing and the other matters set forth herein, as of the date hereof: 

1. The Purchase Agreement has been duly executed and delivered by the Company and each of the Guarantors. 

2. The Indenture has been duly executed and delivered by the Company, and is the legally valid and binding agreement of the Company,
enforceable against the Company in accordance with its terms. 
 3. The Indenture has been duly executed and
delivered by each of the Guarantors. The Indenture, including the Guarantee contained therein, is the legally valid and binding agreement of each of the Guarantors, enforceable against each of them in accordance with its terms. 

4. The Notes, when executed, issued and authenticated in accordance with the terms of the Indenture and delivered to and paid for by you
in accordance with the terms of the Purchase Agreement, will be the legally valid and binding obligations of the Company, enforceable against the Company in accordance with their terms. 

5. The execution and delivery of the Purchase Agreement and the Operative Documents and the issuance and sale of the Notes pursuant to the
Purchase Agreement do not on the date hereof: 
 (i) result in the breach of or a default under the 2018 Notes
Indenture; 
 (ii) violate any federal or New York statute, rule or regulation applicable to the Company or the
Guarantors; or 
 (iii) require any consents, approvals, or authorizations to be obtained by the Company or the
Guarantors from, or any registrations, declarations or filings to be made by the Company or the Guarantors with, any governmental authority under any federal or New York statute, rule or regulation applicable to the Company or the Guarantors.

 6. Pursuant to Sections [19] of the Purchase Agreement and pursuant to Section [•] of the Indenture and subject to
mandatory choice of law and jurisdiction rules and constitutional limitations, under the laws of the State of New York, the Company and each of the Guarantors has validly (i) chosen New York law to govern its rights and duties under the
Purchase Agreement and each Operative Document to which it is a party, (ii) submitted to the personal jurisdiction of courts of the State of New York and of U.S. federal courts located in the Borough of Manhattan, The City of New York in
connection with an action or proceeding arising out of or related to the Purchase Agreement or the Operative Documents to which it is a party, (iii) to the extent permitted by law, waived any objection to the venue of a proceeding in any such
court and (iv) appointed [Law Debenture Corporate Services Inc.] as its initial authorized agent for the purpose described in Section [19] of the Purchase Agreement and Section [•] of the Indenture. 

 7. The statements set forth in the Preliminary Offering Memorandum and Offering Memorandum
under the caption “Description of the Notes,” insofar as they purport to constitute a summary of the terms of the Notes and the Guarantees, and under the caption “Plan of Distribution,” insofar as they purport to describe or
summarize (i) certain provisions of the documents governed by the laws of the State of New York or (ii) U.S. federal laws referred to therein, are accurate descriptions or summaries in all material respects. 

8. No registration of the Notes or the Guarantees under the Securities Act of 1933, as amended, and no qualification of the Indenture
under the Trust Indenture Act of 1939, as amended, is required for the offer and sale of the Notes by the Company or the provision of the Guarantees by the Guarantors in the manner contemplated by the Purchase Agreement and the Offering Memorandum.
We express no opinion, however, as to when or under what circumstances any Notes initially sold by you may be reoffered or resold. 
 9. None of the Company and the Guarantors is, and immediately after giving effect to the sale of the Notes in accordance with the Purchase Agreement and the application of the proceeds as described in the
Offering Memorandum under the caption “Use of Proceeds,” will be required to be, registered as an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 

 EXHIBIT B 
 OPINION OF CAYMAN ISLANDS COUNSEL FOR THE ISSUER 
 Based upon the foregoing
examinations and assumptions and upon such searches as we have conducted and having regard to legal considerations which we consider relevant, and subject to the qualifications set out in Schedule 3, and under the laws of the Cayman Islands, we give
the following opinions in relation to the matters set out below. 
  

	1.	Each of the Companies is an exempted company duly incorporated with limited liability, validly existing under the laws of the Cayman Islands and in good standing with
the Registrar of Companies in the Cayman Islands. Each Company can sue and be sued in its own name under the laws of the Cayman Islands. 

  

	2.	Each of the Companies has full corporate power and authority to execute and deliver the Documents to which it is a party and to perform its obligations under the
Documents. 

  

	3.	The Documents to which each of the Companies is a party have been duly authorised and executed and, when delivered by each of the Companies, will constitute the legal,
valid and binding obligations of each Company enforceable in accordance with their respective terms. 

  

	4.	The execution, delivery and performance of the Documents to which each of the Companies is a party, the consummation of the transactions contemplated thereby and the
compliance by each of the Companies with the terms and provisions thereof do not: 

  

	 	(a)	contravene any law, public rule or regulation of the Cayman Islands applicable to each of the Companies which is currently in force; or 

 

	 	(b)	contravene the Memorandum and Articles of Association of each of the Companies. 

 

	5.	Neither: 

  

	 	(a)	the execution, delivery or performance of any of the Documents to which either of the Companies is a party; nor 

 

	 	(b)	the consummation or performance of any of the transactions contemplated thereby by either of the Companies, 

 

	    	requires the consent or approval of, the giving of notice to, or the filing or registration with, or the taking of any other action in respect of any Cayman Islands
governmental or judicial authority or agency which if not obtained or made, would affect the validity, enforceability or subject to qualification 2 in Schedule 3, admissibility in evidence of the Documents. 

	6.	The law chosen in each of the Documents to which any of the Companies is a party to govern its interpretation would be upheld as a valid choice of law in any action on
that Document in the courts of the Cayman Islands (the “Courts” and each a “Court”). 

  

	7.	Save as set out in qualification 2 in Schedule 3, there are no stamp duties, income taxes, withholdings, levies, registration taxes, or other duties or similar taxes or
charges now imposed, or which under the present laws of the Cayman Islands could in the future become imposed, in connection with the execution, delivery and performance by the Companies of the transactions contemplated in the Documents, enforcement
or admissibility in evidence of the Documents or on any payment to be made by any of the Companies or any other person pursuant to the Documents. The Cayman Islands currently have no form of income, corporate or capital gains tax and no estate
duty, inheritance tax or gift tax. 

  

	8.	None of the parties to the Documents and no holder of the Notes is or will be deemed to be resident, domiciled or carrying on business in the Cayman Islands by reason
only of the execution, delivery, performance or enforcement of the Documents to which any of them is party or the holding of the Notes as the case may be. 

  

	9.	A judgment obtained in a foreign court (other than certain judgments of a superior court of any state of the Commonwealth of Australia) will be recognised and enforced
in the Courts without any re-examination of the merits at common law, by an action commenced on the foreign judgment in the Grand Court of the Cayman Islands (the “Grand Court”), where the judgment: 

 

	 	(a)	is final and conclusive; 

  

	 	(b)	is one in respect of which the foreign court had jurisdiction over the defendant according to Cayman Islands conflict of law rules; 

 

	 	(c)	is either for a liquidated sum not in respect of penalties or taxes or a fine or similar fiscal or revenue obligations or, in certain circumstances, for in personam
non-money relief (following Bandone Sdn Bhd v Sol Properties Inc. [2008] CILR 301); and 

  

	 	(d)	was neither obtained in a manner, nor is of a kind enforcement of which is contrary to natural justice or the public policy of the Cayman Islands.

  

	10.	It is not necessary under the laws of the Cayman Islands that any of the Documents be filed, enrolled, registered or recorded with any governmental authority or agency
or in any public office or elsewhere in the Cayman Islands in order to ensure the legality, validity or enforceability or (subject to the payment of stamp duties mentioned in Qualification 2 in Schedule 3) admission of evidence of any of the
Documents. 

  

	11.	It is not necessary under the laws of the Cayman Islands: 

  

	 	(a)	in order to enable any party to any of the Documents to enforce their rights under the Documents; or 

 

	 	(b)	solely by reason of the execution, delivery and performance of the Documents, 

 that any party to any of the Documents should be licensed, qualified or otherwise entitled to carry on business in the Cayman Islands or any other political subdivision thereof. 

	12.	Based solely upon our examination of the Register of Writs and other Originating Process of the Grand Court (the “Court Register”) on [Date] (the
“Search Date”), we confirm that, as at 9.00am on the Search Date (the “Search Time”), there are no actions, suits or proceedings pending against any of the Companies before the Grand Court and no steps have been, or
are being, taken compulsorily to wind up any of the Companies. 

  

	13.	In each Document which contains a provision pursuant to which any of the Companies agree to submit to the jurisdiction of the courts specified therein, such Company has
executed an effective submission to the jurisdiction of such courts. The appointment of Law Debenture Corporate Services Inc. as an agent to accept service of process in such jurisdiction pursuant to the Documents is legal, valid and binding on that
Company. 

  

	14.	Each of the Companies is subject to civil and commercial law with respect to its obligations under the Documents and neither the Companies nor any of their respective
assets is entitled to immunity from suit or enforcement of a judgment on the grounds of sovereignty or otherwise in the Courts in proceedings against any of the Companies in respect of any obligations under the Documents, which obligations
constitute private and commercial acts rather than governmental or public acts. 

  

	15.	A judgment of the Courts may be expressed in a currency other than Cayman Islands dollars. 

 

	16.	On a liquidation of any of the Companies, claims against such Company under any of the Documents to which it is party will rank at least pari passu with the
claims of all other unsecured creditors (other than those preferred by law). 

  

	17.	In the event of an insolvency, liquidation, bankruptcy or reorganisation affecting any of the Companies, no liquidator, creditor or other person would be able to set
aside any disposition of property effected by such Company pursuant to the Documents. 

  

	18.	There are no foreign exchange controls or foreign exchange regulations under the currently applicable laws of the Cayman Islands. 

 

	19.	The consummation of the transactions in the manner contemplated by the Documents will not result in the Initial Purchasers (as defined in Schedule 1) being subject to
any legal requirements of registration or filing of the Documents with any authority in the Cayman Islands. 

  

	20.	The duties and obligations of the Trustee (as defined in Schedule 1) would, as a matter of the provisions of the laws of the Cayman Islands relating to conflicts of
laws, be determined solely by reference to New York law. There are no provisions in the laws of the Cayman Islands which will impose duties on the Trustee or modify the trust relationships between the Trustee and the holders of the Notes established
pursuant to the Indenture (as defined in Schedule 1). 

	21.	The statements in the Offering Memorandum (as defined in Schedule 1) which deal with (a) the incorporation and legal status of the Company, in the sections
headed [“Risk Factors”, “Enforcement of Civil Liabilities”, “Regulation”, “Management”]; and which deal with (b) legal consideration, in the sections headed [“Taxation-Certain Cayman Islands Tax
Considerations” and “Plan of Distribution – Cayman Islands”], insofar and to the extent that they constitute a summary or description of the law and regulations of the Cayman Islands, are true and correct in all material
respects. 

 EXHIBIT C 
 OPINION OF MACAU COUNSEL FOR THE ISSUER 
 Based upon and subject to the
foregoing and subject to the qualifications set out below and to any other matters which may not have been disclosed to us, we are of the opinion that: 
  

	 	(a)	Each of the Macau Companies is duly incorporated and duly organized as a company and is validly existing under the laws of the Macau SAR; each of such entity has full
corporate power and authority to own, lease and operate its properties and assets and to carry on its business as described in the Final Offering Memorandum and the Disclosure Package (as such term is defined in the Purchase Agreement) in accordance
with such entity’s Memorandum and Articles of Association. 

  

	 	(b)	Melco Crown Gaming (Macau) Limited (formerly, Melco PBL Gaming (Macau) Limited) holds a gaming subconcession and is authorized by the Macau government to operate games
of fortune and chance and other games in casino in the Macau SAR. To our knowledge after due inquiry, we are not aware of any breach or non-compliance by Melco Crown Gaming (Macau) Limited of any agreement or provisions of the laws of the Macau SAR
that may adversely affect its right to operate games of fortune and chance and other games in casino in the Macau SAR. 

  

	 	(c)	Each of the Macau Companies is in good standing (meaning so far as the registrar of companies in the Macau SAR is aware, it has not failed to make any filing with such
registrar or to pay any fee to such registrar which might make it liable to be struck off the register of companies by such registrar) and has the status of a Macanese legal person and is capable of being sued. 

 

	 	(d)	Altira Developments Limited is the lessee of a plot of land designated as Lote BT17, registered with the Macau Real Estate Property Registry under no. 23193, located in
the Macau SAR at Avenida de Kwong Tung, s/n, Freguesia de Nossa Senhora do Carmo (Taipa), Taipa pursuant to the land concession granted under order of the Secretary for Transport and Public Works no. 20/2006, published in the Macau Official Gazette
no. 9, II Series, of 1st March 2006 (hereinafter the “Altira Land Grant Concession”), free and clear of all liens, encumbrances and title defects except such as are described in the Final Offering Memorandum and the Disclosure Package
or such as do not materially affect the value of such property and do not interfere with the uses made and proposed to be made of such property by it; and to the best of our knowledge, no default (or event which with notice or lapse of time, or
both, would constitute such a default) by Altira Developments Limited has occurred and is continuing under the Altira Land Grant Concession; there are no grounds for rescission, avoidance or repudiation of any of such Altira Land Grant Concession
and no notice of termination or of intention to terminate has been received in respect thereof, with such exceptions as are not material and do not interfere with the uses made or proposed to be made by Altira Developments Limited.

	 	(e)	Melco Crown (COD) Developments Limited is the lessee of a plot of land registered with the Macau Real Estate Property Registry under no. 23243, located in Taipa, near
Estrada do Istmo, in the reclaimed area between Taipa and Coloane, Macau SAR pursuant to the land concession granted under order of the Secretary for Transport and Public Works no. 25/2008, published in the Macau Official Gazette no. 33, II Series,
of 13 August 2008, as amended by order of the Secretary for Transport and Public works no. 45/2010, of 2 September 2010, published in the Macau Official Gazette no. 37, II Series, of 15 September 2010 (hereinafter the “COD Land
Grant Concession”), free and clear of all liens, encumbrances and title defects except such as are described in the Final Offering Memorandum and the Disclosure Package or such as do not materially affect the value of such property and do not
interfere with the uses made and proposed to be made of such property by it; and to the best of our knowledge, no default (or event which with notice or lapse of time, or both, would constitute such a default) by Melco Crown (COD) Developments
Limited has occurred and is continuing under the COD Land Grant Concession; there are no grounds for rescission, avoidance or repudiation of any of such COD Land Grant Concession and no notice of termination or of intention to terminate has been
received in respect thereof, with such exceptions as are not material and do not interfere with the uses made or proposed to be made by Melco Crown (COD) Developments Limited. 

 

	 	(f)	Each of the Macau Companies have each the power, capacity and authority to enter into, deliver and perform its obligations under the Transaction Documents to which it
is a party and all necessary corporate and other action has been taken to enable it validly to execute and deliver, and perform its obligations under, such Transaction Documents. 

 

	 	(g)	The obligations of each of the Macau Companies under the Transaction Documents to which each of them is a party are enforceable against each of the Macau Companies in
accordance with their respective terms. 

  

	 	(h)	The transactions contemplated in the Transaction Documents to which each of the Macau Companies is a party fall within the scope of its memorandum and articles of
association. 

  

	 	(i)	The execution and delivery of the Indenture by the parties thereto, the execution and delivery of the Purchase Agreement by the Subsidiary Guarantors and the
performance by the Subsidiary Guarantors of each of their obligations under the Indenture, the Purchase Agreement, the payment of any amount under the Indenture, the Purchase Agreement, the issuance and sale of the Notes by the Company as described
in the Final Offering Memorandum and the Disclosure Package (i) do not, and will not, violate any Macau SAR statute, rule or regulation which, in our experience, is normally applicable to transactions of the type contemplated by the Indenture,
the Purchase Agreement, (ii) do not, and will not, breach or otherwise violate any existing obligation of or restriction on the Subsidiary Guarantors under any order, judgment or decree of any Macau SAR court or governmental authority binding
on the Subsidiary Guarantors and (iii) do not, and will not, result in the breach of or a default under any agreement that is known to such counsel and that is governed by Macau law and to which the Company or any of its subsidiaries is a party
or by which its properties are bound, including, without limitation, the Major Macau Documents. 

 “Major Macau Documents” means the following: 

(i) Subconcession Agreement (including all exhibits thereto) which consists of the contract for the operation of games of
chance and other casino games in the Macau SAR dated 8 September 2006 and entered into by Wynn Resorts (Macau), Limited (“Wynn Macau”) and Melco Crown Gaming (Macau) Limited together with the following letters: (i) letter dated
8 September 2006 from the Government of the Macau SAR addressed to Melco Crown Gaming (Macau) Limited and copied to Wynn Macau with regard to the confirmation by the Government of the Macau SAR of the contract referred to above;
(ii) letter dated 8 September 2006 from Melco Crown Gaming (Macau) Limited addressed to the Government of the Macau SAR, with regard to the confirmation of the rights and obligations of Melco Crown Gaming (Macau) Limited
towards the Government of the Macau SAR, and (iii) letter dated 8 September 2006 from the Government of the Macau SAR addressed to Melco Crown Gaming (Macau) Limited with regard to the confirmation of the rights and
obligations of the Government of the Macau SAR towards Melco Crown Gaming (Macau) Limited; 
 (ii)
Subconcession Bank Guarantee no.269/2006 issued by Banco Nacional Ultramarino, S.A. on 6 September 2006, at the request of Melco Crown Gaming (Macau) Limited; 

(iii) Letter dated December 15, 2006 in connection with the appointment of Mr. Lawrence Ho as the managing
director of Melco Crown Gaming (Macau) Limited; 
 (iv) Sale and Purchase Agreement dated September 21, 2006
between Mocha Slot Group Limited and Melco Crown Gaming (Macau) Limited; 
 (v) Letter Agreement in relation to
the termination of the Mocha Service Agreement dated March 15, 2006 among Mocha Slot Group Limited, Mocha Slot Management Limited, Sociedade de Jogos de Macau, S.A. and Melco International Development Limited; 

(vi) Agreement dated March 17, 2005 relating to the transfer of 30% shareholding in Altira Developments Limited from
Sociedade de Turismo e Diversões de Macau, S.A., to Melco International Development Limited and Melco Entertainment Limited; 
 (vii) Altira Land Grant Concession (order of the Secretary for Transport and Public Works no. 20/2006, published in the Macau Official Gazette no. 9, II Series, of March 1, 2006); and 

 

 (viii) COD Land Grant Concession (order of the Secretary for Transport and
Public Works no. 25/2008, published in the Macau Official Gazette no. 33, II Series, of August 13, 2008, as amended by order of the Secretary for Transport and Public works no. 45/2010, of 2 September 2010, published in the Macau Official
Gazette no. 37, II Series, of 15 September 2010). 
  

	 	(j)	No authorization by the government of the Macau SAR is required for the execution and delivery of the Indenture, the Purchase Agreement, the performance by the
Subsidiary Guarantors of any obligation under the Indenture, the Purchase Agreement and the performance by the Subsidiary Guarantors of any of its obligations, the payment of any amount under the Indenture, the Purchase Agreement by the Subsidiary
Guarantors and the issue of the Notes by the Company as in the manner described in the Final Offering Memorandum and the Disclosure Package or the consummation of the transactions contemplated by the Indenture, the Purchase Agreement.

  

	 	(k)	As of the date of this opinion, as a matter of the provisions of the laws of Macau SAR, no approvals, licences, consents, permits, authorisations, registrations or
filings are required to ensure the legality, validity, enforceability and the admissibility in evidence of the Transaction Documents and the transactions contemplated therein. 

 

	 	(l)	The Initial Purchasers are not and will not become (or be deemed to have become) resident, domiciled, engaged in the carrying on of business or subject to taxation in
the Macau SAR by reason only of the negotiation, preparation, execution, delivery, performance or enforcement of or receipt of all or any payment(s) under all or any of the Transaction Documents. 

 

	 	(m)	It is not necessary for the Initial Purchasers to establish a place of business (or be licensed, qualified or otherwise entitled to carry on business) in the Macau SAR
or to meet any other criteria applicable under the laws of the Macau SAR for the entry into, performance or enforcement of all or any of the Transaction Documents. 

 

	 	(n)	The duties and obligations of the Trustee (as referred to in the Indenture) would, as a matter of the provisions of the laws of Macau SAR relating to conflicts of laws,
be determined solely by reference to New York law. There are no provisions in the laws of Macau SAR which will impose duties on the Trustee or modify the trust relationship between the Trustee and the holders of the Notes established pursuant to the
Indenture. 

  

	 	(o)	The statements in the Final Offering Memorandum and the Disclosure Package reproduced in Annex II of this opinion, insofar as such statements summarize provisions of
the laws of the Macau SAR and the Subconcession Agreement, are accurate and fair descriptions and summaries in all material respects. 

	 	(p)	No stamp registration or similar tax is required to be paid in the Macau SAR on the execution of, or otherwise in respect of, the Indenture, the Purchase Agreement and
the Subordination Agreement and no withholding or other deduction on account of any Macau SAR tax is payable by or on behalf of the Initial Purchasers to any taxing authority in the Macau SAR in connection with the execution and delivery of the
Indenture, the Purchase Agreement and the Subordination Agreement by the Company and the Subsidiary Guarantors and the consummation of the transactions contemplated thereunder, the issuance of the Notes in the manner described in the Final Offering
Memorandum and the Disclosure Package. 

  

	 	(q)	The choice of New York law to govern the Indenture, the Purchase Agreement and the Subordination Agreement is a valid choice of law and will be recognized and applied
by the courts of the Macau SAR provided that the parties had a reasonable interest in such choice of law and that there are no reasons for avoiding such choice of law on the grounds of public policy. 

 

	 	(r)	The submission to the non-exclusive jurisdiction of the Federal and state courts in the Borough of Manhattan in the City of New York (each a “New York
Court”), the appointment of Law Debenture Corporate Services Inc., 400 Madison Avenue, 4th floor, New York, New York 10017 as an agent for service of process in New York, the waiver by the Company, MPEL International Limited and the Subsidiary
Guarantors of any objection to the venue of a proceeding in a New York court, pursuant to the Indenture, the Purchase Agreement and the Subordination Agreement in any action or proceedings based on or arising under the Indenture, the Purchase
Agreement and the Subordination Agreement is legal, valid and binding on the Company, MPEL International Limited or the Subsidiary Guarantors, as the case may be, assuming that the same is true under the governing law of the Indenture, the Purchase
Agreement and the Subordination Agreement and under the laws of the Cayman Islands. 

  

	 	(s)	All dividends and other distributions declared and payable on the shares of the Macau Companies may under the current laws and regulations of the Macau SAR be paid to
their respective shareholders, and where they are to be paid from the Macau SAR, are freely transferable out of the Macau SAR; there is no exchange control legislation under the laws of the Macau SAR and accordingly there are no exchange control
regulations imposed under the laws of the Macau SAR. 

  

	 	(t)	Although there is no statutory enforcement in the Macau SAR of judgments obtained in New York, the courts of the Macau SAR will recognize and enforce a judgment of a
foreign court of competent jurisdiction in respect of any legal suit or proceeding arising out of or relating to the Transaction Documents without retrial on the merits provided that (1) such court had jurisdiction in the matter and the
defendant either submitted to such jurisdiction or was resident or carrying on business within such jurisdiction and was duly served with process; (2) due process was observed by such court, with equal treatment given to both parties to the
action, and the defendant had the opportunity to submit a defense; (3) the judgment given by such court was not in respect of penalties, taxes, fines or similar fiscal or tax revenue obligations; (4) in obtaining judgment there was no
fraud on the part of the person in whose favor judgment was given or on the part of the court; (5) recognition or enforcement of the judgment in Macau would not be contrary to public policy; (6) the proceedings pursuant to which judgment
was obtained were not contrary to natural justice; and (7) any interest charged to the defendant does not exceed three times the official interest rate, which is currently 9.75% per annum, over the outstanding payment (whether of
principal, interest fees or other amounts) due. 

	 	(u)	To our knowledge, there are no material actions or petitions pending against the Macau Companies in the courts of the Macau SAR as at close of business in the Macau SAR
on [•] 2013. 

  

	 	(v)	None of the Macau Companies is entitled to any immunity under the laws of the Macau SAR whether characterized as sovereign immunity or otherwise for any legal
proceedings in the Macau SAR to enforce or to collect upon the Transaction Documents; the waiver by the Macau Companies to immunity is a valid and binding obligation of such companies under the laws of the Macau SAR. 

 

	 	(w)	The indemnification and contribution provisions set forth in the Indenture, the Purchase Agreement and the Subordination Agreement do not contravene the public policy
or laws of Macau. 

  

	 	(x)	We have no reason to believe that the Final Offering Memorandum and the Disclosure Package or any amendment or supplement thereto (other than the financial statements
and related schedules and other financial data derived from the financial statements and related schedules contained therein or omitted therefrom), as of their respective issue dates or as of the Closing Date, contained any untrue statement of a
material fact or omitted to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; we have no reason to believe either the Final Offering Memorandum or
the Disclosure Package (other than the financial statements and related schedules and other financial data derived from the financial statements and related schedules contained therein or omitted therefrom), as of the Closing Date, contained any
untrue statement of a material fact or omitted to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

 EXHIBIT D 
 OPINION OF COUNSEL FOR THE ISSUER AS TO ENGLISH LAW MATTERS 
 On the
assumptions set out in paragraph 5 (Assumptions) above, subject to the further qualifications set out in paragraph 7 (Qualifications) below and subject to any matters not disclosed to us, the execution by each Subsidiary Guarantor of
each Operative Document to which it is party and the performance of its obligations under those Operative Documents will not breach the terms of the Senior Facilities Agreement.EX-4.42

 Exhibit 4.42 
 EXECUTION VERSION 
 OPERATING AGREEMENT 

This Operating Agreement (“Agreement”) is made and entered into this
                    , and effective on the date of this Agreement, by and among: 

 

	(1)	 BELLE CORPORATION, a corporation duly organized and existing under and by virtue of Philippine laws, with office address at 5th Floor, 2 E-com Center, Mall of Asia Complex, J.W. Diokno Boulevard,
Pasay City, Metro Manila, Philippines (“Belle”) for itself and on behalf of (a) SM INVESTMENTS CORPORATION, a corporation duly organized and existing under and by virtue of Philippine laws, with office address at the
10th Floor, One E-com Center, Mall of Asia Complex, J.W. Diokno Boulevard, Pasay City, Metro Manila, Philippines (“SMIC”) and (b) PREMIUMLEISURE AND AMUSEMENT, INC., a corporation duly organized and existing under and by
virtue of Philippine laws, with office address at 5th
Floor, 2 E-com Center, Mall of Asia Complex, J.W. Diokno Boulevard, Pasay City, Metro Manila, Philippines (“PLAI”), 

 (Belle, SMIC and PLAI shall each be known as a “Philippine Party”, and collectively, as the “Philippine Parties”); 

 

	(2)	 MCE HOLDINGS NO. 2 (PHILIPPINES) CORPORATION (“MCE 2 Holdings”) for itself and for and on behalf of MCE Holdings (Philippines)
Corporation (“MCE Holdings”), each a corporation duly organized and existing under and by virtue of Philippine laws, with office address c/o 21st Floor Philamlife Tower, Paseo de Roxas, Makati, Metro Manila, Philippines, 

(MCE 2 Holdings and MCE Holdings shall each be known as an “MCE Party”, and collectively as the “MCE
Parties”); and 
  

	(3)	 MCE LEISURE (PHILIPPINES) CORPORATION, a corporation duly organized and existing under and by virtue of Philippine laws, with office address c/o
21st Floor Philamlife Tower, Paseo de Roxas, Makati, Metro
Manila, Philippines (“MCE Leisure”), 

 Each of the Philippine Parties, the MCE Parties and
MCE Leisure shall be known as a “Licensee” or “Party”, and collectively, as the “Licensees” or “Parties”. 
 RECITALS 
  

	(A)	The Licensees are the named licensees and holders of the Casino License. 

  

	(B)	The Licensees have entered into an agreement for the purpose of regulating the relationship of the Licensees as the named licensees and holders of the Casino License
(the “Cooperation Agreement”). 

  

	(C)	Under the Cooperation Agreement, the Licensees have appointed MCE Leisure as the Special Purpose Entity. 

 

	(D)	Belle and MCE Leisure have executed the Belle Lease, whereby Belle has agreed to lease to MCE Leisure the Land and Building Structures on the terms of lease.

  

	(E)	MCE Leisure has agreed to operate and manage the Project on the terms of this Agreement for the purposes of generating revenue. 

 EXECUTION VERSION 
  

 NOW, THEREFORE, the Parties hereto agree as follows: 

SECTION 1. DEFINITIONS AND CONSTRUCTION 
  

	1.01	Defined Terms 

 Unless defined in this
Agreement (including, for the avoidance of doubt Schedule 2), capitalized terms have the meaning ascribed to such terms in the Cooperation Agreement. 
  

	1.02	Principles of Construction 

  

	(a)	Unless the context requires otherwise, words imputing the singular include the plural and vice versa, and words importing a gender include every gender.

  

	(b)	If a word or phrase is defined, its other grammatical forms have corresponding meanings. 

 

	(c)	A reference to “includes” means includes without limitation. 

 

	(d)	References to statutory provisions shall be construed as references to those provisions as amended or re-enacted or as their application is modified by other statutory
provisions (whether before or after the date hereof) from time to time and shall include any statutory provision of which they are re-enactments (whether with or without modification). 

 

	(e)	Save where the contrary is indicated, any reference to this Agreement or any other agreement or document shall be construed as a reference to this Agreement, or other
agreement or document as the same may have been, or may from time to time be (subject to any restrictions therein), amended, varied, novated, supplemented, replaced or substituted, and shall include all the schedules, annexes, exhibits and
supplements to all of the foregoing. 

  

	(f)	Reference to “Person” denotes natural persons, corporations, partnerships, joint ventures, trusts, unincorporated organizations, political
subdivisions, agencies or instrumentalities, and such reference to a “Person” shall include its respective successors and permitted assigns. 

  

	(g)	References herein to “Sections” and “Schedules” are to be construed as references to the Sections and Schedules of and to this
Agreement unless the context requires otherwise. 

  

	(h)	A “month” is the period commencing on a specified day in a calendar month and ending on the numerically corresponding day in the immediately succeeding
calendar month (or if there is no day so corresponding in the calendar month in which such period ends, such period shall end on the last day of such calendar month). 

 

	(i)	The headings in this Agreement are inserted for convenience only and shall not affect the interpretation of this Agreement. 

 

	(j)	No rule of construction will apply to a Section to the disadvantage of a Party merely because that Party put forward the Section or would otherwise benefit from it.

  

	(k)	The obligations of the Philippine Parties together under this Agreement shall be joint and several, except in relation to Sections 4.05(b) and 14.06
which shall be (despite anything to the contrary in those Sections) the joint and several liability of each of Belle and PLAI. 

  

	1.03	Schedules 

 The following Schedules form
integral parts of this Agreement: 
  

			
	Schedule 1	  	Defined Terms
	Schedule 2	  	Formula for Fees Payable to PLAI

 EXECUTION VERSION 
  

 SECTION 2. TERM 

 

	2.01	Commencement 

 This Agreement shall take
effect on the date of execution of this Agreement by each of the Parties. 
  

	2.02	Term 

  

	(a)	This Agreement shall, subject to Section 2.02(b), continue in full force and effect for the period of the Casino License (as that license is extended,
restored or renewed), unless terminated earlier in accordance with the terms of this Agreement (“Term”). 

  

	(b)	If the Casino License is terminated or suspended (other than due to the default of a Party) this Agreement will continue for a further period of twelve (12) months
from the date of termination or suspension (“Suspension Period”), and if, during that period, the Casino License is restored to the Licensees, this Agreement shall continue in full force and effect for the period of the restored
Casino License. During the Suspension Period, MCE Leisure’s obligations under this Agreement will be suspended. 

  

	(c)	If at the end of the Suspension Period the Casino License has not been restored to the Licensees this Agreement will automatically terminate. 

 

	(d)	The Parties agree that if the Casino License is extended or renewed after July 11, 2033, or restored during the Suspension Period as contemplated by
Section 2.02(b) and PAGCOR amends or modifies the Casino License in connection with any such extension, renewal, or the restoration, the Parties shall consult with each other for the purposes of agreeing such amendments and modifications
to this Agreement which may be reasonably necessary to take into account any amendments of modifications made by PAGCOR to the Casino License. 

 SECTION 3. APPOINTMENT OF MCE LEISURE 
  

	3.01	Appointment 

 The Licensees appoint MCE
Leisure as the sole and exclusive operator and manager of the Project for the Term, and MCE Leisure accepts that appointment, on the terms of this Agreement. 
  

	3.02	Standard of Care 

 MCE Leisure shall use
commercially reasonable efforts to operate the Project in a manner consistent with the Casino License (including the Project Implementation Plan), the PAGCOR Wrap Letter, the Technical and Pre-Operating Budget and the Annual Operating Budget.

  

	3.03	Liability 

  

	(a)	Despite any provision of this Agreement to the contrary, MCE Leisure shall not be liable for any Loss suffered or incurred by any of the Philippine Parties or MCE
Parties, arising out of or in connection with, or to the extent such Loss is contributed to, or increased by, any breach by MCE Leisure of this Agreement, in each case where such breach arises directly or indirectly out of, or in connection with, or
is caused by, a breach by any of the Philippine Parties or MCE Parties (as applicable) of any Transaction Document or Ancillary Document or by any of the Philippine Parties or MCE Parties (as applicable) causing (whether by act or omission) MCE
Leisure to breach any Applicable Laws or financing agreement to which it is a party. 

  

	(b)	For the purposes of Section 3.03(a) only, and for the avoidance of doubt, “Loss” shall include any loss or profits, consequential loss, or
special damages. 

 EXECUTION VERSION 
  

	3.04	General Powers 

  

	(a)	Without limiting Section 3.01, MCE Leisure shall be responsible for, and have sole discretion and control over, all matters relating to the management and
operation of the Project (including prior to Opening) and including: 

  

	 	(i)	the casino and gaming operations of the Casino; 

  

	 	(ii)	the hotel, retail and other non-gaming components of the Project; 

  

	 	(iii)	charges for rooms and commercial space; 

  

	 	(iv)	the determination of gaming and non-gaming credit policies and all credit grant and collection decisions and actions including related criminal and civil legal actions
to collect debt; 

  

	 	(v)	food and beverage service and policies; 

  

	 	(vi)	employment policies and determination of salaries and benefits; 

  

	 	(vii)	procurement of all furniture, fixtures and equipment including gaming equipment; 

 

	 	(viii)	Inventories; 

  

	 	(ix)	supplies and services; 

  

	 	(x)	promotion; 

  

	 	(xi)	advertising; 

  

	 	(xii)	publicity and marketing; 

  

	 	(xiii)	appointment of, and entry into agreements with, gaming promoters; 

  

	 	(xiv)	the formulation and implementation of policies and procedures consistent with the operation, management and maintenance of the Project, including the casino, hotel,
retail, and other non-gaming components on the Land and Building Structures; 

  

	 	(xv)	any of the matters listed in Sections 3.04(a)(i) to 3.04(a)(xiv) in relation to the period prior to Opening; and 

 

	 	(xvi)	all other activities necessary, desirable or incidental to, or for, in MCE Leisure’s sole discretion, the management and the operation of the Project.

  

	(b)	For the avoidance of doubt, the Philippine Parties shall have, and assume, no responsibility whatsoever under this Agreement for the operation and management of the
Project. 

  

	3.05	Contracts, Equipment Leases and Other Agreements 

  

	(a)	Subject to Section 3.05(b), MCE Leisure is entitled to grant concessions, lease commercial space and enter into any other contract, equipment lease,
agreement, commitment, understanding or arrangement (whether oral or written) pertaining to or otherwise related to, necessary, desirable or incidental to or for, in MCE Leisure’s sole discretion, the operation and management of the Project and
including the matters listed in Section 3.04(a) (such concession, lease, equipment lease, contract, agreement, commitment, understanding or arrangement being a “Contract” and together the “Contracts”).

  

	(b)	MCE Leisure must not enter into any Contract outside the ordinary course of the operation and management of the Project with an aggregate contract value of more than
U.S. Dollars Three Million (US$3,000,000) (increased by five percent (5%) each year on the anniversary of the date of entry into this Agreement) without the prior approval of the other Licensees (such consent not to be unreasonably withheld,
delayed or conditioned). 

 EXECUTION VERSION 
  

	(c)	All Contracts shall be entered into in the name of MCE Leisure or such other Person as MCE Leisure may designate. 

 

	(d)	MCE Leisure must provide to each of the other Licensees, no later than twenty (20) Business Days after each anniversary of the date of entry into this Agreement, a
list of the Contracts (other than junket promoter agreements) with an aggregate contract value of more than U.S. Dollars Two Million (US$2,000,000) and a summary of the key terms of each such Contract in each case in effect as at that date and
provided that the Licensee agrees to such obligations of confidentiality as MCE Leisure may determine in its sole discretion. 

  

	3.06	Sub-contracting 

 The Parties agree that:

  

	(a)	all obligations to be performed by MCE Leisure under this Agreement may be performed or discharged by MCE Leisure or any other Person designated by MCE Leisure; and

  

	(b)	MCE Leisure remains liable for the performance and discharge of all obligations to be performed by it under this Agreement (despite another Person being designated by
MCE Leisure to perform or discharge those obligations or another Person entering into Contracts relating to the operation or management of the Project). 

  

	3.07	Client Database 

  

	(a)	MCE Leisure shall establish a client database in connection with the Casino and other businesses carried out on the Land and Building Structures (“Client
Database”). 

  

	(b)	The Philippine Parties shall do all things reasonably required by MCE Leisure to contribute to the development of, and to assist in the population of, the Client
Database (including providing names and details of persons for inclusion in that database). 

  

	(c)	Only the MCE Group shall have access to the Client Database. 

 SECTION 4. OPERATION 
  

	4.01	Use of Land and Building Structures 

  

	(a)	MCE Leisure shall use the Land and Building Structures solely for the operation and management of the Project and for all casino gaming, hotel, retail, and other
non-gaming, and other related or ancillary commercial and other activities related to, desirable for, or incidental to, the Project. 

  

	(b)	The Licensees (other than MCE Leisure) agree that MCE Leisure may cause or arrange to be provided to the Project certain services which are provided generally on a
central or regional basis to other projects or other properties either managed or operated by MCE Leisure or its Affiliates, including: 

  

	 	(i)	marketing, advertising and promotion; 

  

	 	(ii)	recruiting, training, career development; 

  

	 	(iii)	financial accounting, management and legal services; 

  

	 	(iv)	internal audit and compliance; 

  

	 	(v)	strategic planning, private jet and international office support; 

  

	 	(vi)	employee benefits administration; 

 EXECUTION VERSION 
  

	 	(vii)	engineering, risk and insurance management; 

  

	 	(viii)	information technology; 

  

	 	(ix)	purchases arising in the ordinary course of operations; 

  

	 	(x)	reservation systems; and 

  

	 	(xi)	such other additional services as are or may be, from time to time, provided for the benefit of MCE Leisure or its Affiliates’ other projects or properties or in
substitution for services performed at MCE Leisure’s or any of its Affiliate’s individual properties which may, in the opinion of MCE Leisure, be more efficiently performed on a group basis. 

 

	(c)	MCE Leisure agrees that all services to be provided under Section 4.01(b) under any Contract having an aggregate Contract value of equal to or greater than
U.S. Dollars Three Million (US$3,000,000) (increased by five percent (5%) each year on the anniversary of the date of entry into this Agreement) must be entered into on arm’s-length terms. 

 

	(d)	MCE Leisure shall be entitled to treat, as a deduction in the calculation of the relevant Casino Gaming EBITDA as provided in Schedule 2, all complimentary hotel
rooms, food and beverage, and other non-gaming services used at competitive market rates and shall be allowed to offer benefits to clients in a such a manner it deems appropriate. 

 

	4.02	Expenses 

  

	(a)	MCE Leisure shall be liable for and must pay all of the costs and expenses in relation to the operation, management and maintenance (other than costs the Philippine
Parties are liable to pay under this or any other Transaction Document) of the Project. 

  

	(b)	The Licensees agree that, for the avoidance of doubt, the costs and expenses paid or incurred by MCE Leisure in relation to the operation and management and maintenance
of the Casino shall be allowed as a deduction in the calculation of the relevant Casino Gaming EBITDA as provided in Schedule 2. 

  

	(c)	Without limiting any of the rights the MCE Parties may have under any Transaction Document or Ancillary Document, MCE Leisure shall not be liable to pay any costs and
expenses under Section 4.02(a) to the extent such costs and expenses are suffered or incurred, contributed to, or increased by (and whether directly or indirectly by) any breach of the Philippine Parties of any Transaction Document or an
Ancillary Document or by any of the Philippine Parties causing (whether by act or omission) MCE Leisure to breach any Applicable Laws or financing or other agreement to which it is a party. 

 

	4.03	Surety Bond 

 MCE Leisure shall pay the
premiums for any surety bond required by PAGCOR under the Provisional License for the purposes of guaranteeing payment of the License Fees in connection with the Casino operation and any such payment shall be allowed as a deduction in the
calculation of the relevant Casino Gaming EBITDA as provided in Schedule 2. 
  

	4.04	Audit and Gaming Reports 

  

	(a)	The Philippine Parties (together) shall, on prior written notice to MCE Leisure, have the right (at their sole cost) to appoint an internationally recognised audit firm
to audit, no more than once each calendar year, the calculation of relevant Casino Gaming EBITDA in Schedule 2. 

  

	(b)	MCE Leisure shall provide to any audit firm appointed under Section 4.04(a): 

 

	 	(i)	copies of supporting documents (including contracts, invoices and receipts) relating to the calculation of relevant Casino Gaming EBITDA; 

 EXECUTION VERSION 
  

	 	(ii)	reasonable access to the books and financial accounting records of MCE Leisure for the purposes of the audit; and 

 

	 	(iii)	reasonable access to members of the senior management of MCE Leisure to discuss the calculations in Schedule 2. 

 

	(c)	MCE Leisure shall provide to each of the other Licensees a copy of the annual audit report of MCE Leisure within 10 Business Days from filing thereof with the relevant
Government Authority. 

  

	(d)	MCE Leisure shall provide to the auditor such assistance as reasonably required for the purposes of the audit under Section 4.04(b) but at no time is it
required to incur additional expenditure or provide dedicated staff to assist in, or in connection with, any such audit. 

  

	(e)	MCE Leisure shall provide to each of the other Licensees copies of any gaming reports provided by it to the monitoring team of PAGCOR within ten (10) Business Days
of providing such report to PAGCOR. 

  

	4.05	General 

  

	(a)	The Licensees (other than MCE Leisure) shall not: 

  

	 	(i)	hold themselves out as either or both the manager and operator of the Project or as an agent of MCE Leisure without prior written authority from MCE Leisure; and

  

	 	(ii)	have any authority to perform or discharge any obligation or duty that is binding on MCE Leisure or cause or incur any obligation or liability for or on behalf of MCE
Leisure. 

  

	(b)	The Licensees (other than MCE Leisure) shall indemnify MCE Leisure from any and all Loss suffered or incurred by MCE Leisure arising out of or in connection with any
breach by the Licensees (other than MCE Leisure) of Section 4.05(a). 

 SECTION 5. WORKING CAPITAL
AND INVENTORIES 
  

	5.01	Working Capital and Inventories 

  

	(a)	MCE Leisure shall fund, or procure the funding of, Working Capital and Inventories, which, however funded, are and shall remain, at all times, the property of MCE
Leisure. 

  

	(b)	The Philippines Parties shall not be liable to fund Working Capital and Inventories (except if required to do so under the Cooperation Agreement).

  

	5.02	Fixed Assets 

 MCE Leisure shall provide
the funds necessary to supply the Project with furniture, fittings and equipment as reasonably determined by it to be adequate for the proper and efficient operation of the Project, except to the extent such funds are required to be spent, or the
amount of such funds is increased, directly or indirectly as a result of a breach by any of the Philippine Parties of any Transaction Document or Ancillary Document or by any of the Philippine Parties causing (whether by act or omission) MCE Leisure
to breach any Applicable Laws or financing agreement to which it is a party. 

 EXECUTION VERSION 
  

 SECTION 6. MAINTENANCE, REPLACEMENT AND CHANGES 

 

	6.01	Repairs and Maintenance 

  

	(a)	MCE Leisure shall, in its sole discretion: 

  

	 	(i)	implement policies and procedures relating to the repairs and maintenance to the Land and Building Structures and its fixtures, furniture, furnishings and equipment
(“FF&E”) in order to keep the same in good repair and condition; and 

  

	 	(ii)	supervise the implementation of such policies and procedures from time to time as it deems reasonably necessary for such purposes. 

 

	(b)	For avoidance of doubt, the Licensees agree that repair and maintenance costs to be allocated to the Casino are allowed as deductions in the calculation of the relevant
Casino Gaming EBITDA as provided in Schedule 2. 

  

	(c)	All changes, repairs, alterations, improvements, renewals or replacements contemplated by this Section 6.01 shall be the property of MCE Leisure.

  

	(d)	For the avoidance of doubt, nothing in this Section 6.01 shall require MCE Leisure to undertake any repairs and maintenance which are the responsibility of
Belle under the Belle Lease. 

 SECTION 7. EMPLOYEES 

 

	7.01	Employee Hiring and Termination 

  

	(a)	MCE Leisure shall, in its sole discretion and in compliance with Applicable Laws, be responsible for the hiring, promotion, supervision and discharge of all personnel
working on the Project (other than those personnel engaged in the construction of the Phase 1 Building and Phase 2 Building). 

  

	(b)	MCE Leisure, or its designated entities, shall be the employer of the personnel hired for the Project. 

 

	7.02	Costs, Benefit Plans 

  

	(a)	MCE Leisure shall determine the employees’ terms of employment, including compensation, and establish and maintain all policies relating to employment, in
accordance with Applicable Laws. 

  

	(b)	Without limiting Section 7.02(a), MCE Leisure may provide the employees of the Project with pension, medical and health, life insurance, and similar
employee benefit plans (“Benefit Plans”) as are reasonably necessary to attract and retain employees and generally remain competitive. 

  

	(c)	The Benefit Plans may be joint plans for the benefit of employees at more than one (1) property owned, leased or managed or operated by MCE Leisure or any of its
Affiliates and any employer contributions to such plans (including any withdrawal liability incurred upon termination of this Agreement) and administrative fees, in connection with them, shall be the responsibility of MCE Leisure, provided that only
such employer contributions and administrative fees pertaining to employees rendering services to the Project shall be allowed as deductions in the calculation of the relevant Casino Gaming EBITDA as provided in Schedule 2.

 EXECUTION VERSION 
  

	7.03	Employees 

  

	(a)	All personnel employed at the Project will be the employees of MCE Leisure or its nominated entity for all purposes, including national and local tax and reporting
purposes, and all costs and expenses, of whatever nature, incurred in connection with such employees, including wages, salaries, on-site staff, bonuses, commissions, fringe benefits, employee benefits, recruitment costs, workmen’s compensation
and unemployment insurance premiums, payroll taxes, severance payments, vacation and sick leave will be recognised in the accounts of MCE Leisure. 

  

	(b)	MCE Leisure shall use such care when hiring any employees as may be common to the casino and hospitality business and consistent with the standards of operation of MCE
Leisure. 

 SECTION 8. BUDGETS 

 

	8.01	Budgets 

  

	(a)	No later than three (3) months prior to the Opening, MCE Leisure shall prepare and deliver to the other Licensees a technical and pre-operating plan and budget
setting out in detail an estimated profit and loss statement for the Project for the next five (5) years, including a schedule of Project room rentals and other rentals and a marketing and business plan for the Project.

  

	(b)	The budget in Section 8.01(a) shall be prepared in accordance with MCE Leisure’s then current practices or as may be determined by MCE Leisure (the
“Technical and Pre-Operating Budget”). 

  

	(c)	No later than fifteen (15) days prior to the beginning of each Fiscal Year, MCE Leisure shall prepare and deliver to the other Licensees: 

 

	 	(i)	the operating budget approved by MCE Leisure for the ensuing Fiscal Year setting forth in detail an estimated profit and loss statement for the next twelve
(12) month accounting period, including a schedule of Project room rentals and other rentals and a marketing and business plan for the Project, such budgets to be prepared in accordance with MCE Leisure’s current practices or as may be
determined by MCE Leisure from time to time (the “Annual Operating Budget”); and 

  

	 	(ii)	a budget for the expenditures necessary for replacement FF&E and building repairs contemplated by Section 6.01 for the ensuing Fiscal Year
(“Capital Improvement Budget”). 

  

	(d)	All plans and budgets, forecasts, projections and reports to be provided to the Licensees are for internal reference and monitoring purposes only, and the Licensees
shall keep such information on a strictly confidential basis as provided in Section 17. 

  

	(e)	Subject to Section 3.02, MCE Leisure shall have no liability to the Licensees, and shall not be in breach of any Transaction Document if the actual
operating results vary from the Technical and Pre-Operating Budget or Annual Operating Budget for any reason and the failure of the Project to perform in accordance with any such budget shall not constitute a breach by MCE Leisure of this Agreement.

  

	8.02	Budget Revisions 

  

	(a)	The Licensees and MCE Leisure acknowledge and agree that the Annual Operating Budgets are merely forecasts of operating revenues and expenses for a Fiscal Year and are
not a guarantee of future revenues. 

  

	(b)	The Licensees agree that the Annual Operating Budgets and the Capital Improvement Budget may be modified or revised by MCE Leisure from time to time, and MCE Leisure
shall provide the Licensees with copies of such revisions from time to time. 

  

	(c)	MCE Leisure shall provide the Philippine Parties with a revised forecast on a timely basis should result expectations (adjusted for rolling chip win rate (as determined
by MCE Leisure consistently with MCE Group’s then current practices from time to time) above or below the theoretical percentage of two point eight percent (2.80%)) for the relevant year be lower than fifteen percent (15%) below
budget or the prior forecast provided. 

 EXECUTION VERSION 
  

	8.03	Budget Consultations 

 MCE Leisure may
consult with the other Licensees on matters of policy concerning management, sales, room rates, wage scales, personnel, general overall operating procedures, economics and operation and other matters affecting the operation of the Project, but it
has no obligation to do so. 
 SECTION 9. PAYMENTS, FEES AND EXPENSES 

 

	9.01	Gross Win and Non-Gaming Revenue 

 MCE
Leisure shall be entitled to receive and retain one hundred percent (100%) of the Gross Win and all non-gaming revenue (including, for the avoidance of doubt, all revenue from the hotel, retail and other non-gaming components of the Project).

  

	9.02	Monthly Payment and VIP True Up Payment 

In consideration of PLAI agreeing to the appointment of MCE Leisure as the Special Purpose Entity in place of PLAI, MCE Leisure agrees to pay to PLAI (if
applicable) the Monthly Mass Payment, the Monthly VIP Payment and the VIP True Up Payment in accordance with Section 9.04. 
  

	9.03	Calculation of Monthly Mass Payment, Monthly VIP Payment and VIP True Up Payment 

 MCE Leisure must calculate the Monthly Mass Payment, Monthly VIP Payment and VIP True Up Payment in accordance with Schedule 2. 

 

	9.04	Timing of payments 

 MCE Leisure shall pay
to PLAI, if applicable: 
  

	(a)	the Monthly Mass Payment and Monthly VIP Payment, in each case on or before the date twenty (20) Business Days after the end of the calendar month to which the
relevant payment relates; and 

  

	(b)	the VIP True Up Payment on or before the date forty (40) Business Days after the end of the Fiscal Period to which the relevant payment relates.

  

	9.05	Audit accounts payments 

  

	(a)	MCE Leisure agrees that it will, as soon as practicable after finalisation of its annual audit report for each Fiscal Year ending on the last day of a Fiscal Period
calculate the aggregate amount of Monthly Mass Payments, Monthly VIP Payments and the VIP Payment on the basis of the result of that annual audit and the audit for the preceding Fiscal Year (“Final Payment Amount”).

  

	(b)	The Licensees agree that if the Final Payment Amount: 

  

	 	(i)	is greater than the aggregate of the Monthly Mass Payment, Monthly VIP Payment and VIP True Up Payment paid under this Section 9 in respect of that Fiscal
Period (“Aggregate Payment Amount”), MCE Leisure must pay to PLAI the amount of that difference within twenty (20) Business Days of the date of determination of the Final Payment Amount; or 

 

	 	(ii)	is less than the Aggregate Payment Amount, then MCE Leisure will be entitled to deduct the amount of the difference from any payment required to be made by MCE Leisure
in respect of the following Fiscal Period under this Section 9. 

 EXECUTION VERSION 
  

	9.06	Evidence of calculation 

 MCE Leisure must
provide to PLAI reasonable details of the calculation of the Monthly Mass Payment, the Monthly VIP Payment and the VIP True Up Payment on or before the date of payment of the amount to which such calculations relate. 

 

	9.07	Payment of License Fees and Expenses 

  

	(a)	MCE Leisure shall be liable for payment of: 

  

	 	(i)	the License Fees and other payments to PAGCOR under the Casino License; and 

 

	 	(ii)	all taxes, fees and dues relating to the operation and management of the Land and Building Structures (including tax payments on the operations of the Casino, hotel,
non-gaming and commercial lease and retail establishments), 

 and such amounts shall be allowed as deductions in
the calculation of the relevant Casino Gaming EBITDA as provided in Schedule 2. 
  

	(b)	For the avoidance of doubt, MCE Leisure shall not be liable for the payment of real property taxes on the Land and Building Structures, which Belle shall be liable for
and shall promptly pay. 

  

	(c)	Each Party shall be solely liable to pay the corporate income tax applicable to it. 

 

	(d)	The Parties agree that the Philippine Parties shall not be liable for any gaming losses incurred by MCE Leisure or the Project over a Fiscal Period. Despite the
preceding sentence, any monthly gaming losses will be treated in accordance with the methodology set out in Schedule 2. 

  

	9.08	Review of Casino operations 

  

	(a)	MCE Leisure must on or before the date forty (40) Business Days after the end of each Fiscal Period, calculate PLAI VIP Net Win and PLAI VIP EBITDA for that period
and serve a notice on the Philippine Parties specifying those amounts (together with reasonable details of the calculation of each such amount). 

  

	(b)	If PLAI VIP EBITDA is less than PLAI VIP Net Win, each of Licensees agree to meet in Hong Kong (or such other location as they may agree in writing) within ten
(10) Business Days of the date of the notice in Section 9.08(a) to: 

  

	 	(i)	discuss and review the financial performance and operations of the Project and the amounts to be retained by MCE Leisure, and paid to PLAI, in each case under this
Section 9; and 

  

	 	(ii)	to negotiate in good faith such changes to either or both the business and operations of the Project and the formulation for the calculation of the payments
contemplated by this Section 9 as they may agree. 

  

	(c)	If the Licensees are unable to reach agreement under Section 9.08(b) within ninety (90) Business Days after the date of first meeting under that
Section (“Closure Date”), MCE Leisure must as soon as practicable after the Closure Date suspend the VIP Market operations at the Casino and, despite any provision in this Agreement or any other Transaction Document to the
contrary, the rent payable in respect of that part of the Phase 1 Building designed primarily or exclusively for the usage of VIPs (including all areas and related facilities such as food and beverage, lounges and other similar or ancillary areas or
facilities designed primarily or exclusively for usage of VIPs and/or access is reserved for the exclusive use of VIPs) will be abated for so long as the VIP Market operations at the Casino are suspended. 

 EXECUTION VERSION 
  

	9.09	Withholding of Taxes, Duties, Fees, Liabilities or Other Charges 

  

	(a)	If the amount payable to PLAI as provided in Section 9.02 or any other amount to be paid to PLAI pursuant to this Agreement is subject to any deductions or
withholdings for any present or future taxes, duties, fees, liabilities or other charges imposed by any competent Government Authority in the Philippines or under Applicable Laws, MCE Leisure will withhold such amount and make the necessary payments
to the relevant Government Authority and any amounts payable to PLAI under this Section 9.09 will be reduced accordingly. 

  

	(b)	Belle shall, in consultation with MCE Leisure, determine the rate of withholding under Applicable Laws. Belle shall indemnify MCE Leisure for any Loss suffered or
incurred by MCE Leisure arising out of, or in connection with, the withholding by MCE Leisure of taxes at the rate specified by Belle. 

  

	9.010	Late Payments 

 Any payments due by one
Party to the other and not paid on or before the applicable due date in this Agreement or on or before the due dates indicated in the relevant invoices shall accrue interest at five percent (5%) per annum on the unpaid portions, unless such
payment is disputed and being resolved. 
 SECTION 10. INSURANCE 

 

	(a)	The Philippine Parties shall procure insurance as required under the Cooperation Agreement. 

 

	(b)	MCE Leisure shall be entitled to procure third party liability insurance for an amount of U.S. Dollars Two Hundred Million (US$200,000,000) for the operation,
management and maintenance of the Project, crime insurance and business interruption insurance, the costs of which shall be allowed as deductions in the calculation of the relevant Casino Gaming EBITDA as provided in Schedule 2.

 SECTION 11. ACCOUNTING & FINANCE, LEGAL & COMPLIANCE 

 

	11.01	Management 

 The management of all
finance, legal and accounting functions of MCE Leisure in relation to the Project will be the responsibility of MCE Leisure. 
  

	11.02	Costs 

 MCE Leisure agrees it will not
charge to the Project the costs of any consultants engaged by any Affiliate of it for the purpose of preparing any consolidated audited accounts required to be prepared by that Affiliate. 

SECTION 12. PROPRIETARY MARKS; INTELLECTUAL PROPERTY 

 

	12.01	Intellectual Property 

  

	(a)	All Intellectual Property (including Software as well as manuals, brochures, policies, and directives issued by MCE Leisure to the employees at the Project regarding
procedures and techniques to be used in operating the Project) developed, used or created by MCE Leisure or any of its Affiliates at any time (including in the performance of its obligations under this Agreement) and used on, or in connection with,
the Project shall at all times be owned by MCE Leisure. 

 EXECUTION VERSION 
  

	(b)	Nothing in this Agreement shall require MCE Leisure or any Affiliate to share any Intellectual Property (including any previously developed trade secrets, customer
lists or databases or trademarks or trade names or other existing or future Intellectual Property) developed by any of them with the Philippine Parties or to use any such Intellectual Property in the performance by MCE Leisure of its duties.

  

	(c)	To the extent that MCE Leisure develops and/or utilizes unique and proprietary processes in the performance of its obligations hereunder, these shall remain the
property of MCE Leisure. 

  

	12.02	Marks and Brands 

 The marks and brands
used by MCE Leisure in the Project shall be owned by MCE Leisure and on termination of this Agreement MCE Leisure may enter into a licensing agreement for the use of such marks and brands as it may determine. 

SECTION 13. OTHER COVENANTS 
  

	13.01	General obligations 

 The Licensees shall
do all things reasonably required by MCE Leisure (including providing any information requested by a Government Authority) to assist MCE Leisure and any of its Affiliates to comply with any Applicable Law (including the Casino License) and the
requirements, rules and regulations of any Government Authority. 
  

	13.02	Foreign Corrupt Practices Act Undertaking 

Sections 9.01 to 9.03 (inclusive) of the Cooperation Agreement (“Foreign Corrupt Practices Act Undertaking”, “Rights of MCE
Leisure” and “Anti-Corruption”) shall apply and the Parties agree to be bound by the covenants and undertakings specified in those Sections as if the representations, covenants and undertakings in those Sections were
repeated in this Agreement. 
 SECTION 14. REPRESENTATIONS AND WARRANTIES 

 

	14.01	Common Representations and Warranties 

The Philippine Parties represent and warrant to the MCE Parties and MCE Leisure in respect of each Philippine Party that, except as otherwise disclosed in
Philippine Parties Disclosure Letter, and the MCE Parties and MCE Leisure represent and warrant to the Philippine Parties in respect of each MCE Party and MCE Leisure (as applicable) that, except as otherwise disclosed in the MCE Disclosure Letter:

  

	(a)	it is a corporation duly organized, validly existing and in good standing under Philippine laws, is duly qualified to do business in all jurisdictions where the
ownership of its assets or the conduct of its business requires such qualification, has full legal capacity and possesses the capacity to sue or be sued in its own name, has the power to own its property and assets and carry on its business as it is
now being conducted; 

  

	(b)	it has full legal right, power and authority to execute and deliver, incur the obligations provided for in, and observe the terms and conditions of, this Agreement,
except for approvals as may be required to be subsequently obtained in accordance with the terms of this Agreement; 

  

	(c)	it has taken all appropriate and necessary corporate and legal action to authorize the execution, delivery and performance of this Agreement; 

 EXECUTION VERSION 
  

	(d)	this Agreement constitutes its legal, valid and binding obligations, enforceable in accordance with their respective terms; 

 

	(e)	its execution, delivery and performance of this Agreement does not and will not (i) violate any Applicable Law; or (ii) conflict with or result in the breach of,
or result in the imposition of any Encumbrance under any agreement or instrument to it is a party or by which any of its property is bound; and 

  

	(f)	no Insolvency Event has occurred in relation to it. 

  

	14.02	Representations and Warranties of Belle 

Belle represents and warrants to each of the MCE Parties and MCE Leisure that, except as otherwise disclosed in the Philippine Parties Disclosure Letter:

  

	(a)	it has full legal right, power and authority to execute and deliver, incur the obligations provided for in, and observe the terms and conditions of this Agreement, for
and on behalf of each of SMIC and PLAI, except for approvals as may be required to be subsequently obtained in accordance with the terms of this Agreement; and 

 

	(b)	each of SMIC and PLAI has taken all appropriate and necessary corporate and legal action to authorize the execution, delivery and performance of this Agreement by Belle
for and on behalf of such company. 

  

	14.03	Representations and Warranties of MCE 2 Holdings 

 MCE 2 Holdings represents and warrants to each of the Philippine Parties that except as otherwise disclosed in the MCE Disclosure Letter: 

 

	(a)	it has full legal right, power and authority to execute and deliver, incur the obligations provided for in, and observe the terms and conditions of, this Agreement, for
and on behalf of MCE Holdings except for approvals as may be required to be subsequently obtained in accordance with the terms of this Agreement; and 

  

	(b)	MCE Holdings has taken all appropriate and necessary corporate and legal action to authorize the execution, delivery and performance of this Agreement by MCE 2 Holdings
for and on behalf of MCE Holdings. 

  

	14.04	Representations and Warranties 

 The
representations and warranties in this Section 14 are given as at, and are true, complete and accurate as of, the date of this Agreement. 
  

	14.05	Reliance on Representations 

 Each of the
representations and warranties herein is deemed to be a separate representation and warranty and each of the Philippine Parties, MCE Parties and MCE Leisure has placed complete reliance thereon in agreeing to execute this Agreement. Each
representation and warranty shall survive the termination of this Agreement. 
  

	14.06	Indemnity 

 Each Party (the “first
Party”) indemnifies each other Party (the “second Party”) against any Loss suffered or incurred by the second Party as a result of the breach of any warranty given by the first Party in this Section 14.

 EXECUTION VERSION 
  

 SECTION 15. POWERS AND REPRESENTATIVES 

 

	15.01	Powers of Belle under this Agreement 

  

	(a)	Each of SMIC and PLAI irrevocably appoints Belle as its agent and attorney, to the exclusion of each of SMIC and PLAI, to do anything permitted or required to be done
by it under this Agreement, including: 

  

	 	(i)	exercise any rights or powers SMIC or PLAI may have under this Agreement (including as Licensees and Philippine Parties, and together with Belle as the Philippine
Parties); 

  

	 	(ii)	carry out any act, approve or consent to any matter under this Agreement; 

  

	 	(iii)	amend, vary or waive any rights SMIC or PLAI has or may have under this Agreement; 

 

	 	(iv)	execute any agreement necessary or desirable under or in connection with this Agreement or the transactions contemplated by it; 

 

	 	(v)	accept and give notices under this Agreement; 

  

	 	(vi)	conduct, defend, negotiate, settle, compromise or appeal any claim under or in connection with this Agreement; and 

 

	 	(vii)	receive any amount owed or payable to it. 

  

	(b)	Each of SMIC and PLAI irrevocably agree: 

  

	 	(i)	that all acts and things done by Belle in exercising powers under this Agreement on behalf of SMIC or PLAI will be as good and valid as if they had been done by that
company; 

  

	 	(ii)	to ratify and confirm whatever is done by Belle in exercising powers on behalf of SMIC and PLAI under this Agreement (including under
Section 15.01(a)); and 

  

	 	(iii)	that any rights SMIC or PLAI have or may have under this Agreement (including as a Licensee, a Philippine Party and together with Belle as the Philippine Parties) may
only be exercised by Belle and SMIC and PLAI will not exercise any such rights in their own name. 

  

	(c)	Belle agrees that it is liable for, and must perform and discharge, any and all obligations and liabilities of each of SMIC and PLAI under or in connection with this
Agreement. 

  

	(d)	The Philippine Parties indemnify each MCE Party and MCE Leisure from any Loss suffered or incurred by as a result of: 

 

	 	(i)	any breach by any of SMIC and PLAI of this Section 15.01(b); and 

 

	 	(ii)	the exercise by Belle of any powers under Section 15.01(a). 

 

	15.02	Powers of MCE 2 Holdings under this Agreement 

  

	(a)	MCE Holdings irrevocably appoints MCE 2 Holdings as its agent and attorney, to the exclusion of MCE Holdings, to do anything permitted or required to be done by MCE
Holdings under this Agreement, including: 

  

	 	(i)	exercise any rights or powers MCE Holdings may have under this Agreement (including as a Licensee and MCE Party); 

 

	 	(ii)	carry out any act, approve or consent to any matter under this Agreement; 

 EXECUTION VERSION 
  

	 	(iii)	amend, vary or waive any rights MCE Holdings has or may have under this Agreement; 

 

	 	(iv)	execute any agreement necessary or desirable under or in connection with this Agreement or the transactions contemplated by it; 

 

	 	(v)	accept and give notices under this Agreement; 

  

	 	(vi)	conduct, defend, negotiate, settle, compromise or appeal any claim under or in connection with this Agreement; and 

 

	 	(vii)	receive any amount owed or payable to it. 

  

	(b)	MCE Holdings irrevocably agrees: 

  

	 	(i)	that all acts and things done by MCE 2 Holdings in exercising powers under this Agreement on behalf of MCE Holdings will be as good and valid as if they had been done
by MCE Holdings; 

  

	 	(ii)	to ratify and confirm whatever is done by MCE 2 Holdings in exercising powers on behalf of MCE Holdings under this Agreement (including under
Section 15.02(a)); and 

  

	 	(iii)	that any rights MCE Holdings has or may have under this Agreement (including as a Licensee and MCE Party) may only be exercised by MCE 2 Holdings and MCE Holdings will
not exercise any such rights in its own name. 

  

	(c)	MCE 2 Holdings agrees that it is liable for, and must perform and discharge, any and all obligations and liabilities of MCE Holdings under or in connection with this
Agreement. 

  

	(d)	The MCE Parties indemnify each Philippine Party from any Loss suffered or incurred by as a result of: 

 

	 	(i)	any breach by MCE Holdings of this Section 15.02(b); and 

 

	 	(ii)	the exercise by MCE 2 Holdings of any powers under Section 15.02(a). 

SECTION 16. TERMINATION AND SUSPENSION 
  

	16.01	Termination 

 This Agreement may only be
terminated: 
  

	(a)	by the mutual written consent of the Parties; 

  

	(b)	by MCE Leisure on written notice to the Philippine Parties, if a Philippine Party materially breaches this Agreement, and such breach is not capable of remedy, or if
capable of remedy, is not remedied to the reasonable satisfaction of MCE Leisure within sixty (60) days of written notice from MCE Leisure to the breaching Philippine Party; 

 

	(c)	by a Philippine Party on written notice to MCE Leisure, if MCE Leisure materially breaches this Agreement, and such breach is not capable of remedy, or if capable of
being remedied is not remedied to the reasonable satisfaction of the relevant Philippine Party within sixty (60) days of written notice from a Philippine Party to MCE Leisure, and such breach results in, or is reasonably likely to result in the
Project being materially adversely affected; or 

  

	(d)	by the Philippine Parties or the MCE Parties if any of the other Transaction Documents are terminated in accordance with their terms. 

 EXECUTION VERSION 
  

	16.02	Effect of Termination 

 If this Agreement
is terminated: 
  

	(a)	the Parties shall be entitled to exercise whatever remedies they have under the Cooperation Agreement only; and 

 

	(b)	none of the Parties shall be entitled to damages or any other remedy for any Losses suffered or incurred by any other Party under this Agreement whatsoever (including
arising out of, or relating to, the events giving rise to the right of termination). 

  

	16.03	Suspension 

 The Parties agree that, if
Sections 18.01(h), 18.02(c) or 18.03(d) of the Cooperation Agreement apply, the rights and obligations of the Parties under this Agreement will be suspended in accordance with those Sections. 

 

	16.04	Other 

  

	(a)	In all cases under Section 16.01, each Party must return to the relevant other Party, or destroy any records or confidential information given or disclosed
to it. 

  

	(b)	Nothing in this Section 16 limits any rights a Party may have in respect of any breach of this Agreement arising prior to termination (other than in respect
of that event giving rise to the right of termination). 

  

	(c)	This Section 16 survives termination of this Agreement. 

 SECTION 17. CONFIDENTIALITY OF INFORMATION 
  

	(a)	Each of the Philippine Parties, MCE Parties and MCE Leisure agree that it will keep this Agreement, and other documents, agreements, certificates, reports (including
gaming reports), materials and papers provided or required under, or related to, this Agreement or the Project (the “Confidential Information”) confidential and will not disclose that information to any Person without the prior
written consent of MCE Leisure, except on a need to know basis to: 

  

	 	(i)	its employees, consultants, directors, officers, agents and/or advisors; or 

 

	 	(ii)	its shareholders, investors, financiers, insurers and their respective advisors in connection with the Project, and such persons have been informed of and have agreed
to comply with the terms of this confidentiality obligations under this Section 17. 

  

	(b)	The confidentiality obligations under Section 17(a) shall not apply to: 

 

	 	(i)	information which at the time of disclosure was already in the public domain; 

 

	 	(ii)	information properly obtained by a Party in a manner not involving any breach of confidentiality under this Agreement from a source other than the disclosing Party or
its employees, director, officers, agents, shareholders, consultants, financiers, insurers, investors, and their agents, and/or advisors; 

  

	 	(iii)	disclosure required by Applicable Law; or 

  

	 	(iv)	disclosure required by any court, Government Authority or stock exchange with competent authority over any Party. 

 

	(c)	In the event of a breach of this Section 17 by a Party: 

  

	 	(i)	damages may be inadequate as a means of redressing any loss or damage suffered by a Party; and 

 

	 	(ii)	a Party is entitled to seek injunctive relief or other equitable form of relief as it considers necessary. 

 

	(d)	This Section 17 survives termination of this Agreement. 

 EXECUTION VERSION 
  

 SECTION 18. MISCELLANEOUS 

 

	18.01	Payments 

 The Parties agree that receipt
by Belle of any funds or amounts owed by MCE Leisure to PLAI under this Agreement shall constitute a full discharge of MCE Leisure’s obligations in respect of the payment of the relevant amounts and MCE Leisure will not be obliged to see to or
be liable for the ultimate distribution or subsequent payment of the funds so paid. 
  

	18.02	Governing Law 

 This Agreement shall be
governed by, and construed in accordance with, the laws of the Republic of the Philippines. 
  

	18.03	Arbitration 

  

	(a)	If a dispute (“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 may only commence arbitration proceedings relating to the Dispute if the procedures set out in this Section 18.03 have been fulfilled. 

 

	(b)	A Party claiming the Dispute has arisen under or in relation to this Agreement must give written notice (“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 (“Disputing Parties”) must endeavour 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)	In the event that no resolution is reached under Section 18.03(c) within 30 days from the date the Dispute Notice is issued by a Party, the Dispute shall be
referred to and finally resolved by arbitration in Hong Kong in accordance with the Hong Kong International Arbitration Centre Administered Arbitration Rules for the time being in force, which rules are deemed to be incorporated by reference in this
Section 18.03(d). 

  

	(e)	The Parties agree that the panel of arbitrators has jurisdiction to settle the issue of whether this Agreement (or any provision thereof) is void, unenforceable or
ineffective. 

  

	(f)	The Hong Kong International Arbitration Centre tribunal shall consist of three arbitrators. 

 

	(g)	The arbitral proceedings shall be conducted in the English language. The arbitration proceedings shall be strictly confidential. 

 

	(h)	The arbitral award shall be final and binding upon the Parties and enforceable by any court having jurisdiction for this purpose. 

 

	(i)	By agreeing to arbitration pursuant to this Section 18.03, 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, 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.

 EXECUTION VERSION 
  

	(j)	Any dispute that arises under this Agreement must be resolved in accordance with this Section 18.03. 

 

	(k)	The Parties agree that this Section 18.03 constitutes a separate and independent agreement among them and no claim that this Agreement is void,
unenforceable or ineffective shall preclude submission of any dispute, controversy or claim to arbitration. 

  

	18.04	Notices 

  

	(a)	All communications and notices under this Agreement shall be in writing and shall be personally delivered or transmitted via electronic mail, facsimile transmission or
postage prepaid registered mail, addressed to the relevant Party at the addresses set forth below or such other address, contact details or contact persons as shall be designated by a Party in a written notice to the other Party:

  

			
	SM Investments Corporation
	
	10th Floor, One E-com Center, Mall of Asia Complex
	
	J.W. Diokno Boulevard, Pasay City
		
	Philippines	  	
		
	Attention:	  	Mr. Frederic DyBuncio
		
		  	Senior Vice President, Portfolio
		
	Telephone No. :	  	+63 2 857-8009
		
	Facsimile No. :	  	+63 2 857-8009
		
	Email Address	  	frederic.dybuncio@sminvestments.com
	
	Belle Corporation
	
	5th Floor, 2 E-com Center, Mall of Asia Complex
	
	J.W. Diokno Boulevard, Pasay City
		
	Philippines	  	
		
	Attention:	  	Mr. Armin B. Raquel-Santos
		
		  	Deputy Head
		
	Telephone No. :	  	+63 2 857-0100 local 1508
		
	Facsimile No. :	  	+63 2 857-0140
		
	Email Address:	  	armin.raquel-santos@sminvestments.com
	
	PremiumLeisure and Amusement, Inc.
	
	5th Floor, 2 E-com Center, Mall of Asia Complex
	
	J.W. Diokno Boulevard, Pasay City
		
	Philippines	  	
		
	Attention:	  	Mr. Armin B. Raquel-Santos
		
		  	Executive Vice President
		
	Telephone No. :	  	+63 2 857-0100 local 1508
		
	Facsimile No. :	  	+63 2 857-0140
		
	Email Address:	  	armin.raquel-santos@sminvestments.com

 EXECUTION VERSION 
  

			
	 If to MCE Holdings (Philippines) Corporation and MCE Holdings No. 2 (Philippines) Corporation

 
 c/- Melco Crown Entertainment Limited

	
	Level 36, The Centrium
	
	60 Wyndham Street, Central
	
	Hong Kong
		
	Attention:	  	Ms Stephanie Cheung
		
		  	Chief Legal Officer, Melco Crown Entertainment
		
	Telephone No:	  	+852 2598 3638
		
	Facsimile No:	  	+852 2537 3618
		
	Email Address:	  	scheung@melco-crown.com
	
	If to MCE Leisure:
	
	c/- Melco Crown Entertainment Limited
	
	Level 36, The Centrium
	
	60 Wyndham Street, Central
	
	Hong Kong
		
	Attention:	  	Ms Stephanie Cheung
		
		  	Chief Legal Officer, Melco Crown Entertainment
		
	Telephone No:	  	+852 2598 3638
		
	Facsimile No:	  	+852 2537 3618
		
	Email Address:	  	scheung@melco-crown.com

  

	(b)	All notices shall be deemed duly given (i) on the date of receipt, if personally delivered, (ii) seven (7) days after posting, if by registered mail, or
(iii) upon receipt of the written confirmation of the electronic mail or facsimile, if by electronic mail or facsimile transmission. 

  

	(c)	If a communication is given (i) after 5.00 pm in the place of receipt; or (ii) on a day which is a Saturday, Sunday or bank or public holiday in the place of
receipt, it is taken as having been given at 9.00 am on the next day which is not a Saturday, Sunday or bank or public holiday in that place. 

  

	(d)	All communications must be given in English. 

 EXECUTION VERSION 
  

	18.05	Encumbrances 

  

	(a)	No Party shall create, permit to subsist, or suffer the existence of, any Encumbrance over, or rights in favour of any Person over, the Party’s interest in this
Agreement except in the case of MCE Leisure, in connection with any financing or any loan facility to be obtained by the MCE Parties, or their Affiliates in connection with the Project (including from BDO). 

 

	(b)	The Licensees agree to do all things reasonably required by any MCE Party or MCE Leisure (including execute any document and deliver any notice) in connection with the
creation by any MCE Party of any Encumbrance over this Agreement (including in favor of BDO) and the enforcement of any rights under such Encumbrance or other rights. 

 

	18.06	Successors and Assigns 

  

	(a)	This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns. 

 

	(b)	The MCE Parties and MCE Leisure may assign any of their rights under this Agreement to any Person in connection with the financing or any loan facility to be obtained
by the MCE Parties or any of their Affiliates in connection with the Project (including from BDO). 

  

	(c)	Except as expressly permitted under this Agreement, no Party may assign, transfer or otherwise deal with its rights under this Agreement or allow any interest in them
to arise or be varied without the consent of the other Parties. 

  

	18.07	Further Assurances 

 The Parties agree to
execute or cause to be executed such additional agreements and documents, and to take such other actions, as may be necessary to affect the purposes of this Agreement. 
  

	18.08	Modifications 

 Any action or agreement by
the Parties to modify this Agreement, in whole or in part, shall be binding upon the Parties, so long as such modification agreement is in writing and is executed by all of the Parties with the same formality with which this Agreement was executed.

  

	18.09	Counterparts 

 This Agreement may be
executed in any number of counterparts, each of which shall be deemed to be an original, and all of which together shall constitute one and the same agreement. Each Party may execute this Agreement by signing any such counterpart. 

 

	18.010	Delay or Partial Exercise Not Waiver 

 No
failure or delay on the part of any Party to exercise any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy hereunder preclude any other or further exercise thereof or the
exercise of any other right or remedy granted hereby or by any related document. To be effective, any waiver of any right hereunder shall be in writing and be signed by a duly authorized officer or representative of the Party bound thereby.

  

	18.011	No Agency 

 This Agreement shall not
constitute any Party hereto as a legal representative or agent of the other, nor shall any Party have the right or authority to assume, create or incur any liability or any obligation of any kind, express or implied, against or in the name of or on
behalf of the other Party. 

 EXECUTION VERSION 
  

	18.012	Severability 

 The invalidity of any
Section (or portion thereof) of this Agreement shall not affect the remaining sections of this Agreement, all of which shall continue in full force and effect and shall be construed as if the invalid Section (or portion thereof) had not been
inserted. 
  

	18.013	Direct Expenses 

 Each of the Parties
shall bear their own respective expenses, including, without limitation, counsel and accountants’ fees, in connection with the preparation and negotiation of this Agreement. 

 

	18.014	Force Majeure 

 No Party shall be liable
to the other in damages or otherwise, for any failure to perform any term or condition of this Agreement on account of any event of Force Majeure beyond such Party’s control. The Party suffering any event of Force Majeure shall notify the other
Party in writing as soon as possible after the occurrence of Force Majeure and shall to the extent that it is capable of doing so, use its best endeavors to remove or remedy such cause of non-performance or delay in performance hereunder.

 IN WITNESS WHEREOF, the Parties have caused this Operating Agreement to be executed by their duly authorized signatories on the date
and at the place first above written. 

	
	BELLE CORPORATION for itself and on behalf of SM INVESTMENTS CORPORATION and PREMIUMLEISURE AND AMUSEMENT, INC.
	
	By:
	
	  

	Name
	Position

	
	MCE HOLDINGS NO 2 (PHILIPPINES) CORPORATION for itself and MCE HOLDINGS (PHILIPPINES) CORPORATION
	
	By:
	
	  

	Name
	Position
	
	MCE LEISURE (PHILIPPINES) CORPORATION
	
	By:
	
	  

	Name
	Position

 Schedule 1 
 Defined Terms 
 “Aggregate Payment Amount” has the meaning as set forth in
Section 9.05(b)(i). 
 “Agreement” means this Operating Agreement. 

“Annual Operating Budget” has the meaning as set forth in Section 8.01(c)(i). 

“Bad Debt Expense” means the net movement in the provision for Gaming bad debts including debt write-offs and discounts, and credit
collection costs. 
 “Benefit Plans” has the meaning as set forth in Section 7.02(b). 

“Capital Improvement Budget” has the meaning as set forth in Section 8.01(c)(ii). 

“Client Database” has the meaning as set forth in Section 3.07(a). 
 “Commissions and Incentives” means all commissions and incentives paid or provided by MCE Leisure to market and attract VIP Gaming Business; and includes but is not limited to all roll
commissions, rebate and revenue share payments, complimentary services and goods, airfares and transportation that are directly related to VIP gaming activities. 
 “Confidential Information” has the meaning as set forth in Section 17. 
 “Contract(s)” has the meaning as set forth in Section 3.05(a). 

“Cooperation Agreement” has the meaning as set forth in Recital B. 
 “Dispute” has the meaning as set forth in Section 18.03(a). 

“Dispute Notice” has the meaning as set forth in Section 18.03(b). 
 “Disputing Parties” has the meaning as set forth in Section 18.03(c). 

“FF&E” has the meaning as set forth in Section 6.01(a)(i). 
 “Financial Payment Amount” has the meaning as set forth in Section 9.05(a). 
 “Fiscal Period” means: 
  

	(a)	the period commencing on the Opening and ending on 31 December of the second calendar year after the calendar year in which the Opening occurs, unless Opening
occurs on or before 31 March of any calendar year, in which case it ends on 31 December of the first year calendar year after the calendar year in which the Opening occurs; and 

 

	(b)	each subsequent twenty four (24) month period ending on 31 December. 

 “Fiscal Year” means the twelve (12) month calendar year ending December 31, except that the first Fiscal Year and last Fiscal Year of the term of this Agreement may not be full
calendar years. 
 “Force Majeure” means any act of God (including adverse weather conditions); act of the government at any
level in its sovereign capacity; war; civil disturbance, riot or mob violence; terrorism; earthquake, flood, fire or other casualty; epidemic; quarantine restriction; labor strikes or lock out; freight embargo; civil disturbance; or similar causes
beyond the reasonable control of a Party. 

 “IFRS” means the International Financial Reporting Standards. 

“Intellectual Property” includes copyright (and future copyright), trademark, trade names, software, design, patent, semiconductor and
circuit layout rights, rights in respect of trade secrets and other confidential information, and all other rights generally falling within the scope of the term “intellectual property”, whether registered or unregistered and whether
registrable or not. 
 “Inventories” means “Inventories” as defined in International Accounting
Standard (IAS) 2 “Inventories” as amended from time to time. 
 “MCE Group” means Melco Crown Entertainment Limited
and each of its Affiliates from time to time. 
 “Software” means the software and systems used by MCE Leisure to provide its
services under this Agreement, in particular the operating systems developed, licensed, accessed or used by MCE Leisure or any of its Affiliates, including any and all configurations, modifications, developments, adaptation or derivatives of the
relevant software, as well as user manuals, brochures, literatures and technical and specification documents containing or relating to the Software. 
 “Suspension Period” has the meaning as set forth in Section 2.02(b). 

“Technical and Pre-Operating Budget” has the meaning as set forth in Section 8.01(b). 

“Term” has the meaning as set forth in Section 2.02(a). 
 “VIPs” means a patron playing table games in the VIP Market areas. 

“Working Capital” shall include all cage cash (gaming), opening cash balance (non gaming), Inventories, change and petty cash funds,
operating bank accounts, receivables, prepaid expenses and deposits. 

 Schedule 2 
 Formula for Fees Payable to PLAI 
 Part A. Calculation of Monthly Mass
Payment 
  

	1.	Monthly Mass Payment 

 The Licensees agree
that the Monthly Mass Payment shall be determined by MCE Leisure in accordance with Part A of this Schedule 2. 
  

	2.	Calculation of Monthly Mass Payment 

 The
Licensees agree that the Monthly Mass Payment shall be the higher of PLAI NW and PLAI MM EBIDTA (as defined below). 
 MCE Leisure must
calculate the Monthly Mass Payment each complete calendar month after Opening and pay that amount to PLAI in accordance with Section 9.04(a) (if applicable). 
 The Licensees agree that if, for any reason, the Monthly Mass Payment is a negative amount, the Monthly Mass Payment for the relevant calendar month will be deemed to be nil. 

 

	3.	Timing 

 MCE Leisure must calculate the
Monthly Mass Payment on or before the date twenty (20) Business Days after the end of the calendar month to which the Monthly Mass Payment relates. 
  

	4.	Determination of PLAI NW and PLAI MM EBIDTA 

 MCE Leisure must calculate PLAI NW and PLAI MM EBIDTA, based on the financial performance of the Casino for the relevant month, and in accordance with the methodology in the table in item 5 of this Part A
and the principles in Part D of this Schedule 2. 

	5.	Method of calculation 

 MCE Leisure shall
calculate PLAI NW and PLAI MM EBIDTA by applying the methodology in the following table: 
  

			
	Computation (per calendar month or part of)	 	 
	 	 
	 Mass
Market Gross Win
	 	 
	 	 
	less the PAGCOR License Fee (Mass
Market)	 	 
	 	 
	
=====================
	 	 
	 	 
	Mass Market Net Win	 	15% of Mass Market Net Win (PLAI NW)
	 	 
	less Management Allowance (2%) (Mass
Market)	 	 
	 	 
	
=====================
	 	 
	 	 
	Mass Market Net Win after Management Allowance (Mass
Market)	 	 
	 	 
	less Mass Market Casino Operating
Expenses	 	 
	 	 
	
======================
	 	 
	 	 
	Mass Market Casino Gaming EBITDA	 	 
	 	 
	less Deductible (7%) (Mass
Market)	 	 
	 	 
	
=======================
	 	 
	 	 
	Mass Market Casino Gaming EBITDA after Deductible (Mass
Market)	 	50% of Mass Market Casino Gaming EBITDA after Deductible (Mass Market) (PLAI MM
EDBITA)

 Part B. Calculation of Monthly VIP Payment 

 

	1.	Monthly VIP Payment 

 The Licensees agree
that the Monthly VIP Payment shall be determined by MCE Leisure in accordance with Part B of this Schedule 2. 
  

	2.	Calculation of Monthly VIP Payment 

 MCE
Leisure must calculate the Monthly VIP Payment each complete calendar month after Opening. 
 The Licensees agree that if the amount of the
Monthly VIP Payment is a negative amount, the Monthly VIP Payment for the relevant calendar month will be deemed to be nil. 
  

	3.	Timing 

 MCE Leisure must calculate the
Monthly VIP Payment on or before the date twenty (20) Business Days after the end of the calendar month to which the Monthly VIP Payment relates. 
  

	4.	Calculation of Monthly VIP Payment 

 MCE
Leisure must calculate the Monthly VIP Payment in accordance with the following formula: 
 V = A – B 

Where 
 V is the Monthly VIP Payment.

 A is the higher of PLAI VIP NW and PLAI VIP EBITDA for the relevant month in each case calculated in accordance with Part B of this
Schedule 2. 
 B is the sum of the Monthly VIP Payments made during the relevant Fiscal Period to date. 

 

	5.	PLAI VIP NW and PLAI VIP EBITDA 

 MCE
Leisure must determine PLAI VIP NW and PLAI VIP EBIDTA in each case in accordance with the methodology in the table in item 6 of this Part B of and the principles in Part D of this Schedule 2 and based on the financial performance of the
Casino for period commencing on the first day of the relevant Fiscal Period and ending on the last day of the calendar month prior to the date of calculation. 

	6.	Method of calculation of PLAI VIP NW and PLAI VIP EBIDTA 

 MCE Leisure shall calculate PLAI VIP NW and PLAI VIP EBIDTA by applying the methodology in the following table: 
  

			
	 Computation (for the relevant part of the Fiscal
Period)
	 	 
	 	 
	 VIP
Market Gross Win
	 	 
	 	 
	less PAGCOR License Fee (VIP)	 	 
	 	 
	Less Commissions and Incentives and VIP Bad
Debt Expenses	 	 
	 	 
	
=====================
	 	 
	 	 
	VIP Net Win	 	2% of VIP Net Win (PLAI VIP NW)
	 	 
	less Management Allowance
(2%) (VIP)	 	 
	 	 
	
=====================
	 	 
	 	 
	VIP Net Win after Management
Allowance	 	 
	 	 
	less VIP Operating Expenses	 	 
	 	 
	
======================
	 	 
	 	 
	VIP Casino Gaming EBITDA
	 	 
	 	 
	less Deductible (7%) (VIP)	 	 
	 	 
	
=======================
	 	 
	 	 
	VIP Casino Gaming EBITDA after Deductible
(VIP)	 	50% of VIP Casino Gaming EBITDA after Deductible (VIP) (PLAI VIP
EBITDA)

 Part C. Calculation of VIP True Up Payment 

 

	1.	VIP True Up Payment 

 The Licensees agree
that the VIP True Up Payment shall be determined by MCE Leisure in accordance with Part C of this Schedule 2. 
  

	2.	Calculation of VIP True Up Payment 

 MCE
Leisure must determine the VIP True Up Payment, in respect of each Fiscal Period, on or before the date forty (40) Business Days after the end of the relevant Fiscal Period. 

 

	3.	Calculation of VIP True Up Payment 

 MCE
Leisure must calculate the Monthly VIP Payment in accordance with the following formula: 
 V = A – B 

Where 
 V is the VIP True Up Payment.

 A is the higher of five percent (5%) of VIP Net Win and PLAI VIP EBITDA for the relevant Fiscal Period. 

B is the sum of the Monthly VIP Payments made during the relevant Fiscal Period. 

 

	4.	PLAI VIP NW and PLAI VIP EBITDA 

 MCE
Leisure must determine VIP Net Win and PLAI VIP EBIDTA in each case in accordance with the methodology in the table in item 6 of Part B and the principles in Part D of this Schedule 2 and based on the financial performance of the Casino for
the relevant Fiscal Period. 
  

	5.	VIP True Up Payment is Negative 

 If the
VIP True Up Payment is negative, the amount of the VIP True Up Payment may be deducted by MCE Leisure from any Monthly VIP Payments to be made in respect of the following Fiscal Period. 

 

	6.	Termination 

 If the Operating Agreement
is terminated, any prepaid Monthly VIP Payment maybe offset from any other amounts owed by the MCE Parties to PLAI or its Affiliates, including but not limited to the Monthly Mass Payment or under the Belle Lease. 

Part D. Principles and Other Matters 
  

	1.	Principles 

 In determining each of the
amounts required to be calculated under the tables in Parts A and B of this Schedule 2 MCE Leisure shall apply the principles set out in Part D of this Schedule 2. 
 The Mass Market Gross Win shall be calculated to be the amount of Gross Win attributable to the Mass Market. 
 The Gross Win shall be the amount of wagers won net of wagers lost that is retained and recorded as Casino revenue plus or minus the amount of any jackpot decrement or increment for the relevant
period. 
 PAGCOR License Fees will be determined by MCE Leisure in accordance with the Casino License. 

The PAGCOR License Fee (Mass Market) shall be determined by MCE Leisure to be the amount of the PAGCOR License Fee attributable to the Mass
Market. 

 The PAGCOR License Fee (VIP) shall be determined by MCE Leisure to be the amount of the PAGCOR
License Fee attributable to the VIP Market. 
 The Mass Market shall be (i) the table game operations conducted on the public mass
gaming floors and (ii) the slot machines operations, in each case in the Casino. 
 The Management Allowance shall be the amount
equal to two percent (2%) Mass Market Net Win and VIP Net Win. 
 The Deductible shall be the amount equal to seven percent
(7%) of Mass Market Casino Gaming EBITDA and VIP Casino Gaming EBITDA. 
 The Mass Market Casino Operating Expenses shall be the sum
of all Mass Market Direct Expenses, plus an allocation of General Casino Expenses plus an allocation of Property Overheads (including such costs incurred prior to Opening). The process for determining the relevant
allocation of Property Overheads to Mass Market Casino Operating Expenses is set out in Part D of this Schedule 2 below. 
 The Mass
Market Direct Expenses shall be all operating costs and expenses incurred that are directly identifiable with the Mass Market business. Such directly identifiable costs include direct promotional, entertainment, marketing and sales costs and
allowances; salaries and wages and employee benefits; a gaming replacement reserve equal to five percent (5%) of Mass Market revenue; patron transportation costs; costs for the operation, maintenance and control of the Mass Market gaming
business; legal, regulatory and licensing costs of the Mass Market; and other expenses directly related to the Mass Market business, but excluding rent under the Belle Lease, interest income, interest expense, depreciation and amortization expenses,
real estate and income taxes if any, and VIP Operating Expenses and Non-Gaming Expenses. 
 The VIP Market Gross Win shall be calculated
to be the amount of Gross Win attributable to the VIP Market. 
 The VIP Market shall be the table game operations conducted in private
gaming areas for VIPs utilizing Rolling Chip Programs or other incentive Programs. 
 The VIP Operating Expenses shall be all VIP Direct
Expenses, plus allocation of General Casino Expenses, plus an allocation of Property Overheads (including such costs incurred prior to Opening). The process for determining the relevant allocation of Property Overheads to
VIP Operating Expenses is set out in Part D of this Schedule 2 below. 
 The VIP Direct Expenses shall be operating costs and
expenses that are incurred directly in relation to the VIP Market business. Such direct identifiable costs include salaries and wages and employee benefits; marketing, entertainment, promotional and other sales costs excluding Commissions and
Incentives; costs for the operations, maintenance and control of the VIP gaming business; a gaming replacement reserve equal to two percent (2%) of VIP Market revenue; legal, regulatory and licensing costs of the VIP Market; and other expenses
directly related to the VIP gaming business, but excluding rent under the Belle Lease, interest income, interest expense, depreciation and amortization expenses, real estate and income taxes if any, and Mass Market Casino Operating Expenses and
Non-Gaming Expenses. 
 The General Casino Expenses shall be those directly identifiable Casino operating costs and expenses that are
incurred for the benefit of both the Mass Market and the VIP Market and other Casino activities not directly identifiable to the Mass Market or the VIP Market. Such directly identifiable costs include direct and indirect incremental costs of
operating general Casino departments, executive and senior management oversight of the Casino areas, marketing the overall Casino areas, costs of compliance with Casino agreements and laws and regulations, performing gaming audits and internal
control reviews, maintaining assets for the benefit of the overall Casino areas, costs for the general operation, maintenance and control of the overall Casino common areas, other Casino regulatory and licensing costs; and other general Casino
expenses but excluding rent under the Belle Lease, interest income, interest expense, depreciation and amortization expenses, real estate and income taxes if any. 

 General Casino Expense Allocation Process - General Casino Expenses will be allocated to the
Mass Market and the VIP Market in proportion to Mass Market Revenue and Theoretical VIP Market Revenue respectively or in proportion to the applicable driver of the expense if relevant, in the month the expense is incurred. 

The Property Overheads are those operating costs and expenses directly identifiable to common areas and shared and centralized services that are
necessary to operate the Project that are not directly identifiable to Gaming or Non-Gaming. Such directly identifiable costs include but are not limited to the costs listed in the table below. 

Property Overhead Allocation Process - Property overheads will be allocated between the Mass Market, the VIP Market and the Non-Gaming
business segments on a basis that is fair and reasonable that takes into account where feasible the relative proportion of use, whether time, effort or other driver determining usage and services devoted to those business segments. The table below
illustrates an example of the methodology for allocating the costs. The allocation methods will be determined monthly based on actual results of the month. 

			
	 Cost
	 	 Example of an Appropriate Allocation method

	 	 
	Executive management and administration and general offsite
storage and administration rental costs.	 	% of total revenue with VIP included at Theoretical VIP Market Revenue
	 	 
	General marketing and sales	 	% of total revenue with VIP included at Theoretical VIP Market Revenue
	 	 
	Common area security and cleaning costs	 	% of total revenue with VIP included at Theoretical VIP Market Revenue
	 	 
	Employee services costs such as Human Resources,
wardrobe	 	% of direct employees
	 	 
	Other Support services such as finance, IT, legal, call
centre, Supply Chain	 	% of total revenue with VIP included at Theoretical VIP Market Revenue
	 	 
	Audit and general consultant and advisory fees	 	% of total revenue with VIP included at Theoretical VIP Market Revenue
	 	 
	Engineering and common area maintenance and
utilities	 	In proportion to direct usage
	 	 
	Insurance	 	% of total revenue with VIP included at Theoretical VIP Market Revenue
	 	 
	Corporate services	 	% of total revenue with VIP included at Theoretical VIP Market Revenue

 Theoretical VIP Market Revenue equals VIP Roll multiplied by two point eight percent (2.8%) as amended from
time to time. 
 Non-Gaming Expenses means all operating costs and expenses directly identifiable to Non Gaming including hotel, food and
beverage and non-gaming departments and the allocation of Property Overheads to Non-Gaming. 
 VIP Roll is the amount of Non-Negotiable
Chips wagered and lost. 
 Non-Negotiable Chips are promotional casino chips that are used to track the amount wagered and are not
exchangeable for cash. 
 Rolling Chip Programs are Programs under which commission and other incentives are based on the amount of VIP
Roll. 
 Programs refer to arrangements whereby Casino patrons are provided commissions and/or other incentives as a reward for their
gaming play. 
 Mass Market Revenue is revenue generated from the Mass Market business. 

Gaming means the Mass Market, the VIP Market and other support Casino operations. 
 Non-Gaming means all revenue generated from operations of the Casino other than Gaming.

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