Document:

EX-4.39

 Exhibit 4.39 
 EXECUTION COPY 
 STUDIO CITY FINANCE LIMITED 

as Issuer 
 and

 THE SUBSIDIARY GUARANTORS AS SPECIFIED HEREIN 
 US$825,000,000 
 8.500% Senior Notes due 2020 

PURCHASE AGREEMENT 
  

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

 PURCHASE AGREEMENT 

November 16, 2012 
 Each of
the institutions named in Schedule A hereto 
 (each, an “Initial Purchaser” and, collectively, the “Initial
Purchasers”) 
 Ladies and Gentlemen: 
 Studio City Finance Limited, a BVI business company with limited liability incorporated under the laws of the British Virgin 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$825,000,000
aggregate principal amount of the Issuer’s 8.500% Senior Notes due 2020 (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, DB Trustees (Hong Kong) Limited, as trustee (the “Trustee”) and the existing 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. Under the terms of an escrow agreement (the “Escrow Agreement”) to be entered into on the Closing Date (as defined below) between the Issuer and Bank of China Limited, Macau Branch,
as escrow agent (the “Escrow Agent”), the Issuer will deposit in an escrow account (the “Escrow Account”) established by the Issuer with the Escrow Agent an amount at least equal to the net proceeds from the
offering of the Notes. The Notes will be subject to a special mandatory redemption at a redemption price equal to 101% of the aggregate principal amount thereof, plus accrued and unpaid interest thereon from and including the Closing Date (as
defined below) through the Special Mandatory Escrow Redemption Date (as defined in the Offering Memorandum) (the “Escrowed Funds”). DB Trustees (Hong Kong) Limited, as collateral agent for the holders of the notes (the
“Collateral Agent”), will have a perfected security interest in the Escrow Account and the Escrowed Funds contained therein on an exclusive basis for the benefit of the holders of the Notes. 

Prior to the Closing Date (as defined below) and in addition to the Escrow Account, the Issuer will be required to establish (i) a
note proceeds account (the “Note Proceeds Account”), (ii) a note interest reserve account (the “Note Interest Reserve Account”), (iii) a note interest accrual account (the “Note Interest Accrual
Account”), and (iv) a Hong Kong dollar note disbursement account and a U.S. dollar note disbursement account (together, the “Note Disbursement Accounts”), each as described in the Offering Memorandum (and each of
(i) – (iv) or any one of them, the “Notes Accounts”). Upon release from the Escrow Account in accordance with the Escrow Agreement, the Escrowed Funds (after the funding of the Note Interest Reserve Account) will be
deposited in the Notes Proceeds Account. If no funds have been released from the Notes Proceeds Account by the date set forth in the Indenture, the Notes are subject to a Mandatory Note Proceeds Redemption, at a redemption price equal to 101% of the
aggregate principal amount thereof, plus accrued and unpaid interest thereon from the last interest payment date through the Special Mandatory Note Proceeds Redemption Date. 

  
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 On the Closing Date (as defined below), the Issuer and Studio City Company Limited, among
others, will enter into the Note Disbursement and Account Agreement, which will, among other things, establish the conditions and sequence for disbursements from the project accounts. 

The Notes will be secured by (i) a first-priority security interest in the Escrow Account, the Note Proceeds Account, the Note
Interest Reserve Account, the Note Interest Accrual Account and the Note Disbursement Accounts and (ii) a pledge of the intercompany note proceeds loan to be entered into on the Closing Date (as evidenced by an intercompany promissory note (the
“Intercompany Promissory Note”), to be issued by Studio City Investments Limited on the same date thereof). 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, the Intercompany Promissory Note, the Escrow Agreement, the Security Documents, and the Note Disbursement and Account Agreement 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”. 
 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
November 7, 2012 (the “Preliminary Offering Memorandum”) and final pricing supplement, in the form attached hereto as Schedule C (the “Pricing Supplement”) and that it will prepare and deliver to
each of the Initial Purchasers, dated the date hereof, a final offering memorandum (the “Final Offering Memorandum”), each for use by 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. 

  
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 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 Services and Right to Use Agreement
originally dated May 11, 2007 and as amended on June 15, 2012 (the “Services and Right to Use Agreement”) between Studio City Entertainment Limited (formerly named MSC Diversões Limitada and New Cotai Entertainment
(Macau) Limited) and Melco Crown Gaming (Macau) Limited, previously known as PBL Entertainment (Macau) Limited, a Macau company (“MC Gaming”); (ii) the Land Concession dated October 9, 2001 between Macau Special
Administrative Region and Studio City Developments Limited (formerly known as East Asia- Televisão Por Satelite, Limitada and MSC Desenvolvimentos, Limitada), as amended on July 25, 2012; (iii) the reimbursement agreement dated
June 15, 2012, between MC Gaming and Studio City Entertainment Limited; and (iv) all amendments, variations, modifications and supplements of the documents referred to in (i) through (iii) above. 

“Project” refers to the first phase of the project to develop the Site (as defined in the Offering Memorandum) into a
large-scale integrated leisure resort called “Studio City” combining 5-star luxury hotel and related facilities, gaming capacity, retail, attractions and entertainment venues (including a multipurpose entertainment studio). 

“Security Documents” means (i) the Macau law account pledge agreement (the “Account Pledge”) by
and among the Escrow Agent, Bank of China Limited, Macau Branch, as the note disbursement agent, the Collateral Agent and the Issuer dated as of the date thereof, and (ii) the New York law pledge agreement of the intercompany note proceeds loan
(the “Pledge Agreement”) by and between the Issuer and the Collateral Agent. 
 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. 

  
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 “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. 
 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 this representation, warranty and agreement 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 two sentences of the first paragraph under the 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, and is and will be subject to no material liability or
disability by reason of the failure to be so qualified in any such jurisdiction. 
 (iii) Subsidiaries. The Issuer
does not have any subsidiaries other than the ones listed on Schedule B. 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, or is and will
be subject to no material liability or disability by reason of the failure to be so qualified in any such jurisdiction; 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. 

  
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 (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. 
 (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 or to be 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. No governmental authorization is required to effect payments of
principal, premium, if any, and interest on the Notes. 
 (vii) Title to Property. Except as disclosed in the
Disclosure Package and the Final Offering Memorandum, the Issuer and its subsidiaries have good and marketable title to all real property and all other property and assets owned by them as are necessary to 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, encumbrances, charges, defects, claims, options or restrictions which, individually or in the aggregate, would not have a material adverse effect on the condition (financial or other), business, properties, business prospects
or results of operations of the Issuer and its subsidiaries taken as a whole (“Material Adverse Effect”). 

  
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 (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. 
 (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 (C) above, where any such violation, contravention or default 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) Authorization of Material Contracts. There are no other contracts that are material to the operation of the
Issuer’s or its subsidiaries’ business than the Material Contracts, and each Material Contract to which the Issuer or any of its subsidiaries is a party has been duly authorized, executed and delivered by the Issuer and/or such subsidiary,
as applicable, and assuming due authorization, execution and delivery by the other parties thereto, constitutes a legal, valid and binding agreement of such parties, enforceable against the Issuer and such subsidiary, as the case may be, in
accordance with its terms, in each case, except as enforcement thereof may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’
rights and to general principles of equity. 

  
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 (xi) Licenses. The Issuer and its subsidiaries possess, and are in
compliance with the terms of, all adequate licenses, certificates, authorizations, and franchise permits (collectively, “Licenses”) issued by appropriate governmental agencies or bodies necessary or material 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. To the best knowledge of the Issuer, the Gaming License of MC Gaming remains in full force and effect and validly
authorizes MC Gaming to carry on the gaming business as is and is proposed to be conducted pursuant to the Services and Right to Use Agreement and on the terms and conditions, in each case as described in the Disclosure Package and the Final
Offering Memorandum, and to the knowledge of the Issuer, no notice of any proceeding or claim or action for the invalidation, revocation, cancellation or imposition of any further condition or requirement of or in connection with the Gaming License
has occurred or is threatened. 
 (xii) 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, would have a Material Adverse Effect. 
 (xiii) Possession of Intellectual Property. Except as disclosed in the Disclosure Package and the Final Offering Memorandum, the Issuer and its subsidiaries own, possess or can acquire
on reasonable terms, adequate trademarks, trade names and other rights to inventions, know-how, patents, copyrights, confidential information and other intellectual property (collectively, “intellectual property rights”) necessary
to conduct the business now operated or 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. 
 (xiv) Absence of Other Material Contracts or Documents. There is no franchise, contract or other document of a character required to be described in the Disclosure Package or Final Offering
Memorandum, or to be filed as an exhibit thereto, which is not described or filed as required (and the Preliminary Offering Memorandum contains in all material respects the same description of the foregoing matters contained in the Final Offering
Memorandum). 
 (xv) Offering Memorandum. The statements set forth in the Offering Memorandum (i) under the
sections headed “Summary,” “Use of Proceeds,” “Capitalization,” “Description of Notes,” “Description of Other Material Indebtedness” and “Principal Shareholders,” insofar as they purport to
constitute a summary of the terms of the Notes, and (ii) under the sections headed “Management,” “Risk Factors,” “Business,” “Plan of Distribution,” “Summary,” “Capitalization,”
“Regulation,” “Taxation,” “Enforcement of Civil Liabilities” and “Description of Construction and Other Material Contracts,” insofar as they purport to describe the provisions of the laws and documents
referred to therein, are accurate and fair in all material respects. The Operative Documents will conform in all material respects to the respective statements relating thereto contained in the Offering Memorandum. 

  
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 (xvi) 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 might lead to such a claim. 

(xvii) 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. 
 (xviii) 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. 

(xix) Absence of Accounting Issues. The sole director of the Issuer has confirmed that the director is not reviewing or
investigating, and neither the Issuer’s independent auditors nor their internal auditors have recommended that the director review or investigate, (i) adding to, deleting, changing the application of, or changing the Issuer’s
disclosure with respect to, the Issuer’s material accounting policies; (ii) any matter which could result in a restatement of the Issuer’s financial statements for any annual or interim period during the current or prior three fiscal
years. 
 (xx) 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 British Virgin 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, (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. 

  
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 (xxi) 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. 

(xxii) Litigation. Except as disclosed in the Disclosure Package and the Final Offering Memorandum, there are no
pending actions, suits or proceedings (including any inquiries or investigations by any court or governmental agency or body, domestic or foreign) against or affecting the Issuer, any of its subsidiaries or any of their respective properties that,
if determined adversely to the Issuer or any of its subsidiaries, would individually or in the aggregate have a Material Adverse Effect, or would materially or adversely affect the ability of the Issuer or any of its subsidiaries to perform its
obligations under the Operative Documents to which it is a party, or which are otherwise material in the context of 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. 
 (xxiii) Auditors. Each of Ernst & Young (“E&Y”) and Deloitte Touche Tohmatsu (“Deloitte”), who certified its respective portions of the financial
statements and the supporting schedules included in the Disclosure Package and the Final Offering Memorandum, are independent public accountants of the Issuer. 
 (xxiv) 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. 

  
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 (xxv) No Material Adverse Change in Business. Except as disclosed in the
Disclosure Package and the Final Offering Memorandum, 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 obligation, (ii) received notice of any cancellation, termination, breach, violation or revocation of, or imposition or inclusion of
additional conditions or requirements with respect to the Services and Right to Use Agreement, or received notice of any cancellation, termination, breach, violation or revocation of any Material Contract, or of any Debt Repayment Triggering Event,
(iii) acquired or disposed of or agreed to acquire or dispose of any business or any other asset material to the Issuer and its subsidiaries taken as a whole, (iv) entered into a letter of intent or memorandum of understanding (or
announced an intention to do so) relating to any matter identified in clauses (i) through (iii) above, or (v) sustained any material loss or interference with its business from 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. 

(xxvi) 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
(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. The Issuer’s director and senior management have reviewed and agreed with the selection, application and disclosure of critical accounting policies. The
section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Disclosure Package and the Final Offering Memorandum accurately and fully describes (A) all material trends, demands,
commitments, events, uncertainties and risks that the Issuer believes would materially affect liquidity and are reasonably likely to occur; and (B) all off-balance sheet arrangements that have or are reasonably likely to have a current or
future effect on the financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources of the Issuer and its subsidiaries taken as a whole. Except as otherwise
disclosed in the Disclosure Package and the Final Offering Memorandum, there are no outstanding guarantees or other contingent obligations of the Issuer or any subsidiary that would have a Material Adverse Effect. 

  
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 (xxvii) No Prohibition on Subsidiaries from Paying Dividends or Making Other
Distributions. Except as otherwise disclosed in the Disclosure Package and the Final Offering Memorandum, no subsidiary of the Issuer is currently prohibited, directly or indirectly, (i) from paying any dividends to the Issuer,
(ii) from making any other distribution on such subsidiary’s 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. 
 (xxviii) Investment Company Act.
(i) Assuming the accuracy of the representations and warranties of the Initial Purchasers and compliance by the Initial Purchasers with their agreements in Sections 6(a) and 6(d), 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”); (ii) based upon the covenants of the Initial Purchasers set forth in Section 6(a), disclosure in the Offering Memorandum under the caption “Transfer
Restrictions” and the inclusion on the Notes of the legend as set forth in Offering Memorandum under the caption “Transfer Restrictions”, the Issuer has a reasonable belief that the initial placement and the subsequent transfers of
the Notes sold in reliance on Rule 144A will be limited to persons who are QIBs that are also qualified purchasers (“QPs”) as defined in Section 2(a)(51) of the Investment Company Act at the time they acquire the Notes;
(iii) the Issuer will not permit its agents, intermediaries or affiliates to, resell any Notes sold in reliance on Regulation S to any U.S. person (as defined in Rule 902 under the Securities Act), unless the reseller of such Notes has a
reasonable belief that the U.S. person (as defined in Rule 902 under the Securities Act) is a QIB and a QP, and the Notes are subject to the transfer restrictions described in the Offering Memorandum under the caption “Transfer
Restrictions” in transactions pursuant to Rule 144A; and (iv) none of the Issuer nor the Subsidiary Guarantors will offer the Notes to their participant-directed employee plans or to a participant-directed employee plan of any affiliate.

 (xxix) 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. 
 (xxx) 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.

 (xxxi) 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 British Virgin 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 British Virgin 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 British Virgin Islands and Macau, in each case, without further
review of the merits. 

  
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 (xxxii) 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
will not violate and the Issuer operates and will continue to operate 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 principals 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. 
 (xxxiii) Forward-Looking
Statements. Each “forward-looking statement” (within the meaning of Section 27A of the Act and Section 21E of the U.S. Securities Exchange Act of 1934 Act (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. 

  
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 (xxxiv) 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 and constitutes a legal, valid and binding obligation of the Issuer and each of the Subsidiary Guarantors. 
 (xxxv) Authorization of the Notes. The Notes have been duly authorized and, at the Closing Date, will have been duly executed by the Issuer and, when authenticated, issued and delivered in the
manner provided for in the Indenture and delivered against payment of the Purchase Price (defined below) therefor as provided in this Agreement, will constitute legal, valid and binding obligations of the Issuer, 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. 

(xxxvi) 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). 
 (xxxvii) Authorization of
the Escrow Agreement. The Escrow Agreement has been duly and validly authorized by the Issuer and, when executed and delivered by the Issuer (assuming the due authorization, execution and delivery by the other parties thereto), will constitute a
legal, valid and legally binding agreement of the Issuer, enforceable against the Issuer in accordance with its terms, subject to 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). 
 (xxxviii) Authorization of the Security Documents. Each of the Security Documents to which the Issuer is a party has been duly and validly authorized by the Issuer on or before the Closing
Date, will have been duly executed and delivered by the Issuer and will conform to the description thereof contained in the Disclosure Package and the Final Offering Memorandum and any such Security Document will constitute a legal, valid and
binding obligation of the Issuer, in each case enforceable 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). There are no mortgages, liens, pledges, charges, security interests or encumbrances of any kind on the property of the Issuer or any of its subsidiaries
other than mortgages, liens, pledges, charges, security interests or encumbrances specifically permitted under the Indenture or arising from statutory law or otherwise in the course of ordinary business of the Issuer. 

  
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 (xxxix) Security Interest in the Collateral. As of the Closing Date, each of the
Security Documents will create, in favor of the Trustee and the Collateral Agent for the benefit of the holders of the Notes, a legal, valid and enforceable perfected first priority security interest in and mortgages, liens, pledges, charges,
security interests or encumbrances, as applicable, on all of the Collateral (as defined in the Indenture) (subject to the completion of the recordings, notations and filings as required to perfect the security under Macau law and New York law, as
the case may be, and subject to certain permitted liens and exceptions as set forth in the applicable Security Document). No filings or recordings are required in order to perfect and protect the security interests created under the applicable
Security Document; provided that any foreclosure or other exercise of remedies by the Trustee or the Collateral Agent, as the case may be, may require additional approvals and consents that have not been obtained from governmental authorities
or agencies. 
 (xl) Authorization of the Note Disbursement and Account Agreement. The Note Disbursement and
Account Agreement has been duly authorized by the Issuer and, when executed and delivered by the Issuer (assuming the due authorization, execution and delivery by the Disbursement Agent, the Collateral Agent and the Trustee), will constitute a valid
and binding agreement of each of them, enforceable against the Issuer in accordance with its terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting the creditors’ rights generally
and to generally principles of equity (regardless of whether considered in a proceeding in equity or at law). 
 (xli) 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.
On the Closing Date, the Indenture will conform in all material respects to the requirements of the TIA and the rules and regulations of the Commission thereunder applicable to an indenture which is required to be qualified thereunder. 

(xlii) 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 or whatsoever nature (including, without limitation, income taxes) imposed by the
British Virgin Islands or Macau, or, in each case, any political subdivision or taxing authority thereof or therein. 

(xliii) 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. 

  
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 (xliv) 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 after giving due consideration to the
prevailing practice in the industry in which the Issuer or any Subsidiary Guarantor is engaged, 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 nor
have resolutions been passed or petitions presented for purposes of, and no judgment has been rendered for, the liquidation, bankruptcy, winding-up, administration or analogous event of the Issuer and each of its subsidiaries. This representation
provided in this clause (xliv) assumes the correctness of the report dated October 8, 2012 prepared by Savills (Macau) Limited titled “Valuation Report in respect of Studio City” as of immediately after the Closing Time.

 (xlv) Undisclosed Liabilities. There are (i) no liabilities of the Issuer or any of its subsidiaries
of any kind whatsoever, whether accrued, contingent, absolute, determined, determinable or otherwise, and (ii) no existing situations or set of circumstances that would reasonably be expected to result in such a liability, other than
(x) liabilities set forth in the Offering Memorandum, or (y) other undisclosed liabilities which would not, individually or in the aggregate, have a Material Adverse Effect. 

(xlvi) 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. 
 (xlvii) 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. 
 (xlviii) 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. 
 (xlix) 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. 

  
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 (l) Public Announcements Relating to Stabilization Actions. Each of the Issuer
and its subsidiaries represents, warrants and agrees that in relation to any Notes for which Deutsche Bank AG, Singapore Branch is named as a Stabilizing Manager (the “Stabilizing Manager”), each of the Issuer and its subsidiaries
will not issue, without the prior consent of the Stabilizing Manager, any press release or other public announcement referring to the proposed issue of Notes unless the announcement adequately discloses the fact that stabilizing action may take
place in relation to the Notes to be issued and each of the Issuer and its subsidiaries authorizes the Initial Purchasers to make adequate public disclosure of the information required by the Market Abuse Directive (Directive 2003/6/EC) instead of
the Issuer or such subsidiary. 
 (li) 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. 
 (lii) 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. 

(liii) Foreign Private Issuer. The Issuer is a “foreign private issuer” as defined in Rule 405 under the 1933
Act. 
 (liv) 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. 

  
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 (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. 
 (lv) 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. 

(lvi) Construction Plans. To the best knowledge of the Issuer and subject to the risk factors and qualifications as disclosed
in the Disclosure Package and the Final Offering Memorandum, (i) the current anticipated completion of construction of the Project is as set forth in the Offering Memorandum; and (ii) the section entitled “Use of Proceeds” in the
Offering Memorandum set forth the current anticipated cost of construction of the Project (including interest, legal, architectural, engineering, planning, and other similar costs) and such other current anticipated cost related to the development
of the Project, in each case, as is currently budgeted by the Issuer; these amounts are based upon reasonable assumptions as to all matters material to these estimates set forth therein. 

(lvii) Consultant Report. All information provided to Franklin & Andrews (Hong Kong) Limited (the
“Consultant”) for the purposes of the Consultant’s preparation of that certain technical report in connection with the Project, as memorialized in the “Final Independent Technical Report” dated as of October 25,
2012 contained in Appendix A to the Offering Memorandum (the “Report”) has been supplied in good faith and such information, when supplied, was to the best knowledge of the Issuer, true and accurate and complete in all
material respects. To the best knowledge of the Issuer, the Consultant was, as of the date of the Report, and is, as of the date hereof, “independent”. For purposes of this paragraph, the Consultant shall be considered
“independent” if, from the date which was six months prior to the date of the Offering Memorandum, the Consultant (i) had not, or was not committed to acquire, any direct material financial interest in the Issuer or any of its
subsidiaries or (ii) was not, or is not connected as a promoter, underwriter, voting trustee, investor, investee, director, officer or employee of the Issuer or any of its subsidiaries. 

  
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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 98.40% (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 November 26, 2012 (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 engagement letter entered into by the Initial Purchasers with Studio City International Holdings Limited dated October 19, 2012 (the “Engagement 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 procure the purchase of. Each of the Initial Purchasers, may (but shall not be obligated to) make payment of the Purchase Price for the Notes to be purchased by any persons procured by such Initial Purchaser, whose funds have not been received by
the Closing Time. 
 (c) Delivery. The Issuer will deliver to the Initial Purchasers, against payment of the Purchase
Price thereof pursuant to Section 2(b) above, the Notes to be purchased by the Initial Purchasers hereunder and to be offered and sold by 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. 

(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. 

  
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 (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 (upon the release to the Issuer from the Escrow Account (as defined in the Indenture)) 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 (xxxiii) 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. The Issuer and the Subsidiary Guarantors agree to
perform their duties set forth in Schedule D hereto to ensure that no sale or other transfer of Securities (as defined therein) will be made that would require the Issuer to register as an “investment company” under the Investment Company
Act or would jeopardize the exemptions from registration provided thereunder; provided that the Issuer and the Subsidiary Guarantors may modify such duties to the extent that such modification would not result in the loss of the Issuer’s
exemption from registration under the Investment Company Act and the Issuer and the Subsidiary Guarantors first provide the Initial Purchasers an opinion of counsel satisfactory to the Initial Purchasers to the effect that such modification will not
have an adverse effect on the ability of the Issuer to rely on the exemption from registration under the Investment Company Act pursuant to Section 3(c)(7) thereof. 
 (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 in connection with the resales of the Notes. 

  
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 (l) Trust Indenture Act. The Issuer and the Subsidiary Guarantors agree that at
such time as may be required, the Indenture shall be qualified under the TIA and any necessary supplemental indentures will be entered into in connection therewith. 
 (m) Further Assurances. The Issuer and the Subsidiary Guarantors will do and perform all things required or necessary to be done and performed under this Agreement by them prior to the Closing
Date, and to satisfy all conditions precedent to the Initial Purchasers’ obligations hereunder to purchase, or procure the purchase of, the Notes. 
 SECTION 4. Payment of Expenses. 
 The Issuer and the Subsidiary Guarantors
will pay the expenses as agreed in the Engagement 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. 

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 Shearman &
Sterling, U.S. counsel for the Issuer and the Subsidiary Guarantors, in form and substance satisfactory to the Representative. 

(b) Opinion of British Virgin 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 Appleby, special British Virgin Islands counsel for the Issuer, in form and substance satisfactory to the Representative. 

(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, in form and substance satisfactory to the Representative. 

(d) Opinion of U.S. Counsel for the Initial Purchasers. At the Closing Time, the Representative on behalf of the Initial
Purchasers shall have received (x) the opinion and (y) the 10b-5 disclosure letter, dated as of the Closing Time, of White & Case, U.S. counsel for the Initial Purchasers, in form and substance satisfactory to the Representative.

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

(h) Comfort Letter of the Accountants. At the time of the execution of this Agreement, the Representative on behalf of the
Initial Purchasers shall have received from each of E&Y and 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. 
 (i) 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. 
 (j) At each of (x) the
time of the execution of this Agreement and (y) at the Closing Time, the Representative shall have received from the Consultant a certificate regarding the Report. 
 (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) Delivery of Operative Documents. Executed copies of the Operative Documents in form and substance reasonably satisfactory
to the Representative shall have been delivered to the Representative on behalf of the Initial Purchasers. 

  
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 (m) 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. 
 (n) Escrow Agreement and Escrow Deposit.
The Initial Purchaser shall have received a counterpart of the Escrow Agreement that shall have been executed and delivered by a duly authorized officer of each party thereto. The Escrow Agreement shall be in full force and effect. A
first-priority lien on and security in the funds in the Escrow Account shall be granted on an exclusive basis in accordance with the terms of the Escrow Agreement. 
 (o) Establishment of Accounts. Each of the Escrow Account, the Note Disbursement Accounts, the Note Proceeds Account, the Note Interest Accrual Account and the Note Interest Reserve Account shall
have been established. 
 (p) DTC. At the Closing Time, the Notes shall be eligible for clearance and settlement
through DTC. 
 (q) 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. 

(r) 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. 
 (s) 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. 

  
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 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 and Qualified Purchasers 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”) that are also
(y) QPs that can make each of the representations set forth in the legend relating to Global 144A Notes under the caption “Transfer Restrictions – Rule 144A Notes” in the Offering Memorandum or (B) to non-U.S. persons (as
defined in Regulation S) outside the United States upon Regulation S. 
 (ii) Each of the Initial Purchasers hereby
severally represents and agrees that: 
  

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

 

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

 (iii) 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. 

(iv) 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. 
 (v) Purchases
by Non-Bank Fiduciaries. In the case of a non-bank Subsequent Purchaser of a Note acting as a fiduciary for one or more third parties, each third party shall, in the judgment of the applicable Initial Purchaser, be a QIB and a QP or a non-U.S.
person outside the United States. 
 (vi) Restrictions on Transfer. The selling and transfer restrictions and the
other provisions set forth in the Offering Memorandum under the heading “Transfer Restrictions” including, without limitation, the legend required thereby, shall apply to the Notes except as otherwise agreed by the Issuer and the Initial
Purchasers. 

  
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 Following the sale of the Notes by the Initial Purchasers to the Subsequent Purchasers in
accordance with the terms hereof, the Initial Purchasers shall not be liable or responsible to the Issuer for any losses, damages or liabilities suffered or incurred by the Issuer, including any losses, damages or liabilities under the 1933 Act,
arising from or relating to any resale or transfer of any Note; provided that each Initial Purchaser shall be liable and responsible for any such losses, damages or liabilities arising from its gross negligence, willful misconduct or fraud.

 (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 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). 
 (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). 
 (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: 
 “The Notes may be purchased and transferred only in minimum principal amounts of US$250,000 and integral multiples of US$1,000 in excess thereof. 

  
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 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.” 
 (d) Principal or Face Amount of the Notes. The
Initial Purchasers agree that no sale of the Notes to any U.S. persons (as defined in Rule 902 under the Securities Act) or within the United States shall be for less than US$250,000 principal or face amount, and no Notes sold to any U.S. persons or
within the United States shall be issued in a smaller principal or face amount. If the purchaser is a non-bank fiduciary acting on behalf of others in the United States or who are U.S. persons, each such person for whom such purchaser is acting must
purchase at least US$250,000 principal or face amount of the Notes. 
 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 the only such information furnished by any Initial Purchaser consists of the
following information in the Offering Memorandum furnished on behalf of each Initial Purchaser: their respective names as set forth in the first two sentences of the first paragraph under the 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. 

  
 - 29 -

 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. 

  
 - 30 -

 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.” 
 (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. 

  
 - 31 -

 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. 
 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, British Virgin 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 12 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 12 shall survive such termination and remain in full force and effect. 

  
 - 32 -

 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 Engagement Letter. 

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 
  

	 	(b)	if to the Issuer: 

 c/o Melco
Crown Entertainment 
 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. 

  
 - 33 -

 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 Purchaser 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 Purchaser 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. 

  
 - 34 -

 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. 

  
 - 35 -

 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. 
 SECTION 21. Effect of Headings. 
 The section headings herein are for
convenience only and shall not affect the construction hereof. 
 [Signature Pages to Follow] 

  
 - 36 -

 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
	
	STUDIO CITY FINANCE LIMITED
		
	By	 	  

	Name:
	Title:
	
	Subsidiary Guarantor
	
	STUDIO CITY INVESTMENTS LIMITED
		
	By	 	  

	Name:
	Title:
	
	Subsidiary Guarantor
	
	STUDIO CITY COMPANY LIMITED
		
	By	 	  

	Name:
	Title:

 
			
	Subsidiary Guarantor
	
	STUDIO CITY HOLDINGS TWO LIMITED
		
	By	 	  

	Name:
	Title:
	
	Subsidiary Guarantor
	
	STUDIO CITY ENTERTAINMENT LIMTIED
		
	By	 	  

	Name:
	Title:
	
	Subsidiary Guarantor
	
	STUDIO CITY SERVICES LIMITED
		
	By	 	  

	Name:
	Title:
	
	Subsidiary Guarantor
	
	STUDIO CITY HOTELS LIMITED
		
	By	 	  

	Name:
	Title:

 
			
	Subsidiary Guarantor
	
	SCP HOLDINGS LIMITED
		
	By	 	  

	Name:
	Title:
	
	Subsidiary Guarantor
	
	STUDIO CITY HOSPITALITY AND SERVICES LIMITED
		
	By	 	  

	Name:
	Title:
	
	Subsidiary Guarantor
	
	SCP ONE LIMITED
		
	By	 	  

	Name:
	Title:
	
	Subsidiary Guarantor
	
	SCP TWO LIMITED
		
	By	 	  

	Name:
	Title:

 
			
	Subsidiary Guarantor
	
	STUDIO CITY DEVELOPMENTS 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:

			
	BOCI ASIA LIMITED
		
	 By
	 	  

	 Name:

	 Title:

			
	CITIGROUP GLOBAL MARKETS INC.
		
	By	 	  

	Name:
	Title:

			
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK
		
	By	 	  

	Name:
	Title:
		
	By	 	  

	Name:
	Title:

			
	MERRILL LYNCH INTERNATIONAL
		
	By	 	  

	Name:
	Title:

			
	UBS AG, HONG KONG BRANCH
		
	By	 	  

	Name:
	Title:
		
	By	 	  

	Name:
	Title:

 SCHEDULE A 

 

					
	 Name of Initial Purchaser
	  	Principal
Amount of
Securities	 
	 Deutsche Bank AG, Singapore Branch
	  	$	117,857,142.857143	  
	 Australia and New Zealand Banking Group Limited
	  	$	117,857,142.857143	  
	 BOCI Asia Limited
	  	$	117,857,142.857143	  
	 Citigroup Global Markets Inc
	  	$	117,857,142.857143	  
	 Crédit Agricole Corporate and Investment Bank
	  	$	117,857,142.857143	  
	 Merrill Lynch International
	  	$	117,857,142.857143	  
	 UBS AG, Hong Kong Branch
	  	$	117,857,142.857143	  
		  	  
	  
	 
	 Total
	  	$	825,000,000	  
		  	  
	  
	 

 SCHEDULE B 
 SUBSIDIARY GUARANTORS 
 Studio City Investments Limited 

Studio City Company Limited 
 Studio City
Holdings Two Limited 
 Studio City Entertainment Limited 
 Studio City Services Limited 
 Studio City Hotels Limited 

SCP Holdings Limited 
 Studio City Hospitality
and Services Limited 
 SCP One Limited 

SCP Two Limited 
 Studio City Developments
Limited 

 SCHEDULE C 
 PRICING SUPPLEMENT 

 SCHEDULE D 
 For purposes of this Schedule D, the term “Securities” shall mean the Notes sold in reliance on Rule 144A. 
 (a) Annual or Other Periodic Notifications. The Issuer or the Subsidiary Guarantors will send annual or other periodic reports to holders of Securities at least annually. Such reports will include
a reminder that: (i) each beneficial holder that is a U.S. person is required to be both a QIB and a QP that can make the representations and agreements set forth in the Offering Memorandum under the caption “Transfer Restrictions”,
(ii) the Securities can be transferred only to another U.S. person that is both a QIB and a QP that can make such representations and agreements or in an offshore transaction in accordance with Rule 904 under the Act and (iii) any such
transfer not in accordance with such provisions is void ab initio and the Issuer has the right to force any beneficial holder who is in breach of any such representations and agreements to sell or redeem its Securities. The Issuer or the
Subsidiary Guarantors will send the annual or periodic report, together with the reminder, to each subsequent purchaser with a request that such subsequent purchaser pass the notifications along to beneficial owners of Securities. The Issuer or the
Subsidiary Guarantors will arrange for the report and the reminder to be sent to participants identified by the book-entry system(s) in which the Securities are deposited, with a request that participants pass them along to beneficial owners.

 (b) Bloomberg. The Issuer shall ensure that any Bloomberg screen containing information about any Security includes
the following (or substantially similar) language: 
 (i) The “Note Box” on the bottom of the
“Security Display” page describing the Security should state “Iss’d Under 144A/3c7.” 

(ii) The “Security Display” page should have a flashing red indicator that states “Additional Note
Pg.” 
 (iii) The indicator referred to in clause (ii) above should link to the “Additional
Security Information” page, which should state that the Securities “are being offered in reliance on the exemption from registration under Rule 144A of the Act to persons who are both (A) qualified institutional buyers (as defined in
Rule 144A under the Act) and (B) qualified purchasers (as defined in Section 2(a)(51) of the Investment Company Act).” 
 (iv) The “Disclaimer” page for the Securities should state that the Securities “will not be and have not been registered under the Act and the Issuer is not required to be and has not been
registered under the Investment Company Act, and these securities may not be offered or sold to U.S. persons absent an applicable exemption from the registration requirements and any such offer or sale of these securities to U.S. persons must be in
accordance with Section 3(c)(7) of the Investment Company Act.” 
 (c) Other Information Service Providers. In
the event that Telekurs, Reuters or any other information service provider becomes an important source of information in the secondary market for the Securities, the Issuer shall ensure that any screen of any such provider containing information
about any Security includes language substantially similar to the language set forth in paragraph (b) above. 

 (d) DTC. The Issuer will instruct the Depository Trust Company
(“DTC”) to take the following (or substantially similar) steps with respect to the Securities: 

(i) 3(c)(7) Marker: The DTC 20-character descriptor for the Securities and the 48-character additional descriptor
shall include a “3c7” marker that indicates that sales, resales, pledges, exchanges or other transfers of beneficial interests to U.S. persons are limited to QIBs that are also QPs; 

(ii) Settlement Notice: Where the deliver order ticket that DTC delivers after settlement for the Securities is
physical, it will have the 20-character descriptor printed on it. Where the deliver order ticket is electronic, it will have a “3c7” indicator and a related user manual for participants, which will contain a description of the relevant
restrictions, substantially in the form attached as Attachment A to the memorandum titled “Revised Procedures for Book-Entry Deposit of Rule 144A Securities Relying on Section 3(c)(7) of the Investment Company Act” (the
“Procedures Memorandum”); 
 (iii) Initial Important Notice: DTC shall send an
“Important Notice” outlining the 3(c)(7) and other transfer restrictions with respect to the Global Notes (as defined below) to all DTC participants in connection with the initial offering, substantially in the form attached as Attachment
C to the Procedures Memorandum; 
 (iv) Additional Important Notices: Up to one time per year, upon the
request of the Issuer, DTC shall re-issue the “Important Notice”; 
 (v) List of Participants:
Upon request of the Issuer, DTC shall provide to the Issuer a list of all DTC participants holding interests in the Global Notes; and 
 (vi) List of Securities: DTC shall include in its “Reference Directory” it makes available to its participants the name of the Issuer on the list of all issuers who have advised DTC that
they are 3(c)(7) issuers, the CUSIP number of one or more global notes representing the Securities (collectively, the “Global Notes”) and a paragraph explaining the transfer restrictions for the Global Notes in more detail,
substantially in the form attached as Attachment B to the Procedures Memorandum. 
 (e) The Issuer shall verify with the CUSIP
Bureau that the confirmations relating to trades of the Securities sold in reliance on Rule 144A contain a CUSIP number which has a fixed field attached thereto containing “Section 3(c)(7)” and “Rule 144A” indicators. 

 (f) Forced Sale or Redemption for Non-QIBs/QPs. The Issuer has the right under the
Indenture to require any holder of a Security (or beneficial interest therein) that is a U.S. person and is determined not to have been both (i) a QIB and (ii) a QP at the time of acquisition of such Security or is otherwise determined to
be in breach, at the time given, of any of the representations and agreements contained in the Offering Memorandum under “Transfer Restrictions” to transfer such Security (or beneficial interest therein) to a transferee acceptable to the
Issuer who is able to and who does make all of the representations and agreements set forth in the Offering Memorandum under “Transfer Restrictions” or redeem such Security (or beneficial interest therein) on specified terms. Pending such
transfer or redemption, such holder will be deemed not to be the holder of such Security for any purpose, including but not limited to receipt of interest and principal payments on such Security, and such holder will be deemed to have no interest
whatsoever in such Security except as otherwise required to sell or redeem its interest therein. 
 (g) Legends. The
Issuer will not remove the legends or portion thereof relating to Section 3(c)(7) of the Investment Company Act described in the Preliminary Offering Memorandum and the Offering Memorandum and the Indenture from the Securities sold in reliance
on Rule 144A so long as the Issuer is relying on the exemption from registration under the Investment Company Act provided by Section 3(c)(7) thereof. 
 (h) Participant Directed Employee Plans. The Issuer and the Subsidiary Guarantors will not offer the Securities in its own or any affiliated participant-directed employee plan.EX-4.40

 Exhibit 4.40 
 Execution version 
  
  

Interpharma Holdings & Management Corporation 
  

 
 Pharma Industries Holdings Limited

  
  
 MCE (Philippines) Investments Limited 
  

 
 MCE (Philippines) Investments No. 2
Corporation 
  
  
 Acquisition Agreement 

 Contents 
  

									
	1	  	Definitions	  	 	1	  
		  	1.1	  	Definitions	  	 	1	  
		  	1.2	  	Construction	  	 	7	  
		  	1.3	  	Headings	  	 	9	  
			
	2	  	Conditions	  	 	9	  
		  	2.1	  	Conditions	  	 	9	  
		  	2.2	  	Best endeavours	  	 	10	  
		  	2.3	  	Regulatory Approvals	  	 	10	  
		  	2.4	  	Benefit and waiver of certain Conditions	  	 	10	  
		  	2.5	  	Notification of certain events	  	 	11	  
		  	2.6	  	Consultation if Conditions not met	  	 	11	  
		  	2.7	  	Failure to agree	  	 	12	  
		  	2.8	  	Effect of termination	  	 	12	  
			
	3	  	Sale and purchase of Sale Shares	  	 	12	  
		  	3.1	  	Sale of Sale Shares	  	 	12	  
		  	3.2	  	Title and risk	  	 	12	  
		  	3.3	  	Compliance with obligations	  	 	13	  
			
	4	  	Conduct and actions pending Closing	  	 	13	  
		  	4.1	  	Conduct of business	  	 	13	  
		  	4.2	  	Access to information	  	 	14	  
			
	5	  	Exclusivity	  	 	15	  
		  	5.1	  	No current discussions	  	 	15	  
		  	5.2	  	No shop restriction	  	 	15	  
		  	5.3	  	No talk and no due diligence	  	 	15	  
		  	5.4	  	Notification of approaches	  	 	16	  
			
	6	  	Authority to open new bank account	  	 	16	  
			
	7	  	Closing	  	 	16	  
		  	7.1	  	Date, time and place	  	 	16	  
		  	7.2	  	Interdependence with Subsidiary Sale Agreements	  	 	17	  
		  	7.3	  	Transfer of Sale Shares at Closing	  	 	17	  
		  	7.4	  	Obligations of the Selling Shareholders at Closing	  	 	17	  
		  	7.5	  	Obligations of the Buyer at Closing	  	 	19	  
		  	7.6	  	Company board meeting	  	 	20	  
		  	7.7	  	Interdependence of obligations	  	 	20	  
			
	8	  	Post Closing	  	 	20	  
		  	8.1	  	Receipt of Subsidiary Sale Amount	  	 	20	  
		  	8.2	  	Transfer of Commercial Documents	  	 	20	  
		  	8.3	  	Performance of Commercial Contracts	  	 	21	  
		  	8.4	  	Future intentions with the Company	  	 	21	  
		  	8.5	  	Maintenance of insurance	  	 	21	  
		  	8.6	  	Access to information	  	 	21	  

  
 i 

									
			
	9	  	Representations and warranties	  	 	22	  
		  	9.1	  	Representations and warranties	  	 	22	  
		  	9.2	  	Reliance by parties	  	 	22	  
		  	9.3	  	Survival of representations	  	 	22	  
		  	9.4	  	Notification of breach and compliance certificate	  	 	22	  
			
	10	  	Indemnities	  	 	23	  
		  	10.1	  	Selling Shareholders indemnity	  	 	23	  
		  	10.2	  	Buyers indemnity	  	 	23	  
		  	10.3	  	Tax indemnity	  	 	23	  
		  	10.4	  	Indemnity relating to Commercial Documents	  	 	25	  
		  	10.5	  	Indemnity relating to Ongoing Litigation	  	 	25	  
		  	10.6	  	Survival of indemnities	  	 	25	  
			
	11	  	Confidentiality	  	 	26	  
		  	11.1	  	Selling Shareholders’ obligations	  	 	26	  
		  	11.2	  	Buyers’ obligations	  	 	26	  
			
	12	  	Public announcements	  	 	27	  
		  	12.1	  	Announcement of Transaction	  	 	27	  
		  	12.2	  	Public announcements	  	 	27	  
		  	12.3	  	Permitted disclosure	  	 	28	  
		  	12.4	  	Statements on termination	  	 	28	  
			
	13	  	Notices	  	 	28	  
		  	13.1	  	General	  	 	28	  
		  	13.2	  	How to give a communication	  	 	28	  
		  	13.3	  	Particulars for delivery of notices	  	 	29	  
		  	13.4	  	Communications by fax	  	 	30	  
		  	13.5	  	Communications by email	  	 	30	  
		  	13.6	  	After hours communications	  	 	30	  
		  	13.7	  	Process service	  	 	30	  
			
	14	  	General	  	 	30	  
		  	14.1	  	Duty	  	 	30	  
		  	14.2	  	Legal costs	  	 	30	  
		  	14.3	  	Amendment	  	 	31	  
		  	14.4	  	Waiver and exercise of rights	  	 	31	  
		  	14.5	  	Rights cumulative	  	 	31	  
		  	14.6	  	Consents	  	 	31	  
		  	14.7	  	Further steps	  	 	31	  
		  	14.8	  	Governing law and jurisdiction	  	 	31	  
		  	14.9	  	Assignment	  	 	31	  
		  	14.10	  	Liability	  	 	31	  
		  	14.11	  	Counterparts	  	 	31	  
		  	14.12	  	Entire understanding	  	 	32	  
		  	14.13	  	Relationship of parties	  	 	32	  

  
 ii 

									
		  	14.14	  	 Specific performance
	  	 	32	  
		  	14.15	  	 Benefits held on trust
	  	 	32	  
		
	 Schedule 1 – Sale Shares
	  	 	33	  
		
	 Schedule 2 – Selling Shareholders’ representations and warranties
	  	 	34	  
		
	 Schedule 3 – Buyers’ representations and warranties
	  	 	40	  
		
	 Schedule 4 – Commercial Documents
	  	 	41	  
		
	 Schedule 5 – Documentary Evidence
	  	 	44	  
		
	 Execution
	  	 	45	  
		
	 Annexure A – Direction to Pay
	  	 	47	  

  
 iii

 Date 7 December 2012 
 Parties 
 Interpharma Holdings & Management Corporation
of 32nd floor, Zuellig Building, Makati Avenue corner
Paseo de Roxas, Makati City, Philippines (Interpharma) 
 Pharma Industries Holdings Limited of 32nd floor, Zuellig Building, Makati Avenue corner Paseo de Roxas, Makati
City, Philippines (Pharma) 
 MCE (Philippines) Investments Limited of Jayla Place, Wickams Cay I, Road Town, Tortola, British
Virgin Islands (MCE) 
 MCE (Philippines) Investments No. 2 Corporation of c/- 21st floor, Philamlife Tower, Paseo de Roxas, Makati, Metro Manila
Philippines (Co-lnvestor) 
 Background 
  

	A	Each Selling Shareholder is the legal and beneficial owner of the Sale Shares set out opposite its name in column 2 of the table in Schedule 1.

  

	B	The Sale Shares represent 93.06% of the total issued share capital in the Company. 

 

	C	The Selling Shareholders have agreed to sell, and the Buyers have agreed to buy, the Sale Shares on the terms of this document. 

Agreed terms 
  

	1	Definitions 

  

	1.1	Definitions 

 In this
document these terms have the following meanings: 
 A Class Share means a fully paid A class ordinary share in the
capital of the Company carrying the rights and obligations for that class set out in the Articles of Incorporation of the Company. 
 Advisers means in relation to an entity, its legal, financial and other expert advisers and agents. 

  
 1 

 Affiliate means, with a respect to a person: 

 

	 	(a)	any person which either directly or indirectly Controls, or which is Controlled by, or is under common Control with, the person; or 

 

	 	(b)	a director or secretary of that person, or any person who acts, or proposes to act, in concert with that person. 

Authorisation includes any consent, permit, licence, authorisation or exemption from, by, or with, a Regulatory Authority.

 B Class Share means a fully paid B class ordinary share in the capital of the Company carrying the rights and
obligations for that class set out in the Articles of Incorporation of the Company. 
 BIR means the Bureau of Internal
Revenue of the Republic of the Philippines. 
 Board means the board of directors of the Company. 

Business Day means a day which is not a Saturday, Sunday or a public holiday in the Republic of the Philippines or in Hong Kong.

 Buyer Confidential Information means any commercial, financial or technical information of any member of the Buyers
Group disclosed or supplied by or on behalf of any such entity to a Selling Shareholder or any of its Representatives, whether orally or visually or in documentary or electronic form and including the notes, records or copies made by a Selling
Shareholder or any of its Representatives of such information but excluding information which is in the public domain (other than as a result of a breach of this document by a Selling Shareholder) or otherwise previously known to a Selling
Shareholder. 
 Buyer Indemnified Parties means: 

 

	 	(a)	in respect of MCE, MCE and each member of the MCE Group, and the Officers and employees of each of those entities; and 

 

	 	(b)	in respect of Co-Investor, Co-Investor and the Officers of that entity. 

 Buyers means each of MCE and Co-Investor. 
 Buyers’ Broker means
UBS Securities Philippines, Inc., the broker appointed by the Buyer for the purpose of executing the special block sale under clause 7.3(a). 
 Buyers Group means the Buyers and each of their Affiliates (as defined in paragraph (a) of that definition) and Buyer Group Company means any one of them. 

Capital Gains Tax Liability means the capital gains tax liability of the Company arising as a result of the Subsidiary Sale.

 Closing means settlement of the sale and purchase of the Sale Shares in accordance with clause 6. 

Closing Certificate has the meaning given to that term in clause 7.4(a)(i). 

Closing Date means the Business Day immediately following the date on which the Condition in clause 2.1(c) is satisfied.

  
 2 

 Commercial Contract means each contract or arrangement listed in Part A of
schedule 4. 
 Commercial Documents means each contract, arrangement, permit, licence, or trade mark entered into,
or held, by the Company as listed in schedule 4. 
 Company means Manchester International Holdings Unlimited
Corporation, a corporation duly organised and existing under and by virtue of the laws of the Republic of the Philippines, and whose Shares are listed on the PSE under the ticker codes “MIH” and “MIHB”. 

Company Disclosure Materials means all information (written or oral) in connection with the affairs of the Group provided by or on
behalf of a Selling Shareholder or the Company to the Buyer or any of its Representatives as at the date of this document. 

Condition means a condition set out in clause 2.1. 
 Control means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of the concerned entity, whether through the ownership of voting
securities by contract, voting trusts, through majority membership on the board of directors or governing body of a corporation or other legal entity or otherwise. 
 Cut Off Date means 5pm on 21 December 2012, or such later date as the parties agree in writing. 
 Deferred Tax Liability means the deferred tax liability amounting to PhP8,660,000 on the audited balance sheet of the Company as at 31 December 2011. 

Direction to Pay means a direction to pay in the form set out in annexure A. 

Documentary Evidence means each form of documentary evidence listed in column 2 of the table in schedule 5. 

Encumbrance means an interest or power: 
  

	 	(a)	reserved in or over an interest in any asset; or 

  

	 	(b)	created or otherwise arising in or over any interest in any asset under any mortgage, charge, pledge, lien, hypothecation, trust or bill of sale,

 by way of security for the payment of a debt or other monetary obligation or the performance of any other
obligation. 
 Exclusivity Period means the period from and including the date of this document to and including the
earlier of: 
  

	 	(a)	the date this document is terminated in accordance with its terms; or 

  

	 	(b)	the Closing Date. 

 Group
means the Company and each of its Subsidiaries and Group Company means any one of them. 

  
 3 

 Insolvency Event means any of the following: 

 

	 	(a)	a person is or states that the person is unable to pay from the person’s own money all the person’s debts as and when they become due and payable;

  

	 	(b)	a person is taken or must be presumed to be insolvent or unable to pay the person’s debts under any applicable legislation; 

 

	 	(c)	an application or order is made for the winding up or dissolution or a resolution is passed or any steps are taken to pass a resolution for the winding up or
dissolution of a corporation; 

  

	 	(d)	an administrator, provisional liquidator, liquidator or person having a similar or analogous function under the laws of any relevant jurisdiction is appointed in
respect of a corporation or any action is taken to appoint any such person and the action is not stayed, withdrawn or dismissed within seven days; 

  

	 	(e)	a controller is appointed in respect of any property of a corporation; 

  

	 	(f)	a corporation is deregistered or notice of its proposed deregistration is given to the corporation; 

 

	 	(g)	a distress, attachment or execution is levied or becomes enforceable against any property of a person; 

 

	 	(h)	a person enters into or takes any action to enter into an arrangement (including a scheme of arrangement or deed of company arrangement), composition or compromise
with, or assignment for the benefìt of, all or any class of the person’s creditors or members or a moratorium involving any of them; or 

  

	 	(i)	anything analogous to or of a similar effect to anything described above under the law of any relevant jurisdiction occurs in respect of a person.

 Interphil means Interphil Laboratories, Inc, a corporation duly organised and existing under and by
virtue of the laws of the Republic of the Philippines. 
 Lancashire means Lancashire Realty Holding Corporation, a
corporation duly organised and existing under and by virtue of the laws of the Republic of the Philippines. 
 Letter of
Authority means a written notice or letter from the BIR seeking an examination, audit or investigation. 
 Loss means,
in relation to a person, any liability (whether actual, contingent or prospective), damage, loss, cost, or expense of whatsoever description incurred by the person, however arising (including contractual, tortious, legal, equitable or pursuant to
statute). 
 Management Services Agreement means the management services agreement between the Company and Interphil dated
1 January 2011. 

  
 4 

 Material Adverse Change means a matter, event or circumstance that occurs, is
announced or becomes known to the Selling Shareholders or the Company (whether or not it becomes public) prior to Closing where that matter, event or circumstance has, has had, or could reasonably be expected to have, individually or when aggregated
with all such matters, events or circumstances: 
  

	 	(a)	a 10% or greater decrease in the aggregate net book value of the Subsidiaries; or 

 

	 	(b)	a material adverse effect on the business, assets, liabilities or financial position, profitability or prospects of the Company. 

MCE Group means MCE and any person which either directly or indirectly Controls, or which is Controlled by, or is under common
Control with, MCE. 
 Mercator means Mercator Holdings corporation, a corporation duly organised and existing under and by
virtue of the laws of the Republic of the Philippines. 
 Officer means in relation to an entity, its directors, company
secretaries and senior executives. 
 Ongoing Litigation means each of the following matters: 

 

	 	(a)	 matter between the Company and OEP Philippines, Inc. (CA G.R. CV No. 92550) in the 15th Division, Court of Appeals, Manila; and 

 

	 	(b)	matter between the Company and Danilo M. Lucinario relating to the dismissal of Mr Lucinario. 

PSE means Philippines Stock Exchange. 
 Purchase Price means the total amount of PhP1,259,000,000 payable in such manner, and to such persons, as set out in clause 7.5. 

Regulatory Approval means: 
  

	 	(a)	any approval, consent, authorisation, registration, filing, lodgement, permit, franchise, agreement, notarisation, certificate, permission, licence, approval,
direction, declaration, authority or exemption from, by or with a Regulatory Authority; or 

  

	 	(b)	in relation to anything that would be fully or partly prohibited or restricted by law if a Regulatory Authority intervened or acted in any way within a specified period
after lodgement, filing, registration or notification, the expiry of that period without intervention or action. 

Regulatory Authority means any Philippine or foreign government or governmental, semi-governmental, administrative, fiscal,
municipal, local, regulatory or judicial entity, instrumentality, commission, tribunal, agency or authority or any Minister, department, office or delegate of any government. It includes a self-regulatory organisation established under statute, the
SEC, the PSE, and any other stock exchange (as appropriate). 
 Representative means, in relation to a body corporate,
each of its Affiliates, and any Officers, employees and Advisers of the body corporate or its Affiliates. 
 Sale Shares
means the Shares set out opposite the name of each Selling Shareholder in column 2 of the table in schedule 1. 

  
 5 

 SEC means the Securities and Exchange Commission of the Republic of the Philippines.

 Selling Shareholder Amount means PhP200,000,000. 

Selling Shareholders means each of Interpharma and Pharma. 
 Selling Shareholders’ Broker means Maybank ATR Kim Eng Securities, the broker appointed by the Selling Shareholders to execute the special block sale under clause 7.3(a). 

Selling Shareholder Confidential Information means any commercial, financial or technical information of any member of the Group
disclosed or supplied by or on behalf of any such entity to a Buyer or any of its Representatives, whether orally or visually or in documentary or electronic form and including the notes, records or copies made by a Buyer or any of its
Representatives of such information but excluding information which is in the public domain (other than as a result of a breach of this document by the Buyer) or otherwise previously known to the Buyer. 

Selling Shareholders’ Indemnified Parties means each Selling Shareholder and the Officers and employees of each of those
entities. 
 Selling Shareholders’ Warranties means the representations and warranties of the Selling Shareholders
set out in schedule 2. 
 Share means an A Class Share or a B Class Share. 

Subsidiaries means Interphil and Lancashire. 
 Subsidiary Sale means the sale of all of the Company’s shares in Interphil to Interpharma, and the sale of all of the Company’s shares in Lancashire to Mercator, in each case, under the
Subsidiary Sale Agreement. 
 Subsidiary Sale Agreements means: 

 

	 	(a)	the deed of assignment dated on or around the date of this document between the Company and Interpharma in respect of the sale of the Company’s shares in Interphil
to Interpharma; and 

  

	 	(b)	the deed of assignment dated on or around the date of this document between the Company and Mercator, in respect of the sale of the Company’s shares in Lancashire
to Mercator. 

 Subsidiary Sale Amount means PhP1,059,000,000. 

Tax includes all national, local and foreign taxes, charges, fees, licenses or other assessments imposed by any tax authority,
whether domestic or foreign, including any interest, penalties or additions to any tax applicable thereto. 
 Tax
Liability means a Loss relating to Tax incurred or payable by a Buyer Indemnified Party or the Company. 
 Tender
Offer means the mandatory offer which, subject to exemptive relief, is required by the laws of the Republic of Philippines, to be made by the Buyers (or their nominee) to acquire all of the Shares held by the shareholders of the 

Company (other than the Sale Shares to be acquired by the Buyers) on entering into this document. 

  
 6 

 Third Party Proposal means: 

 

	 	(a)	a transaction which, if completed, would mean a person (other than the Buyers) would, directly or indirectly: 

 

	 	(i)	acquire all or a substantial part of the assets or business of the Company; 

 

	 	(ii)	acquire an interest in 10% or more of the Company’s voting shares, or enter into any cash settled equity swap or other derivative contract arrangement in respect
of (when aggregated with any existing shareholding of the person or its Affiliates) 10% or more of the Company’s share capital; or 

  

	 	(iii)	acquire Control of the Company; 

  

	 	(b)	a transaction which, if completed, would mean a person (other than the Selling Shareholders) would, directly or indirectly: 

 

	 	(i)	acquire all or a substantial part of the assets or business of the Subsidiaries; 

 

	 	(ii)	acquire an interest in 10% or more of either of the Subsidiaries’ voting shares, or enter into any cash settled equity swap or other derivative contract
arrangement in respect of (when aggregated with any existing shareholding of the person or its Affiliates) 10% or more of either of the Subsidiaries’ share capital; or 

 

	 	(iii)	acquire Control of the Company; 

  

	 	(c)	a mandatory offer or other takeover bid, scheme of arrangement, amalgamation, merger, capital reconstruction, consolidation, purchase of main undertaking or other
business combination involving any Group Company; or 

  

	 	(d)	any agreement, arrangement or understanding requiring a Selling Shareholder to abandon, or otherwise fail to proceed with, the Transaction or which is otherwise
prejudicial to the Transaction, 

 and for the avoidance of any doubt, does not include the Subsidiary Sale.

 Transaction means the sale and purchase of the Sale Shares under this document. 

 

	1.2	Construction 

 Unless
expressed to the contrary, in this document: 
  

	 	(a)	words in the singular include the plural and vice versa; 

  

	 	(b)	any gender includes the other genders; 

  

	 	(c)	if a word or phrase is defined its other grammatical forms have corresponding meanings; 

 

	 	(d)	‘includes’ means includes without limitation; 

  
 7 

	 	(e)	no rule of construction will apply to a clause to the disadvantage of a party merely because that party put forward the clause or would otherwise benefit from it;

  

	 	(f)	a reference to: 

  

	 	(i)	a holder includes a joint holder; 

  

	 	(ii)	a party means a party to this document; 

  

	 	(iii)	a person includes: 

  

	 	(A)	a partnership, joint venture, unincorporated association, corporation and a government or statutory body or authority; and 

 

	 	(B)	the person’s legal personal representatives, administrators, successors, assigns and persons substituted by novation; 

 

	 	(iv)	any legislation includes subordinate legislation under it and includes that legislation and subordinate legislation as modified or replaced; 

 

	 	(v)	an obligation includes a warranty or representation and a reference to a failure to comply with an obligation includes a breach of warranty or representation;

  

	 	(vi)	a right includes a benefit, remedy, discretion or power; 

  

	 	(vii)	time is to local time in Manila, Republic of the Philippines; 

  

	 	(viii)	‘PhP’ is a reference to Philippines Pesos, the currency of the Republic of the Philippines; 

 

	 	(ix)	this or any other document includes the document as novated, varied or replaced and despite any change in the identity of the parties; 

 

	 	(x)	writing includes any mode of representing or reproducing words in tangible and permanently visible form, and includes fax transmissions; 

 

	 	(xi)	this document includes all schedules and annexures to it; 

  

	 	(xii)	a clause, schedule or annexure is a reference to a clause, schedule or annexure, as the case may be, of this document; and 

 

	 	(xiii)	an obligation of liability of the Selling Shareholders under this document binds each Selling Shareholder jointly and severally; 

 

	 	(g)	if the date on or by which any act must be done under this document is not a Business Day, the act must be done on or by the next Business Day; and

  

	 	(h)	where time is to be calculated by reference to a day or event, that day or the day of that event is excluded. 

  
 8 

	1.3	Headings 

 Headings do not
affect the interpretation of this document. 
  

	2	Conditions 

  

	2.1	Conditions 

 The
obligations of the parties at closing are conditional on each of the following conditions being satisfied or waived in accordance with clause 2.4: 
  

	 	(a)	(Subsidiary Sale Agreements) the execution of each of the Subsidiary Sale Agreements by the parties to those documents in a form satisfactory to the Buyers;

  

	 	(b)	(minimum level of cash) the Buyers are satisfied (acting reasonably) that the Company has, immediately before closing, a cash balance of not less than
PhP84,600,000; 

  

	 	(c)	(PSE Special Block Approval) the PSE grants its written approval to the Transaction being conducted by way of a special block transfer on the PSE;

  

	 	(d)	(no shareholder claims) no shareholder of the Company has raised (or has proposed to raise) any objection to, complaint with, or claim against, the Company or
any party arising from, in connection with, or concerning either the Transaction or the Subsidiary Sale, which has not been resolved by the parties as at Closing Date; 

 

	 	(e)	(representations and warranties of the Selling Shareholders): the Selling Shareholders’ Warranties are true and correct at all times up to the Closing Date;

  

	 	(f)	(representations and warranties of the Buyers) the representations and warranties of the Buyers in schedule 3 are true and correct at all times up to the
Closing Date; 

  

	 	(g)	(no Material Adverse Change): no Material Adverse Change occurs or becomes apparent between the date of this document and Closing; 

 

	 	(h)	(no breach): no event set out in clause 4.1 occurs between the date of this document and Closing Date; 

 

	 	(i)	(termination of Management Services Agreement) on or before the Closing Date, the Management Services Agreement is terminated with effect from Closing under a
termination agreement, which must be in a form satisfactory to the Buyers; and 

  

	 	(j)	(transfer or termination of Commercial Documents) the Buyers are satisfied that by the Closing Date, each Commercial Document is assigned or novated to a
Subsidiary or is otherwise terminated by the Company, in each case without any liability to the Company whatsoever. 

  
 9 

	2.2	Best endeavours 

 Each
party must use its best endeavours to ensure that: 
  

	 	(a)	each of the Conditions is satisfied as soon as practicable after the date of this document, and continues to be satisfied at all times until the last time it is to be
satisfied (as the case may require), and in any event before the Cut Off Date; and 

  

	 	(b)	there is no event or circumstance within the reasonable control or influence of that party that would prevent the Conditions being satisfied. 

 

	2.3	Regulatory Approvals 

Without limiting the generality of clause 2.2: 
  

	 	(a)	each party that is responsible for obtaining a Regulatory Approval must promptly apply for such Regulatory Approval, providing a copy to the other party of all such
applications, and take all steps it is responsible for as part of the approval process, including responding to requests for information at the earliest practicable time; and 

 

	 	(b)	each party must use reasonable endeavours to consult with the other in advance in relation to all material communications with any Regulatory Authority relating to any
Regulatory Approval and provide the other party with all information reasonably requested in connection with the application for any Regulatory Authority. 

 

	2.4	Benefit and waiver of certain Conditions 

  

	 	(a)	The Conditions (other than the Condition in clause 2.1(f)) are for the benefit of the Buyers and may only be waived by the Buyers in writing, and will be
effective only to the extent specifically set out in that waiver. 

  

	 	(b)	The Condition in clause 2.1(f) is for the benefit of the Selling Shareholders and may only be waived by the Selling Shareholders in writing, and will be
effective only to the extent specifically set out in that waiver. 

  

	 	(c)	If a waiver by the Buyers or the Selling Shareholders (as applicable) of a Condition is itself conditional and the Buyers or Selling Shareholders (as applicable) accept
the condition, the terms of that condition apply accordingly. If the Buyers or the Selling Shareholders (as applicable) do not accept a conditional waiver of the Condition, the Condition has not been waived. 

 

	 	(d)	If the Buyers waive the breach or non-fulfìlment of any of the Conditions (other than the Condition in clause 2.1(f)), that waiver will not preclude them
from suing the Selling Shareholders for any breach of this document, including a breach that resulted in the non-fulfilment of the Condition that was waived. 

 

	 	(e)	If the Selling Shareholders waive the breach or non-fulfilment of the Condition in clause 2.1(f), that waiver will not preclude them from suing the Buyers for
any breach of this document, including a breach that resulted in the non-fulfilment of that Condition. 

  
 10 

	 	(f)	Unless specified in the waiver, a waiver of the breach or non-fulfilment of any Condition will not constitute: 

 

	 	(i)	a waiver of breach or non-fulfilment of any other Condition resulting from events or circumstances giving rise to the breach or non-fulfilment of the first Condition;
or 

  

	 	(ii)	a waiver of breach or non-fulfilment of that Condition resulting from any other event or circumstance. 

 

	2.5	Notification of certain events 

 Each party must: 
  

	 	(a)	(keep informed) promptly and reasonably inform the other either directly or through its Advisers of the steps it has taken and of its progress towards
satisfaction of the Conditions; 

  

	 	(b)	(notice of satisfaction) promptly notify the other if it becomes aware that any Condition has been satisfied; 

 

	 	(c)	(notice of failure) promptly notify the other if it becomes aware that any Condition has failed to be satisfied or has become incapable of being satisfied or is
not reasonably capable of being satisfied or of any circumstances which may reasonably be expected to lead to such a state of affairs; and 

  

	 	(d)	(notice of waiver) after having given or received a notice in accordance with clause 2.5(c) in relation to a Condition that it is entitled under clause
2.4 to waive, give notice to the other party as soon as possible (and in any event no later than five Business Days) as to whether or not it waives the breach or non-fulfilment of the relevant Condition, specifying the Condition in question.

  

	2.6	Consultation if Conditions not met 

 If: 
  

	 	(a)	there is a breach or non-fulfilment of a Condition which is not waived in accordance with this document by the time or date specified in this document for its
satisfaction; or 

  

	 	(b)	there is an act, failure to act, event or occurrence which will prevent a Condition being satisfied by the time or date specified in this document for its satisfaction
(and the breach or non-fulfilment of the Condition which would otherwise occur has not already been waived), 

then the parties will consult in good faith with a view to determining whether: 

 

	 	(c)	the Transaction may proceed by way of alternative means or methods and, if so, to agree on the terms of such alternative means or methods; 

 

	 	(d)	to extend the relevant time or date for satisfaction of the Conditions; or 

 

	 	(e)	to extend the Cut Off Date. 

  
 11 

	2.7	Failure to agree 

  

	 	(a)	If the parties are unable to reach agreement under clause 2.6 within five Business Days, then unless that Condition is waived in accordance with clause
2.4, a party entitled to the benefit of that Condition may (subject to clause 2.7(b)) terminate this document. 

  

	 	(b)	A party will not be entitled to terminate this document pursuant to clause 2.7(a) if the relevant Condition has not been satisfied as a result of:

  

	 	(i)	a breach of this document by that party; or 

  

	 	(ii)	a deliberate act or omission of that party which either alone or together with other circumstances prevents that Condition from being satisfied.

  

	2.8	Effect of termination 

 If
this document is terminated by a party under clause 2.7(a): 
  

	 	(a)	each party will be released from its obligations under this document except its obligations under clauses 10, 11, 12 and 14 which will survive
termination; 

  

	 	(b)	each party will retain the rights it has or may have against the other party in respect of any breach of this document prior to termination; and

  

	 	(c)	in all other respects, all future obligations of the parties under this document will immediately terminate and be of no further force or effect.

  

	3	Sale and purchase of Sale Shares 

  

	3.1	Sale of Sale Shares 

 On
Closing: 
  

	 	(a)	Pharma must sell, and MCE must buy, the Sale Shares set out against Pharma’s name in column 2 of the table in schedule 1; and 

 

	 	(b)	Interpharma must sell, and Co-Investor must buy, the Sale Shares set out against Interpharma’s name in column 2 of the table in schedule 1,

 (together with all benefits, rights and entitlements accrued or attaching to those Sale Shares on or after the
date of this document) for the Purchase Price in the proportions set out in column 4 of the table in schedule 1, free from all Encumbrances and the claims and interests of any third parties, in accordance with, and on the terms of, this
document. 
  

	3.2	Title and risk 

 Legal and
beneficial title to the Sale Shares (and property and risk in them) will pass to the Buyers on and from Closing. 

  
 12 

	3.3	Compliance with obligations 

 Each party must do all acts and things within its power as may be necessary or desirable for the implementation and performance of the Transaction on a basis consistent with this document, and in
particular each party must do everything reasonably within its power to ensure that the Transaction is effected in accordance with all laws and regulations applicable in relation to the Transaction, and utilise all necessary resources (including
management resources and the resources of external Advisers) to comply with their respective obligations under this document. 
  

	4	Conduct and actions pending Closing 

  

	4.1	Conduct of business 

  

	 	(a)	From the date of this document up to and including the Closing Date, the Selling Shareholders must procure that the Company conducts its business in the ordinary course
and in substantially the same manner as previously conducted, including: 

  

	 	(i)	compliance in all material respects with all applicable laws and regulations; 

 

	 	(ii)	maintaining its assets; 

  

	 	(iii)	maintaining each of its insurance policies in place as at the date of this document; and 

 

	 	(iv)	keeping available the services of its Officers. 

  

	 	(b)	Despite clause 4.1(a), from the date of this document up to and including the Closing Date, the Selling Shareholders must procure that the Company does not:

  

	 	(i)	increase, reduce or otherwise alter the share capital of the Company (including by creating, allotting or issuing new share capital) or grant any options for the issue
of shares or other securities in the Company; 

  

	 	(ii)	distribute or return any capital of the Company, or declare or pay any dividend or other distribution (in cash or otherwise) to the shareholders of the Company;

  

	 	(iii)	buy back or redeem any of its shares; 

  

	 	(iv)	alter, or agree to alter, its articles of incorporation or any other constituent document; 

 

	 	(v)	distribute or revalue any of its assets; 

  

	 	(vi)	acquire, lease or dispose, or agree to acquire, lease or dispose of, any asset; 

 

	 	(vii)	enter into joint venture, partnership or other similar commercial arrangements; 

  
 13 

	 	(viii)	incur any actual or contingent liabilities; 

  

	 	(ix)	incur any indebtedness or issue any indebtedness by way of borrowings, loans or advances; 

 

	 	(x)	make capital expenditure not previously approved under any budget disclosed to the Buyers; 

 

	 	(xi)	cause or permit any Encumbrance to be created over any of its business, assets, property or undertakings; 

 

	 	(xii)	acquire or agree to acquire any share, shares or other interest in any legal entity; 

 

	 	(xiii)	engage any new employee; 

  

	 	(xiv)	pay any bonus or termination payment to, or increase the compensation of, any Officer or employee of the Company or the Group Company, other than in accordance with a
written contract of employment previously disclosed to the Buyers; 

  

	 	(xv)	terminate the employment, or amend the terms of employment, of any its employees, except as required by any applicable law; 

 

	 	(xvi)	enter into any contract or commitment without the prior written consent of the Buyers; 

 

	 	(xvii)	vary, terminate or fail to renew any of its contracts, Authorisations or commitments; 

 

	 	(xviii)	change any accounting method, practice or principle used by it; 

  

	 	(xix)	initiate, settle or compromise (or agree to do so) any claims, actions or legal proceedings; 

 

	 	(xx)	grant (or agree to grant) a loan, gift or other distribution to any Selling Shareholder or any other person or entity whatsoever; or 

 

	 	(xxi)	pass any resolution of its shareholders. 

  

	 	(c)	Nothing in this clause 4.1 restricts or prevents any Selling Shareholder, the Company or any other Group Company from doing anything which is:

  

	 	(i)	expressly contemplated or required by this document; or 

  

	 	(ii)	approved by the Buyers in writing, such approval not to be unreasonably withheld, conditioned or delayed. 

 

	4.2	Access to information 

From the date of this document, the Selling Shareholders must: 

 

	 	(a)	procure that each Buyer, and any person authorised by a Buyer, on reasonable notice, is given all reasonable access during normal business hours to such documents,
records and other information (subject to any existing confidentiality obligations owed to third parties), premises, personnel and Advisers of the Company as the Buyer reasonably requires for the purpose of: 

  
 14 

	 	(i)	understanding the Company’s financial position; 

  

	 	(ii)	meeting the Buyers’ obligations under this document; 

  

	 	(iii)	facilitating the smooth implementation of plans of the Buyers for the Company following Closing; 

 

	 	(iv)	verifying warranties; and 

  

	 	(v)	any other purpose which is agreed in writing between the parties; and 

  

	 	(b)	as soon as reasonably practicable provide to each Buyer, and any person authorised by a Buyer, all reasonable information of the Company reasonably requested by them.

  

	5	Exclusivity 

  

	5.1	No current discussions 

Each Selling Shareholder represents and warrants to the Buyers that, as at the date of this document, neither it nor the Company nor any
of their Representatives: 
  

	 	(a)	is participating, directly or indirectly, in any discussions or negotiations with any persons that concern, or could reasonably be expected to lead to, a Third Party
Proposal; or 

  

	 	(b)	is a party to any agreement, arrangement or understanding with any person that may prevent them from entering into this document, or that may prevent them from
complying with their obligations under this document. 

  

	5.2	No shop restriction 

During the Exclusivity Period, the Selling Shareholders must ensure that neither it nor the Company nor any of their Representatives
directly or indirectly solicit, invite, facilitate, initiate or encourage the submission of, any enquiries, negotiations or discussions, or communicate to any person an intention to do any of these things which might lead to obtaining any expression
of interest, offer or proposal from any other person in relation to a Third Party Proposal. 
  

	5.3	No talk and no due diligence 

 During the Exclusivity Period, the Selling Shareholders must not and must ensure that the Company and each of their Representatives do not: 

 

	 	(a)	directly or indirectly enter into or participate in any discussions or negotiations with any person regarding a Third Party proposal; 

 

	 	(b)	grant any other person any right or access to conduct due diligence investigations in respect of any Group Company; 

 

	 	(c)	enter into any agreement, arrangement or understanding in relation to, or which might lead to, a Third Party Proposal; or 

  
 15 

	 	(d)	endorse, or propose to endorse, any Third Party Proposal, 

 even if that Third Party Proposal was not directly solicited, invited, encouraged, or initiated by a Selling Shareholder, the Company or any of their Representatives or the person has publicly announced
the Third Party Proposal. 
  

	5.4	Notification of approaches 

  

	 	(a)	During the Exclusivity Period, the Selling Shareholders must promptly notify the Buyers in writing of: 

	 	(i)	any approach, inquiry or proposal made to, and any attempt to initiate negotiations or discussions with, a Selling Shareholder, the Company or any of their
Representatives with respect to any Third Party Proposal; or 

	 	(ii)	any request for information relating to any of the Selling Shareholders, the Company or any Group Company or any of their businesses or operations, if any of the
Selling Shareholders, the Company or their Representatives has reasonable grounds to suspect that it may relate to a current or future Third Party Proposal. 

 

	 	(b)	A notice under this clause must include comprehensive details of the applicable matter (including key details of the Third Party Proposal and the identity of that
person). 

  

	6	Authority to open new bank account 

  

	 	(a)	As soon as practicable after the date of this document, and by no later than 11 December 2012, the Selling Shareholders must ensure that the Company appoints MCE as its
attorney to do all things necessary (including execute all necessary documents on behalf of the Company) for the purpose of opening a new bank account in the name of the Company to receive amounts in accordance with clause 7.4(b)(ii), and to
appoint authorities to operate such bank account as determined by MCE at its sole discretion. 

  

	 	(b)	Before Closing, the Selling Shareholders must, and must ensure that the Company must, provide all reasonable assistance (including provision of all necessary
information) required by MCE to enable it to open such new bank account as referred to in clause 6(a). 

  

	7	Closing 

  

	7.1	Date, time and place 

Closing must take place at 10:00am on the Closing Date at the law offices of Picazo Buyco Tan Fider & Santos, Liberty Center, Makati
City, Manila, or such other time and place as the parties agree in writing. 

  
 16 

	7.2	Interdependence with Subsidiary Sale Agreements 

 This document is interdependent with the Subsidiary Sale Agreements and neither the Selling Shareholders nor the Buyers are obliged to close under this document unless closing has occurred under each of
the Subsidiary Sale Agreements or all parties to the Subsidiary Sale Agreements are ready, willing and able to close under those documents on the Closing Date. lf closing has not occurred, or does not occur, under each of the Subsidiary Sale
Agreements on or prior to the Closing Date, then Closing will not occur under this document and this document will be deemed to be terminated. 
  

	7.3	Transfer of Sale Shares at Closing 

  

	 	(a)	The parties acknowledge and agree that, subject to Closing, the Sale Shares will be transferred to the Buyers via a special block sale through the facilities of the PSE
on the Closing Date in accordance with the rules of the PSE and the SEC. 

  

	 	(b)	The Selling Shareholders must ensure that the Sale Shares are in a scrip-less form and lodged with the Philippine Depositary Trust Corporation for the purpose of
executing the special block sale under clause 7.3(a) within 3 Business Days after execution of this document. 

  

	 	(c)	All fees payable in connection with the special block sale must be borne equally between the parties. 

 

	7.4	Obligations of the Selling Shareholders at Closing 

 At Closing, each Selling Shareholder must: 
  

	 	(a)	deliver to the Buyers, or procure the delivery to the Buyers of: 

  

	 	(i)	a certificate, in a form satisfactory to the Buyers, duly executed by each Selling Shareholder, confirming that as at the Closing Date each Condition (other than those
waived under clause 2.4) has been satisfied in accordance with this document (Closing Certificate), together with all Documentary Evidence; 

  

	 	(ii)	signed resignations of each director, secretary and any other officer of the Company as required by the Buyers, in each case, in a form satisfactory to the Buyers
including written notice to the effect that they have no claim outstanding for loss of office, remuneration or otherwise against the Company; 

  

	 	(iii)	copies of the minutes of meeting or written resolutions of the directors of the Company approving, among other things, the matters contemplated by clause 7.6 in
a form agreed between the Selling Shareholders and the Buyers; 

  

	 	(iv)	the Direction to Pay, duly executed by each Selling Shareholder; 

  

	 	(v)	originals of each duly executed assignment, novation, or termination (as applicable) in respect of each Commercial Document, in a form satisfactory to the Buyers, but
where any regulatory approval or counterparty consent is required to assign, novate or terminate a Commercial Document, only to the extent that such approval or consent has been obtained in writing before the Closing Date; 

  
 17 

	 	(vi)	a certificate, in a form satisfactory to the Buyers, duly executed by each Selling Shareholder and the Company, confirming that completion of the transfer of all of the
Company’s shares in each of the Subsidiaries has occurred under the Subsidiary Sale Agreements; 

  

	 	(vii)	a certificate, in a form satisfactory to the Buyers, duly executed by each Selling Shareholder and the Company, confirming that there are no payments that remain
outstanding that need to be made by the Company against the minimum level of cash required to be maintained by the Company to satisfy the Condition in clause 2.1(b); 

 

	 	(viii)	an undertaking, in a form satisfactory to the Buyers, from Interphil to perform each Commercial Contract and to indemnify the Buyers and the Company in respect of each
Commercial Contract in accordance with clause 8.3, duly executed by Interphil; 

  

	 	(ix)	an authorisation letter, in a form satisfactory to the Buyers, from each of the Subsidiaries to their auditors authorising the auditor to disclose to the Buyers and the
Company all financial information and records of the Subsidiaries in respect of the period on or before the Closing Date as the Company or the Buyers may reasonably require to prepare and complete their financial statements, duly executed by each
Subsidiary; 

  

	 	(x)	all necessary documents, duly executed by the Company, to revoke the existing authorities to operate, draw on or have access to the bank accounts(s) of the Company with
effect from Closing; 

  

	 	(xi)	complete and up-to-date originals of all contracts, employment agreements (if any) and books and records of the Company, including all corporate records (including
articles of incorporation, minute books and registers), tax records and financial records of the Company; 

  

	 	(xii)	certified copies of all outstanding purchase orders under each Commercial Contract which has not been assigned or novated, or otherwise terminated, in each case by the
Closing Date, together with written confirmation duly executed by the Selling Shareholders, in a form satisfactory to the Buyers, that there are no other purchase orders under any contract issued to the Company that remain unfulfilled at Closing,
and that there is no contract or other commercial arrangement (other than the Commercial Contracts) to which the Company remains a party; 

  

	 	(xiii)	a written confirmation duly executed by each of the Subsidiaries warranting that there are no contracts (other than the Commercial Contracts) to which the Company is a
party, and there are no purchase orders under any contract (other than those purchase orders to be provided under clause 7.4(a)(xii)) issued to the Company that remain unfulfilled as at Closing; 

  
 18 

	 	(xiv)	all other things necessary or desirable to transfer the Sale Shares, to complete any other transaction contemplated by this document and to place the Buyers in
effective control of the Company; 

 (b) at the Buyers’ election, either: 

 

	 	(i)	provide to the Buyers written confirmation from the relevant bank(s) that the minimum level of cash required to be maintained by the Company to satisfy the Condition in
clause 2.1(b) is held in an account of the Company maintained by that bank; or 

  

	 	(ii)	transfer the minimum level of cash required to be maintained by the Company to satisfy the Condition in clause 2.1(b) to a bank account nominated by the Buyer
and advised to the Selling Shareholders and the Company at least one Business Day prior to the Closing Date; and 

  

	 	(c)	instruct the Selling Shareholders’ Broker to transfer the Sale Shares to the Buyers in accordance with the instructions of the Buyers. 

 

	7.5	Obligations of the Buyer at Closing 

  

	 	(a)	At closing, immediately after delivery of all documents required to be delivered to it under clause 7.4(a), the Buyers must instruct the Buyers’ Broker to
acquire on their behalf the Sale Shares, to be held by the Buyers’ Broker in accordance with the Buyers’ instructions. 

  

	 	(b)	settlement of the Purchase Price for the acquisition of the Sale Shares will be made by the Buyer as follows: 

 

	 	(i)	by paying to the Selling Shareholders in cash, the Selling Shareholder Amount via payment to the Selling Shareholders’ Broker; and 

 

	 	(ii)	by paying to the Company directly in accordance with the duly executed Direction to Pay, the Subsidiary Sale Amount in cash. 

 

	 	(c)	The selling shareholders acknowledge and agree that payment of the selling shareholder Amount to the selling shareholders’ Broker in accordance with clause
7.5(b)(i) will be deemed to be receipt of those funds by the Selling Shareholders and it will satisfy the Buyers’ obligation to pay that amount to the Selling Shareholders, and following such payment the Buyers will have no further
obligation in connection with the payment of the Selling Shareholder Amount. 

  

	 	(d)	As soon as practicable after making the payment under clause 7.5(b)(ii), the Buyers must provide to the selling shareholders a copy of the bank transfer
evidencing the remittance of the subsidiary sale Amount to the Company. 

  
 19 

	7.6	Company board meeting 

 On
Closing, the Selling Shareholders must procure that a meeting of the Board is held at which it is resolved that: 
  

	 	(a)	all existing authorities, as at the Closing Date, to operate, draw on or have access to the bank account(s) of the Company are revoked with effect from Closing, and new
replacement authorities (as nominated by the Buyers in their sole discretion) to operate, draw on or have access to the bank account(s) of the Company are approved with effect from Closing; 

 

	 	(b)	each person nominated by the Buyers is appointed as a director, secretary or other officer of the Company (as applicable); and 

 

	 	(c)	the resignations of each director, secretary and any other officer of the Company as required by the Buyers are accepted, 

subject to such timing and process as required to ensure compliance with the Articles of Incorporation of the Company. 

 

	7.7	Interdependence of obligations 

  

	 	(a)	The obligations of the parties in respect of Closing are interdependent and if all such obligations have not been performed, then no Closing may take place.

  

	 	(b)	Performance of the obligations of each party in respect of Closing is deemed to take place simultaneously and no delivery or payment will be taken to have been made
until all obligations of the parties have been performed. Once all such obligations have been performed, they must be treated as having been performed simultaneously on the date on which the final obligation is performed. 

 

	8	Post Closing 

  

	8.1	Receipt of Subsidiary Sale Amount 

 Within two Business Days after the Closing Date, the Buyers must procure that the Company provides to the Selling Shareholders a receipt confirming receipt of the Subsidiary Sale Amount in full and final
discharge of the obligations of Interpharma and Mecartor under each of the promissory notes issued to the Company by Interpharma and Mercator in connection with each of the Subsidiary Sale Agreements. 

 

	8.2	Transfer of Commercial Documents 

  

	 	(a)	To the extent any Commercial Document has not been assigned or novated to a Subsidiary by the Closing Date, then the Selling Shareholders must use their best endeavours
to do all things necessary to ensure that such Commercial Documents are assigned or novated, in a form satisfactory to the Buyers (acting reasonably), as soon as practicable after Closing. 

  
 20 

	 	(b)	The Selling Shareholders must pay all costs and expenses in connection with any consent to assignment or novation of any Commercial Document, including but not limited
to the costs of the Company and the Buyers (including all reasonably incurred legal costs of those parties), and to the extent applicable the costs or charges of any Regulatory Authority or counterparty. 

 

	 	(c)	If any consent or approval to assign or novate a Commercial Document is not obtained by [1 March 20131], the Buyers may procure that such Commercial Documents are dealt
with in such manner as they determine at their absolute discretion. 

  

	8.3	Performance of Commercial Contracts 

 In addition to the Selling Shareholders’ obligations under clause 8.2, to the extent any Commercial Contract has not been assigned or novated, or otherwise terminated, by the Closing Date, the
Selling Shareholders must, and must ensure that Interphil must, from Closing: 
  

	 	(a)	pay, perform and discharge all of the obligations of the Company under each Commercial Contract arising after the Closing Date and comply with the terms of each
Commercial Contract; and 

  

	 	(b)	indemnify the Buyers and the Company against all Losses suffered or incurred by the Buyers and the Company after the Closing Date in relation to any breach of, or
failure to comply with, the terms of a Commercial Contract. 

  

	8.4	Future intentions with the Company 

 The Buyers agree that as at the date of this document, subject to Closing, they intend to manage and operate the Philippines businesses of MCE Group through the Company. The Philippines operations of the
MCE Group may, among others, include its Philippines project, which is composed of the casino, hotel, retail and entertainment complex as referred to in the announcement of Melco Crown Entertainment Limited dated October 25, 2012, subject to
its completion. 
  

	8.5	Maintenance of insurance 

The Selling Shareholders must maintain, or must procure the continued maintenance of, product liability insurance for the Company to the
same level held by the Company as at Closing for a period of 3 years after the Closing Date. 
  

	8.6	Access to information 

  

	 	(a)	From Closing, the Selling Shareholders must ensure that each of the Subsidiaries must, on reasonable notice for a period of seven years, allow the Buyers and the
Company to have reasonable access during normal business hours to the business, corporate and financial records (including management accounts and tax records) of the Subsidiaries relating to the period prior to Closing and to take extracts from, or
copies of, such records at the Buyers’ or the Company’s expense, as necessary to enable the Company to comply with any legal obligations imposed on it and arising after Closing. 

  
 21 

	 	(b)	The Selling Shareholders agree that the Company may retain copies of any records relating to the Subsidiaries that it may require to enable it to comply with any
applicable law, after the Closing Date. 

  

	 	(c)	From Closing, the Selling Shareholders must ensure that each of the Subsidiaries provide all assistance to the Buyers and the Company, as they reasonably require, to
assist them with preparing for and completing any audits of the Company relating to the period prior to Closing, including ensuring that upon reasonable notice all relevant personnel of the Subsidiaries are available during normal business hours to
provide information and to answer any questions of the Buyers or the Company in connection with any such audits. 

  

	9	Representations and warranties 

  

	9.1	Representations and warranties 

 Each of the representations and warranties of the Selling Shareholders in schedule 2 and of the Buyers in schedule 3 is given, unless otherwise expressly stated, as at the date of this
document, and on each day up to the Closing Date. 
  

	9.2	Reliance by parties 

 Each
party (the representor) acknowledges that in entering into this document the other party has relied on the representations and warranties provided by the representor under schedule 2 and schedule 3 (as appropriate). 

 

	9.3	Survival of representations 

 The representations and warranties provided by each party under this clause 9: 
  

	 	(a)	are severable; 

  

	 	(b)	will survive the termination of this document; and 

  

	 	(c)	are given with the intent that liability under them will not be confined to breaches of them discovered prior to the date of termination of this document.

  

	9.4	Notification of breach and compliance certificate 

  

	 	(a)	The Buyers and the Selling Shareholders will respectively promptly advise each other in writing of: 

 

	 	(i)	a representation or warranty provided in this document by either party becoming false; or 

 

	 	(ii)	a breach of this document by it. 

  
 22 

	 	(b)	By 9.00a.m on the Closing Date, each of the Buyers and the Selling Shareholders must execute and deliver to the other party a certificate signed by a director that,
having made all relevant enquiries and except as previously disclosed in writing: 

  

	 	(i)	it has complied in all material respects with its obligations under this document; and 

 

	 	(ii)	the representations and warranties given by it under schedule 2 or schedule 3 (as appropriate) remain true and correct. 

 

	10	Indemnities 

  

	10.1	Selling Shareholders indemnity 

 The Selling Shareholders agree with the Buyers (on their own behalf and separately as trustee for each of the Buyer Indemnified Parties) to indemnify and keep indemnified the Buyer Indemnified Parties
from and against all Losses which a Buyer Indemnified Party may suffer or incur by reason of or in relation to: 
  

	 	(a)	a breach by the Selling Shareholders of any of the representations and warranties in Schedule 2; or 

 

	 	(b)	any breach by the Selling Shareholders of any covenant or undertaking on the part of the Selling Shareholders under this document. 

 

	10.2	Buyers indemnity 

 The
Buyers agree with the Selling Shareholders (on their own behalf and separately as trustee for each of the Selling Shareholders Indemnified Parties) to indemnify and keep indemnified the Selling Shareholders Indemnified Parties from and against all
Losses which a Selling Shareholders Indemnified Party may suffer or incur by reason of or in relation to: 
  

	 	(a)	a breach by the Buyers of any of the representations and warranties in Schedule 3; or 

 

	 	(b)	any breach by the Buyers of any covenant or undertaking on the part of the Buyer under this document. 

 

	10.3	Tax indemnity 

  

	 	(a)	Without limiting clause 10.1, the Selling Shareholders must indemnify, and keep indemnified, the Buyer Indemnified Parties and the Company from and against:

  

	 	(i)	any Taxes imposed on or issued against a Buyer Indemnified Party or the Company, or for which a Buyer Indemnified party or the Company becomes liable for on or after
Closing, or which remain unpaid as at Closing, in respect of, or arising out of, or attributable to, in whole or in part, any income, profit or other amounts received or derived by the Company up to and including the Closing Date.

  
 23 

	 	(ii)	any Taxes imposed on or issued against a Buyer Indemnified Party or the Company, or for which a Buyer Indemnified Party or the Company become liable for, by reason of
any matter or thing being other than as represented or warranted in paragraphs (l) to (o), (t) and (u) of the Selling Shareholders’ Warranties. 

 

	 	(b)	The indemnity in clause 10.3(a) does not apply to: 

  

	 	(A)	the Capital Gains Tax Liability, but only to the extent the Capital Gains Tax Liability is less than or equal to PhP35,940,000 and the Selling Shareholders indemnify
each Buyer Indemnified Party and the Company for any amount of the Capital Gains Tax Liability that exceeds PhP35,940,000; or 

  

	 	(B)	the Deferred Tax Liability, but only to the extent the Deferred Tax Liability is less than or equal to PhP8,660,000 and the Selling Shareholders indemnify each Buyer
Indemnified Party and the Company for any amount of the Deferred Tax Liability that exceeds PhP8,660,000. 

  

	 	(c)	In the event that a Buyer Indemnified Party or the Company receives a Letter of Authority for any of the items under clause 10.3(a), it shall immediately
(without any delay) forward such document to the Selling Shareholders and the Selling Shareholders must within 5 Business Days of such notice, shall in consultation with the Buyers and the Company, initiate joint discussions (whether oral or
written) with the BIR with a view of determining the nature and scope of the investigation and the reasonable basis thereof, and upon completion of the examination discuss with the Buyers and the Company whether or not there is basis for any
potential assessment. 

  

	 	(d)	lf the investigation results in the issuance of a formal audit or assessment notice, the Selling Shareholders may elect (at their sole discretion) by written notice to
MCE or the Company (as applicable) to either: 

  

	 	(i)	assume the defence of any such audit or assessment in accordance with clause 10.3(e); or 

 

	 	(ii)	permit the Buyer lndemnified Party or the Company to deal with such audit or assessment as it sees fit at its absolute discretion. 

	 	(e)	Each Selling Shareholder acknowledges and agrees that: 

  

	 	(i)	it may only assume the defence of any such audit or assessment if it obtains a written opinion from either Salvador & Associates or Quiason Makalintal Law
Offices, that there is a reasonable case to answer in defending any claims relating to the audit or assessment; 

  

	 	(ii)	it must conduct any defence assumed under clause 10.3(d)(i) in good faith; 

  
 24 

	 	(iii)	it must act reasonably in all the circumstances in respect of the conduct of any defence assumed under clause 10.3(a)(i), including having regard to
the likelihood of success and the effect of the defence on the goodwill, reputation and affairs and operations of the Buyer Indemnified Parties and the Company; 

 

	 	(iv)	it must provide the Buyer Indemnified Party or the Company (as applicable) with reasonable access to copies of all notices, correspondence or other documents relating
to the defence assumed under clause 10.3(a)(i); and 

  

	 	(v)	it must keep the Buyer Indemnified Party or the Company (as applicable) informed as and when reasonably requested by the Buyer Indemnified Party or the Company (as
applicable) in respect of the conduct of any defence assumed under clause 10.3(d)(i) (including any proposed settlement or compromise of it); and 

  

	 	(vi)	it must not settle or compromise any claim under any audit or assessment without the prior written approval of MCE (such approval not to be unreasonably withheld).

  

	 	(f)	Notwithstanding the election of the Selling Shareholders under clause 10.3(c) and without limiting the indemnity in clause 10.3(a), the Selling
Shareholders must indemnify the Buyer Indemnified Parties or the Company, as the case may be, and such indemnity shall include all Losses incurred or payable by a Buyer Indemnified Party or the Company in connection with any Tax Liability arising
out of the audit or assessment or any investigation by a Regulatory Authority, including all administrative and legal proceedings relating thereto, and the settlement of, and steps taken to mitigate or resolve any process which could lead to, a Tax
Liability, whether or not it transpires that it does. 

  

	10.4	Indemnity relating to Commercial Documents 

 The Selling Shareholders must indemnify, and keep indemnified, each Buyer Indemnified Party and the Company against all Losses suffered or incurred by a Buyer Indemnified Party or the Company as a result
of, arising from, or in connection with any Commercial Document, including all Losses suffered or incurred by a Buyer Indemnified Party or the Company in connection with the assignment, novation or termination of any Commercial Document. 

 

	10.5	Indemnity relating to Ongoing Litigation 

 The Selling Shareholders must indemnify, and keep indemnified, each Buyer Indemnified Party and the Company against all Losses suffered or incurred by a Buyer Indemnified Party or the Company as a result
of, arising from, or in connection with, any Ongoing Litigation. 
  

	10.6	Survival of indemnities 

Each indemnity provided by each party under this clause 10 will: 

 

	 	(a)	be severable; 

  

	 	(b)	be a continuing obligation; 

  
 25 

	 	(c)	constitute a separate and independent obligation of the party giving the indemnity from any other obligations of that party under this document; and

  

	 	(d)	survive the termination of this document; 

  

	 	(e)	in respect of the indemnity under clause 10.3, expire three years from Closing (excluding fraud); and 

 

	 	(f)	in respect of all other indemnities under this clause 10 (other than the tax indemnity in clause 10.3), expire five years from Closing (excluding fraud).

  

	11	Confidentiality 

  

	11.1	Selling Shareholders’ obligations 

 Each Selling Shareholder acknowledges and agrees that: 
  

	 	(a)	it will use the Buyer Confidential Information exclusively for the purpose of due diligence and in relation to the Transaction, including any submission to a Regulatory
Authority necessary for satisfaction of a Condition (Disclosure Purpose) and for no other purpose, and without limitation, will not make any use of the Buyer Confidential Information or any part of it to the competitive disadvantage of the
Buyer Group; 

  

	 	(b)	it will keep the contents of this document, the Transaction and the Buyer Confidential Information in confidence and will not disclose any such information except:

  

	 	(i)	to such Representatives of a Selling Shareholder as require such information for the Disclosure Purpose, but only if any such person owes a duty of confidentiality to
the Selling Shareholder and is aware of the obligations of the Selling Shareholder under this clause 11.1; 

  

	 	(ii)	as permitted under clause 12; 

  

	 	(iii)	as required by law; or 

  

	 	(iv)	with the prior consent of the Buyers; 

  

	 	(c)	it will immediately notify Buyer of any suspected or actual unauthorised use, copying or disclosure of the Buyer Confidential Information; and 

 

	 	(d)	it will, upon request by Buyer, return to Buyer all Buyer Confidential Information provided to a Selling Shareholder and its Representatives, together with any notes,
records or copies of the Buyer Confidential Information generated by any such person. 

  

	11.2	Buyers’ obligations 

Each Buyer acknowledges and agrees that: 
  

	 	(a)	it will not make any use of the Selling Shareholder Confidential Information or any part of it except in connection with the Disclosure Purpose and will not make any
use of the Selling Shareholder Confidential Information or any part of it to the competitive disadvantage of the Group; 

  
 26 

	 	(b)	it will keep the contents of this document, the Transaction and the Selling Shareholder Confidential Information in confidence and will not disclose any such
information except: 

  

	 	(i)	to such Representatives of the Buyer as require such information in connection with the Disclosure Purpose, but only if any such person owes a duty of confidentiality
to the Buyer and is aware of the obligations of Buyer under this clause 11.2; 

  

	 	(ii)	in respect of the contents of this document and the Transaction only, to any proposed financier of the Buyers Group, but only if any such person owes a duty of
confidentiality to the Buyers is aware of the obligations of the Buyers under this clause 11.2; 

  

	 	(iii)	as permitted under clause 12; 

  

	 	(iv)	as required by law; or 

  

	 	(v)	with the prior consent of a Selling Shareholder; 

  

	 	(c)	it will immediately notify the Selling Shareholders of any suspected or actual unauthorised use, copying or disclosure of the Selling Shareholder Confidential
Information; and 

  

	 	(d)	it will, upon request by the Selling Shareholders, return to the Selling Shareholders all Selling Shareholder Confidential Information provided to the Buyer and its
Representatives, together with any notes, records or copies of the Selling Shareholder Confidential Information generated by any such person. 

  

	12	Public announcements 

  

	12.1	Announcement of Transaction 

 Immediately after execution of this document, the Selling Shareholders and the Buyers will each announce the Transaction in a form previously agreed between the parties. 

 

	12.2	Public announcements 

Subject to clause 12.3, no public announcement or disclosure (including any briefing to analysts, the media or shareholders) of the
Transaction, any other transaction which is the subject of this document, or the terms of this document, may be made other than: 
  

	 	(a)	in a form approved by each party (acting reasonably); 

  

	 	(b)	to each party’s respective employees and Advisers with a need to know and on a confidential basis. 

 

	 	(c)	as required by law or the rules of any Regulatory Authority; or 

  
 27 

	 	(d)	to the extent the information is already in the public domain (other than by way of a party’s breach of this document), including as a result of the release of any
announcement under clause 12.1. 

  

	12.3	Permitted disclosure 

Where a party is required by law or the rules of any Regulatory Authority to make any announcement or to make any disclosure in connection
with the Transaction or any other transaction which is the subject of this document, it may do so only after it has given at least one Business Day’s notice, or such lesser period as may be required or permitted to comply with its legal or
regulatory responsibilities, but in any event prior notice, to the other party and has taken all reasonable steps to consult with the other party and its legal Advisers and to take account of all reasonable comments received from the other party.

  

	12.4	Statements on termination 

The parties must act in good faith and use all reasonable endeavours to issue an agreed statement or statements in respect of any
termination provided for in this document and will make no statements or disclosure in respect of the termination of this document except in accordance with clauses 12.2 and 12.3. 

 

	13	Notices 

  

	13.1	General 

 A notice,
demand, certification, process or other communication relating to this document must be in writing in English and may be given by an agent of the sender. 
  

	13.2	How to give a communication 

 In addition to any other lawful means, a communication may be given by being: 
  

	 	(a)	personally delivered; 

  

	 	(b)	left at the party’s current delivery address for notices; 

  

	 	(c)	sent by fax to the party’s current fax number for notices; or 

  

	 	(d)	emailed to the party’s current email address for notices. 

 The parties will use all reasonable endeavours to provide a copy of any communication provided under paragraphs (a) to (c) of this clause by email to the email address of the other
party set out in clause 13.3. To avoid doubt, such email communication is provided as support for the official communication provided in accordance with paragraphs (a) to (c) of this clause and does not supersede or
replace any obligation on a party to provide that communication in accordance with paragraphs (a) to (c) of this clause or derogate from the other provisions of this clause 13. 

  
 28 

	13.3	Particulars for delivery of notices 

  

	 	(a)	The particulars for delivery of notices are initially: 

  

					
	 	  	MCE	  	 
		  	Delivery address:	  	Jayla Place, Wickams Cay I
		  		  	Road Town, Tortola
		  		  	British Virgin Islands
			
		  	Copy:	  	c/- Melco Crown Entertainment Limited
		  		  	36/F, The Centrium
		  		  	60 Wyndham Street
		  		  	Central, Hong Kong
			
		  	Fax:	  	+852 2537 3618
			
		  	Attention:	  	Ms Stephanie Cheung, Chief Legal Officer
			
		  	Email:	  	scheung@melco-crown.com
			
		  	Co-investor	  	
			
		  	Delivery address:	  	21st floor, Philamlife Tower
		  		  	Paseo de Roxas, Makati
		  		  	Metro Manila, Philippines
			
		  	Copy:	  	c/- Melco Crown Entertainment Limited
		  		  	36/F, The Centrium
		  		  	60 Wyndham Street
		  		  	Central, Hong Kong
			
		  	Fax:	  	+852 2537 3618
			
		  	Attention:	  	Ms Stephanie Cheung, Chief Legal Officer
			
		  	Email:	  	scheung@melco-crown.com
			
		  	Interpharma	  	
			
		  	Delivery address:	  	32nd floor, Zuellig Building
		  		  	Makati Avenue corner Paseo de Roxas
		  		  	Makati City, Philippines
			
		  	Fax:	  	+632 815 1806
			
		  	Attention:	  	Kasigod Jamias
			
		  	Email:	  	kjamias@zuelligbuilding.com
			
		  	Pharma	  	
			
		  	Delivery address:	  	32nd floor, Zuellig Building
		  		  	Makati Avenue corner Paseo de Roxas
		  		  	Makati City, Philippines
			
		  	Fax:	  	+632 815 1806
			
		  	Attention:	  	Kasigod Jamias
			
		  	Email:	  	kjamias@zuelligbuilding.com
		
	(b)	  	Each party may change its particulars for delivery of notices by notice to each other party.

  
 29 

	13.4	Communications by fax 

Subject to clause 13.6, a communication is given if sent by fax, when the sender’s fax machine produces a report that the fax
was sent in full to the addressee. That report is conclusive evidence that the addressee received the fax in full at the time indicated on that report. 
  

	13.5	Communications by email 

Subject to clause 13.6, if a communication is emailed in accordance with clause 13.2(d), a delivery confirmation report
received by the sender, which records the time that the email was delivered to the addressee’s last notified email address is prima facie evidence of its receipt by the addressee, unless the sender receives a delivery failure notification,
indicating that the electronic mail has not been delivered to the addressee. 
  

	13.6	After hours communications 

lf a communication is given: 
  

	 	(a)	after 5.00 pm in the place of receipt; or 

  

	 	(b)	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.

  

	13.7	Process service 

 Any
process or other document relating to litigation, administrative or arbitral proceedings relating to this document may be served by any method contemplated by this clause 13 or in accordance with any applicable law. 

 

	14	General 

  

	14.1	Duty 

  

	 	(a)	The Buyers as between the parties is liable for and must pay all duty (including any fine, interest or penalty except where it arises from default by the other party)
on or relating to this document, or any dutiable transaction evidenced or effected by any of these. 

  

	 	(b)	lf a party other than the Buyers pay any duty (including any fine, interest or penalty) on or relating to this document, or any dutiable transaction evidenced or
effected by any of these, the Buyers must pay that amount to the paying party on demand. 

  

	14.2	Legal costs 

 Except as
expressly stated otherwise in this document, each party must pay its own legal and other costs and expenses of negotiating, preparing, executing and performing its obligations under this document. 

  
 30 

	14.3	Amendment 

 This document
may only be varied or replaced by a document executed by the parties. 
  

	14.4	Waiver and exercise of rights 

  

	 	(a)	A single or partial exercise or waiver by a party of a right relating to this document does not prevent any other exercise of that right or the exercise of any other
right. 

  

	 	(b)	A party is not liable for any loss, cost or expense of any other party caused or contributed to by the waiver, exercise, attempted exercise, failure to exercise or
delay in the exercise of a right. 

  

	14.5	Rights cumulative 

 Except
as expressly stated otherwise in this document, the rights of a party under this document are cumulative and are in addition to any other rights of that party. 
  

	14.6	Consents 

 Except as
expressly stated otherwise in this document, a party may conditionally or unconditionally give or withhold any consent to be given under this document and is not obliged to give its reasons for doing so. 

 

	14.7	Further steps 

 Each party
must promptly do whatever any other party reasonably requires of it to give effect to this document and to perform its obligations under it. 
  

	14.8	Governing law and jurisdiction 

  

	 	(a)	This document is governed by and is to be construed in accordance with the laws applicable in the Republic of the Philippines. 

 

	 	(b)	Each party irrevocably and unconditionally submits to the non-exclusive jurisdiction of the courts exercising jurisdiction in the Republic of the Philippines and any
courts which have jurisdiction to hear appeals from any of those courts and waives any right to object to any proceedings being brought in those courts. 

  

	14.9	Assignment 

  

	 	(a)	A party must not assign or deal with any right under this document without the prior written consent of the other parties. 

 

	 	(b)	Any purported dealing in breach of this clause is of no effect. 

  

	14.10	Liability 

 An obligation
of two or more persons binds them separately and together. 
  

	14.11	Counterparts 

 This
document may consist of a number of counterparts and, if so, the counterparts taken together constitute one document. 

  
 31 

	14.12	Entire understanding 

  

	 	(a)	This document contains the entire understanding between the parties as to the subject matter of this document. 

 

	 	(b)	All previous negotiations, understandings, representations, warranties, memoranda or commitments concerning the subject matter of this document, including the letter
and term sheet between the parties dated 7 November 2012, are merged in and superseded by this document and are of no effect. No party is liable to any other party in respect of those matters. 

 

	 	(c)	No oral explanation or information provided by any party to another: 

  

	 	(i)	affects the meaning or interpretation of this document; or 

  

	 	(ii)	constitutes any collateral agreement, warranty or understanding between any of the parties. 

 

	14.13	Relationship of parties 

This document is not intended to create a partnership, joint venture or agency relationship between the parties. 

 

	14.14	Specific performance 

 The
parties acknowledge that damages will not be an adequate remedy for breaches of obligations under this document and that it would be appropriate for a court to grant specific performance of those obligations. 

 

	14.15	Benefits held on trust 

The parties acknowledge and agree that: 
  

	 	(a)	MCE holds the benefit of each right, promise and obligation under this document expressed to be in favour of a Buyers Indemnified Party on trust for that person; and

  

	 	(b)	MCE may enforce any or all rights granted to a Buyers Indemnified Party under this document on behalf of that person even though they are not parties to this document.

  
 32 

 Schedule 1 
 Sale Shares 
  

							
	 Column 1
 Selling
 Shareholder
	  	 Column 2
 Number and
 class of shares

held
	  	Column
3
Percentage of total
issued share capital
in the Company	 	Column
4
Proportion of
Purchase Price
	Interpharma	  	 255,270,156 A

Class Shares

(inclusive of

5,673 A Class

Shares held by
 nominees)
	  	61.95%	 	63.85%
	Pharma	  	 128,211,204 B

Class Shares

(inclusive of

2,211 B Class

Shares held by

nominees)
	  	31.11%	 	36.15%
	Total	  	383,481,360	  	93.06%	 	100%

  
 33 

 Schedule 2 
 Selling Shareholders’ representations and warranties 
 The Selling
Shareholders represent and warrant to the Buyers that: 
  

	 	(a)	(status) each of them, and the Company, is a body corporate duly incorporated under the laws of its jurisdiction of incorporation or formation;

  

	 	(b)	(power for business) each Group Company has the power to own its assets and to carry on its business as now conducted or contemplated; 

 

	 	(c)	(power for document) each of them has the corporate power to enter into and perform or cause to be performed its obligations under this document and the
Transaction, and to carry out the transactions contemplated by this document and the Transaction; 

  

	 	(d)	(corporate authorisations) each of them has taken or will take all necessary corporate action to authorise the entry into and performance of this document and
the Transaction and to carry out the transactions contemplated by this document and the Transaction; 

  

	 	(e)	(document binding) this document is a valid and binding obligation on each of them enforceable in accordance with its terms, subject to any necessary stamping;

  

	 	(f)	(transactions permitted) the execution and performance by each of them of their respective obligations under this document, and each transaction contemplated by
this document and the Transaction did not and will not: 

  

	 	(i)	violate in any material respect a provision of a law or treaty or a judgment, ruling, order or decree of a Regulatory Authority binding on it, or its constitution or
any other document or agreement that is binding on it or its assets; or 

  

	 	(ii)	give to any person any rights of termination, amendment, acceleration or cancellation of any contract to which a Selling Shareholder or the Company is a party, any
judgement or comparable order of any court, arbitrator or governmental agency inside or outside the Republic of the Philippines against the Company, or any licenses, permits, approvals or authorizations held by the Company; 

 

	 	(g)	(continuous disclosure) the Company: 

  

	 	(i)	has materially complied with its obligations under the Listing Rules of the PSE (except as regards the minimum float requirement) and the information disclosed to PSE
is true and correct in all material respects; 

  
 34 

	 	(ii)	is not aware of any information relating to any Group Company or their respective businesses or operations that has or could reasonably be expected to give rise to a
material adverse change that has not been disclosed to PSE or to the Buyer prior to the date of this document; and 

  

	 	(iii)	has disclosed to the Buyers details of each material contract to which the Company is a party; 

 

	 	(h)	(Shares) each of the Selling Shareholders is the legal and beneficial owner of the number of Shares set out opposite its name in column 2 of Schedule 1,
which are free from any liens, Encumbrances or third party claims whatsoever and are fully paid and non-assessable; 

  

	 	(i)	(authorised capital) the Company has an authorized capital stock of PhP900,000,000 (PhP900,000,000 divided into 900,000,000 common shares), with a par value of
PhP1.00 per Share. All of the outstanding common shares of the Company are registered with the SEC and listed on the PSE. 

  

	 	(j)	(issued securities) the Company’s only issued and outstanding securities as at the date of this document are: 

 

	 	(i)	272,696,551 A Class Shares; and 

  

	 	(ii)	139,368,045 B Class Shares, 

 and
no Group Company is under any obligation to issue any shares or securities convertible into Shares to any person and, except as specified above, no option exists nor is any Group Company subject to any actual or contingent obligation to issue or
convert securities; 
  

	 	(k)	(Subsidiaries) the Company is the legal and beneficial owner of all the issued share capital in each of the Subsidiaries and there is no obligation to transfer,
or issue new shares in any of those Subsidiaries to third parties, and other than the Subsidiaries, the Company does not hold any legal or beneficial interest in any other entity; 

 

	 	(l)	(financial statements) the consolidated and audited financial statements of the Company lodged with SEC and/or PSE: 

 

	 	(i)	are complete and correct in all material respects; 

  

	 	(ii)	complied in all material respects with the laws of the Republic of the Philippines and all applicable accounting requirements applicable to the preparation of the
financial statements; 

  

	 	(iii)	complied in all material respects with generally accepted accounting principles in the Philippines applied on a consistent basis throughout the periods involved (except
as may be indicated in the notes to the financial statements); 

  
 35 

	 	(iv)	fairly presented the consolidated financial position of the Group as at the dates of the relevant financial statements and the consolidated results of the Group’s
operations and cash flows for the relevant periods; and 

  

	 	(v)	contain no material difference from the financial records maintained and the accounting methods applied for tax purposes; 

 

	 	(m)	(no material change to financial statements) there have been no material changes in the books and accounts, and financial statements of the Company since the
last consolidated and audited financial statement was lodged with SEC and/or PSE; 

  

	 	(n)	(no liabilities) except for liabilities reflected in the consolidated and audited financial statements of the Company last lodged with SEC and/or PSE or any
contingent liability relating to a potential fine for non-compliance with the minimum float requirement, the Company has and shall have no liabilities or obligations of any nature, whether accrued, absolute, contingent or otherwise, including,
without limitation, tax liabilities due, payments under any obligations entered into or transactions undertaken, or those to become due, and whether incurred in respect of transactions entered into or any state of facts existing prior hereto;

  

	 	(o)	(compliance with laws) as far as the Selling Shareholders are aware, after making enquiries of the Officers of the Company, the Company has complied in all
material respects with all applicable laws and regulations of the Philippines which would, if breached, have a material adverse effect on the financial position of the Company as a whole; 

 

	 	(p)	(Company Disclosure Material) the Company has collated and prepared all of the Company Disclosure Material in good faith for the purposes of Buyers’ due
diligence on the Group and in this context, as far as the Selling Shareholders are aware, such Company Disclosure Material has been prepared with all reasonable care and skill and is complete, accurate and not misleading in any material respects
(including by omission) and there has been no deliberate non-disclosure of any information material to the Buyers’ decision to proceed with the Transaction and execute this document; 

 

	 	(q)	(other information) any written information or document supplied by or on behalf of the Company or a Selling Shareholder to the Buyers or any of their
Representatives in connection with the Transaction or the Subsidiary Sale, is true and accurate in all material respects and there is no fact or matter which has not been disclosed in writing which renders any such information or document untrue or
misleading at the date of this document; 

  

	 	(r)	(consents) all consents, approvals required to be obtained from, and disclosures and filings required to be made with, any government body or agency, or any
other third party, for the execution and performance of this document have been obtained or made or will be obtained or made prior to the Closing Date; 

  
 36 

	 	(s)	(constituent documents) copies of the articles of incorporation and by-laws of the company, and all amendments thereof, have been delivered to the Buyers and are
complete, current and correct. The minute book of the company is complete, current and correctly reflects all corporate actions of the Company taken at all meetings and is a correct and accurate record of all resolutions issued by the board of
directors and the shareholders of the Company; 

  

	 	(t)	(timely filing) the Company has timely filed and shall timely file, up to the Closing Date, all tax returns, disclosures, reports, forms required to be filed
with government agencies, including the Bureau of Internal Revenue and the SEC and with the PSE, which returns, reports, disclosures and forms are and shall be true, correct and complete; 

 

	 	(u)	(no Tax delinquency) the company is not delinquent in the payment of any Tax, assessment or government charge and, there is no unpaid Tax, interest, penalty or
addition to any Tax due or claimed to be due, nor any unpaid Tax deficiency, determination, or assessment outstanding against the Company. There are no liens for Taxes upon any asset of the Company; 

 

	 	(v)	(no other Taxes) the Company is not liable for any Tax whatsoever, other than: 

 

	 	(i)	the Capital Gains Tax Liability; and 

  

	 	(ii)	the Deferred Tax Liability; 

  

	 	(w)	(no regulatory fee delinquency) the Company has paid, and is not delinquent in the payment of any fees or assessments required or imposed by the PSE including
but not limited to those required to maintain the Company’s listing and there are no unpaid fees, assessments, interest, penalty or addition to any fee or assessment due, or claimed to be due, against, the Company; 

 

	 	(x)	(no pending claims) neither the selling shareholders nor the company has received any notice: 

 

	 	(i)	of any pending actions, suits, claims or proceedings by or against the Company; or 

 

	 	(ii)	of any investigations by and before any government entity or with the PSE; 

 which threatens to invalidate any of the Company’s corporate rights, powers or privileges, except that the Company has received notices from the PSE to comply with the minimum float requirement;

  

	 	(iii)	from any Regulatory Authority indicating to the Company or the Selling Shareholders of any intention to conduct any investigation or other proceeding with respect to
the foregoing matters; or 

  
 37 

	 	(iv)	of any action at law or equity, or any investigation or proceeding of any kind, which is now pending or threatened against the Company or to declare any of its
corporate rights, powers or privileges to be null and void or otherwise than in full force and effect; 

  

	 	(y)	(minimum level of cash) at Closing, the Company has, in its bank account(s), the minimum level of cash it is required to have required under clause
2.1(b); 

  

	 	(z)	(no employees) there are no independent contractors or employees employed by the Company; 

 

	 	(aa)	(no business) the Company does not carry on any business, other than the business carried on by the Subsidiaries, and such business of the Subsidiaries is
conducted only in the Republic of the Philippines; 

  

	 	(bb)	(no Insolvency Event) neither the Selling Shareholders nor the Company is subject to any Insolvency Event and the Selling Shareholders are not aware of any
matter that may lead to a Selling Shareholder or the Company being subject to an Insolvency Event; 

  

	 	(cc)	(no related party liability) other than the Management Services Agreement, the Company does not owe any liability whatsoever to any Affiliate, and no Affiliate
owes any liability whatsoever to the Company, in each case except as contemplated in this document; 

  

	 	(dd)	(Commercial Documents) there is no subsisting obligation or liability on the Company under any commercial document to which the Company is, or was, a party,
other than this document or the Subsidiary Sale Agreements; 

  

	 	(ee)	(intellectual property) the Company is not infringing any intellectual property rights held by any third party, and has not at any time on or before the Closing
Date infringed any intellectual property rights held by any third party whatsoever. Neither the Selling Shareholders nor the Company has received any notice of any pending actions, suits, claims or proceedings against the Company alleging
infringement of any intellectual property rights held by any third party; 

  

	 	(ff)	(net book value) as at Closing, the aggregate net book value of the Subsidiaries is PhP1,059,000,000; 

  
 38 

	 	(gg)	(anti-bribery and anti-corruption) each Selling Shareholder is familiar with and has complied with, and as far as it is aware, each of its officers, the Company
and each of the Company’s Officers is familiar with and has complied with, all applicable anti-bribery, anti-corruption and anti-money laundering laws of the Philippines, including those prohibiting such persons from taking corrupt actions in
furtherance of an offer, payment, promise to pay or authorization of the payment of anything of value, including, but not limited to, cash, checks, wire transfers, tangible and intangible gifts, favors, services, and those entertainment and travel
expenses that go beyond what is reasonable and customary and of modest value to or from (a) an executive, offìcial, employee or agent of a Regulatory Authority or any other governmental department, agency or instrumentality, (b) a
director, officer, employee or agent of a wholly or partially government-owned or controlled company or business, (c) a political party or official thereof, or candidate for political office or (d) an executive, official, employee or agent
of a public international organization (e.g., the International Monetary Fund or the World Bank) (an “Official”), while knowing or having a reasonable belief that all or some portion will be used for the purpose of:

  

	 	(i)	influencing any act, decision or failure to act by an Offìcial in his official capacity; 

 

	 	(ii)	inducing an Official to use his influence with a government or instrumentality to affect any act or decision of such government or entity; 

 

	 	(iii)	securing an improper advantage; or 

  

	 	(iv)	in order to obtain, retain or direct business; 

  
 39 

 Schedule 3 
 Buyers’ representations and warranties 
 Each Buyer represents and
warrants to the Selling Shareholders that: 
  

	 	(a)	(status of Buyer) it is a body corporate duly incorporated under the laws of its jurisdiction of incorporation or formation; 

 

	 	(b)	(power for business) each Buyer has the power to own its assets and to carry on its business as now conducted or contemplated; 

 

	 	(c)	(power for document) it has the corporate power to enter into and perform or cause to be performed its obligations under this document and the Transaction, and
to carry out the transactions contemplated by this document and the Transaction; 

  

	 	(d)	(corporate authorisations) it has taken or will take all necessary corporate action to authorise the entry into and performance of this document and the
Transaction and to carry out the transactions contemplated by this document and the Transaction; 

  

	 	(e)	(document binding) this document is a valid and binding obligation on each Buyer enforceable in accordance with its terms; and 

 

	 	(f)	(transactions permitted) the execution and performance by it of its obligations under this document and each transaction contemplated by this document did not
and will not violate in any material respect a provision of a law or treaty or a judgment, ruling, order or decree of a Regulatory Authority binding on it, or its constitution or any other document or agreement that is binding on it or its assets.

  
 40 

 Schedule 4 
 Commercial Documents 
 Part A – Commercial Contracts 

 

			
	
 
 #
  
	  	  

Commercial Document
  

	 	 
	
1
	  	Manufacturing Agreement between Boehringer Ingelheim (Phil.), Inc. and Interphil
Laboratories, Inc. dated 10 June 1999 and renewed on 1 January 2011
	 	 
	
2
	  	Supply and Toll Manufacturing Contract between Novartis Healthcare Philippines, Inc.
and Interphil Laboratories, Inc. dated 4 January 2004 and renewed on 5 January 2012
	 	 
	
3
	  	Contract Manufacturing Agreement with Pfizer (Malaysia) SDN BHD and Interphil
Laboratories, Inc. dated 13 December 2005 and renewed on 13 December 2011
	 	 
	
4
	  	Supply and Toll Manufacturing Contract between Sandoz Philippines Corporation and
Interphil Laboratories, Inc. dated 9 October 2006 and renewed on 9 October 2012
	 	 
	
5
	  	Contract Manufacturing Agreement between Wyeth Consumer Healthcare Pty Limited and
Interphil Laboratories, Inc. dated 14 July 2008 and renewed on 14 July 2012
	 	 
	
6
	  	Manufacturing Agreement between Johnson & Johnson Pte., Ltd and Interphil
Laboratories, Inc. (undated) and renewed on 1 April 2011
	 	 
	
7
	  	Manufacturing Agreement between Bayer Philippines, Inc. and Interphil Laboratories,
Inc. dated 17 April 2001 and renewed on 1 May 2011.
	 	 
	
8
	  	Memorandum of Understanding between Janssen Pharmaceutica and Interphil Laboratories,
Inc. dated 14 April 2003 and renewed on 20 December 2011
	 	 
	
9
	  	Memorandum of Agreement between Pfizer Global Manufacturing Warner-Lambert (Thailand)
Ltd. and Interphil Laboratories, Inc. dated 6 May 2003 and renewed on 1 March 2010
	 	 
	
10
	  	Manufacturing Contract between Solvay Pharma Inc. and Interphil Laboratories, Inc.
dated 29 November 2001 and renewed on 15 August 2012
	 	 
	
11
	  	Manufacturing Agreement between Organon Philippines, Inc. and Interphil Laboratories,
Inc. dated 24 August 2005 and renewed on 1 June 2011

  
 41 

 Part B – FFDA Product Registrations 

 

											
	CPR NO.	  	 FDA
REG.
 No.
	  	
Product
 Name
	  	Issue Date	  	Expiry Date	  	 CPR
 Type

	
DI-002660
	  	DRP-1913	  	ACTIDIN QUIK	  	10 August 2007	  	10 August 2005	  	PCPR
	
DJ-02594
	  	DRP-2404	  	CLARIMID	  	24 April 2008	  	24 April 2011	  	PCPR
	
DJ-02391
	  	DR-XY34783	  	DERMIFENE	  	11 August 2008	  	11 August 2013	  	Regular

 Part C – Permits and licences 

 

							
	  	  	Name of Permit	  	
Statutory
 Basis and
Issuing
 Agency
	  	Issue Date
	
1
	  	Environmental Compliance Certificate for the Manufacturing of Pharmaceutical Products of Intephil
Laboratories, Inc. located at Lot Nos. 8 and 9 Terelay Phase, Canlubang Industrial Estate, Cabuyao, Laguna	  	 PD 1586 -issued by

the DENR-EMB
	  	30 September 1991
	
2
	  	Environmental Compliance Certificate for the Penicillin and Cephalosporine Plant Project of Intephil
Laboratories, Inc. located at Silangan, Canlubang Industrial Park, Canlubang, Laguna (ECC-4A-2000-02-25-102-120)	  	 PD 1586 -issued by

the DENR-EMB
	  	12 April 2000

  
 42 

 Part C – Trademarks 

 

									
	 PRODUCT

NAME
	  	  	  	REGISTRATION
STATUS
	  	FILING	  	CERTIFICATE OF REGISTRATION
	  	DATE	  	REG. NO.	  	 DATE OF.

REG.
	  	 EXPIRY

DATE

	 	 	 	 	 
	 1.
ACTIDIN
	  	3 Sept. 2007	  	4-2007-009612	  	21-Jan-08	  	21-Jan-18
	 	 	 	 	 
	 2.
CIPROPHIL
	  	3 Sept. 2007	  	4-2007-009615	  	21-Jan-08	  	21-Jan-18
	 	 	 	 	 
	 3.
CLARIMID
	  	3 Sept. 2007	  	4-2007-009607	  	21-Jan-08	  	21-Jan-18
	 	 	 	 	 
	 4.
CLINDACIN
	  	3 Sept. 2007	  	4-2007-009610	  	21-Jan-08	  	21-Jan-18
	 	 	 	 	 
	 5.
DIAMED
	  	3 Sept. 2007	  	4-2007-009614	  	21-Jan-08	  	21-Jan-18
	 	 	 	 	 
	 6.
KARDIOSTAN
	  	3 Sept. 2007	  	4-2007-009609	  	21-Jan-08	  	21-Jan-18
	 	 	 	 	 
	 7.
NEOLYTE
	  	3 Sept. 2007	  	4-2007-009611	  	21-Jan-08	  	21-Jan-18

  
 43 

 Schedule 5 
 Documentary Evidence 
  

			
	 Column 1
 Condition
	  	 Column 2
 Documentary Evidence

		
	 Condition in clause 2.1(a)

(Subsidiary Sale Agreements)
	  	Original of each Subsidiary Sale Agreement duly executed by each party to those documents.
	  

		
	 Condition in clause 2.1(b)

(minimum level of cash)
	  	A bank statement, as at the Closing Date, confirming that the Company has at least PhP84,600,000 in free cash in its bank account.
	  

		
	 Condition in clause 2.1(c) (PSE

Special Block Approval)
	  	Original written approval of the PSE to the Transaction being conducted by way of a special block transfer on the PSE.
	  

		
	 Condition in clause 2.1(d) (no

shareholder claims)
	  	Closing Certificate
	  

		
	 Condition in clause 2.1(e)

(representations and warranties

of the Selling Shareholders)
	  	Closing Certificate
	  

		
	 Condition in clause 2.1(f)

(representations and warranties

of the Buyers)
	  	Closing Certificate
	  

		
	 Condition in clause 2.1(g) (no

Material adverse Change)
	  	Closing Certificate
	  

		
	 Condition in clause 2.1(h)

(termination of Management

Services Agreement)
	  	Original of the deed of termination of the Management Services Agreement, duly executed by the Company and Interphil.
	  

		
	 Condition in clause 2.1(i) (transfer

or termination of Commercial

Documents)
	  	Original of each assignment, novation or termination document (as applicable) in respect of each Commercial Document capable of assignment, novation or termination before the
Closing Date, duly executed by the Company and, if required, each relevant counterparty, in each case in a form satisfactory to the Buyers.
	  

  
 44 

 Execution—Acquisition Agreement 
 Executed as an agreement. 
  

					
	 Executed by Interpharma Holdings &
 Management Corporation by its duly
 authorised officer in the presence of:
	 	 )
 )

)
	 	
			
	/s/ Francisco R. Billano	 		 	/s/ Kasigod V. Jamias
	Witness	 		 	Authorised Officer
			
	Francisco R. Billano	 		 	Kasigod V. Jamias
	Name of Witness (print)	 		 	Name of Authorised Officer (print)

  

					
	 Executed by Pharma Industries
 Holding Limited by its duly
 authorised officer in the presence of:
	 	 )
 )

)
	 	
			
	/s/ Francisco R. Billano	 		 	/s/ Kasigod V. Jamias
	Witness	 		 	Authorised Officer
			
	Francisco R. Billano	 		 	Kasigod V. Jamias
	Name of Witness (print)	 		 	Name of Authorised Officer (print)

  
 45 

 Execution—Acquisition Agreement 
 Executed as an agreement. 
  

					
	 Executed by MCE (Philippines)
 Investments Limited by its duly
 authorised officer
in the presence of:
	 	 )
 )

)
	 	
			
	/s/ Michele Wan	 		 	/s/ Chung Yuk Man
	Witness	 		 	Authorised Officer
			
	Michele Wan	 		 	Chung Yuk Man
	Name of Witness (print)	 		 	Name of Authorised Officer (print)

  

					
	 Executed by MCE (Philippines)
 Investments No. 2 Corporation by its
 duly
authorised Officer in the presence of:
	 	 )
 )

)
	 	
			
	/s/ Michele Wan	 		 	/s/ Chung Yuk Man
	Witness	 		 	Authorised Officer
			
	Michele Wan	 		 	Chung Yuk Man
	Name of Witness (print)	 		 	Name of Authorised Officer (print)

  
 46 

 Annexure A 
 Direction to Pay 
 MCE (Philippines) Investments Limited 

Jayla Place, Wickams Cay I 
 Road Town, Tortola

 British Virgin lslands 
 MCE
(Philippines) Investments No. 2 Corporation 
 c/- 21st floor, Philamlife Tower 
 Paseo de Roxas, Makati 
 Metro Manila, Philippines 

December 2012 
 Dear Sirs

 Direction to pay the Subsidiary Sale Amount 
 We refer to the Acquisition Agreement dated [—] December 2012 among Interpharma Holdings & Management Corporation, Pharma Industries Holdings
Limited, MCE (Philippines) Investments Limited and MCE (Philippines) Investments No. 2 Corporation (Acquisition Agreement). 

Unless otherwise stated, defined terms used in this document have the same meaning given to them in the Acquisition Agreement. 

Under clause 3.1 of the Acquisition Agreement, the Buyers must pay to the Selling Shareholders the Purchase Price, being the Selling Shareholder Amount
plus the Subsidiary Sale Amount (together, PhP1,259,000,000), on Closing. 
 The Selling Shareholders hereby jointly and irrevocably direct the
Buyers to pay to the Company, by electronic funds transfer to an account nominated by the Company, the Subsidiary Sale Amount, being PhP1,059,000,000, in full and final settlement of the promissory notes dated
[—] December 2012 issued to the Company by Interpharma and Mercator. Such payment by the Buyers will fully discharge all liability of the Buyers to pay the Subsidiary Sale Amount to the Selling
Shareholders as part of the Purchase Price under the Acquisition Agreement. 
 Executed as a deed 

  
 47 

					
	Executed by Interpharma Holdings &	 	)	  	
	 Management Corporation by its duly
	 	)	  	
	 authorised officer in the presence of:
	 	)	  	
			
	 	 		  	 
	Witness	 		  	Authorised Officer
			
	 	 		  	 
	Name of Witness (print)	 		  	Name of Authorised Officer (print)
			
	Executed by Pharma Industries	 	)	  	
	 Holdings Limited by its duly
	 	)	  	
	 authorised officer in the presence of:
	 	)	  	
			
	 	 		  	 
	Witness	 		  	Authorised Officer
			
	 	 		  	 
	 Name of Witness (print)
	 		  	Name of Authorised Officer (print)

  
 48

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