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MelcoMelco PBLPBL EntertainmentEntertainment (Macau)(Macau) LimitedLimited Citi Entertainment, Media & Telecommunications Conference

January 10, 2008

1 January 2008 © copyright Melco PBL Entertainment (Macau) Limited Disclaimer

Safe Harbor Statement

This presentation contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. MPEL may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about MPEL’s beliefs and expectations, are forward-looking statements. Forward- looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: growth of the gaming market and visitation in Macau; finalization of credit facilities to finance construction of projects; the completion of the construction of our hotel casino resort projects; our acquisition and development of the Macau Peninsula site; increased competition and other planned casino hotel and resort projects in Macau and elsewhere in Asia; the completion of infrastructure projects in Macau; government regulation of the casino industry; our ability to raise additional financing; the formal grant of a land concession for the City of Dreams site on terms that are acceptable to us and obtaining approval from the Macau government for an increase in the developable gross floor area of the City of Dreams site; the formal grant of an occupancy permit for City of Dreams; our anticipated growth strategies; and our future business development, results of operations and financial condition. Further information regarding these and other risks is included in our prospectus on Form F- 1, filed on November 1, 2007, as amended, and other documents filed with the Securities and Exchange Commission. MPEL does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release is as of the date of this release, and MPEL undertakes no duty to update such information, except as required under applicable law.

2 January 2008 © copyright Melco PBL Entertainment (Macau) Limited Founding Shareholders

International Gaming Experience Major Asian Gaming / Entertainment Presence with Macau Roots

Leading Crown brand One of the first movers in the Macau gaming market Over 10 years of experience working with Asian VIPs Founder of MPEL and Originator of Crown Macau, City of Dreams and Mocha projects Operates Crown Melbourne & Burswood Casino in Perth with 400 tables, 4,000 gaming machines, 1,650 Extensive government, business and regulatory relationships in hotel rooms & 100,000 sq. ft. of meeting and function Macau, Hong Kong and China space In-depth knowledge of Macau VIP Market and Investments in North American casinos: extensive/established relationships with Macau junket operators Owns 19.6% of Fontainebleau Resorts Other members of Melco Group: Owns a 37.5% equity interest in LVTI, which Operator of PRC and Asian lottery business via PAL and has secured an option on 26.9 acres on the LV HK listed Wafer Strip adjacent to Fontainebleau Las Vegas. Slot machine supplier in Asia via US listed EGT Through a joint venture with Macquarie Bank, Owner/operator of ski resorts in China via MCR Crown owns 50% of Gateway Casinos, the In the process of acquiring a fully-licensed bank in operator of nine casinos in Western Canada. Macau via HK listed VC Established VIP marketing network throughout Asia

3 January 2008 © copyright Melco PBL Entertainment (Macau) Limited World’s Largest Gaming Destination

Close Proximity to Major Asian Population Centers

(in millions) 2005 China 1307.5 Hong Kong 6.9 Indonesia 242.0 Japan 127.5 Korea 48.3 Macau 0.5 Malaysia 25.9 Philippines 87.9 Singapore 4.4 Taiwan 22.6 Thailand 65.5

Source: Economic Intelligence Unit Note: Mid-year Population Estimate

Macau is the only city in China with legalized casino gaming In 2006, Macau overtook Las Vegas as the largest market in terms of gaming revenue (excluding sports book and race book) 4 January 2008 © copyright Melco PBL Entertainment (Macau) Limited Supply Led Visitor Growth

35.0%

29.7% 29.6% 30.0%

26.1% 25.2% 25.0% 24.3% 23.9% 22.7% 22.3% 22.5% 22.1% 21.4% 20.3% 20.3% 19.6% 20.0% 19.2%19.1% 18.5% 18.2%

16.5%

15.0%

11.4% 10.9% 11.0%

10.0% 8.2%

5.0%

0.0% Jul. Jul. Mar Mar Apr. Apr. Oct. Oct. Jun. Jan. Jun. Jan. Feb. Feb. Aug. Nov. Aug. Nov. Dec. May. May. Sept. Sept.

Source: Citi 5 January 2008 © copyright Melco PBL Entertainment (Macau) Limited Revenue Growth Exceeds Visitation Growth

Y/Y Monthly Gaming Revenue Growth

80.0%

72% 70.0% 66%

60.0% 57% 56% 55%

50% 50.0% 44% 42% 42% 40% 41% 40.0% 36% 33% 34% 34% 31% 30.0%

20.0% 19%

9% 10.0% 7% 4%

0.0% Jul-06 Jul-07 Oct-06 Jan-07 Oct-07 Jun-06 Apr-07 Jun-07 Feb-07 Mar-07 Dec-06 Dec-07 Sep-06 Sep-07 Nov-06 Nov-07 Aug-06 Aug-07 May-06 May-07

* December figure based on press reports Source: Citi 6 January 2008 © copyright Melco PBL Entertainment (Macau) Limited Robust GDP Growth

GDP MOP in bn (Bar) % QoQ Chg (Line) 40.0 60.0% Macau's Quarterly Nominal GDP

50.0% 35.0

40.0% 30.0

30.0% 25.0

20.0%

20.0 10.0%

15.0 0.0%

10.0 -10.0%

5.0 -20.0% 2Q 3Q 4Q 2Q 3Q 4Q 2Q 3Q 4Q 2Q 3Q 4Q 2Q 3Q 4Q 2Q 3Q 4Q 2Q 3Q 4Q 2Q 3Q 4Q 2Q 3Q 1Q1999 1Q2000 1Q2001 1Q2002 1Q2003 1Q2004 1Q2005 1Q2006 1Q2007

Source: Citi

7 January 2008 © copyright Melco PBL Entertainment (Macau) Limited Macau Infrastructure Supports Growth

Lotus Bridge: Connects Taipa Island of Macau and Hengqin 1 Island of Zhuhai Re-opened for Golden Week in May 2007

New Ferry Pier:

2 Pac On Ferry Pier is expected to open in 2009 Service at temporary facility currently suspended

International Airport: 3 MOU (air transport) signed between Macau and China authorities in Dec 2006

Light Railway: 4 The railway route will connect the majority of the properties on Macau Peninsula and Taipa

8 January 2008 © copyright Melco PBL Entertainment (Macau) Limited Development Concentrated in New Macau

Peninsula 20%

$8,000.0

$7,000.0

$6,000.0 Cotai 80%

$5,000.0

$4,000.0

$3,000.0

$2,000.0

$1,000.0

$- 2004 2005 2006 2007 2008 2009 2010 2011

Source: company reports and analyst notes 9 January 2008 © copyright Melco PBL Entertainment (Macau) Limited Portfolio Mix

Traditional Perspective Future Perspective

Local Slots 3% 4% Day- trip 25% Mass VIP 31% 42%

VIP 65% Multi- night 30%

10 January 2008 © copyright Melco PBL Entertainment (Macau) Limited The Portfolio

11 January 2008 © copyright Melco PBL Entertainment (Macau) Limited 12 January 2008 © copyright Melco PBL Entertainment (Macau) Limited Crown Macau

Primarily caters to VIP patrons Located discretely in Taipa, offering privacy to VIP players Luxurious casino and hotel setting provides patrons with premium gaming Overview experience Focus on limited access high-limit private gaming areas and private gaming rooms

Approximately 183,000 sq. ft. of gaming space Exclusive private environment with rich décor and high quality service Casino Roughly 240 tables and 240 gaming machines High-limit tables in limited access private gaming areas Floor layout flexible to reconfigure depending on market positioning

216 oversized deluxe rooms, including 24 suites and 8 villas Hotel & Amenities Premium amenities include: gymnasium, an outdoor garden podium and a sky terrace lounge

Food & Beverage Four fine dining restaurants featuring a variety of local and international cuisines

13 January 2008 © copyright Melco PBL Entertainment (Macau) Limited 14 January 2008 © copyright Melco PBL Entertainment (Macau) Limited 15 January 2008 © copyright Melco PBL Entertainment (Macau) Limited 16 January 2008 © copyright Melco PBL Entertainment (Macau) Limited 17 January 2008 © copyright Melco PBL Entertainment (Macau) Limited 18 January 2008 © copyright Melco PBL Entertainment (Macau) Limited AMA International Agreement

3-year contract with 2-year extensions AMA has entered agreements with several collaborators representing a significant percentage of the VIP market AMA provides working capital to these collaborators -- commission rates at FRJO level are unchanged Operations commenced December 15 Reconfiguration of Crown Macau is complete

19 January 2008 © copyright Melco PBL Entertainment (Macau) Limited AMA Business Model

Crown Macau

AMA Commission rate @ 1.2% - 1.35%

Junket Operator Junket Operator Junket Operator Rate @ 1.2%

Junket Junket Junket Junket Junket Junket Rate @ 0.7%-1.0%

20 January 2008 © copyright Melco PBL Entertainment (Macau) Limited AMA – No pressure on commissions

Junket commissions rates are unchanged under the AMA agreement AMA receives a maximum commission rate of 1.35% 1.20% maximum commission to Junkets 0.15% fee to AMA to consolidate the business and provide working capital to the Junkets The maximum rate of 1.2% for AMA junkets is in-line with the maximum rate for non-AMA Junket Operators

21 January 2008 © copyright Melco PBL Entertainment (Macau) Limited City Of Dreams

22 January 2008 © copyright Melco PBL Entertainment (Macau) Limited 23 January 2008 © copyright Melco PBL Entertainment (Macau) Limited City of Dreams

Wholesale “behind the scenes” project restructuring completed in 1H’07 LCJ contract completed with significant incentives Scheduled to open at the end of 1Q 2009 Theater of Dreams to open by the end of 3Q’09 Grand Hyatt twin towers to open by the end of 3Q’09 Apartment Hotel to open by YE 2009

24 January 2008 © copyright Melco PBL Entertainment (Macau) Limited City of Dreams

Wynn

Galaxy Venetian Megaworld LVS

LVS

Hello Kitty LVS Resort Bird Sanctuary Studio City

LVS

Golf Course

City of Dreams

Proposed Light Rail Network

Crown Towers - a luxury premium hotel with approximately 300 rooms, suites and villas Grand Hyatt - a twin-tower hotel with approximately 1,000 rooms and suites Hard Rock - a themed hotel with approximately 370 rooms and suites 800-unit apartment hotel to be developed at City of Dreams site

2,000-seat purpose-built wet stage performance theatre housing original Dragone production Approx. 145,000 sq.ft. of luxury retail environment Extensive range of high-quality food and beverage outlets Variety of recreational facilities featuring a range of concept bars, night clubs, a karaoke lounge and other non-gaming amusement and entertainment activities

29 January 2008 © copyright Melco PBL Entertainment (Macau) Limited 30 December 2006 January 2008CITY OF DREAMS – Aerial View (December 2006) © copyright Melco PBL Entertainment (Macau) Limited 31 January 2008 © copyright MelcoDecember PBL Entertainment 2007(Macau) Limited 32 January 2008 © copyright Melco PBL Entertainment (Macau) Limited 33 January 2008 © copyright Melco PBL Entertainment (Macau) Limited 34 January 2008 © copyright Melco PBL Entertainment (Macau) Limited 35 January 2008 © copyright Melco PBL Entertainment (Macau) Limited 36 January 2008 © copyright Melco PBL Entertainment (Macau) Limited 37 January 2008 © copyright Melco PBL Entertainment (Macau) Limited 38 January 2008 © copyright Melco PBL Entertainment (Macau) Limited 39 January 2008 © copyright Melco PBL Entertainment (Macau) Limited Iconic Development - Peninsula

Targets the existing day-tripper market Land purchase remains subject to completion Project targeted to complete in 2011 assuming purchase unconditional by current year end Design by Pei Partnership / Paul Steelman ready Saleable real estate a major component built as apartment hotel units

Currently 7 gaming lounges in operation with approximately 1,250 gaming machines Largest non-casino based circuit of gaming lounges serving casual gaming patrons Outside conventional casino settings, upscale décor and cafe ambience Approximately 19% of gaming machine market share YTD through November 2007 Second highest daily win per gaming machine in the market

Casino services agreement to operate casino portions of Macau Studio City Integrated gaming, entertainment and retail complex in Cotai Targeted to open not prior to 2010 Developed by eSun and New Cotai Holdings Project is third party financed (MPEL not involved) Generates service fee income for MPEL Operating expenses of the casino will be substantially borne by Macau Studio City

Signed Senior Secured Credit Facilities Consists of US$1.5B, 7-year term loan and US$250mm, 5-year revolver Drawdown commenced Step down in spread 6 months after opening of City of Dreams, with grid pricing thereafter US$250mm contingent contribution from founding companies Satisfies capital requirements for City of Dreams, excluding apartment hotel tower

MPEL

Casino Property Operations Development

US$1.75B Facilities

Equity Offering

Securities Offered 37,500,000 primary ADSs representing 112,500,000 ordinary shares (base offering)

Price US$15.50 per ADS

Approximately US$590m Offering Size Over-allotment option of no more than 15% of base offering size

Project costs related to the apartment hotel complex at City of Dreams Funding to MPEL’s subsidiaries in relation to their development projects and operations, Use of Proceeds which may include a partial funding of the development and construction of the Macau Peninsula project Any other general corporate and working capital requirements